Filing Flows › SM Energy (SM) › Q3 2026 › vs Q3 2025
SM Energy (SM) Q3 2026 vs Q3 2025 (year over year)
SM Energy's revenue rose $1.4B (+167%) from $812M in Q3 2025 to $2.2B in Q3 2026. The biggest changes: Crude Oil +$1.1B (+171%); Natural Gas +$125M (+149%); Natural Gas Liquids (NGL) +$77.0M (+133%). Operating margin 10.9% against 30.3% (-19.4 pts).
SM Energy, Q3 2026: revenue $2.2B (+167% year over year), operating margin 10.9%, net earnings $93.0M, operating cash flow $1.1B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.9% | 30.3% | -19.4 pts |
| Net margin | 4.3% | 19.1% | -14.8 pts |
| Free cash flow margin | 18.9% | 13.2% | +5.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Crude Oil | $1.8B | $669M | $1.1B | +171% |
| Natural Gas | $209M | $84.0M | $125M | +149% |
| Natural Gas Liquids (NGL) | $135M | $58.0M | $77.0M | +133% |
| Other revenues | $10.0M | $1.0M | $9.0M | +900% |
| Revenue | $2.2B | $812M | $1.4B | +167% |
| Operating profit | $236M | $246M | −$10.0M | -4% |
| Costs & expenses | $1.9B | $566M | $1.4B | +242% |
| Pre-tax earnings | $123M | $204M | −$81.0M | -40% |
| Other expense, net | $113M | $42.0M | $71.0M | +169% |
| Cost of revenue | $574M | $229M | $345M | +151% |
| General & admin | $56.0M | $39.0M | $17.0M | +44% |
| Other operating costs | $1.3B | $298M | $1.0B | +338% |
| Net earnings | $93.0M | $155M | −$62.0M | -40% |
| Income tax | $30.0M | $49.0M | −$19.0M | -39% |
| Share-based compensation | $14.0M | $8.0M | $6.0M | +75% |
| Working capital & other | $1.0B | $342M | $673M | +197% |
| Operating cash flow | $1.1B | $505M | $617M | +122% |
| Free cash flow (OCF − capex) | $411M | $107M | $304M | +284% |
| Capital expenditures | $711M | $398M | $313M | +79% |
Questions
How much did SM Energy's revenue grow year over year in Q3 2026?
SM Energy's revenue rose $1.4B (+167%) from $812M in Q3 2025 to $2.2B in Q3 2026.
What drove SM Energy's revenue change in Q3 2026?
Crude Oil +$1.1B (+171%); Natural Gas +$125M (+149%); Natural Gas Liquids (NGL) +$77.0M (+133%).