Filing Flows › SM Energy (SM) › Q3 2026
SM Energy (SM) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
SM Energy (SM) reported revenue of $2.2B for the third quarter 2026 (Q3 2026), +167% from a year earlier and -13% from the quarter before. Operating margin was 10.9%, net earnings $93.0M (4.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -13% | +167% |
| Operating profit | $236M | -84% | -4% |
| Net earnings | $93.0M | -91% | -40% |
| Operating cash flow | $1.1B | +2% | +122% |
| Free cash flow | $411M | +18% | +284% |
What changed
Revenue was $2.2B in Q3 2026, up 167% year over year and down 13% from the previous quarter. Crude Oil was the largest line at 84% of revenue. Crude Oil added $1.1B year over year (up 171%), 84% of the total change.
Operating profit was $0.24B, a 10.9% margin (down 19.4 points year over year). Operating profit fell $0.01B even though revenue rose $1.4B versus Q3 2025, so costs grew faster than sales. Total costs grew 242% against revenue growth of 167%. The fastest-growing cost line was Other operating costs (+338%). Net earnings were $0.09B, down 40% year over year. The effective tax rate was 24.4%.
Operating cash flow was $1.1B (up 122% year over year), 1206% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.71B left free cash flow of $0.41B.
Questions
What was SM Energy's revenue in the third quarter 2026?
SM Energy (SM) reported revenue of $2.2B for the third quarter 2026 (Q3 2026), +167% from a year earlier and -13% from the quarter before.
Was SM Energy profitable in the third quarter 2026?
Operating profit was $236M (10.9% of revenue) and net earnings $93.0M.
Source: SM Energy 10-Q on SEC EDGAR.