Filing Flows › SM Energy (SM) › Q4 2025
SM Energy (SM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
SM Energy (SM) reported revenue of $705M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -13% from the quarter before. Operating margin was 25.8%, net earnings $109M (15.5% of revenue).
SM Energy, Q4 2025: revenue $705M (-17% year over year), operating margin 25.8%, net earnings $109M, operating cash flow $452M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $705M | -13% | -17% |
| Operating profit | $182M | -26% | -37% |
| Net earnings | $109M | -30% | -42% |
| Operating cash flow | $452M | -10% | -22% |
| Free cash flow | $236M | +121% | — |
What changed
Revenue was $705.0M in Q4 2025, down 17% year over year and down 13% from the previous quarter. Crude Oil was the largest line at 82% of revenue.
Operating profit was $182.0M, a 25.8% margin (down 7.9 points year over year). Total costs fell 7% while revenue fell 17%. Net earnings were $109.0M, down 42% year over year. The effective tax rate was 22.7%.
Operating cash flow was $452.0M (down 22% year over year), 415% of net earnings. Non-cash charges added back $8.0M of share-based compensation. Working capital and other items added $335.0M. Capital expenditures of $216.0M left free cash flow of $236.0M.
Questions
What was SM Energy's revenue in the fourth quarter 2025?
SM Energy (SM) reported revenue of $705M for the fourth quarter 2025 (Q4 2025), -17% from a year earlier and -13% from the quarter before.
Was SM Energy profitable in the fourth quarter 2025?
Operating profit was $182M (25.8% of revenue) and net earnings $109M.
Source: SM Energy 10-K on SEC EDGAR.