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How SM Energy (SM) makes money
SM Energy (SM) made $2.2B of revenue in the third quarter 2026 (Q3 2026), +167% from a year earlier. Crude Oil brought in $1.8B (84%); Natural Gas brought in $209M (10%); Natural Gas Liquids (NGL) brought in $135M (6%). Of every dollar of revenue, 11¢ was left as operating profit, 4¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Crude Oil | $1.8B | 83.7% | -10% | +171% |
| Natural Gas | $209M | 9.6% | 14× | +149% |
| Natural Gas Liquids (NGL) | $135M | 6.2% | +17% | +133% |
| Other revenues | $10.0M | 0.5% | -97% | +900% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.2B | 100.0% |
| Operating profit | $236M | 10.9% |
| Income tax | $30.0M | 1.4% |
| Net earnings | $93.0M | 4.3% |
| Operating cash flow | $1.1B | 51.7% |
| Free cash flow | $411M | 18.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.2B | +167% |
| Q2 2026 | $2.5B | +215% |
| Q1 2026 | $1.5B | +75% |
| Q4 2025 | $705M | -17% |
| Q3 2025 | $812M | +26% |
| Q2 2025 | $793M | +25% |
| Q1 2025 | $845M | +51% |
From SM Energy's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does SM Energy make money?
SM Energy (SM) made $2.2B of revenue in the third quarter 2026 (Q3 2026), +167% from a year earlier. Crude Oil brought in $1.8B (84%); Natural Gas brought in $209M (10%); Natural Gas Liquids (NGL) brought in $135M (6%). Of every dollar of revenue, 11¢ was left as operating profit, 4¢ was left as net earnings.
What is SM Energy's biggest business?
Crude Oil: $1.8B in the third quarter 2026, 84% of revenue, +171% from a year earlier.
What is SM Energy's profit margin?
Net earnings were $93.0M, 4.3% of revenue, in the third quarter 2026; the operating margin was 10.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.