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Summit Midstream (SMC) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Summit Midstream (SMC) Q2 2026 earnings results →

Q2 2026 Revenue up 11% year over year to $155M · 1¢ of every $1 of revenue kept as net profit · operating margin 16.1%

Summit Midstream made $155M in Q2 2026 (+11% Y/Y): Natural gas, NGLs and condensate sales $84.1M, Gathering services and related fees $62.7M, Other revenues $8.2M. Operating margin 16.1%, net earnings $1.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$155M

Year over year+11%

Operating margin16.1%

Net earnings$1.6M

Operating cash flow$43.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $155.0M in Q2 2026, up 11% year over year and up 11% from the previous quarter. Natural gas, NGLs and condensate sales was the largest line at 54% of revenue. Natural gas, NGLs and condensate sales added $17.8M year over year (up 27%), 120% of the total change. Other revenues declined 15%.

Operating profit was $25.0M, a 16.1% margin (up 6.0 points year over year). Of the extra revenue versus Q2 2025, 73% reached operating profit, above the 10% margin then. Total costs grew 3% against revenue growth of 11%. The fastest-growing cost line was Cost of revenue (+37%). Net earnings were $1.6M. The effective tax rate was 19.0%.

Operating cash flow was $43.9M (up 18% year over year), 962% of net income including minority interests. Non-cash charges added back $26.9M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $10.2M. Capital expenditures of $25.0M left free cash flow of $18.9M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 10, 2026	$155M	+11%	16.1%	$1.6M	$43.9M
Q1 2026	10-Q	May 11, 2026	$139M	+5%	11.7%	−$3.2M	$6.9M
Q4 2025	10-K	Mar 16, 2026	$142M	+33%	13.0%	−$7.3M	$53.7M
Q3 2025	10-Q	Nov 10, 2025	$147M	+43%	17.1%	$5.0M	$26.7M
Q2 2025	10-Q	Aug 11, 2025	$140M	+38%	10.1%	−$4.2M	$37.2M
Q1 2025	10-Q	May 12, 2025	$133M	+12%	11.0%	$2.0M	$16.0M
Q4 2024	10-K	Mar 11, 2025	$107M	-16%	-5.4%	−$24.8M	$21.6M

Charts

Latest (Q2 2026): Y/Y +11%, Q/Q +11%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $4.6M, Operating cash flow $43.9M.

+17.4% since FY2023: more shares outstanding (issuance, stock pay).

Cash $9.3M, short-term investments —, long-term debt $1.0B at 2025-12-31.

Natural Gas Transmission; dot size is quarterly revenue; dashed lines are the industry's medians.