Filing Flows › Summit Midstream (SMC) › Q1 2025
Summit Midstream (SMC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Summit Midstream (SMC) reported revenue of $133M for the first quarter 2025 (Q1 2025), +12% from a year earlier and +24% from the quarter before. Operating margin was 11.0%, net earnings $2.0M (1.5% of revenue).
Summit Midstream, Q1 2025: revenue $133M (+12% year over year), operating margin 11.0%, net earnings $2.0M, operating cash flow $16.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $133M | +24% | +12% |
| Operating profit | $14.6M | — | — |
| Net earnings | $2.0M | — | -98% |
| Operating cash flow | $16.0M | -26% | -63% |
What changed
Revenue was $132.7M in Q1 2025, up 12% year over year and up 24% from the previous quarter. Gathering services and related fees was the largest line at 48% of revenue. Natural gas, NGLs and condensate sales added $10.2M year over year (up 21%), 74% of the total change.
Operating profit was $14.6M, a 11.0% margin (up 57.0 points year over year). Total costs fell 32% while revenue rose 12%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $2.0M, down 98% year over year. The effective tax rate was 6.0%.
Operating cash flow was $16.0M (down 63% year over year), 346% of net income including minority interests. Non-cash charges added back $28.5M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $19.5M. Capital expenditures of $20.6M exceeded it, leaving free cash flow of −$4.6M.
Questions
What was Summit Midstream's revenue in the first quarter 2025?
Summit Midstream (SMC) reported revenue of $133M for the first quarter 2025 (Q1 2025), +12% from a year earlier and +24% from the quarter before.
Was Summit Midstream profitable in the first quarter 2025?
Operating profit was $14.6M (11.0% of revenue) and net earnings $2.0M.
Source: Summit Midstream 10-Q on SEC EDGAR.