Filing Flows › Summit Midstream (SMC) › Q1 2026 › vs Q4 2025
Summit Midstream (SMC) Q1 2026 vs Q4 2025 (quarter over quarter)
Summit Midstream's revenue fell $3.2M (-2%) from $142M in Q4 2025 to $139M in Q1 2026. The biggest changes: Other revenues −$6.1M (-51%); Natural gas, NGLs and condensate sales +$5.3M (+8%); Gathering services and related fees −$2.4M (-4%).
Summit Midstream, Q1 2026: revenue $139M (+5% year over year), operating margin 11.7%, net loss $3.2M, operating cash flow $6.9M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Natural gas, NGLs and condensate sales | $73.7M | $68.3M | $5.3M | +8% |
| Gathering services and related fees | $59.6M | $62.0M | −$2.4M | -4% |
| Other revenues | $5.9M | $12.0M | −$6.1M | -51% |
| Revenue | $139M | $142M | −$3.2M | -2% |
| Income tax benefit | $1.0M | $582K | $420K | +72% |
| Net loss | $3.2M | $7.3M | −$4.1M | -57% |
| Costs & expenses | $143M | $150M | −$6.9M | -5% |
| Operating costs | $123M | $124M | −$1.1M | -0.9% |
| Interest & other, net | $20.5M | $26.3M | −$5.8M | -22% |
| Cost of revenue | $39.4M | $39.7M | −$281K | -0.7% |
| General & admin | $17.9M | $15.7M | $2.1M | +14% |
| Other operating costs | $65.5M | $68.5M | −$2.9M | -4% |
| Operating cash sources | $29.7M | $27.7M | $2.0M | +7% |
| Depreciation & amortization | $26.7M | $26.7M | −$24K | -0.1% |
| Share-based compensation | $3.0M | $997K | $2.0M | +205% |
| Net loss absorbed | $3.2M | $7.3M | −$4.1M | -57% |
| Working capital & other | $19.7M | −$33.3M | $53.0M | — |
| Operating cash flow | $6.9M | $53.7M | −$46.8M | -87% |
| Capital expenditures | $19.3M | $19.1M | $145K | +0.8% |
| Negative free cash flow (OCF − capex) | $12.4M | −$34.5M | $47.0M | — |
Questions
How much did Summit Midstream's revenue grow quarter over quarter in Q1 2026?
Summit Midstream's revenue fell $3.2M (-2%) from $142M in Q4 2025 to $139M in Q1 2026.
What drove Summit Midstream's revenue change in Q1 2026?
Other revenues −$6.1M (-51%); Natural gas, NGLs and condensate sales +$5.3M (+8%); Gathering services and related fees −$2.4M (-4%).