Filing Flows › Summit Midstream (SMC) › Q1 2026
Summit Midstream (SMC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Summit Midstream (SMC) reported revenue of $139M for the first quarter 2026 (Q1 2026), +5% from a year earlier and -2% from the quarter before. Operating margin was 11.7%, net loss $3.2M (2.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $139M | -2% | +5% |
| Operating profit | $16.3M | -11% | +12% |
| Net earnings | −$3.2M | — | -256% |
| Operating cash flow | $6.9M | -87% | -57% |
What changed
Revenue was $139.1M in Q1 2026, up 5% year over year and down 2% from the previous quarter. Natural gas, NGLs and condensate sales was the largest line at 53% of revenue. Natural gas, NGLs and condensate sales added $14.3M year over year (up 24%), 222% of the total change. Other revenues declined 36%.
Operating profit was $16.3M, a 11.7% margin (up 0.8 points year over year). Of the extra revenue versus Q1 2025, 27% reached operating profit, above the 11% margin then. Total costs grew 4% against revenue growth of 5%. The fastest-growing cost line was Cost of revenue (+11%). The quarter ended with a net loss of $3.2M, narrower than the previous quarter's $7.3M loss. Net interest and other expense of $20.5M was the main reason.
Operating cash flow was $6.9M (down 57% year over year). Non-cash charges added back $26.7M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $19.7M. Capital expenditures of $19.3M exceeded it, leaving free cash flow of −$12.4M.
Questions
What was Summit Midstream's revenue in the first quarter 2026?
Summit Midstream (SMC) reported revenue of $139M for the first quarter 2026 (Q1 2026), +5% from a year earlier and -2% from the quarter before.
Was Summit Midstream profitable in the first quarter 2026?
Operating profit was $16.3M (11.7% of revenue) and net loss $3.2M.
Source: Summit Midstream 10-Q on SEC EDGAR.