Filing Flows › Summit Midstream (SMC) › Q2 2025
Summit Midstream (SMC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Summit Midstream (SMC) reported revenue of $140M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +6% from the quarter before. Operating margin was 10.1%, net loss $4.2M (3.0% of revenue).
Summit Midstream, Q2 2025: revenue $140M (+38% year over year), operating margin 10.1%, net loss $4.2M, operating cash flow $37.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $140M | +6% | +38% |
| Operating profit | $14.2M | -3% | — |
| Net earnings | −$4.2M | -308% | — |
| Operating cash flow | $37.2M | +132% | — |
| Free cash flow | $10.8M | — | — |
What changed
Revenue was $140.2M in Q2 2025, up 38% year over year and up 6% from the previous quarter. Natural gas, NGLs and condensate sales was the largest line at 47% of revenue. Gathering services and related fees added $19.0M year over year (up 42%), 49% of the total change.
Operating profit was $14.2M, a 10.1% margin (up 3.4 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 7% margin then. Total costs grew 33% against revenue growth of 38%. The fastest-growing cost line was Other operating costs (+47%). The quarter ended with a net loss of $4.2M, after a profit of $4.6M the previous quarter. Net interest and other expense of $19.2M was the main reason.
Operating cash flow was $37.2M. Non-cash charges added back $30.1M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items added $9.0M. Capital expenditures of $26.4M left free cash flow of $10.8M.
Questions
What was Summit Midstream's revenue in the second quarter 2025?
Summit Midstream (SMC) reported revenue of $140M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +6% from the quarter before.
Was Summit Midstream profitable in the second quarter 2025?
Operating profit was $14.2M (10.1% of revenue) and net loss $4.2M.
Source: Summit Midstream 10-Q on SEC EDGAR.