Filing Flows › Summit Midstream (SMC) › Q2 2026 › vs Q2 2025
Summit Midstream (SMC) Q2 2026 vs Q2 2025 (year over year)
Summit Midstream's revenue rose $14.8M (+11%) from $140M in Q2 2025 to $155M in Q2 2026. The biggest changes: Natural gas, NGLs and condensate sales +$17.8M (+27%); Other revenues −$1.5M (-15%); Gathering services and related fees −$1.5M (-2%). Operating margin 16.1% against 10.1% (+6.0 pts).
Summit Midstream, Q2 2026: revenue $155M (+11% year over year), operating margin 16.1%, net earnings $1.6M, operating cash flow $43.9M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 16.1% | 10.1% | +6.0 pts |
| Net margin | 1.0% | -5.7% | +6.8 pts |
| Free cash flow margin | 12.2% | 7.7% | +4.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Natural gas, NGLs and condensate sales | $84.1M | $66.3M | $17.8M | +27% |
| Gathering services and related fees | $62.7M | $64.2M | −$1.5M | -2% |
| Other revenues | $8.2M | $9.7M | −$1.5M | -15% |
| Revenue | $155M | $140M | $14.8M | +11% |
| Operating profit | $25.0M | $14.2M | $10.8M | +76% |
| Costs & expenses | $130M | $126M | $4.0M | +3% |
| Pre-tax earnings | $5.6M | −$5.0M | $10.6M | — |
| Other expense, net | $19.3M | $19.2M | $150K | +0.8% |
| Cost of revenue | $49.1M | $35.9M | $13.2M | +37% |
| General & admin | $13.7M | $15.5M | −$1.8M | -12% |
| Other operating costs | $67.3M | $74.6M | −$7.3M | -10% |
| Net earnings | $1.6M | −$8.0M | $9.6M | — |
| Minority interests | $3.0M | $3.8M | −$842K | -22% |
| Income tax | $1.1M | −$752K | $1.8M | — |
| Depreciation & amortization | $26.9M | $30.1M | −$3.2M | -11% |
| Share-based compensation | $2.3M | $2.4M | −$64K | -3% |
| Working capital & other | $13.2M | $12.8M | $352K | +3% |
| Operating cash flow | $43.9M | $37.2M | $6.7M | +18% |
| Free cash flow (OCF − capex) | $18.9M | $10.8M | $8.1M | +75% |
| Capital expenditures | $25.0M | $26.4M | −$1.4M | -5% |
Questions
How much did Summit Midstream's revenue grow year over year in Q2 2026?
Summit Midstream's revenue rose $14.8M (+11%) from $140M in Q2 2025 to $155M in Q2 2026.
What drove Summit Midstream's revenue change in Q2 2026?
Natural gas, NGLs and condensate sales +$17.8M (+27%); Other revenues −$1.5M (-15%); Gathering services and related fees −$1.5M (-2%).