Filing Flows › Summit Midstream (SMC) › Q3 2025
Summit Midstream (SMC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Summit Midstream (SMC) reported revenue of $147M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +5% from the quarter before. Operating margin was 17.1%, net earnings $5.0M (3.4% of revenue).
Summit Midstream, Q3 2025: revenue $147M (+43% year over year), operating margin 17.1%, net earnings $5.0M, operating cash flow $26.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $147M | +5% | +43% |
| Operating profit | $25.2M | +77% | +116% |
| Net earnings | $5.0M | — | — |
| Operating cash flow | $26.7M | -28% | +192% |
| Free cash flow | $3.8M | -65% | — |
What changed
Revenue was $146.9M in Q3 2025, up 43% year over year and up 5% from the previous quarter. Natural gas, NGLs and condensate sales was the largest line at 48% of revenue. Natural gas, NGLs and condensate sales added $22.8M year over year (up 47%), 51% of the total change.
Operating profit was $25.2M, a 17.1% margin (up 5.8 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 11% margin then. Total costs grew 34% against revenue growth of 43%. The fastest-growing cost line was Other operating costs (+41%). Net earnings were −$1.6M. The effective tax rate was 9.7%.
Operating cash flow was $26.7M (up 192% year over year), 534% of net income including minority interests. Non-cash charges added back $28.9M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $9.2M. Capital expenditures of $22.9M left free cash flow of $3.8M.
Questions
What was Summit Midstream's revenue in the third quarter 2025?
Summit Midstream (SMC) reported revenue of $147M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +5% from the quarter before.
Was Summit Midstream profitable in the third quarter 2025?
Operating profit was $25.2M (17.1% of revenue) and net earnings $5.0M.
Source: Summit Midstream 10-Q on SEC EDGAR.