Filing Flows › Summit Midstream (SMC) › Q3 2026 › vs Q3 2025
Summit Midstream (SMC) Q3 2026 vs Q3 2025 (year over year)
Summit Midstream's revenue rose $36.1M (+25%) from $147M in Q3 2025 to $183M in Q3 2026. The biggest changes: Natural gas, NGLs and condensate sales +$27.0M (+38%); Gathering services and related fees +$10.5M (+16%); Other revenues −$1.4M (-14%). Operating margin 20.7% against 17.1% (+3.6 pts).
Summit Midstream, Q3 2026: revenue $183M (+25% year over year), operating margin 20.7%, net earnings $8.2M, operating cash flow $5.5M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.7% | 17.1% | +3.6 pts |
| Net margin | 4.5% | -1.1% | +5.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Natural gas, NGLs and condensate sales | $98.1M | $71.1M | $27.0M | +38% |
| Gathering services and related fees | $75.9M | $65.4M | $10.5M | +16% |
| Other revenues | $9.0M | $10.4M | −$1.4M | -14% |
| Revenue | $183M | $147M | $36.1M | +25% |
| Operating profit | $37.9M | $25.2M | $12.7M | +51% |
| Costs & expenses | $145M | $122M | $23.4M | +19% |
| Pre-tax earnings | $19.7M | $5.5M | $14.1M | +255% |
| Other expense, net | $18.2M | $19.6M | −$1.4M | -7% |
| Cost of revenue | $59.7M | $38.1M | $21.6M | +57% |
| General & admin | $16.5M | $13.2M | $3.3M | +25% |
| Other operating costs | $68.9M | $70.4M | −$1.5M | -2% |
| Net earnings | $8.2M | −$1.6M | $9.8M | — |
| Minority interests | $7.6M | $6.6M | $1.1M | +16% |
| Income tax | $3.8M | $537K | $3.3M | +610% |
| Operating cash sources | $37.8M | $29.3M | $8.4M | +29% |
| Depreciation & amortization | $27.2M | $28.9M | −$1.6M | -6% |
| Share-based compensation | $2.3M | $2.1M | $240K | +12% |
| Working capital & other | $32.2M | $2.7M | $29.6M | 12× |
| Operating cash flow | $5.5M | $26.7M | −$21.2M | -79% |
| Capital expenditures | $21.2M | $22.9M | −$1.7M | -8% |
| Negative free cash flow (OCF − capex) | $15.7M | −$3.8M | $19.4M | — |
Questions
How much did Summit Midstream's revenue grow year over year in Q3 2026?
Summit Midstream's revenue rose $36.1M (+25%) from $147M in Q3 2025 to $183M in Q3 2026.
What drove Summit Midstream's revenue change in Q3 2026?
Natural gas, NGLs and condensate sales +$27.0M (+38%); Gathering services and related fees +$10.5M (+16%); Other revenues −$1.4M (-14%).