Filing Flows › Summit Midstream (SMC) › Q4 2025
Summit Midstream (SMC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 16, 2026
Summit Midstream (SMC) reported revenue of $142M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and -3% from the quarter before. Operating margin was 13.0%, net loss $7.3M (5.1% of revenue).
Summit Midstream, Q4 2025: revenue $142M (+33% year over year), operating margin 13.0%, net loss $7.3M, operating cash flow $53.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $142M | -3% | +33% |
| Operating profit | $18.4M | -27% | — |
| Net earnings | −$7.3M | -246% | — |
| Operating cash flow | $53.7M | +101% | +148% |
| Free cash flow | $34.5M | +818% | +486% |
What changed
Revenue was $142.3M in Q4 2025, up 33% year over year and down 3% from the previous quarter. Natural gas, NGLs and condensate sales was the largest line at 48% of revenue.
Operating profit was $18.4M, a 13.0% margin (up 18.3 points year over year). Total costs grew 10% against revenue growth of 33%. The fastest-growing cost line was Cost of revenue (+47%). The quarter ended with a net loss of $7.3M, after a profit of $5.0M the previous quarter. Minority interests bore $12.9M of it: to shareholders the quarter was a profit of $5.6M. Net interest and other expense of $26.3M was the main reason.
Operating cash flow was $53.7M (up 148% year over year). Non-cash charges added back $26.7M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $33.3M. Capital expenditures of $19.1M left free cash flow of $34.5M.
Questions
What was Summit Midstream's revenue in the fourth quarter 2025?
Summit Midstream (SMC) reported revenue of $142M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and -3% from the quarter before.
Was Summit Midstream profitable in the fourth quarter 2025?
Operating profit was $18.4M (13.0% of revenue) and net loss $7.3M.
Source: Summit Midstream 10-K on SEC EDGAR.