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Smart Sand (SND) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Smart Sand (SND) Q2 2026 earnings results →
Q2 2026 Revenue up 34% year over year to $115M · 9¢ of every $1 of revenue kept as net profit · operating margin 8.7%
Smart Sand made $115M in Q2 2026 (+34% Y/Y): Sand $114M, SmartSystems $1.2M. Operating margin 8.7%, net earnings $10.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $115.0M in Q2 2026, up 34% year over year and up 24% from the previous quarter. Sand was the largest line at 99% of revenue. Sand added $29.3M year over year (up 35%), 100% of the total change.
Gross margin was 17.2%, up 6.8 points from Q2 2025. Operating profit was $10.1M, a 8.7% margin (up 8.8 points year over year). Operating expenses grew 8% against revenue growth of 34%. Net earnings were $10.2M, down 52% year over year. The effective tax rate was 0.5%.
Operating cash flow was $3.4M, 34% of net earnings. Non-cash charges added back $7.7M of depreciation and amortization and $712K of share-based compensation. Working capital and other items used $15.2M. Capital expenditures of $4.8M exceeded it, leaving free cash flow of −$1.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $115M | +34% | 8.7% | $10.2M | $3.4M |
| Q1 2026 | 10-Q | May 12, 2026 | $93.1M | +42% | -5.2% | −$3.9M | $3.0M |
| Q4 2025 | 10-K | Feb 26, 2026 | $86.0M | -6% | -3.1% | $1.2M | $22.4M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $92.8M | +47% | 5.8% | $3.0M | $18.2M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $85.8M | +16% | -0.1% | $21.4M | −$5.1M |
| Q1 2025 | 10-Q | May 13, 2025 | $65.6M | -21% | -10.8% | −$24.2M | $8.7M |
| Q4 2024 | 10-K | Mar 4, 2025 | $91.4M | +48% | 3.9% | $3.7M | $1.0M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
About Smart Sand
We are a fully integrated frac and industrial sand supply and services company. We offer complete mine to wellsite proppant supply and logistics solutions to our frac sand customers. We produce low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells and for a variety of industrial applications. We also offer proppant logistics solutions to our customers through our in-basin transloading terminals and our SmartSystems TM wellsite proppant storage capabilities. In recent years, we have expanded our product line to offer Industrial Products Solutions (“IPS”) in order to diversify our customer base and markets we serve by offering sand for industrial uses.
In its own words, from its 10-K, filed Feb 26, 2026.
Smart Sand against its Mining & Quarrying of Nonmetallic Minerals (No Fuels) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +4%. Operating margin: 8.7% against the peers' median 16.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SND Smart Sand | Q2 2026 | $115M | +34% | 8.7% |
| MLM Martin Marietta Materials | Q3 2026 | $2.4B | +28% | 18.5% |
| VMC Vulcan Materials | Q3 2026 | $2.2B | -5% | 24.0% |
| KNF Knife River | Q3 2026 | $1.3B | +6% | 16.8% |
| HL Hecla Mining | Q3 2026 | $395M | +25% | 39.8% |
| CMP Compass Minerals International | Q3 FY26 | $215M | +0.3% | 5.1% |
| USLM United States Lime & Minerals | Q3 2026 | $106M | +4% | 42.1% |
| LEU Centrus Energy | Q3 2026 | $55.5M | -26% | -53.5% |
| IPI Intrepid Potash | Q3 2026 | $51.0M | +0.4% | 0.4% |
Source: Smart Sand 10-Q on SEC EDGAR · CIK 1529628 · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
13F: who owns SND and who is buying
More on SND
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results