Filing Flows › Smart Sand (SND) › Q3 2025
Smart Sand (SND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Smart Sand (SND) reported revenue of $92.8M for the third quarter 2025 (Q3 2025), +47% from a year earlier and +8% from the quarter before. Operating margin was 5.8%, net earnings $3.0M (3.2% of revenue).
Smart Sand, Q3 2025: revenue $92.8M (+47% year over year), operating margin 5.8%, net earnings $3.0M, operating cash flow $18.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $92.8M | +8% | +47% |
| Gross profit | $14.9M | +67% | +130% |
| Operating profit | $5.4M | — | — |
| Net earnings | $3.0M | -86% | — |
| Operating cash flow | $18.2M | — | +213% |
| Free cash flow | $14.8M | — | +302% |
What changed
Revenue was $92.8M in Q3 2025, up 47% year over year and up 8% from the previous quarter. Sand was the largest line at 99% of revenue. Sand added $29.4M year over year (up 47%), 99% of the total change.
Gross margin was 16.1%, up 5.8 points from a year earlier. Operating profit was $5.4M, a 5.8% margin (up 13.6 points year over year). Operating expenses fell 16% while revenue rose 47%. Net earnings were $3.0M. The effective tax rate was 40.9%.
Operating cash flow was $18.2M (up 213% year over year), 605% of net earnings. Non-cash charges added back $7.3M of depreciation and amortization and $914K of share-based compensation. Working capital and other items added $7.0M. After purchases of property, plant and equipment ($3.4M), free cash flow as the company reports it was $14.8M.
Questions
What was Smart Sand's revenue in the third quarter 2025?
Smart Sand (SND) reported revenue of $92.8M for the third quarter 2025 (Q3 2025), +47% from a year earlier and +8% from the quarter before.
Was Smart Sand profitable in the third quarter 2025?
Operating profit was $5.4M (5.8% of revenue) and net earnings $3.0M.
Source: Smart Sand 10-Q on SEC EDGAR.