Filing Flows › Smart Sand (SND) › Q4 2025
Smart Sand (SND) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Smart Sand (SND) reported revenue of $86.0M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -7% from the quarter before. Operating margin was -3.1%, net earnings $1.2M (1.4% of revenue).
Smart Sand, Q4 2025: revenue $86.0M (-6% year over year), operating margin -3.1%, net earnings $1.2M, operating cash flow $22.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $86.0M | -7% | -6% |
| Operating profit | −$2.7M | -150% | -175% |
| Net earnings | $1.2M | -61% | -68% |
| Operating cash flow | $22.4M | +23% | 22× |
| Free cash flow | $20.4M | — | — |
What changed
Revenue was $86.0M in Q4 2025, down 6% year over year and down 7% from the previous quarter. Sand revenue was the largest line at 99% of revenue.
Gross margin was 13.0%, down 1.7 points from Q4 2024. Operating costs exceeded revenue by $2.7M, an operating margin of -3.1%. Operating expenses grew 41% against a revenue fall of 6%. The fastest-growing cost line was SG&A (+42%). Net earnings were $1.2M, down 68% year over year.
Operating cash flow was $22.4M (up 2061% year over year), 1899% of net earnings. Non-cash charges added back $7.4M of depreciation and amortization and $864K of share-based compensation. Working capital and other items added $12.9M. After purchases of property, plant and equipment ($2.0M), free cash flow as the company reports it was $20.4M.
Questions
What was Smart Sand's revenue in the fourth quarter 2025?
Smart Sand (SND) reported revenue of $86.0M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -7% from the quarter before.
Was Smart Sand profitable in the fourth quarter 2025?
Operating loss was $2.7M (-3.1% of revenue) and net earnings $1.2M.
Source: Smart Sand 10-K on SEC EDGAR.