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PAR Pacific Holdings vs SM Energy: PARR and SM compared
PAR Pacific Holdings is the larger company: $3.1B of revenue in its latest quarter (Q3 2026) against $2.2B for SM Energy (Q3 2026). SM Energy is growing faster (+167% against +52% a year earlier). PAR Pacific Holdings is more profitable, with an operating margin of 15.5% against 10.9%.
Where the money goes: PARR and SM
PAR Pacific Holdings (PARR) · Q3 2026
PAR Pacific Holdings, Q3 2026: revenue $3.1B (+52% year over year), operating margin 15.5%, net earnings $355M, operating cash flow $839M. The chart follows the revenue to costs, profit and cash.
SM Energy (SM) · Q3 2026
SM Energy, Q3 2026: revenue $2.2B (+167% year over year), operating margin 10.9%, net earnings $93.0M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| PAR Pacific Holdings (PARR) | SM Energy (SM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.1B | $2.2B |
| Revenue growth, Y/Y | +52% | +167% |
| Operating margin | 15.5% | 10.9% |
| Net earnings | $355M | $93.0M |
| Net margin | 11.6% | 4.3% |
| Operating cash flow | $839M | $1.1B |
| Free cash flow | $801M | $411M |
| Market value | $3.4B | $7.2B |
| P/E | 3.6× | 7.3× |
| Analysts’ mean target | $95.25 | $45.39 |
Where the revenue comes from
PAR Pacific Holdings
- Fuel Revenue: $2.9B (96%)
- Other Revenue: $117M (4%)
SM Energy
- Crude Oil: $1.8B (84%)
- Natural Gas: $209M (10%)
- Natural Gas Liquids (NGL): $135M (6%)
- Other revenues: $10.0M (0%)
Questions
Which is bigger, PAR Pacific Holdings or SM Energy?
PAR Pacific Holdings is the larger company: $3.1B of revenue in its latest quarter (Q3 2026) against $2.2B for SM Energy (Q3 2026).
Is PAR Pacific Holdings or SM Energy growing faster?
SM Energy is growing faster (+167% against +52% a year earlier).
Which is more profitable, PAR Pacific Holdings or SM Energy?
PAR Pacific Holdings is more profitable, with an operating margin of 15.5% against 10.9%.
More: PAR Pacific Holdings earnings · how PAR Pacific Holdings makes money · SM Energy earnings · how SM Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.