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SM Energy vs EQT: SM and EQT compared
SM Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.8B for EQT (Q3 2026). SM Energy is growing faster (+167% against -10% a year earlier). EQT is more profitable, with an operating margin of 26.0% against 10.9%.
Where the money goes: SM and EQT
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.
EQT (EQT) · Q3 2026
EQT, Q3 2026: revenue $1.8B (-10% year over year), operating margin 26.0%, net earnings $279M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| SM Energy (SM) | EQT (EQT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.2B | $1.8B |
| Revenue growth, Y/Y | +167% | -10% |
| Operating margin | 10.9% | 26.0% |
| Net earnings | $93.0M | $279M |
| Net margin | 4.3% | 15.7% |
| Operating cash flow | $1.1B | $1.1B |
| Free cash flow | $411M | $436M |
| Market value | $7.2B | $31.3B |
| P/E | 7.3× | 11.8× |
| Analysts’ mean target | $45.39 | $67.00 |
Where the revenue comes from
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, SM Energy or EQT?
SM Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.8B for EQT (Q3 2026).
Is SM Energy or EQT growing faster?
SM Energy is growing faster (+167% against -10% a year earlier).
Which is more profitable, SM Energy or EQT?
EQT is more profitable, with an operating margin of 26.0% against 10.9%.
More: SM Energy earnings · how SM Energy makes money · EQT earnings · how EQT makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.