Friday 6 November 2026 Export SM’s income statement to Excel — free account

SM Energy Company

SM Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 17.2% from fiscal 2024.

Revenue: +167.4%
EPS: −70.9%
Free cash flow: +369.4%
Total debt: +188.3%

Quarter to September 2026, against a year earlier

Dividend growth 5 yrs

29.75 1.31 −4.22%

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Market cap: $7.1B
P/E: 7.2×
Fwd P/E: 5.5×
Dividend yield: 2.89%
F-score: 6/9
Altman Z: 1.44
Beneish M: −2.98
Dividend safety: 78/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

SM Energy Company (SM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
E&P Segment	3,154	100.00%
Gross margin		71.94%
Operating margin		31.71%
Pre-tax margin		26.32%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2016
Crude Oil	2,561 81.20%	2,187 81.30%	1,814 76.41%	2,270 67.59%	1,892 72.13%	854 75.76%	1,183 74.41%	612 50.26%
Natural Gas	353 11.19%	249 9.26%	328 13.82%	791 23.55%	525 20.03%	187 16.64%	263 16.51%	337 27.70%
Natural Gas Liquids (NGL)	224 7.10%	235 8.74%	222 9.35%	285 8.48%	181 6.89%	85 7.56%	140 8.81%	229 18.83%
Other, not broken out	16 0.51%	19 0.71%	—	—	25 0.95%	—	—	39 3.21%
Revenue	3,154	2,690	2,374	3,359	2,623	1,127	1,590	1,217

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
E&P Segment	3,154 100.00%	2,690 100.00%	2,374 100.00%	3,359 100.00%
Revenue	3,154	2,690	2,374	3,359

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2016
Midland Basin	1,372 43.50%	1,567 58.25%	1,524 64.20%	2,250 67.00%	2,028 77.33%	880 78.07%	1,196 75.20%	135 11.07%
South Texas	891 28.25%	900 33.46%	840 35.38%	1,095 32.62%	570 21.71%	247 21.89%	390 24.53%	724 59.47%
Uinta Basin	875 27.74%	204 7.58%	—	—	—	—	—	—
Rocky Mountain	—	—	—	—	—	—	—	320 26.26%
Other, not broken out	16 0.51%	19 0.71%	—	—	25 0.95%	—	—	39 3.21%
Revenue	3,154	2,690	2,374	3,359	2,623	1,127	1,590	1,217

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average net daily natural gas production	Q3 FY2026	917.0M	418.2M	+119.27%
Average net daily NGL production	Q3 FY2026	50.1K	30.2K	+65.89%
Average net daily oil production	Q3 FY2026	230.2K	113.9K	+102.11%
Average net daily production	Q3 FY2026	433.1K	213.8K	+102.57%
Average realized price after the effect of hedges	Q3 FY2026	$49.02	$43.21	+13.45%
Average realized price before the effect of hedges	Q3 FY2026	$54.23	$41.23	+31.53%
Lease operating expense per Boe	Q3 FY2026	$7.02	—	—
Net natural gas production	Q3 FY2026	84.4B	38.5B	+119.37%
Net NGL production	Q3 FY2026	4.6M	2.8M	+65.65%
Net oil production	Q3 FY2026	21.2M	10.5M	+102.23%
Net production volumes	Q3 FY2026	39.8M	19.7M	+102.32%
Oil percentage of net production	Q4 FY2025	52.0%	51.0%	—
Realized natural gas price after hedges	Q3 FY2026	$2.99	$2.77	+7.94%
Realized natural gas price before hedges	Q3 FY2026	$2.48	$2.19	+13.24%
Realized NGL price after hedges	Q3 FY2026	$29.45	—	—
Realized NGL price before hedges	Q3 FY2026	$29.40	$20.79	+41.41%
Realized oil price after hedges	Q3 FY2026	$73.92	$65.40	+13.03%
Realized oil price before hedges	Q3 FY2026	$85.76	$63.83	+34.36%
Remaining performance obligations	Q3 FY2026	$0.00	$0.00	—
Transportation costs per Boe	Q3 FY2026	$3.53	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018
Average net daily natural gas production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net daily NGL production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net daily oil production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net daily production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price after the effect of hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before the effect of hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease operating expense per Boe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net natural gas production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net NGL production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net oil production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net production volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oil percentage of net production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized natural gas price after hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized natural gas price before hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized NGL price after hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized NGL price before hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized oil price after hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realized oil price before hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transportation costs per Boe	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.