SM

MKT CAP:$3B

SM Energy Company

Market Cap

$3B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$28.91+$9.79 (+51.15%)

Apr 23, 2026

Company Details

SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the state of Texas. As of February 24, 2022, it had 492.0 million barrels...

CEO

Elizabeth Anne McDonald

IPO Date

Dec 16, 1992

Website

sm-energy.com

Key Metrics TTM

Revenue

$3.2B

+18.1% YoY

Net Income

$648M

EPS (Diluted)

$5.65

Free Cash Flow

-$241M

Revenue / Share

$27.43

Gross Margin

31.9%

Operating Margin

26.1%

Net Margin

20.5%

FCF Margin

-7.7%

P/S

1.0x

P/E

5.1x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$3.2B+18.1%EPS $5.64

Q4 2025

Feb 26, 2026

$718M-14.1%EPS $0.95

Q3 2025

Nov 3, 2025

$811M+26.3%EPS $1.35

Q2 2025

Aug 1, 2025

$785M+23.9%EPS $1.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$859M	$555M	$520M
Q2 22	$990M	$670M	$617M
Q3 22	$828M	$522M	$485M
Q4 22	$669M	$375M	$331M
Q1 23	$571M	$274M	$272M
Q2 23	$547M	$243M	$209M
Q3 23	$640M	$312M	$196M
Q4 23	$607M	$280M	$310M
Q1 24	$560M	$256M	$178M
Q2 24	$633M	$317M	$279M
Q3 24	$642M	$291M	$331M
Q4 24	$836M	$361M	$287M
Q1 25	$840M	$345M	$276M
Q2 25	$785M	$268M	$295M
Q3 25	$811M	$257M	$246M
Q4 25	$718M	$136M	$4M

Valuation

Quarter	P/S	P/E
Q1 22	1.1x	9.8x
Q2 22	1.0x	3.7x
Q3 22	0.9x	2.6x
Q4 22	1.0x	3.0x
Q1 23	1.1x	2.6x
Q2 23	1.3x	3.0x
Q3 23	1.4x	4.0x
Q4 23	1.4x	4.0x
Q1 24	1.4x	4.4x
Q2 24	1.4x	4.1x
Q3 24	1.4x	4.0x
Q4 24	1.2x	4.3x
Q1 25	1.1x	4.0x
Q2 25	1.1x	4.1x
Q3 25	1.0x	4.5x
Q4 25	1.0x	5.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$342M	$192M
Q2 22	$543M	$327M
Q3 22	$513M	$287M
Q4 22	$288M	$287.0K
Q1 23	$332M	$91M
Q2 23	$383M	-$15M
Q3 23	$383M	$146M
Q4 23	$477M	$253M
Q1 24	$276M	-$56M
Q2 24	$476M	$154M
Q3 24	$452M	$149M
Q4 24	$578M	-$1.9B
Q1 25	$483M	$69M
Q2 25	$571M	$161M
Q3 25	$505M	$101M
Q4 25	$452M	-$572M

Capital Expenditures

Quarter	CapEx
Q1 22	$150M
Q2 22	$216M
Q3 22	$226M
Q4 22	$288M
Q1 23	$241M
Q2 23	$398M
Q3 23	$237M
Q4 23	$223M
Q1 24	$332M
Q2 24	$323M
Q3 24	$303M
Q4 24	$2.5B
Q1 25	$414M
Q2 25	$410M
Q3 25	$404M
Q4 25	$1.0B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+93.5%	+9.1%
Q2 22	+75.6%	-0.2%
Q3 22	+8.9%	-19.3%
Q4 22	-21.7%	-16.2%
Q1 23	-33.5%	-11.7%
Q2 23	-44.8%	-9.7%
Q3 23	-22.7%	+29.5%
Q4 23	-9.3%	-12.1%
Q1 24	-2.0%	+27.6%
Q2 24	+15.9%	+5.0%
Q3 24	+0.4%	-29.9%
Q4 24	+37.7%	+84.8%
Q1 25	+50.0%	+47.8%
Q2 25	+23.9%	+38.4%
Q3 25	+26.3%	+81.3%
Q4 25	-14.1%	+30.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	0.5%
Q2 22	$4M	0.5%
Q3 22	$5M	0.6%
Q4 22	$5M	0.7%
Q1 23	$4M	0.8%
Q2 23	$4M	0.8%
Q3 23	$6M	0.9%
Q4 23	$6M	0.9%
Q1 24	$5M	0.9%
Q2 24	$6M	0.9%
Q3 24	$7M	1.0%
Q4 24	$8M	0.9%
Q1 25	$7M	0.8%
Q2 25	$6M	0.7%
Q3 25	$8M	1.0%
Q4 25	$8M	1.1%

OpEx Breakdown

Quarter	G&A
Q1 22	$25M
Q2 22	$28M
Q3 22	$28M
Q4 22	$33M
Q1 23	$28M
Q2 23	$28M
Q3 23	$29M
Q4 23	$37M
Q1 24	$30M
Q2 24	$31M
Q3 24	$35M
Q4 24	$42M
Q1 25	$39M
Q2 25	$42M
Q3 25	$39M
Q4 25	$40M

Revenue Segments

Quarter	Natural Gas Revenue	Oil Revenue	Oil and Condensate Revenue	E&P Segment
Q1 22	$170M	$607M	$81M	—
Q2 22	$241M	$667M	$82M	—
Q3 22	$235M	$526M	$67M	—
Q4 22	$145M	$470M	$54M	—
Q1 23	$94M	$421M	$56M	—
Q2 23	$70M	$423M	$53M	—
Q3 23	$82M	$499M	$59M	—
Q4 23	$83M	$470M	$54M	—
Q1 24	$68M	$441M	$51M	—
Q2 24	$45M	$533M	$56M	—
Q3 24	$51M	$532M	$60M	—
Q4 24	$85M	$682M	$68M	—
Q1 25	$120M	$658M	$61M	—
Q2 25	—	—	—	$793M
Q3 25	—	—	—	$812M

Revenue by Geography

Quarter	Midland Basin	South Texas	Uinta Basin
Q1 22	$596M	$262M	—
Q2 22	$673M	$318M	—
Q3 22	$545M	$282M	—
Q4 22	$436M	$233M	—
Q1 23	$370M	$201M	—
Q2 23	$340M	$207M	—
Q3 23	$415M	$224M	—
Q4 23	$398M	$208M	—
Q1 24	$373M	$187M	—
Q2 24	$402M	$232M	—
Q3 24	$406M	$236M	—
Q1 25	$393M	$233M	$214M
Q2 25	$342M	$211M	$232M
Q3 25	$344M	$235M	$232M
Q4 25	$293M	$211M	$198M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$420M	$0	$420M
Q2 22	$267M	$0	$267M
Q3 22	$498M	$0	$498M
Q4 22	$445M	$0	$445M
Q1 23	$478M	$0	$478M
Q2 23	$378M	$0	$378M
Q3 23	$402M	$0	$402M
Q4 23	$616M	$0	$616M
Q1 24	$506M	$0	$506M
Q2 24	$488M	$0	$488M
Q3 24	$1.7B	$0	$1.7B
Q4 24	$0	$0	$0
Q1 25	$54.0K	$0	$54.0K
Q2 25	$102M	$0	$102M
Q3 25	$162M	$0	$162M
Q4 25	$368M	$0	$368M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	124M	+0.1%	+8.2%
Q2 22	124M	+0.1%	+5.1%
Q3 22	124M	-0.1%	+0.3%
Q4 22	123M	-0.7%	-0.5%
Q1 23	122M	-0.9%	-1.5%
Q2 23	120M	-1.8%	-3.4%
Q3 23	118M	-1.5%	-4.8%
Q4 23	117M	-1.5%	-5.5%
Q1 24	116M	-0.1%	-4.8%
Q2 24	116M	-0.6%	-3.6%
Q3 24	115M	-0.6%	-2.8%
Q4 24	115M	+0.0%	-1.3%
Q1 25	115M	-0.1%	-1.3%
Q2 25	115M	0.0%	-0.7%
Q3 25	115M	+0.2%	+0.2%
Q4 25	115M	-0.2%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	506
Q2 22	$2M	506
Q3 22	$2M	506
Q4 22	$1M	539
Q1 23	$1M	539
Q2 23	$1M	539
Q3 23	$1M	539
Q4 23	$1M	544
Q1 24	$1M	544
Q2 24	$1M	544
Q3 24	$1M	544
Q4 24	$1M	663
Q1 25	$1M	663
Q2 25	$1M	663
Q3 25	$1M	663
Q4 25	$578.8K	1K

Revenue / Employee