SM FY 2025 Earnings Report — SM Energy Company Revenue & Financial Results | Market Cap Arena

SM Energy CompanySM

FY 2025 Earnings

Reported February 26, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$3.2B	—	$2.7B	—	18.1%
Op. Income	$822M	—	$1.1B	—	-23.6%
Gross Margin	31.9%	—	45.9%	—	-14.0pp
Net Margin	20.5%	—	28.8%	—	-8.3pp
EPS (Diluted)	$5.64	—	$6.67	—	-15.4%
Free Cash Flow	$573M	—	-$1.6B	—	135.1%

Revenue Flow

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$2.1B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$161M
SG&A Expenses	$161M
Other Expenses	$22M
Operating Expenses	$183M
Cost & Expenses	$2.3B
OPERATING INCOME	$822M
Interest Income	$3M
Interest Expense	$173M
Other Income/Expenses	$8M
INCOME BEFORE TAX	$830M
Income Tax Expense	$182M
Net Income from Continuing Ops	$648M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$648M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$648M
D&A	$1.2B
EBIT	$1.0B
EBITDA	$2.2B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$2.1B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$161M
SG&A Expenses	$161M
Other Expenses	$22M
Operating Expenses	$183M
Cost & Expenses	$2.3B
OPERATING INCOME	$822M
Interest Income	$3M
Interest Expense	$173M
Other Income/Expenses	$8M
INCOME BEFORE TAX	$830M
Income Tax Expense	$182M
Net Income from Continuing Ops	$648M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$648M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$648M
D&A	$1.2B
EBIT	$1.0B
EBITDA	$2.2B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$648M
Depreciation & Amortization	$1.2B
Stock-Based Compensation	$29M
Deferred Income Tax	$178M
Other Non-Cash Items	-$65M
Change in Working Capital	$14M
OPERATING CASH FLOW	$2.0B
Capital Expenditure	-$1.4B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$30M
NET CASH FROM INVESTING	-$1.5B
Net Debt Issuance	-$68M
Common Stock Repurchased	-$13M
Common Dividends Paid	-$92M
Other Financing Activities	-$5M
NET CASH FROM FINANCING	-$175M
FREE CASH FLOW	$573M
Net Change in Cash	$368M

Balance Sheet

Item	Amount
Cash & Equivalents	$368M
Short-Term Investments	$0
Net Receivables	$331M
Inventory	$0
Other Current Assets	$112M
TOTAL CURRENT ASSETS	$811M
PP&E (Net)	$65M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$175M
TOTAL NON-CURRENT ASSETS	$240M
TOTAL ASSETS	$9.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$1.2B
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$2.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$724M
Other Non-Current Liabilities	$254M
TOTAL NON-CURRENT LIABILITIES	$3.3B
TOTAL LIABILITIES	$4.4B
Common Stock	$1M
Additional Paid-In Capital	$0
Retained Earnings	$3.3B
Treasury Stock	$0
Accum. Other Comp. Income	$1M
Other Equity	$1.5B
TOTAL STOCKHOLDERS' EQUITY	$4.8B
Minority Interest	$0
TOTAL EQUITY	$4.8B
TOTAL LIABILITIES & EQUITY	$9.3B
Total Debt	$2.3B
Net Debt	$1.9B