SMC

MKT CAP:$367M

Summit Midstream Corp.

Market Cap

$367M

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$29.62+$2.85 (+10.65%)

Apr 23, 2026

Company Details

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering s...

CEO

J. Heath Deneke

IPO Date

Feb 22, 2010

Website

www.summitmidstream.com

Key Metrics TTM

Revenue

$458M

-1.6% YoY

Net Income

-$241M

EPS (Diluted)

-$24.69

Free Cash Flow

-$15M

Revenue / Share

$37.34

Gross Margin

40.3%

Operating Margin

13.5%

Net Margin

-52.6%

FCF Margin

-3.3%

P/S

0.8x

P/E

—

Earnings Reports

FY 2025

Mar 16, 2026

$562M+30.8%EPS -$1.61

Q3 2025

Nov 10, 2025

$147M+43.4%EPS -$0.13

FY 2024

Mar 11, 2025

$430M-6.4%EPS -$12.78

Q4 2024

Mar 11, 2025

$107M-15.9%EPS -$2.40

Q3 2024

Nov 12, 2024

$102M-15.5%EPS -$19.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$89M	$23M	$14M
Q4 22	$87M	$51M	$38M
Q1 23	$112M	$28M	$18M
Q2 23	$98M	$23M	$12M
Q3 23	$121M	$37M	$26M
Q4 23	$127M	$35M	$25M
Q1 24	$119M	$36M	$21M
Q2 24	$101M	$24M	$10M
Q3 24	$102M	$26M	$14M
Q4 24	$107M	$27M	$13M
Q3 25	$147M	$107M	$25M

Valuation

Quarter	P/S	P/E
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	1.0x	—
Q3 23	0.9x	—
Q4 23	0.9x	—
Q1 24	0.8x	3.6x
Q2 24	0.8x	4.0x
Q3 24	0.8x	—
Q4 24	0.9x	—
Q3 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$37M	$30M
Q4 22	$2M	-$8M
Q1 23	$50M	$33M
Q2 23	$2M	-$14M
Q3 23	$59M	$41M
Q4 23	$16M	-$3M
Q1 24	$44M	$27M
Q2 24	-$13M	-$23M
Q3 24	$9M	-$2M
Q4 24	$22M	$6M
Q3 25	$27M	$4M

Capital Expenditures

Quarter	CapEx
Q3 22	$6M
Q4 22	$10M
Q1 23	$16M
Q2 23	$16M
Q3 23	$18M
Q4 23	$19M
Q1 24	$16M
Q2 24	$11M
Q3 24	$11M
Q4 24	$16M
Q3 25	$23M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 23	+36.7%	+28.0%
Q4 23	+46.9%	+110.5%
Q1 24	+5.7%	+3.4%
Q2 24	+3.5%	+5.9%
Q3 24	-15.5%	-6.8%
Q4 24	-15.9%	-7.5%
Q3 25	+23.6%	+24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$692.0K	0.8%
Q4 22	$0	0.0%
Q1 23	$2M	1.7%
Q2 23	$2M	1.9%
Q3 23	$0	0.0%
Q4 23	$1M	1.1%
Q1 24	$3M	2.3%
Q2 24	$2M	2.1%
Q3 24	$2M	1.8%
Q4 24	$2M	1.7%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 22	$9M	—
Q4 22	$10M	$3M
Q1 23	$10M	—
Q2 23	$11M	—
Q3 23	$11M	—
Q4 23	$10M	—
Q1 24	$15M	—
Q2 24	$14M	—
Q3 24	$12M	—
Q4 24	$14M	—
Q3 25	$13M	—

Revenue Segments

Quarter	Gathering Services And Related Fees	Natural Gas N G L And Condensate Sales	Product and Service, Other
Q3 24	$44M	$48M	$10M
Q3 25	$65M	$71M	$10M

Revenue by Geography

Quarter	Barnett Shale Segment	Permian Basin Segment	Piceance Basin Segment	Rockies Segment	Mid-Con Barnett Shale Segment
Q3 24	$14M	$910.0K	$20M	$68M	—
Q3 25	—	$910.0K	$19M	$87M	$40M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$10M	$0	$10M
Q4 22	$12M	$0	$12M
Q1 23	$23M	$0	$23M
Q2 23	$14M	$0	$14M
Q3 23	$19M	$0	$19M
Q4 23	$14M	$0	$14M
Q1 24	$345M	$0	$345M
Q2 24	$156M	$0	$156M
Q3 24	$18M	$0	$18M
Q4 24	$23M	$0	$23M
Q1 25	$30M	$0	$30M
Q2 25	$21M	$0	$21M
Q3 25	$28M	$0	$28M
Q4 25	$9M	$0	$9M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	10M	—	—
Q4 22	10M	+0.0%	—
Q1 23	10M	+0.4%	—
Q2 23	10M	+1.5%	—
Q3 23	10M	+0.1%	+2.0%
Q4 23	10M	0.0%	+2.0%
Q1 24	11M	+5.8%	+7.5%
Q2 24	11M	-3.0%	+2.7%
Q3 24	11M	0.0%	+2.6%
Q4 24	11M	+0.0%	+2.7%
Q3 25	12M	+15.0%	+11.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$393.4K	272
Q3 25	$540.0K	272

Revenue / Employee