10-K · February 26, 2026
SM Energy completed the Civitas merger (closing on January 30, 2026) and delivered full-year production growth of 21% to 206.8 MBOE, helping oil, gas and NGL production revenue rise 17% to $3.1 billion for 2025.…
Earnings analysis · 10-Q
SM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
SM Energy's first quarter of 2026 showcased robust revenue growth, reporting $1.48 billion, significantly up from $840 million year-over-year. Despite this surge, the company faced a substantial net loss of $335…
Read full summary
SM Energy's first quarter of 2026 showcased robust revenue growth, reporting $1.48 billion, significantly up from $840 million year-over-year. Despite this surge, the company faced a substantial net loss of $335 million, translating to an EPS of $(1.68), impacted by high derivative losses. Management anticipates further integration efficiencies and maintains a consistent capital expenditure outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.55
What stood out
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Revenue Surpassed Expectations
Reported revenue of $1.48 billion for Q1 2026, exceeding estimates of $1.42 billion.
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EPS Beat Consensus
EPS came in at $1.55, beating an estimate of $1.16, an upside of 33.6%.
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Production Expansion Post-Merger
Average daily equivalent production surged by 79% QOQ to 371.2 MBOE, incorporating Civitas assets.
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Significant Cash Flow Management
Operating cash flow increased by $188 million sequentially, now at $640 million.
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Increased Capital Expenditure
Capital expenditures targeted at $2.65-$2.85 billion for 2026, reaffirming investment commitment.
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Successful Asset Divestiture
Completed South Texas Divestiture for approximately $900 million to enhance liquidity.
What to watch
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High Net Loss
Net loss of $335 million in Q1 2026 highlights ongoing financial challenges.
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Derivative Loss Impact
A net derivative loss of $697 million significantly detracted from profitability.
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Integration Challenges Post-Merger
Continuing risks of merger integration may affect operational efficiencies.
Management's outlook
Management reaffirmed its guidance for total revenue between $2.65 billion and $2.85 billion for 2026.
Earlier filings 4
10-Q · November 3, 2025
SM Energy reported Q3 2025 revenue of $811.6M, up $167.98M (26.1%) versus Q3 2024, driven by contributions from the Uinta Basin. Net income and diluted EPS declined to $155.1M and $1.35, respectively, versus $240.5M and…
10-Q · May 2, 2025
SM Energy reported Q1 2025 revenue of $844,544,000 and diluted EPS of $1.59, up materially versus Q1 2024 revenue of $559,870,000 and EPS of $1.13. Operating cash flow was strong at $482,985,000, funding capital…
10-K · February 20, 2025
SM Energy closed 2024 with a material strategic pivot: it acquired ~63,300 net acres in the Uinta Basin (including ~103.2 MMBOE of proved reserves) for an unadjusted purchase price of $2.1 billion and increased total…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.