10-Q · May 11, 2026
Summit Midstream Corporation's Q1 2026 results showed a slight increase in revenues to $139.1 million from $132.7 million year-over-year. However, the company reported a net loss of $3.2 million, compared to a profit of…
Earnings analysis · 10-Q
SMC earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpts show a stable control environment and a capital structure with approximately $825.0 million of fixed-rate debt, but variable-rate borrowings increased following refinancing. The company…
Read full summary
The supplied 10-Q excerpts show a stable control environment and a capital structure with approximately $825.0 million of fixed-rate debt, but variable-rate borrowings increased following refinancing. The company reported quarterly EPS of $0.11 on revenue of $155.013 million, although the supplied text does not include the comparative financial statements needed to assess margin, segment, cash-flow, or year-over-year trends. A new $35.0 million repurchase authorization supports shareholder returns but introduces a potential liquidity trade-off, while interest-rate sensitivity remains a material risk.
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
- $0.11
What stood out
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Fixed-rate debt provides interest protection
As of June 30, 2026, the company had approximately $825.0 million of fixed-rate debt and approximately $100.0 million of interest-rate swaps, providing some protection against variable-rate exposure.
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Refinancing supports capital structure
The company reported $350.0 million outstanding under the variable-rate New Permian Transmission Facility and $79.0 million under the variable-rate ABL Facility as of June 30, 2026.
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Controls remained effective
The company’s disclosure controls and procedures were effective as of June 30, 2026, and no material change in internal control over financial reporting occurred during the quarter.
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Share repurchase program launched
The June 2026 share repurchase authorization permits repurchases of up to $35.0 million; during June, the company repurchased 34,624 shares at an average price of $29.12.
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Repurchase authorization remains available
The company had $33,991,832 remaining under the publicly announced repurchase program at June 30, 2026, retaining substantial authorization for future buybacks.
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Environmental settlement obligations declining
The company has paid $28.0 million of principal related to the Blacktail Release settlement as of June 30, 2026, against total settlement losses of $36.3 million.
What to watch
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Higher variable-rate interest exposure
Variable-rate debt exposure increased in March 2026 following the refinancing of the Legacy Permian Transmission Credit Facilities. A hypothetical 1% increase in rates would have increased six-month interest expense by approximately $1.8 million.
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Buybacks may reduce liquidity
The new repurchase risk factor states that the program could diminish cash, cash equivalents, and marketable securities. The authorized program is up to $35.0 million, although no specific amount of future repurchases is guaranteed.
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Remaining environmental obligations
The Blacktail Release Global Settlement requires total payments and reimbursement amounts of approximately $21.25 million under the Consent Decree, in addition to a $15.0 million criminal fine; $28.0 million of principal had been paid as of June 30, 2026.
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Commodity price exposure remains
Direct commodity exposure remains tied to physical natural gas, NGL, and condensate sales in the Rockies, Piceance, and Mid-Con segments. The filing states that commodity-price exposure had not changed materially since December 31, 2025, but the exposure remains a source of earnings variability.
Management's outlook
No quantitative revenue or EPS outlook was provided in the supplied 10-Q text; outlook may have been addressed separately in the earnings release or conference call.
Earlier filings 4
10-K · March 16, 2026
Summit Midstream’s 2025 10-K emphasizes a basin-focused midstream strategy with assets in the Williston, DJ, Barnett, Piceance, Permian and Arkoma basins and a focus on developing, owning and operating integrated…
10-Q · August 11, 2025
Summit Midstream reported Q2 2025 revenue of $140,217,000 (up from $101,315,000 in Q2 2024) and GAAP basic EPS of $(0.66) (vs $(2.91) in Q2 2024). Year-to-date operating cash flow strengthened to $53,243,000 through…
10-Q · May 12, 2025
Q1 2025 results show revenue growth to $132.697M (up from $118.871M) and an operating turnaround to $14.6M of operating income versus an operating loss of $54.7M a year ago (prior period included large impairments and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.