SM Energy Company (SM) Income Statement
SM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSM revenue and net income
Where SM's revenue goes
2025Each bar shows an amount and its share of revenue. SM kept 20.5% of revenue as net income.
SM profit margins
SM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.1% | −1.9% | +22.9% | +7.6% |
| Gross profit | −18.0% | −22.0% | — | — |
| Operating income | −23.6% | −19.6% | — | — |
| Net income | −15.9% | −16.5% | — | — |
| EPS (diluted) | −20.2% | −9.4% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SM quarterly EPS vs estimates
SM Energy beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $1.85).
SM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.15B | $2.67B | $2.36B | $3.35B | $2.60B | $1.13B | $1.59B | $1.64B | $1.26B | $1.18B |
| Cost of revenue | $2.15B | $1.45B | $1.25B | $1.22B | $1.28B | $1.18B | $1.32B | $1.15B | $1.06B | $1.39B |
| Gross profit | $1.00B | $1.23B | $1.11B | $2.12B | $1.32B | −$50.0M | $261.2M | $487.5M | $195.5M | −$207.9M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $161.0M | $138.3M | $121.1M | $114.6M | $111.9M | $99.2M | $132.8M | $116.5M | $117.3M | $124.8M |
| Total operating expenses | $183.0M | $149.3M | $123.0M | $541.7M | $1.11B | $1.02B | $331.2M | −$348.9M | $359.2M | $849.1M |
| Operating income | $822.0M | $1.08B | $986.9M | $1.58B | $209.1M | −$1.07B | −$70.0M | $836.3M | −$163.7M | −$1.06B |
| Interest income | $3.0M | $31.9M | $19.9M | $120.3M | $160.4M | $163.9M | $159.1M | $160.9M | $179.3M | $158.7M |
| Interest expense | $173.0M | $140.7M | $91.6M | $120.3M | $160.4M | $163.9M | $159.1M | $160.9M | $179.3M | $158.7M |
| Income before taxes | $830.0M | $966.2M | $914.2M | $1.40B | $46.2M | −$956.7M | −$231.0M | $651.8M | −$343.8M | −$1.20B |
| Income taxes | $182.0M | $195.9M | $96.3M | $283.8M | $9.9M | −$192.1M | −$44.0M | $143.4M | −$183.0M | −$444.2M |
| Net income | $648.0M | $770.3M | $817.9M | $1.11B | $36.2M | −$764.6M | −$187.0M | $508.4M | −$160.8M | −$757.7M |
| EBITDA | $2.21B | $1.92B | $1.70B | $2.12B | $980.9M | $51.5M | $785.7M | $1.48B | $392.5M | −$252.5M |
| EPS (diluted) | $5.42 | $6.79 | $5.93 | $7.28 | $1.84 | −$0.23 | −$0.48 | $0.03 | −$0.83 | −$1.95 |
| Gross margin | 31.9% | 45.9% | 47.0% | 63.4% | 50.7% | −4.4% | 16.5% | 29.7% | 15.5% | −17.6% |
| Operating margin | 26.1% | 40.3% | 41.7% | 47.2% | 8.0% | −94.9% | −4.4% | 51.0% | −13.0% | −89.6% |
| Net margin | 20.5% | 28.8% | 34.6% | 33.2% | 1.4% | −67.9% | −11.8% | 31.0% | −12.8% | −64.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $1.48B | $718.3M | $811.0M | $785.1M | $839.6M | $835.9M | $642.4M | $633.5M | $559.6M | $606.9M | $639.7M |
| Cost of revenue | $556.0M | $428.0M | $582.6M | $554.4M | $517.0M | $495.0M | $475.1M | $351.3M | $316.3M | $303.6M | $326.4M | $327.6M |
| Gross profit | $1.94B | $1.05B | $135.7M | $256.6M | $268.1M | $344.6M | $360.7M | $291.1M | $317.2M | $256.0M | $280.4M | $312.1M |
| Sales, general & admin | $79.0M | $174.0M | $40.2M | $39.3M | $42.1M | $39.3M | $41.9M | $35.1M | $31.1M | $48.8M | $36.6M | $29.3M |
| Total operating expenses | $448.0M | $1.35B | $131.4M | $10.1M | −$26.8M | $68.4M | $73.8M | −$39.9M | $37.8M | $77.6M | −$29.5M | $116.5M |
| Operating income | $1.50B | −$298.0M | $4.3M | $246.5M | $294.9M | $276.3M | $287.0M | $331.0M | $279.4M | $178.4M | $309.9M | $195.6M |
| Interest income | — | — | $1.9M | $828,000 | $42.4M | $113,000 | $783,000 | $18.0M | $6.3M | $6.8M | $6.1M | $19.0M |
| Interest expense | $111.0M | $113.0M | $302.9M | $42.9M | $42.6M | $44.4M | $46.3M | $50.7M | $21.8M | $21.9M | $23.9M | $23.1M |
| Income before taxes | $1.39B | −$410.0M | $141.2M | $204.3M | $252.5M | $232.0M | $241.4M | $297.6M | $263.9M | $163.3M | $291.8M | $176.4M |
| Income taxes | $318.0M | −$75.0M | $32.2M | $49.2M | $50.8M | $49.7M | $53.1M | $57.1M | $53.6M | $32.1M | $44.7M | −$46.0M |
| Net income | $1.07B | −$335.0M | $109.0M | $155.1M | $201.7M | $182.3M | $188.3M | $240.5M | $210.3M | $131.2M | $247.1M | $222.3M |
| EBITDA | $2.09B | $135.0M | $762.8M | $572.6M | $588.1M | $546.3M | $548.2M | $551.3M | $465.3M | $351.3M | $504.8M | $388.8M |
| EPS (diluted) | $2.19 | $1.55 | $0.83 | $1.33 | $1.50 | $1.76 | $1.91 | $1.62 | $1.85 | $1.41 | $1.59 | $1.73 |
| Gross margin | 77.8% | 71.1% | 18.9% | 31.6% | 34.1% | 41.0% | 43.2% | 45.3% | 50.1% | 45.8% | 46.2% | 48.8% |
| Operating margin | 59.8% | −20.1% | 0.6% | 30.4% | 37.6% | 32.9% | 34.3% | 51.5% | 44.1% | 31.9% | 51.1% | 30.6% |
| Net margin | 42.8% | −22.7% | 15.2% | 19.1% | 25.7% | 21.7% | 22.5% | 37.4% | 33.2% | 23.4% | 40.7% | 34.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SM's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SM financial results
In fiscal year 2025 (ended December 31, 2025), SM Energy reported revenue of $3.2 billion, up 18.1% from the year before. It had net income of $648.0 million (down 15.9%), a net profit margin of 20.5%. Diluted earnings per share came to $5.42. Over five years revenue grew at an average rate of 22.9% a year.
See the SM stock overview for the latest quote and news, or the SM chart for price history and technical indicators.
SM income statement FAQ
What is SM Energy's annual revenue?
SM Energy reported total revenue of $3.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 18.1% from $2.7 billion the previous year.
Is SM Energy profitable?
Yes. SM Energy reported net income of $648.0 million in fiscal 2025, a net profit margin of 20.5%; its operating margin was 26.1%.
What is SM Energy's gross margin?
SM Energy's gross margin was 31.9% in fiscal 2025: for every $100 of revenue, SM Energy kept $32 after the direct cost of its products and services.
How fast is SM Energy growing?
Revenue grew 22.9% a year on average over the last five fiscal years, from $1.1 billion to $3.2 billion.
What are SM Energy's earnings per share?
SM Energy earned $5.42 per diluted share in fiscal 2025, compared with $6.79 a year earlier.
When will SM Energy report its next earnings?
SM Energy is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does SM Energy's fiscal year end?
SM Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.