SM Energy (SM) Financials

$30.61 +1.17 (+3.96%)

As of 01:54 PM Eastern

Annual Income Statements for SM Energy

This table shows SM Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-448	-758	-161	508	-187	-765	36	1,112	818	770	648
Consolidated Net Income / (Loss)	-448	-758	-161	508	-187	-765	36	1,112	818	770	648
Net Income / (Loss) Continuing Operations	-448	-758	-161	508	-187	-765	36	1,112	818	770	648
Total Pre-Tax Income	-723	-1,202	-344	652	-231	-957	46	1,396	914	966	830
Total Operating Income	-579	-1,057	-164	836	-70	-1,069	209	1,579	987	1,076	1,000
Total Gross Profit	833	620	621	2,067	1,089	735	2,117	2,738	1,810	2,053	2,269
Total Revenue	1,557	1,217	1,129	2,067	1,590	1,127	2,623	3,359	2,374	2,690	3,154
Operating Revenue	1,543	1,216	1,123	2,063	1,586	1,126	2,598	3,346	2,364	2,671	3,138
Other Revenue	14	1.95	6.62	3.80	4.36	0.49	25	13	10	19	16
Total Cost of Revenue	724	598	508	0.00	501	391	505	621	564	637	885
Operating Cost of Revenue	724	598	508	-	501	391	505	621	564	637	885
Total Operating Expenses	1,412	1,677	785	1,231	1,159	1,804	1,908	1,158	823	977	1,269
Selling, General & Admin Expense	158	125	117	117	133	99	112	115	121	138	161
Exploration Expense	121	65	55	55	52	41	39	55	59	64	57
Depreciation Expense	921	791	557	665	824	785	774	604	690	809	1,207
Other Operating Expenses / (Income)	-384	261	40	-144	117	-137	948	385	-47	-34	-156
Total Other Income / (Expense), net	-144	-145	-180	-185	-161	112	-163	-184	-73	-110	-170
Interest Expense	145	143	179	188	159	-116	162	188	92	141	173
Interest & Investment Income	-	-	-	-	-	-	1.72	5.77	20	32	3.00
Other Income / (Expense), net	0.65	-1.91	-0.80	3.09	-1.97	-3.94	-2.18	-1.53	-1.00	-1.00	0.00
Income Tax Expense	-275	-444	-183	143	-44	-192	9.94	284	96	196	182
Basic Earnings per Share	($6.61)	($9.90)	($1.44)	$4.54	($1.66)	($6.72)	$0.30	$9.09	$6.89	$6.71	$5.65
Weighted Average Basic Shares Outstanding	67.72M	76.57M	111.43M	111.91M	112.54M	113.73M	119.04M	122.35M	119M	115M	115M
Diluted Earnings per Share	($6.61)	($9.90)	($1.44)	$4.48	($1.66)	($6.72)	$0.29	$8.96	$6.86	$6.67	$5.64
Weighted Average Diluted Shares Outstanding	67.72M	76.57M	111.43M	113.50M	112.54M	113.73M	123.69M	124.08M	119M	116M	115M
Weighted Average Basic & Diluted Shares Outstanding	67.70M	76.50M	111.70M	112M	112.99M	114.74M	121.86M	121.93M	115.75M	114.46M	238.36M
Cash Dividends to Common per Share	$0.10	$0.10	$0.10	$0.10	$0.10	$0.02	$0.02	$0.31	$0.63	$0.76	$0.80

This table shows SM Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	222	247	131	210	241	188	182	202	155	109	-335
Consolidated Net Income / (Loss)	222	247	131	210	241	188	182	202	155	109	-335
Net Income / (Loss) Continuing Operations	222	247	131	210	241	188	182	202	155	109	-335
Total Pre-Tax Income	176	292	163	264	298	241	232	253	204	141	-410
Total Operating Income	196	310	178	279	331	287	276	295	246	182	-298
Total Gross Profit	503	471	422	498	495	638	620	793	583	274	1,051
Total Revenue	641	609	560	635	644	852	845	793	812	705	1,479
Operating Revenue	640	607	560	633	642	836	840	785	811	702	1,477
Other Revenue	1.20	1.87	0.27	1.10	1.23	16	5.00	7.87	0.58	2.63	2.00
Total Cost of Revenue	138	137	137	137	148	215	225	0.00	229	431	428
Operating Cost of Revenue	138	137	137	137	148	215	225	-	229	-	428
Total Operating Expenses	307	161	244	219	164	351	343	498	336	92	1,349
Selling, General & Admin Expense	29	37	30	31	35	42	39	42	39	40	174
Exploration Expense	10	16	19	17	12	16	12	15	12	18	26
Depreciation Expense	189	189	166	180	203	261	270	293	325	319	432
Other Operating Expenses / (Income)	78	-80	29	-9.30	-86	32	22	-76	-40	-62	717
Total Other Income / (Expense), net	-19	-18	-15	-15	-33	-46	-44	-42	-42	-41	-112
Interest Expense	23	24	22	22	51	47	44	43	43	43	113
Other Income / (Expense), net	-0.23	-0.23	-0.02	-0.02	-0.64	0.45	0.00	-0.03	-0.08	0.13	1.00
Income Tax Expense	-46	45	32	54	57	53	50	51	49	32	-75
Basic Earnings per Share	$1.89	$2.11	$1.13	$1.83	$2.10	$1.65	$1.59	$1.76	$1.35	$0.95	($1.68)
Weighted Average Basic Shares Outstanding	117.82M	118.68M	115.64M	114.63M	114.41M	114.76M	115M	114.52M	114.83M	115M	199M
Diluted Earnings per Share	$1.88	$2.11	$1.13	$1.82	$2.09	$1.63	$1.59	$1.76	$1.35	$0.94	($1.68)
Weighted Average Diluted Shares Outstanding	118.33M	119.24M	116.46M	115.72M	114.99M	115.53M	115M	114.79M	115.23M	115M	199M
Weighted Average Basic & Diluted Shares Outstanding	116.31M	115.75M	115.04M	114.42M	114.42M	114.46M	114.46M	114.95M	114.55M	238.36M	239.75M
Cash Dividends to Common per Share	$0.15	-	$0.18	$0.18	$0.20	-	$0.20	$0.20	$0.20	-	$0.42

This table details how cash moves in and out of SM Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.10	12	302	-236	-78	0.00	333	112	171	-616	368
Net Cash From Operating Activities	991	553	515	721	824	791	1,160	1,686	1,574	1,783	2,011
Net Cash From Continuing Operating Activities	991	553	515	721	824	791	1,160	1,686	1,574	1,780	2,011
Net Income / (Loss) Continuing Operations	-448	-758	-161	508	-187	-765	36	1,112	818	770	648
Consolidated Net Income / (Loss)	-448	-758	-161	508	-187	-765	36	1,112	818	770	648
Depreciation Expense	921	791	557	665	824	785	774	604	690	809	1,207
Amortization Expense	7.71	9.94	16	15	15	18	17	10	5.00	7.00	10
Non-Cash Adjustments To Reconcile Net Income	725	979	225	-624	196	934	205	-237	-23	9.00	-46
Changes in Operating Assets and Liabilities, net	-215	-469	-122	155	-25	-181	127	197	84	185	192
Net Cash From Investing Activities	-1,145	-1,868	-202	-588	-1,013	-556	-667	-880	-1,099	-3,407	-1,468
Net Cash From Continuing Investing Activities	-1,145	-1,868	-202	-588	-1,013	-556	-667	-880	-1,098	-3,408	-1,468
Purchase of Property, Plant & Equipment	-1,494	-630	-888	-1,303	-1,024	-548	-675	-880	-989	-1,311	-1,438
Acquisitions	-7.98	-2,184	-90	-33	-2.58	-	-3.32	-0.01	-110	-2,104	-34
Other Investing Activities, net	-0.99	-	-	-	-	-7.78	11	-0.32	1.00	7.00	4.00
Net Cash From Financing Activities	154	1,327	-12	-369	112	-235	-160	-694	-305	1,008	-175
Net Cash From Continuing Financing Activities	154	1,327	-12	-369	112	-235	-160	-694	-305	1,009	-175
Repayment of Debt	-2,199	-1,018	-410	-853	-1,469	-1,680	-2,376	-595	-8.00	-1,319	-1,643
Repurchase of Common Equity	-	-	-	-	-	0.00	0.00	-57	-228	-86	-13
Payment of Dividends	-6.77	-7.75	-11	-11	-11	-2.28	-2.39	-20	-72	-85	-92
Issuance of Debt	2,363	1,439	406	492	1,589	1,447	2,225	0.00	0.00	2,496	1,570
Issuance of Common Equity	4.84	938	2.62	3.19	3.21	1.46	2.64	3.04	3.00	3.00	3.00
Cash Interest Paid	127	130	164	151	142	140	137	134	87	88	166

This table details how cash moves in and out of SM Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	24	214	-110	84	1,247	-1,837	0.00	102	60	206	81
Net Cash From Operating Activities	383	477	276	476	452	578	483	571	505	452	640
Net Cash From Continuing Operating Activities	383	477	276	476	461	578	483	571	505	452	640
Net Income / (Loss) Continuing Operations	222	247	131	210	241	188	182	202	155	109	-335
Consolidated Net Income / (Loss)	222	247	131	210	241	188	182	202	155	109	-335
Depreciation Expense	189	189	166	180	203	261	270	293	325	319	432
Amortization Expense	1.37	1.37	1.37	1.37	2.18	2.53	3.00	2.55	2.55	2.35	-5.00
Non-Cash Adjustments To Reconcile Net Income	74	-59	48	-8.67	-62	41	34	-39	-1.17	-40	664
Changes in Operating Assets and Liabilities, net	-104	98	-70	94	78	85	-6.00	112	23	62	-116
Net Cash From Investing Activities	-237	-223	-332	-323	-303	-2,449	-429	-410	-405	-224	-628
Net Cash From Continuing Investing Activities	-237	-223	-332	-323	-303	-2,449	-429	-410	-405	-224	-628
Purchase of Property, Plant & Equipment	-217	-223	-332	-323	-302	-353	-414	-410	-398	-216	-555
Acquisitions	-20	-0.61	-0.00	-	-0.84	-2,103	0.00	-0.03	-6.59	-12	-49
Other Investing Activities, net	-	-	0.08	0.00	-	7.06	-15	-	-0.53	4.53	-24
Net Cash From Financing Activities	-122	-39	-54	-70	1,098	34	-54	-59	-40	-22	69
Net Cash From Continuing Financing Activities	-122	-39	-54	-70	1,098	34	-54	-59	-40	-22	69
Repayment of Debt	-	-	-0.02	-	-	-961	-888	-566	-190	-0.06	-849
Payment of Dividends	-18	-17	-21	-21	-21	-23	-23	-23	-23	-23	-82
Issuance of Debt	-	-	0.00	-	-	1,018	857	528	185	0.50	1,000
Cash Interest Paid	35	9.43	33	8.57	42	5.26	82	2.55	80	1.45	95

This table presents SM Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,622	6,394	6,177	6,353	6,292	4,976	5,234	5,716	6,380	8,577	9,253
Total Current Assets	519	225	549	429	253	204	613	737	916	435	811
Cash & Equivalents	0.02	9.37	314	78	0.01	0.01	333	445	616	0.00	368
Accounts Receivable	134	152	160	168	185	162	247	233	231	361	331
Prepaid Expenses	17	8.80	11	8.63	13	10	9.18	10	13	25	29
Other Current Assets	368	55	64	175	55	31	24	49	56	49	83
Plant, Property, & Equipment, net	4,950	6,081	5,555	5,831	5,954	4,702	4,576	4,883	5,376	7,993	8,202
Plant, Property & Equipment, gross	8,431	8,918	8,726	9,249	10,132	9,589	10,211	11,071	12,207	15,597	16,995
Accumulated Depreciation	3,482	2,837	3,172	3,418	4,178	4,887	5,635	6,188	6,830	7,603	8,793
Total Noncurrent Assets	152	88	73	92	86	71	45	96	87	149	240
Other Noncurrent Operating Assets	152	88	73	92	86	71	45	96	87	149	240
Total Liabilities & Shareholders' Equity	5,622	6,394	6,177	6,353	6,292	4,976	5,234	5,716	6,380	8,577	9,253
Total Liabilities	3,769	3,896	3,782	3,433	3,543	2,960	3,171	2,631	2,764	4,339	4,443
Total Current Liabilities	303	415	559	466	472	584	889	599	634	790	1,169
Short-Term Debt	-	-	-	-	-	-	-	-	-	0.00	419
Accounts Payable	303	300	387	403	402	372	563	532	612	760	690
Other Current Liabilities	0.01	115	173	63	70	212	326	66	22	29	60
Total Noncurrent Liabilities	3,466	3,481	3,223	2,966	3,071	2,377	2,282	2,032	2,130	3,549	3,274
Long-Term Debt	2,518	2,898	2,909	2,596	2,733	2,214	2,081	1,572	1,575	2,777	2,296
Asset Retirement Reserve & Litigation Obligation	137	96	103	92	84	83	97	108	119	145	150
Noncurrent Deferred & Payable Income Tax Liabilities	758	316	80	223	189	0.00	9.77	281	370	545	724
Other Noncurrent Operating Liabilities	53	146	120	55	65	79	93	71	66	82	104
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,852	2,497	2,395	2,920	2,749	2,016	2,063	3,085	3,616	4,237	4,810
Total Preferred & Common Equity	1,852	2,497	2,395	2,920	2,749	2,016	2,063	3,085	3,616	4,237	4,810
Total Common Equity	1,852	2,497	2,395	2,920	2,749	2,016	2,063	3,085	3,616	4,237	4,810
Common Stock	306	1,718	1,743	1,767	1,793	1,829	1,841	1,781	1,566	1,503	1,518
Retained Earnings	1,560	794	666	1,166	968	201	235	1,309	2,052	2,735	3,291
Accumulated Other Comprehensive Income / (Loss)	-13	-15	-14	-12	-11	-14	-13	-4.02	-2.61	-1.00	1.00

This table presents SM Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,652	5,870	5,993	6,079	6,398	6,657	8,028	8,788	8,993	9,090	19,144
Total Current Assets	808	756	679	703	793	774	2,044	472	575	633	1,671
Cash & Equivalents	498	478	378	402	506	488	1,735	0.05	102	162	449
Accounts Receivable	258	188	218	265	242	239	227	383	364	368	915
Prepaid Expenses	9.13	9.54	8.82	11	11	20	10	28	30	34	106
Other Current Assets	42	81	74	26	34	27	72	61	79	69	201
Plant, Property, & Equipment, net	4,747	5,030	5,231	5,292	5,514	5,662	5,754	8,162	8,261	8,265	17,101
Plant, Property & Equipment, gross	10,802	11,369	11,725	11,973	12,508	12,833	13,125	16,031	16,418	16,743	24,992
Accumulated Depreciation	6,055	6,339	6,494	6,680	6,994	7,171	7,371	7,869	8,158	8,478	7,891
Total Noncurrent Assets	97	84	82	84	92	221	229	154	157	192	372
Other Noncurrent Operating Assets	97	84	82	84	92	221	229	154	157	192	372
Total Liabilities & Shareholders' Equity	5,652	5,870	5,993	6,079	6,398	6,657	8,028	8,788	8,993	9,090	19,144
Total Liabilities	2,784	2,640	2,694	2,674	2,700	2,813	3,966	4,384	4,403	4,376	12,276
Total Current Liabilities	814	563	564	599	536	602	581	823	838	1,135	4,280
Short-Term Debt	-	-	-	-	-	-	-	-	-	419	1,235
Accounts Payable	632	522	530	540	496	564	561	765	794	674	2,221
Other Current Liabilities	182	41	34	59	40	38	20	58	44	43	824
Total Noncurrent Liabilities	1,970	2,077	2,130	2,075	2,164	2,211	3,385	3,561	3,565	3,241	7,996
Long-Term Debt	1,571	1,573	1,574	1,575	1,576	1,577	2,707	2,747	2,711	2,294	6,741
Asset Retirement Reserve & Litigation Obligation	98	110	114	115	124	124	125	148	150	150	477
Noncurrent Deferred & Payable Income Tax Liabilities	212	331	375	324	397	441	467	570	590	690	315
Other Noncurrent Operating Liabilities	88	63	67	61	67	69	86	97	114	106	463
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,868	3,230	3,298	3,404	3,698	3,844	4,062	4,404	4,590	4,713	6,868
Total Preferred & Common Equity	2,868	3,230	3,298	3,404	3,698	3,844	4,062	4,404	4,590	4,713	6,868
Total Common Equity	2,868	3,230	3,298	3,404	3,698	3,844	4,062	4,404	4,590	4,713	6,868
Common Stock	1,812	1,745	1,681	1,582	1,538	1,494	1,494	1,510	1,518	1,509	3,964
Retained Earnings	1,068	1,489	1,621	1,826	2,163	2,353	2,570	2,895	3,074	3,205	2,903
Accumulated Other Comprehensive Income / (Loss)	-12	-4.01	-4.00	-3.98	-2.60	-2.59	-2.48	-1.15	-1.14	-1.12	1.00

This table displays calculated financial ratios and metrics derived from SM Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-38.27%	-21.81%	-7.23%	83.03%	-23.07%	-29.14%	132.80%	28.05%	-29.32%	13.33%	17.25%
EBITDA Growth	-81.90%	-173.67%	258.28%	271.83%	-49.52%	-135.21%	469.58%	119.51%	-23.27%	12.50%	17.24%
EBIT Growth	-149.70%	-83.17%	84.46%	610.22%	-108.57%	-1,391.33%	119.29%	662.50%	-37.52%	9.08%	-6.98%
NOPAT Growth	-155.55%	-82.63%	84.51%	669.23%	-107.51%	-1,427.77%	121.93%	666.76%	-29.83%	-2.87%	-8.97%
Net Income Growth	-167.22%	-69.25%	78.77%	416.09%	-136.78%	-308.88%	104.74%	2,969.23%	-26.45%	-5.82%	-15.84%
EPS Growth	-167.52%	-49.77%	85.45%	411.11%	-137.05%	-304.82%	104.32%	2,989.66%	-23.44%	-2.77%	-15.44%
Operating Cash Flow Growth	-31.98%	-44.21%	-6.77%	39.82%	14.28%	-3.96%	46.63%	45.41%	-6.64%	13.22%	12.79%
Free Cash Flow Firm Growth	85.24%	-1,036.06%	116.63%	-27.58%	-142.93%	646.38%	15.89%	47.04%	-39.27%	-403.78%	140.40%
Invested Capital Growth	-5.38%	23.82%	-7.59%	8.76%	0.79%	-22.83%	-9.90%	10.52%	8.60%	53.31%	2.01%
Revenue Q/Q Growth	-13.75%	3.49%	-15.79%	12.12%	3.70%	-10.44%	25.60%	-5.18%	-2.57%	9.95%	-4.46%
EBITDA Q/Q Growth	-74.83%	37.57%	54.30%	61.72%	-38.08%	-84.49%	192.60%	-7.98%	0.78%	2.73%	-2.07%
EBIT Q/Q Growth	-219.14%	17.30%	52.86%	170.95%	-116.10%	-8.58%	147.03%	-7.68%	-3.19%	-2.03%	-9.50%
NOPAT Q/Q Growth	-228.42%	17.45%	53.01%	42.72%	-114.12%	-8.50%	153.61%	-13.30%	-1.25%	-4.29%	-9.60%
Net Income Q/Q Growth	-299.63%	15.53%	52.06%	194.87%	-183.19%	-9.00%	106.54%	-13.02%	-1.37%	-7.10%	-10.90%
EPS Q/Q Growth	-299.70%	24.54%	52.16%	194.74%	-184.26%	-8.56%	106.03%	-14.91%	0.15%	-6.71%	-10.90%
Operating Cash Flow Q/Q Growth	29.06%	-45.78%	1.37%	5.05%	8.22%	1.92%	17.50%	-7.73%	13.57%	6.03%	-5.89%
Free Cash Flow Firm Q/Q Growth	66.15%	-2,821.97%	121.76%	-32.46%	57.61%	43.02%	6.53%	-28.29%	101.89%	-459.45%	146.80%
Invested Capital Q/Q Growth	-7.42%	43.97%	2.56%	8.44%	-1.75%	-6.78%	3.44%	6.90%	-0.04%	39.36%	-1.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.52%	50.92%	55.03%	100.00%	68.51%	65.28%	80.73%	81.51%	76.26%	76.32%	71.94%
EBITDA Margin	22.52%	-21.21%	36.20%	73.53%	48.26%	-23.98%	38.07%	65.26%	70.85%	70.34%	70.29%
Operating Margin	-37.17%	-86.82%	-14.50%	40.46%	-4.40%	-94.88%	7.97%	47.03%	41.57%	39.98%	31.71%
EBIT Margin	-37.13%	-86.98%	-14.57%	40.61%	-4.52%	-95.23%	7.89%	46.98%	41.53%	39.98%	31.71%
Profit (Net Income) Margin	-28.76%	-62.24%	-14.24%	24.60%	-11.76%	-67.86%	1.38%	33.11%	34.45%	28.63%	20.55%
Tax Burden Percent	61.94%	63.04%	46.78%	78.00%	80.94%	79.92%	78.47%	79.67%	89.46%	79.72%	78.07%
Interest Burden Percent	125.03%	113.50%	208.98%	77.65%	321.15%	89.17%	22.31%	88.45%	92.72%	89.84%	83.00%
Effective Tax Rate	0.00%	0.00%	0.00%	22.00%	0.00%	0.00%	21.53%	20.33%	10.54%	20.28%	21.93%
Return on Invested Capital (ROIC)	-9.01%	-15.13%	-2.20%	12.50%	-0.90%	-15.41%	4.08%	31.36%	20.09%	14.80%	11.02%
ROIC Less NNEP Spread (ROIC-NNEP)	-10.77%	-15.78%	-3.88%	6.88%	-6.15%	-16.07%	-2.37%	21.18%	13.86%	10.13%	5.84%
Return on Net Nonoperating Assets (RNNOA)	-12.62%	-19.71%	-4.37%	6.63%	-5.70%	-16.68%	-2.31%	11.83%	4.32%	4.82%	3.31%
Return on Equity (ROE)	-21.63%	-34.84%	-6.58%	19.13%	-6.60%	-32.09%	1.78%	43.19%	24.41%	19.62%	14.33%
Cash Return on Invested Capital (CROIC)	-3.49%	-36.41%	5.69%	4.11%	-1.69%	10.36%	14.50%	21.37%	11.85%	-27.29%	9.03%
Operating Return on Assets (OROA)	-9.55%	-17.63%	-2.62%	13.40%	-1.14%	-19.04%	4.05%	28.82%	16.30%	14.38%	11.22%
Return on Assets (ROA)	-7.40%	-12.61%	-2.56%	8.12%	-2.96%	-13.57%	0.71%	20.31%	13.52%	10.30%	7.27%
Return on Common Equity (ROCE)	-21.63%	-34.84%	-6.58%	19.13%	-6.60%	-32.09%	1.78%	43.19%	24.41%	19.62%	14.33%
Return on Equity Simple (ROE_SIMPLE)	-24.17%	-30.34%	-6.72%	17.41%	-6.80%	-37.92%	1.76%	36.04%	22.62%	18.18%	0.00%
Net Operating Profit after Tax (NOPAT)	-405	-740	-115	652	-49	-748	164	1,258	883	858	781
NOPAT Margin	-26.02%	-60.78%	-10.15%	31.56%	-3.08%	-66.41%	6.26%	37.46%	37.19%	31.88%	24.75%
Net Nonoperating Expense Percent (NNEP)	1.75%	0.66%	1.68%	5.62%	5.26%	0.66%	6.45%	10.18%	6.24%	4.67%	5.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	27.02%	17.01%	12.23%	10.38%
Cost of Revenue to Revenue	46.48%	49.08%	44.97%	0.00%	31.49%	34.72%	19.27%	18.49%	23.74%	23.68%	28.06%
SG&A Expenses to Revenue	10.13%	10.25%	10.38%	5.64%	8.35%	8.80%	4.27%	3.41%	5.10%	5.14%	5.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	90.70%	137.74%	69.52%	59.54%	72.91%	160.15%	72.76%	34.49%	34.69%	36.34%	40.23%
Earnings before Interest and Taxes (EBIT)	-578	-1,059	-165	839	-72	-1,073	207	1,578	986	1,075	1,000
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	351	-258	409	1,520	767	-270	999	2,192	1,682	1,892	2,217
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	1.12	0.97	0.56	0.44	0.34	1.68	1.33	1.22	1.04	0.45
Price to Tangible Book Value (P/TBV)	0.67	1.12	0.97	0.56	0.44	0.34	1.68	1.33	1.22	1.04	0.45
Price to Revenue (P/Rev)	0.80	2.30	2.05	0.79	0.76	0.60	1.32	1.22	1.86	1.64	0.68
Price to Earnings (P/E)	0.00	0.00	0.00	3.23	0.00	0.00	95.57	3.70	5.39	5.73	3.31
Dividend Yield	0.54%	0.31%	0.48%	0.68%	0.93%	0.34%	0.07%	0.48%	1.58%	1.92%	5.35%
Earnings Yield	0.00%	0.00%	0.00%	30.99%	0.00%	0.00%	1.05%	27.05%	18.57%	17.45%	30.25%
Enterprise Value to Invested Capital (EV/IC)	0.86	1.05	0.98	0.76	0.72	0.68	1.37	1.24	1.17	1.03	0.63
Enterprise Value to Revenue (EV/Rev)	2.42	4.68	4.35	2.01	2.48	2.57	1.99	1.56	2.26	2.67	1.42
Enterprise Value to EBITDA (EV/EBITDA)	10.74	0.00	12.02	2.74	5.14	0.00	5.22	2.39	3.19	3.80	2.02
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	4.95	0.00	0.00	25.18	3.32	5.44	6.69	4.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	6.38	0.00	0.00	31.75	4.16	6.08	8.38	5.75
Enterprise Value to Operating Cash Flow (EV/OCF)	3.80	10.30	9.54	5.77	4.79	3.66	4.49	3.11	3.41	4.03	2.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	16.59	19.39	0.00	5.75	8.94	6.11	10.30	0.00	7.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.16	1.21	0.89	0.99	1.10	1.01	0.51	0.44	0.66	0.56
Long-Term Debt to Equity	1.36	1.16	1.21	0.89	0.99	1.10	1.01	0.51	0.44	0.66	0.48
Financial Leverage	1.17	1.25	1.13	0.96	0.93	1.04	0.97	0.56	0.31	0.48	0.57
Leverage Ratio	2.92	2.76	2.57	2.36	2.23	2.36	2.50	2.13	1.81	1.90	1.97
Compound Leverage Factor	3.66	3.14	5.37	1.83	7.16	2.11	0.56	1.88	1.67	1.71	1.64
Debt to Total Capital	57.61%	53.71%	54.85%	47.06%	49.85%	52.34%	50.22%	33.76%	30.35%	39.59%	36.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.57%
Long-Term Debt to Total Capital	57.61%	53.71%	54.85%	47.06%	49.85%	52.34%	50.22%	33.76%	30.35%	39.59%	30.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	42.39%	46.29%	45.15%	52.94%	50.15%	47.66%	49.78%	66.24%	69.65%	60.41%	63.92%
Debt to EBITDA	7.18	-11.22	7.12	1.71	3.56	-8.20	2.08	0.72	0.94	1.47	1.22
Net Debt to EBITDA	7.18	-11.18	6.35	1.66	3.56	-8.20	1.75	0.51	0.57	1.47	1.06
Long-Term Debt to EBITDA	7.18	-11.22	7.12	1.71	3.56	-8.20	2.08	0.72	0.94	1.47	1.04
Debt to NOPAT	-6.21	-3.92	-25.38	3.98	-55.80	-2.96	12.68	1.25	1.78	3.24	3.48
Net Debt to NOPAT	-6.21	-3.90	-22.64	3.86	-55.80	-2.96	10.65	0.90	1.09	3.24	3.01
Long-Term Debt to NOPAT	-6.21	-3.92	-25.38	3.98	-55.80	-2.96	12.68	1.25	1.78	3.24	2.94
Altman Z-Score	0.57	0.21	0.61	1.30	0.59	-0.38	1.29	2.79	2.34	1.73	1.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	0.54	0.98	0.92	0.54	0.35	0.69	1.23	1.45	0.55	0.69
Quick Ratio	0.44	0.39	0.85	0.53	0.39	0.28	0.65	1.13	1.34	0.46	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-157	-1,781	296	214	-92	503	583	857	521	-1,581	640
Operating Cash Flow to CapEx	66.34%	87.76%	58.02%	55.30%	80.44%	144.39%	171.86%	191.65%	159.12%	136.00%	139.85%
Free Cash Flow to Firm to Interest Expense	-1.08	-12.46	1.65	1.14	-0.58	0.00	3.59	4.56	5.68	-11.20	3.70
Operating Cash Flow to Interest Expense	6.85	3.87	2.87	3.84	5.18	0.00	7.14	8.97	17.18	12.63	11.62
Operating Cash Flow Less CapEx to Interest Expense	-3.47	-0.54	-2.08	-3.10	-1.26	0.00	2.98	4.29	6.38	3.34	3.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.20	0.18	0.33	0.25	0.20	0.51	0.61	0.39	0.36	0.35
Accounts Receivable Turnover	6.82	8.51	7.24	12.62	9.03	6.49	12.81	13.98	10.22	9.09	9.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.30	0.22	0.19	0.36	0.27	0.21	0.57	0.71	0.46	0.40	0.39
Accounts Payable Turnover	1.53	1.98	1.48	0.00	1.24	1.01	1.08	1.13	0.99	0.93	1.22
Days Sales Outstanding (DSO)	53.54	42.88	50.43	28.93	40.43	56.24	28.50	26.11	35.71	40.17	40.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	237.88	183.92	246.61	0.00	293.48	360.92	337.61	322.02	370.44	393.12	299.01
Cash Conversion Cycle (CCC)	-184.34	-141.04	-196.18	28.93	-253.05	-304.68	-309.11	-295.91	-334.73	-352.95	-258.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,371	5,412	5,001	5,439	5,482	4,230	3,812	4,213	4,575	7,014	7,157
Invested Capital Turnover	0.35	0.25	0.22	0.40	0.29	0.23	0.65	0.84	0.54	0.46	0.45
Increase / (Decrease) in Invested Capital	-248	1,041	-411	438	43	-1,251	-419	401	362	2,439	141
Enterprise Value (EV)	3,766	5,693	4,914	4,159	3,943	2,892	5,211	5,238	5,364	7,190	4,489
Market Capitalization	1,248	2,805	2,320	1,640	1,210	677	3,462	4,111	4,405	4,413	2,142
Book Value per Share	$27.25	$28.75	$21.45	$26.04	$24.36	$17.60	$16.98	$25.13	$31.09	$37.03	$41.83
Tangible Book Value per Share	$27.25	$28.75	$21.45	$26.04	$24.36	$17.60	$16.98	$25.13	$31.09	$37.03	$41.83
Total Capital	4,370	5,395	5,303	5,517	5,482	4,230	4,144	4,658	5,191	7,014	7,525
Total Debt	2,518	2,898	2,909	2,596	2,733	2,214	2,081	1,572	1,575	2,777	2,715
Total Long-Term Debt	2,518	2,898	2,909	2,596	2,733	2,214	2,081	1,572	1,575	2,777	2,296
Net Debt	2,518	2,888	2,595	2,518	2,733	2,214	1,748	1,127	959	2,777	2,347
Capital Expenditures (CapEx)	1,494	630	888	1,303	1,024	548	675	880	989	1,311	1,438
Debt-free, Cash-free Net Working Capital (DFCFNWC)	216	-200	-324	-115	-219	-380	-609	-306	-334	-355	-307
Debt-free Net Working Capital (DFNWC)	216	-191	-10	-37	-219	-380	-276	139	283	-355	61
Net Working Capital (NWC)	216	-191	-10	-37	-219	-380	-276	139	283	-355	-358
Net Nonoperating Expense (NNE)	43	18	46	144	138	16	128	146	65	87	133
Net Nonoperating Obligations (NNO)	2,518	2,914	2,606	2,518	2,733	2,214	1,748	1,127	959	2,777	2,347
Total Depreciation and Amortization (D&A)	929	801	573	681	839	803	792	614	696	817	1,217
Debt-free, Cash-free Net Working Capital to Revenue	13.90%	-16.42%	-28.69%	-5.55%	-13.80%	-33.73%	-23.21%	-9.12%	-14.05%	-13.21%	-9.73%
Debt-free Net Working Capital to Revenue	13.90%	-15.65%	-0.89%	-1.78%	-13.80%	-33.73%	-10.53%	4.13%	11.91%	-13.21%	1.93%
Net Working Capital to Revenue	13.90%	-15.65%	-0.89%	-1.78%	-13.80%	-33.73%	-10.53%	4.13%	11.91%	-13.21%	-11.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($6.61)	($9.90)	($1.44)	$4.54	($1.66)	($6.72)	$0.30	$9.09	$6.89	$6.71	$5.65
Adjusted Weighted Average Basic Shares Outstanding	67.72M	76.57M	111.43M	111.91M	112.54M	113.73M	119.04M	122.35M	118.68M	114.76M	115M
Adjusted Diluted Earnings per Share	($6.61)	($9.90)	($1.44)	$4.48	($1.66)	($6.72)	$0.29	$8.96	$6.86	$6.67	$5.64
Adjusted Weighted Average Diluted Shares Outstanding	67.72M	76.57M	111.43M	113.50M	112.54M	113.73M	123.69M	124.08M	119.24M	115.53M	115M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.08M	111.26M	111.69M	112.24M	112.99M	114.74M	121.86M	121.93M	115.75M	114.46M	238.36M
Normalized Net Operating Profit after Tax (NOPAT)	13	-435	-103	691	-25	-37	192	1,258	883	858	781
Normalized NOPAT Margin	0.81%	-35.77%	-9.15%	33.44%	-1.59%	-3.29%	7.30%	37.46%	37.19%	31.88%	24.75%
Pre Tax Income Margin	-46.43%	-98.72%	-30.44%	31.53%	-14.53%	-84.91%	1.76%	41.56%	38.51%	35.92%	26.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.99	-7.41	-0.92	4.47	-0.45	0.00	1.27	8.40	10.76	7.62	5.78
NOPAT to Interest Expense	-2.80	-5.18	-0.64	3.48	-0.31	0.00	1.01	6.69	9.64	6.08	4.51
EBIT Less CapEx to Interest Expense	-14.31	-11.81	-5.87	-2.47	-6.89	0.00	-2.88	3.71	-0.04	-1.67	-2.53
NOPAT Less CapEx to Interest Expense	-13.12	-9.58	-5.59	-3.47	-6.74	0.00	-3.14	2.01	-1.16	-3.21	-3.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.51%	-1.02%	-6.93%	2.20%	-6.02%	-0.30%	6.61%	1.77%	8.76%	11.04%	14.20%
Augmented Payout Ratio	-1.51%	-1.02%	-6.93%	2.20%	-6.02%	-0.30%	6.61%	6.91%	36.65%	22.21%	16.20%

This table displays calculated financial ratios and metrics derived from SM Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	238,359,166.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	238,359,166.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-23.29%	-9.32%	-2.38%	15.22%	0.42%	40.00%	50.85%	24.96%	26.10%	-17.26%	75.03%
EBITDA Growth	-49.80%	2.68%	-19.06%	24.99%	38.68%	10.06%	58.62%	28.25%	7.26%	-8.32%	-76.32%
EBIT Growth	-68.59%	-9.48%	-34.38%	33.59%	69.08%	-7.19%	54.88%	5.56%	-25.40%	-36.42%	-207.61%
NOPAT Growth	-50.54%	-4.19%	-32.57%	36.22%	8.45%	-14.72%	51.42%	5.79%	-30.03%	-37.15%	-196.34%
Net Income Growth	-53.80%	-4.39%	-33.92%	40.31%	8.18%	-23.81%	38.93%	-4.10%	-35.52%	-42.03%	-284.07%
EPS Growth	-51.42%	0.48%	-30.25%	45.60%	11.17%	-22.75%	40.71%	-3.30%	-35.41%	-42.33%	-205.66%
Operating Cash Flow Growth	-25.40%	65.24%	-16.78%	24.30%	18.09%	21.27%	74.99%	19.89%	11.65%	-21.86%	32.51%
Free Cash Flow Firm Growth	-260.56%	21.44%	31.34%	62.84%	51.59%	-2,117.08%	-622.24%	-838.81%	-983.32%	99.99%	-244.06%
Invested Capital Growth	16.14%	8.60%	10.25%	9.77%	9.96%	53.31%	49.97%	45.94%	44.32%	2.01%	101.31%
Revenue Q/Q Growth	16.37%	-5.02%	-8.03%	13.34%	1.43%	32.41%	-0.90%	-6.11%	2.35%	-13.14%	109.81%
EBITDA Q/Q Growth	4.82%	29.55%	-30.84%	33.08%	16.30%	2.81%	-0.32%	7.60%	-2.73%	-12.33%	-74.18%
EBIT Q/Q Growth	-6.58%	58.51%	-42.40%	56.62%	18.24%	-12.99%	-3.88%	6.74%	-16.44%	-25.95%	-262.78%
NOPAT Q/Q Growth	50.87%	6.43%	-45.38%	55.31%	20.12%	-16.32%	-3.01%	8.51%	-20.56%	-24.80%	-248.25%
Net Income Q/Q Growth	48.35%	11.14%	-46.91%	60.29%	14.38%	-21.72%	-3.19%	10.64%	-23.10%	-29.73%	-407.40%
EPS Q/Q Growth	50.40%	12.23%	-46.45%	61.06%	14.84%	-22.01%	-2.45%	10.69%	-23.30%	-30.37%	-278.72%
Operating Cash Flow Q/Q Growth	-0.07%	24.42%	-42.08%	72.60%	-5.06%	27.77%	-16.42%	18.25%	-11.59%	-10.51%	41.62%
Free Cash Flow Firm Q/Q Growth	33.07%	74.36%	-200.10%	27.85%	12.80%	-1,074.33%	2.24%	6.22%	-0.62%	99.99%	-2,587,033.06%
Invested Capital Q/Q Growth	1.84%	-0.04%	4.22%	3.46%	2.03%	39.36%	1.95%	0.68%	0.89%	-1.47%	101.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.43%	77.44%	75.46%	78.47%	76.95%	74.82%	73.35%	100.00%	71.78%	38.87%	71.06%
EBITDA Margin	60.24%	82.16%	61.79%	72.55%	83.19%	64.59%	64.97%	74.46%	70.77%	71.43%	8.79%
Operating Margin	30.52%	50.91%	31.86%	44.03%	51.42%	33.67%	32.71%	37.19%	30.37%	25.86%	-20.15%
EBIT Margin	30.48%	50.87%	31.86%	44.02%	51.32%	33.73%	32.71%	37.19%	30.36%	25.88%	-20.08%
Profit (Net Income) Margin	34.69%	40.59%	23.43%	33.14%	37.37%	22.09%	21.58%	25.43%	19.11%	15.46%	-22.65%
Tax Burden Percent	126.07%	84.68%	80.36%	79.69%	80.81%	77.99%	78.56%	79.87%	75.91%	77.18%	81.71%
Interest Burden Percent	90.27%	94.23%	91.53%	94.46%	90.11%	84.00%	83.98%	85.63%	82.91%	77.39%	138.05%
Effective Tax Rate	-26.07%	15.32%	19.64%	20.31%	19.19%	22.01%	21.44%	20.13%	24.09%	22.82%	0.00%
Return on Invested Capital (ROIC)	22.01%	23.29%	13.29%	18.19%	21.16%	12.19%	12.83%	15.34%	12.38%	8.88%	-4.96%
ROIC Less NNEP Spread (ROIC-NNEP)	19.85%	21.82%	12.17%	17.11%	18.65%	10.29%	11.01%	13.51%	10.56%	7.65%	-7.42%
Return on Net Nonoperating Assets (RNNOA)	7.11%	6.79%	3.80%	5.47%	5.36%	4.90%	5.19%	5.92%	4.24%	4.33%	-6.76%
Return on Equity (ROE)	29.12%	30.09%	17.10%	23.67%	26.51%	17.09%	18.02%	21.27%	16.62%	13.22%	-11.72%
Cash Return on Invested Capital (CROIC)	6.05%	11.85%	8.16%	9.20%	9.16%	-27.29%	-24.35%	-21.80%	-22.23%	9.03%	-64.49%
Operating Return on Assets (OROA)	12.66%	19.97%	12.26%	17.01%	17.80%	12.13%	12.82%	14.89%	11.71%	9.16%	-5.45%
Return on Assets (ROA)	14.41%	15.93%	9.02%	12.81%	12.96%	7.95%	8.46%	10.18%	7.37%	5.47%	-6.14%
Return on Common Equity (ROCE)	29.12%	30.09%	17.10%	23.67%	26.51%	17.09%	18.02%	21.27%	16.62%	13.22%	-11.72%
Return on Equity Simple (ROE_SIMPLE)	24.36%	0.00%	20.29%	21.10%	20.41%	0.00%	18.65%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	247	262	143	223	267	224	217	236	187	141	-209
NOPAT Margin	38.48%	43.11%	25.61%	35.09%	41.55%	26.26%	25.70%	29.70%	23.06%	19.96%	-14.10%
Net Nonoperating Expense Percent (NNEP)	2.16%	1.47%	1.12%	1.08%	2.51%	1.90%	1.82%	1.83%	1.82%	1.24%	2.46%
Return On Investment Capital (ROIC_SIMPLE)	-	5.06%	-	-	-	3.19%	3.04%	3.23%	2.52%	1.87%	-1.41%
Cost of Revenue to Revenue	21.57%	22.56%	24.54%	21.53%	23.05%	25.18%	26.65%	0.00%	28.22%	61.13%	28.94%
SG&A Expenses to Revenue	4.56%	6.02%	5.39%	4.90%	5.46%	4.92%	4.66%	5.31%	4.84%	5.71%	11.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.91%	26.53%	43.60%	34.44%	25.52%	41.15%	40.64%	62.81%	41.41%	13.01%	91.21%
Earnings before Interest and Taxes (EBIT)	195	310	178	279	330	287	276	295	246	182	-297
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	386	500	346	460	535	550	549	590	574	504	130
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.35	1.22	1.56	1.29	1.12	1.04	0.77	0.61	0.60	0.45	1.08
Price to Tangible Book Value (P/TBV)	1.35	1.22	1.56	1.29	1.12	1.04	0.77	0.61	0.60	0.45	1.08
Price to Revenue (P/Rev)	1.89	1.86	2.44	2.03	1.86	1.64	1.14	0.90	0.86	0.68	1.96
Price to Earnings (P/E)	5.56	5.39	7.67	6.11	5.49	5.73	4.14	3.45	3.91	3.31	56.73
Dividend Yield	1.54%	1.58%	1.27%	1.53%	1.73%	1.92%	2.56%	3.18%	3.23%	5.35%	3.27%
Earnings Yield	17.99%	18.57%	13.04%	16.37%	18.22%	17.45%	24.18%	28.95%	25.57%	30.25%	1.76%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.17	1.43	1.23	1.10	1.03	0.86	0.75	0.74	0.63	1.04
Enterprise Value to Revenue (EV/Rev)	2.37	2.26	2.89	2.47	2.26	2.67	2.07	1.73	1.63	1.42	3.95
Enterprise Value to EBITDA (EV/EBITDA)	3.46	3.19	4.26	3.57	3.00	3.80	2.93	2.43	2.38	2.02	8.32
Enterprise Value to EBIT (EV/EBIT)	5.68	5.44	7.65	6.28	5.03	6.69	5.24	4.56	4.88	4.49	35.03
Enterprise Value to NOPAT (EV/NOPAT)	6.47	6.08	8.38	6.93	6.16	8.38	6.60	5.74	6.25	5.75	50.39
Enterprise Value to Operating Cash Flow (EV/OCF)	4.17	3.41	4.49	3.75	3.29	4.03	3.09	2.60	2.52	2.23	6.90
Enterprise Value to Free Cash Flow (EV/FCFF)	22.42	10.30	18.40	13.94	12.55	0.00	0.00	0.00	0.00	7.02	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.44	0.43	0.41	0.67	0.66	0.62	0.59	0.58	0.56	1.16
Long-Term Debt to Equity	0.46	0.44	0.43	0.41	0.67	0.66	0.62	0.59	0.49	0.48	0.98
Financial Leverage	0.36	0.31	0.31	0.32	0.29	0.48	0.47	0.44	0.40	0.57	0.91
Leverage Ratio	1.87	1.81	1.77	1.77	1.89	1.90	1.87	1.86	1.95	1.97	2.48
Compound Leverage Factor	1.69	1.70	1.62	1.67	1.70	1.60	1.57	1.59	1.62	1.53	3.42
Debt to Total Capital	31.62%	30.35%	29.88%	29.09%	39.99%	39.59%	38.42%	37.13%	36.53%	36.08%	53.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.64%	5.57%	8.32%
Long-Term Debt to Total Capital	31.62%	30.35%	29.88%	29.09%	39.99%	39.59%	38.42%	37.13%	30.89%	30.51%	45.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.38%	69.65%	70.12%	70.91%	60.01%	60.41%	61.58%	62.87%	63.47%	63.92%	46.27%
Debt to EBITDA	0.94	0.94	0.98	0.93	1.47	1.47	1.31	1.22	1.20	1.22	4.44
Net Debt to EBITDA	0.70	0.57	0.67	0.64	0.53	1.47	1.31	1.17	1.13	1.06	4.19
Long-Term Debt to EBITDA	0.94	0.94	0.98	0.93	1.47	1.47	1.31	1.22	1.01	1.04	3.75
Debt to NOPAT	1.76	1.78	1.94	1.81	3.02	3.24	2.95	2.87	3.14	3.48	26.87
Net Debt to NOPAT	1.31	1.09	1.31	1.25	1.08	3.24	2.95	2.76	2.95	3.01	25.36
Long-Term Debt to NOPAT	1.76	1.78	1.94	1.81	3.02	3.24	2.95	2.87	2.66	2.94	22.71
Altman Z-Score	1.98	1.99	2.26	2.09	1.80	1.43	1.32	1.28	1.27	1.15	0.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.45	1.48	1.29	3.52	0.55	0.57	0.69	0.56	0.69	0.39
Quick Ratio	1.11	1.34	1.40	1.21	3.38	0.46	0.47	0.56	0.47	0.60	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-390	-100	-300	-216	-189	-2,215	-2,166	-2,031	-2,043	-0.29	-7,453
Operating Cash Flow to CapEx	176.73%	214.02%	83.04%	147.63%	149.70%	163.48%	116.70%	139.24%	126.97%	208.96%	115.32%
Free Cash Flow to Firm to Interest Expense	-16.86	-4.18	-13.71	-9.92	-3.72	-47.35	-48.80	-47.72	-47.59	-0.01	-65.95
Operating Cash Flow to Interest Expense	16.58	19.92	12.62	21.85	8.92	12.35	10.88	13.42	11.76	10.48	5.66
Operating Cash Flow Less CapEx to Interest Expense	7.20	10.61	-2.58	7.05	2.96	4.80	1.56	3.78	2.50	5.46	0.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.39	0.38	0.39	0.35	0.36	0.39	0.40	0.39	0.35	0.27
Accounts Receivable Turnover	9.33	10.22	10.99	10.70	9.96	9.09	9.52	10.39	11.11	9.12	5.84
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.49	0.46	0.45	0.45	0.44	0.40	0.44	0.45	0.47	0.39	0.30
Accounts Payable Turnover	1.51	0.99	1.10	1.00	1.02	0.93	1.15	0.87	1.08	1.22	0.73
Days Sales Outstanding (DSO)	39.14	35.71	33.21	34.12	36.63	40.17	38.32	35.14	32.85	40.04	62.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	241.19	370.44	332.82	363.34	359.08	393.12	317.60	421.38	337.05	299.01	500.83
Cash Conversion Cycle (CCC)	-202.05	-334.73	-299.60	-329.23	-322.45	-352.95	-279.28	-386.24	-304.20	-258.97	-438.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,577	4,575	4,768	4,933	5,033	7,014	7,151	7,199	7,264	7,157	14,395
Invested Capital Turnover	0.57	0.54	0.52	0.52	0.51	0.46	0.50	0.52	0.54	0.45	0.35
Increase / (Decrease) in Invested Capital	636	362	443	439	456	2,439	2,383	2,266	2,231	141	7,244
Enterprise Value (EV)	5,781	5,364	6,825	6,043	5,523	7,190	6,144	5,416	5,395	4,489	14,959
Market Capitalization	4,609	4,405	5,755	4,954	4,552	4,413	3,397	2,807	2,844	2,142	7,432
Book Value per Share	$28.69	$31.09	$31.98	$33.42	$35.50	$37.03	$38.47	$40.10	$41.00	$41.83	$28.81
Tangible Book Value per Share	$28.69	$31.09	$31.98	$33.42	$35.50	$37.03	$38.47	$40.10	$41.00	$41.83	$28.81
Total Capital	4,979	5,191	5,274	5,421	6,768	7,014	7,151	7,301	7,426	7,525	14,844
Total Debt	1,575	1,575	1,576	1,577	2,707	2,777	2,747	2,711	2,713	2,715	7,976
Total Long-Term Debt	1,575	1,575	1,576	1,577	2,707	2,777	2,747	2,711	2,294	2,296	6,741
Net Debt	1,173	959	1,070	1,089	971	2,777	2,747	2,609	2,550	2,347	7,527
Capital Expenditures (CapEx)	217	223	332	323	302	353	414	410	398	216	555
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-299	-334	-249	-315	-272	-355	-351	-365	-246	-307	-1,823
Debt-free Net Working Capital (DFNWC)	103	283	257	172	1,463	-355	-351	-263	-84	61	-1,374
Net Working Capital (NWC)	103	283	257	172	1,463	-355	-351	-263	-502	-358	-2,609
Net Nonoperating Expense (NNE)	24	15	12	12	27	36	35	34	32	32	126
Net Nonoperating Obligations (NNO)	1,173	959	1,070	1,089	971	2,777	2,747	2,609	2,550	2,347	7,527
Total Depreciation and Amortization (D&A)	191	190	168	181	205	263	272	296	328	321	427
Debt-free, Cash-free Net Working Capital to Revenue	-12.25%	-14.05%	-10.56%	-12.91%	-11.12%	-13.21%	-11.80%	-11.64%	-7.45%	-9.73%	-48.13%
Debt-free Net Working Capital to Revenue	4.25%	11.91%	10.89%	7.06%	59.81%	-13.21%	-11.80%	-8.39%	-2.54%	1.93%	-36.27%
Net Working Capital to Revenue	4.25%	11.91%	10.89%	7.06%	59.81%	-13.21%	-11.80%	-8.39%	-15.22%	-11.35%	-68.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.89	$2.11	$1.13	$1.83	$2.10	$1.65	$1.59	$1.76	$1.35	$0.95	($1.68)
Adjusted Weighted Average Basic Shares Outstanding	117.82M	118.68M	115.64M	114.63M	114.41M	114.76M	114.52M	114.52M	114.83M	115M	199M
Adjusted Diluted Earnings per Share	$1.88	$2.11	$1.13	$1.82	$2.09	$1.63	$1.59	$1.76	$1.35	$0.94	($1.68)
Adjusted Weighted Average Diluted Shares Outstanding	118.33M	119.24M	116.46M	115.72M	114.99M	115.53M	114.95M	114.79M	115.23M	115M	199M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.31M	115.75M	115.04M	114.42M	114.42M	114.46M	114.46M	114.95M	114.55M	238.36M	239.75M
Normalized Net Operating Profit after Tax (NOPAT)	137	262	143	223	267	224	217	236	187	141	-209
Normalized NOPAT Margin	21.36%	43.11%	25.61%	35.09%	41.55%	26.26%	25.70%	29.70%	23.06%	19.96%	-14.10%
Pre Tax Income Margin	27.52%	47.94%	29.16%	41.59%	46.25%	28.33%	27.47%	31.84%	25.17%	20.03%	-27.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.46	12.95	8.15	12.81	6.52	6.14	6.23	6.93	5.74	4.23	-2.63
NOPAT to Interest Expense	10.67	10.97	6.55	10.21	5.28	4.78	4.89	5.53	4.36	3.26	-1.85
EBIT Less CapEx to Interest Expense	-0.92	3.64	-7.04	-1.99	0.56	-1.41	-3.10	-2.71	-3.52	-0.78	-7.54
NOPAT Less CapEx to Interest Expense	1.29	1.66	-8.64	-4.59	-0.68	-2.77	-4.44	-4.10	-4.90	-1.75	-6.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.75%	8.76%	9.88%	9.47%	9.60%	11.04%	10.60%	10.98%	12.60%	14.20%	115.27%
Augmented Payout Ratio	37.96%	36.65%	39.30%	34.53%	22.49%	22.21%	17.09%	11.32%	14.64%	16.20%	115.27%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for SM Energy Co (NYSE: SM) based on the provided quarterly statements from 2022 through 2025, focusing on trends in revenue, profitability, cash flow, and leverage.

Strong operating cash flow in 2025 quarters, with net cash from continuing operating activities roughly in the $452M–$572M range per quarter (Q1: ~$483M, Q2: ~$571M, Q3: ~$505M, Q4: ~$452M), signaling solid ongoing cash generation.
Positive free cash flow in Q4 2025: approximately $236M of free cash flow (OCF about $452M minus capex of about $216M), indicating cash availability after sustaining capex needs.
Gross margin expansion in Q4 2025 to about 39% (274.0M gross profit on 704.9M revenue), up from lower margins in some prior quarters, suggesting improved cost efficiency or favorable product mix.
Dividend policy remains stable at $0.20 per share per quarter, providing predictable income for investors.
The company continued to access debt markets in 2025, with new debt issuances in Q2 (approximately $528M) and Q3 (approximately $185M), indicating ongoing leveraged funding to support capex and operations.
Balance sheet remains solid with total assets around $9.0B and total equity around $4.7B as of 2025 Q3, suggesting a stable capital base and manageable leverage.
Profitability and cash generation cooled in late 2025 relative to late 2024; Q4 2025 net income was about $109M versus Q4 2024 at about $188M, and OCF in Q4 2025 (~$452M) was lower than Q4 2024 (~$578M).
Capex remains sizable relative to cash flow, with quarterly investing outlays in 2025 ranging from roughly $216M to $410M (PPE purchases), which constrains free cash flow and the pace of balance sheet de-leveraging.
Long-term debt stayed elevated around the $2.3B–$2.7B range in 2025, with evidence of debt issuances to fund activity, implying higher interest burden and leverage going forward.
Net financing activities were negative in several quarters (e.g., Q3 2025 and Q4 2025), indicating cash outflows for dividends and potential share-related activity rather than net cash from financing.

05/11/26 01:54 PM ETAI Generated. May Contain Errors.

SM Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SM Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

SM Energy's net income appears to be on an upward trend, with a most recent value of $648 million in 2025, falling from -$447.71 million in 2015. The previous period was $770 million in 2024. See where experts think SM Energy is headed by visiting SM Energy's forecast page.

SM Energy's total operating income in 2025 was $1 billion, based on the following breakdown:

Total Gross Profit: $2.27 billion
Total Operating Expenses: $1.27 billion

Over the last 10 years, SM Energy's total revenue changed from $1.56 billion in 2015 to $3.15 billion in 2025, a change of 102.6%.

SM Energy's total liabilities were at $4.44 billion at the end of 2025, a 2.4% increase from 2024, and a 17.9% increase since 2015.

In the past 10 years, SM Energy's cash and equivalents has ranged from $0.00 in 2024 to $616.16 million in 2023, and is currently $368 million as of their latest financial filing in 2025.

Over the last 10 years, SM Energy's book value per share changed from 27.25 in 2015 to 41.83 in 2025, a change of 53.5%.

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Financial statements for NYSE:SM last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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SM Energy (SM) Financials

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SM Energy (SM) Financials

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