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Summit Midstream Partners (SMC) Financials

Summit Midstream Partners logo
$30.68 -0.38 (-1.24%)
Closing price 07/9/2026 03:59 PM Eastern
Extended Trading
$30.88 +0.20 (+0.67%)
As of 07:32 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Summit Midstream Partners

Annual Income Statements for Summit Midstream Partners

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-52 -122 -5.94
Consolidated Net Income / (Loss)
-39 -113 -1.91
Net Income / (Loss) Continuing Operations
-39 -113 -1.91
Total Pre-Tax Income
-39 34 -2.41
Total Operating Income
77 44 73
Total Gross Profit
246 214 264
Total Revenue
459 430 562
Operating Revenue
459 430 562
Total Cost of Revenue
213 216 298
Operating Cost of Revenue
213 216 298
Total Operating Expenses
168 169 191
Selling, General & Admin Expense
42 56 61
Depreciation Expense
123 101 114
Other Operating Expenses / (Income)
-0.82 -86 -0.20
Impairment Charge
0.54 68 2.73
Restructuring Charge
3.91 31 13
Other Special Charges / (Income)
-0.26 0.00 0.49
Total Other Income / (Expense), net
-116 -11 -75
Interest Expense
152 166 95
Interest & Investment Income
34 150 21
Other Income / (Expense), net
1.83 4.13 -1.04
Income Tax Expense
0.32 147 -0.50
Net Income / (Loss) Attributable to Noncontrolling Interest
0.00 -5.82 -11
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)
13 15 15
Basic Earnings per Share
($6.11) ($12.78) ($1.61)
Weighted Average Basic Shares Outstanding
10.33M 10.60M 12.13M
Diluted Earnings per Share
($6.11) ($12.78) ($1.61)
Weighted Average Diluted Shares Outstanding
10.33M 10.60M 12.13M
Weighted Average Basic & Diluted Shares Outstanding
10.33M 18.65M 18.96M

Quarterly Income Statements for Summit Midstream Partners

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

Metric Q3 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 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
0.25 129 -28 -202 -22 2.03 -4.93 1.79 -4.83 -2.18
Consolidated Net Income / (Loss)
3.87 133 -24 -198 -25 4.63 -4.23 5.00 -7.31 -3.17
Net Income / (Loss) Continuing Operations
3.87 133 -24 -198 -25 4.63 -4.23 5.00 -7.31 -3.17
Total Pre-Tax Income
3.95 133 -24 -55 -20 4.93 -4.98 5.54 -7.89 -4.17
Total Operating Income
25 31 6.79 11 -4.49 24 15 24 10 16
Total Gross Profit
68 64 48 50 52 64 65 70 65 62
Total Revenue
121 119 101 102 107 133 140 147 142 139
Operating Revenue
121 119 101 102 107 133 140 147 142 139
Total Cost of Revenue
53 55 53 53 55 69 75 76 78 78
Operating Cost of Revenue
53 55 53 53 55 69 75 76 78 78
Total Operating Expenses
42 32 41 39 57 40 50 46 54 46
Selling, General & Admin Expense
11 15 14 12 14 17 16 13 16 18
Depreciation Expense
31 28 24 24 25 29 30 29 27 27
Other Operating Expenses / (Income)
0.32 -86 0.06 1.01 -1.25 -9.01 -0.38 1.11 8.08 0.59
Restructuring Charge
0.32 7.83 3.27 2.09 18 4.04 5.22 3.09 0.70 0.60
Other Special Charges / (Income)
-0.04 -0.03 0.03 -0.01 - 0.00 0.00 0.12 0.37 0.03
Total Other Income / (Expense), net
-22 102 -31 -66 -16 -19 -20 -19 -18 -20
Interest Expense
35 38 36 68 23 23 24 24 24 25
Interest & Investment Income
10 137 4.28 4.91 4.37 4.84 4.80 5.55 5.59 5.24
Other Income / (Expense), net
2.86 2.59 0.92 -2.57 3.19 -0.97 -0.50 0.13 0.30 -0.15
Income Tax Expense
0.07 0.21 -0.65 143 4.55 0.30 -0.75 0.54 -0.58 -1.00
Net Income / (Loss) Attributable to Noncontrolling Interest
- 0.00 0.00 0.00 -5.82 -0.99 -2.98 -0.56 -6.31 -2.91
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)
3.62 3.77 3.87 4.01 3.16 3.59 3.68 3.77 3.82 1.93
Basic Earnings per Share
($0.27) $12.05 ($2.91) ($19.25) ($2.67) ($0.16) ($0.66) ($0.13) ($0.66) ($0.43)
Weighted Average Basic Shares Outstanding
10.38M 10.45M 10.65M 10.65M 10.60M 11.77M 12.24M 12.26M 12.13M 12.33M
Diluted Earnings per Share
($0.27) $11.47 ($2.91) ($19.25) ($2.09) ($0.16) ($0.66) ($0.13) ($0.66) ($0.43)
Weighted Average Diluted Shares Outstanding
10.38M 10.98M 10.65M 10.65M 10.60M 11.77M 12.24M 12.26M 12.13M 12.33M
Weighted Average Basic & Diluted Shares Outstanding
- - - 10.65M 18.65M 18.77M 18.77M 18.79M 18.96M 20.34M

Annual Cash Flow Statements for Summit Midstream Partners

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
3.11 8.55 -5.52
Net Cash From Operating Activities
127 62 134
Net Cash From Continuing Operating Activities
127 62 134
Net Income / (Loss) Continuing Operations
-39 -113 -1.91
Consolidated Net Income / (Loss)
-39 -113 -1.91
Depreciation Expense
124 102 115
Amortization Expense
13 11 4.03
Non-Cash Adjustments To Reconcile Net Income
49 -67 30
Changes in Operating Assets and Liabilities, net
-20 129 -13
Net Cash From Investing Activities
-75 487 -163
Net Cash From Continuing Investing Activities
-75 487 -163
Purchase of Property, Plant & Equipment
-69 -54 -89
Acquisitions
-3.50 -158 -74
Sale of Property, Plant & Equipment
0.26 4.40 0.00
Divestitures
0.00 625 0.00
Sale and/or Maturity of Investments
0.00 69 0.00
Other Investing Activities, net
-2.61 0.00 -0.30
Net Cash From Financing Activities
-49 -540 24
Net Cash From Continuing Financing Activities
-49 -540 24
Repayment of Debt
-142 -1,405 -347
Payment of Dividends
-6.51 -6.51 -20
Issuance of Debt
99 871 391

Quarterly Cash Flow Statements for Summit Midstream Partners

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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
-2.25 331 -188 -16 -119 4.41 -4.10 2.94 -8.77 30
Net Cash From Operating Activities
16 44 -13 9.15 22 16 37 27 54 6.87
Net Cash From Continuing Operating Activities
16 43 -12 9.15 22 16 37 27 54 6.87
Net Income / (Loss) Continuing Operations
-15 133 -24 -198 -25 4.63 -4.23 5.00 -7.31 -3.17
Consolidated Net Income / (Loss)
-15 133 -24 -198 -25 4.63 -4.23 5.00 -7.31 -3.17
Depreciation Expense
32 28 24 24 26 29 30 29 27 27
Amortization Expense
3.19 3.51 3.40 3.42 1.11 0.97 1.01 1.03 1.03 2.57
Non-Cash Adjustments To Reconcile Net Income
21 -135 11 52 6.07 -2.40 6.98 6.18 19 6.61
Changes in Operating Assets and Liabilities, net
-25 13 -26 128 14 -16 3.16 -15 14 -26
Net Cash From Investing Activities
-19 609 63 -13 -172 -93 -27 -24 -19 -19
Net Cash From Continuing Investing Activities
-19 609 63 -13 -172 -93 -27 -24 -19 -19
Purchase of Property, Plant & Equipment
-19 -16 -11 -11 -16 -21 -26 -23 -19 -19
Acquisitions
- 0.00 -0.44 -0.99 -157 -72 -0.58 -0.75 - 0.00
Other Investing Activities, net
- - - - - 0.00 - - - -0.09
Net Cash From Financing Activities
0.51 -321 -239 -12 32 81 -14 -0.07 -43 42
Net Cash From Continuing Financing Activities
0.51 -321 -239 -12 32 81 -14 -0.07 -43 42
Repayment of Debt
-62 -319 -237 -727 -122 -262 -14 -30 -41 -224
Payment of Dividends
-1.63 -1.63 -1.63 -1.63 -1.63 -4.99 -5.01 -5.01 -4.90 -193
Issuance of Debt
64 0.00 - 716 155 348 5.00 35 3.00 459

Annual Balance Sheets for Summit Midstream Partners

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
2,494 2,359 2,388
Total Current Assets
98 118 97
Cash & Equivalents
14 23 9.27
Restricted Cash
2.60 2.38 10
Accounts Receivable
76 77 70
Other Current Assets
5.50 16 7.49
Plant, Property, & Equipment, net
1,699 1,785 1,844
Total Noncurrent Assets
697 456 447
Long-Term Investments
486 270 266
Intangible Assets
176 154 154
Other Noncurrent Operating Assets
35 32 27
Total Liabilities & Shareholders' Equity
2,494 2,359 2,388
Total Liabilities
1,651 1,261 1,300
Total Current Liabilities
134 175 177
Short-Term Debt
16 17 21
Accounts Payable
23 25 32
Accrued Expenses
34 40 26
Current Deferred Revenue
10 9.60 10
Current Employee Benefit Liabilities
6.82 11 12
Other Taxes Payable
8.54 9.54 10
Other Current Liabilities
17 41 36
Other Current Nonoperating Liabilities
19 22 30
Total Noncurrent Liabilities
1,517 1,087 1,123
Long-Term Debt
1,455 977 1,024
Asset Retirement Reserve & Litigation Obligation
1.45 0.77 0.05
Noncurrent Deferred Revenue
30 25 18
Noncurrent Deferred & Payable Income Tax Liabilities
1.43 63 74
Other Noncurrent Operating Liabilities
29 20 6.53
Commitments & Contingencies
0.00 0.00 0.00
Redeemable Noncontrolling Interest
125 133 141
Total Equity & Noncontrolling Interests
719 965 947
Total Preferred & Common Equity
719 468 546
Preferred Stock
0.00 110 110
Total Common Equity
719 358 436
Common Stock
719 541 639
Retained Earnings
0.00 -183 -203
Noncontrolling Interest
0.00 497 400

Quarterly Balance Sheets for Summit Midstream Partners

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

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
1,999 2,434 2,423 2,414 2,406
Total Current Assets
214 120 116 112 130
Cash & Equivalents
18 26 21 25 43
Restricted Cash
127 3.38 4.60 3.81 6.13
Accounts Receivable
61 84 85 80 74
Other Current Assets
9.08 6.24 5.99 3.61 6.26
Plant, Property, & Equipment, net
1,351 1,852 1,853 1,850 1,836
Total Noncurrent Assets
434 462 454 451 440
Long-Term Investments
270 270 268 267 263
Intangible Assets
140 163 160 157 151
Other Noncurrent Operating Assets
24 29 25 27 26
Total Liabilities & Shareholders' Equity
1,999 2,434 2,423 2,414 2,406
Total Liabilities
1,216 1,331 1,327 1,316 1,491
Total Current Liabilities
231 151 157 147 108
Short-Term Debt
131 17 17 17 0.85
Accounts Payable
13 32 31 36 28
Accrued Expenses
31 48 32 28 38
Current Deferred Revenue
9.47 9.82 9.81 8.86 9.14
Current Employee Benefit Liabilities
7.17 3.34 6.70 7.16 4.22
Other Taxes Payable
7.23 5.10 9.00 11 4.98
Other Current Liabilities
18 27 26 30 14
Other Current Nonoperating Liabilities
15 8.98 27 9.48 9.89
Total Noncurrent Liabilities
985 1,181 1,170 1,169 1,383
Long-Term Debt
826 1,067 1,059 1,065 1,265
Asset Retirement Reserve & Litigation Obligation
0.99 0.58 0.39 0.20 0.05
Noncurrent Deferred Revenue
26 23 22 20 18
Noncurrent Deferred & Payable Income Tax Liabilities
116 76 75 76 91
Other Noncurrent Operating Liabilities
16 14 13 7.92 9.27
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
131 135 137 139 0.00
Total Equity & Noncontrolling Interests
651 968 959 958 915
Total Preferred & Common Equity
651 558 552 552 596
Preferred Stock
107 111 111 110 64
Total Common Equity
545 447 441 441 532
Common Stock
702 633 635 636 740
Retained Earnings
-158 -185 -193 -195 -208
Noncontrolling Interest
- 410 407 406 319

Annual Metrics And Ratios for Summit Midstream Partners

This table displays calculated financial ratios and metrics derived from Summit Midstream Partners' official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - 18,786,421.00
DEI Adjusted Shares Outstanding
- - 18,786,421.00
DEI Earnings Per Adjusted Shares Outstanding
- - -0.32
Growth Metrics
- - -
Revenue Growth
0.00% -6.38% 30.83%
EBITDA Growth
0.00% -25.07% 18.00%
EBIT Growth
0.00% -38.73% 47.32%
NOPAT Growth
0.00% -376.95% 133.85%
Net Income Growth
0.00% -190.59% 98.32%
EPS Growth
0.00% -109.17% 87.40%
Operating Cash Flow Growth
0.00% -51.33% 116.27%
Free Cash Flow Firm Growth
0.00% 0.00% 93.65%
Invested Capital Growth
0.00% -0.63% 3.28%
Revenue Q/Q Growth
0.00% 0.00% 6.70%
EBITDA Q/Q Growth
0.00% 0.00% 7.48%
EBIT Q/Q Growth
0.00% 0.00% 20.06%
NOPAT Q/Q Growth
0.00% 0.00% 25.71%
Net Income Q/Q Growth
0.00% 0.00% 90.16%
EPS Q/Q Growth
0.00% 0.00% 47.04%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 31.53%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% -0.76%
Profitability Metrics
- - -
Gross Margin
53.54% 49.73% 46.93%
EBITDA Margin
46.99% 37.61% 33.92%
Operating Margin
16.87% 10.34% 12.91%
EBIT Margin
17.27% 11.30% 12.73%
Profit (Net Income) Margin
-8.49% -26.34% -0.34%
Tax Burden Percent
100.83% -337.81% 79.19%
Interest Burden Percent
-48.73% 68.98% -3.36%
Effective Tax Rate
0.00% 437.81% 0.00%
Return on Invested Capital (ROIC)
2.96% -8.23% 2.75%
ROIC Less NNEP Spread (ROIC-NNEP)
-6.48% -3.90% -4.23%
Return on Net Nonoperating Assets (RNNOA)
-7.58% -3.43% -2.92%
Return on Equity (ROE)
-4.62% -11.66% -0.17%
Cash Return on Invested Capital (CROIC)
0.00% -7.60% -0.48%
Operating Return on Assets (OROA)
3.18% 2.00% 3.01%
Return on Assets (ROA)
-1.56% -4.66% -0.08%
Return on Common Equity (ROCE)
-3.94% -6.46% -0.06%
Return on Equity Simple (ROE_SIMPLE)
-5.42% -24.19% 0.00%
Net Operating Profit after Tax (NOPAT)
54 -150 51
NOPAT Margin
11.81% -34.94% 9.04%
Net Nonoperating Expense Percent (NNEP)
9.44% -4.33% 6.98%
Return On Investment Capital (ROIC_SIMPLE)
2.48% -7.66% 2.55%
Cost of Revenue to Revenue
46.46% 50.27% 53.07%
SG&A Expenses to Revenue
9.18% 12.93% 10.86%
R&D to Revenue
0.00% 0.00% 0.00%
Operating Expenses to Revenue
36.67% 39.39% 34.02%
Earnings before Interest and Taxes (EBIT)
79 49 72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
216 162 191
Valuation Ratios
- - -
Price to Book Value (P/BV)
0.00 1.97 0.74
Price to Tangible Book Value (P/TBV)
0.00 3.47 1.15
Price to Revenue (P/Rev)
0.00 1.64 0.58
Price to Earnings (P/E)
0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 1.18 0.92
Enterprise Value to Revenue (EV/Rev)
0.00 4.99 3.09
Enterprise Value to EBITDA (EV/EBITDA)
0.00 13.27 9.11
Enterprise Value to EBIT (EV/EBIT)
0.00 44.14 24.27
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 34.17
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 34.70 13.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00
Leverage & Solvency
- - -
Debt to Equity
1.74 0.90 0.96
Long-Term Debt to Equity
1.73 0.89 0.94
Financial Leverage
1.17 0.88 0.69
Leverage Ratio
2.96 2.50 2.17
Compound Leverage Factor
-1.44 1.72 -0.07
Debt to Total Capital
63.56% 47.50% 49.01%
Short-Term Debt to Total Capital
0.67% 0.79% 0.99%
Long-Term Debt to Total Capital
62.89% 46.71% 48.01%
Preferred Equity to Total Capital
0.00% 5.27% 5.18%
Noncontrolling Interests to Total Capital
5.39% 30.13% 25.39%
Common Equity to Total Capital
31.05% 17.09% 20.42%
Debt to EBITDA
6.82 6.15 5.48
Net Debt to EBITDA
4.49 4.32 3.99
Long-Term Debt to EBITDA
6.75 6.05 5.37
Debt to NOPAT
27.13 -6.62 20.58
Net Debt to NOPAT
17.85 -4.66 14.96
Long-Term Debt to NOPAT
26.85 -6.51 20.16
Altman Z-Score
0.00 0.45 0.32
Noncontrolling Interest Sharing Ratio
14.78% 44.57% 63.71%
Liquidity Ratios
- - -
Current Ratio
0.73 0.68 0.55
Quick Ratio
0.67 0.57 0.45
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
0.00 -139 -8.80
Operating Cash Flow to CapEx
184.87% 125.52% 150.04%
Free Cash Flow to Firm to Interest Expense
0.00 -0.84 -0.09
Operating Cash Flow to Interest Expense
0.84 0.37 1.41
Operating Cash Flow Less CapEx to Interest Expense
0.38 0.08 0.47
Efficiency Ratios
- - -
Asset Turnover
0.18 0.18 0.24
Accounts Receivable Turnover
6.02 5.60 7.66
Inventory Turnover
0.00 0.00 0.00
Fixed Asset Turnover
0.27 0.25 0.31
Accounts Payable Turnover
9.39 9.02 10.50
Days Sales Outstanding (DSO)
60.67 65.14 47.67
Days Inventory Outstanding (DIO)
0.00 0.00 0.00
Days Payable Outstanding (DPO)
38.89 40.46 34.76
Cash Conversion Cycle (CCC)
21.78 24.68 12.91
Capital & Investment Metrics
- - -
Invested Capital
1,830 1,819 1,878
Invested Capital Turnover
0.25 0.24 0.30
Increase / (Decrease) in Invested Capital
0.00 -12 60
Enterprise Value (EV)
0.00 2,144 1,736
Market Capitalization
0.00 704 324
Book Value per Share
$69.53 $33.58 $23.19
Tangible Book Value per Share
$52.54 $19.09 $15.02
Total Capital
2,314 2,092 2,133
Total Debt
1,471 994 1,046
Total Long-Term Debt
1,455 977 1,024
Net Debt
968 699 760
Capital Expenditures (CapEx)
69 49 89
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-37 -65 -78
Debt-free Net Working Capital (DFNWC)
-20 -40 -59
Net Working Capital (NWC)
-36 -57 -80
Net Nonoperating Expense (NNE)
93 -37 53
Net Nonoperating Obligations (NNO)
987 721 790
Total Depreciation and Amortization (D&A)
136 113 119
Debt-free, Cash-free Net Working Capital to Revenue
-8.00% -15.16% -13.94%
Debt-free Net Working Capital to Revenue
-4.37% -9.30% -10.43%
Net Working Capital to Revenue
-7.76% -13.16% -14.21%
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
$0.00 ($12.78) ($1.61)
Adjusted Weighted Average Basic Shares Outstanding
0.00 18.65M 12.13M
Adjusted Diluted Earnings per Share
$0.00 ($12.78) ($1.61)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 18.65M 12.13M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 18.65M 18.96M
Normalized Net Operating Profit after Tax (NOPAT)
57 101 62
Normalized NOPAT Margin
12.45% 23.43% 11.06%
Pre Tax Income Margin
-8.42% 7.80% -0.43%
Debt Service Ratios
- - -
EBIT to Interest Expense
0.52 0.29 0.76
NOPAT to Interest Expense
0.36 -0.91 0.54
EBIT Less CapEx to Interest Expense
0.07 0.00 -0.18
NOPAT Less CapEx to Interest Expense
-0.10 -1.20 -0.40
Payout Ratios
- - -
Dividend Payout Ratio
-16.72% -5.75% -1,044.39%
Augmented Payout Ratio
-16.72% -5.75% -1,044.39%

Quarterly Metrics And Ratios for Summit Midstream Partners

This table displays calculated financial ratios and metrics derived from Summit Midstream Partners' official financial filings.

Metric Q3 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 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
- 0.00 0.00 - 10,648,685.00 18,645,302.00 18,765,565.00 18,766,331.00 18,786,421.00 18,964,686.00
DEI Adjusted Shares Outstanding
- 0.00 0.00 - 10,648,685.00 18,645,302.00 18,765,565.00 18,766,331.00 18,786,421.00 18,964,686.00
DEI Earnings Per Adjusted Shares Outstanding
- 0.00 0.00 - -2.08 0.11 -0.26 0.10 -0.26 -0.12
Growth Metrics
- - - - - - - - - -
Revenue Growth
0.00% 0.00% 0.00% -15.49% 0.00% 11.63% 38.40% 43.42% 32.96% 4.86%
EBITDA Growth
0.00% 0.00% 0.00% -46.50% 0.00% -20.31% 28.71% 53.96% 52.33% -13.80%
EBIT Growth
0.00% 0.00% 0.00% -71.49% 0.00% -33.61% 82.67% 199.67% 922.30% -31.02%
NOPAT Growth
0.00% 0.00% 0.00% -70.18% 0.00% -29.47% 114.79% 191.49% 330.87% -50.26%
Net Income Growth
0.00% 0.00% 0.00% -5,199.15% 0.00% -96.51% 82.22% 102.53% 70.50% -168.32%
EPS Growth
0.00% 0.00% 0.00% -7,029.63% 0.00% -101.39% 77.32% 99.32% 68.42% -168.75%
Operating Cash Flow Growth
0.00% 0.00% 0.00% 0.00% 34.06% -63.25% 394.34% 191.52% 147.96% -57.14%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 60.18% 0.00% 101.55%
Invested Capital Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 41.22% 3.28% -0.95%
Revenue Q/Q Growth
0.00% 0.00% -14.77% 0.00% 4.49% 24.00% 5.67% 4.75% -3.12% -2.22%
EBITDA Q/Q Growth
0.00% 0.00% -46.33% 0.00% -28.05% 106.30% -13.31% 19.64% -28.81% 16.74%
EBIT Q/Q Growth
0.00% 0.00% -77.38% 0.00% -116.06% 1,845.91% -37.76% 71.71% -55.93% 46.46%
NOPAT Q/Q Growth
0.00% 0.00% -84.89% 0.00% -142.16% 806.05% -53.97% 112.75% -66.61% 52.12%
Net Income Q/Q Growth
0.00% 0.00% -117.89% 0.00% 87.45% 118.70% -191.24% 218.26% -246.24% 56.70%
EPS Q/Q Growth
0.00% 0.00% -125.37% 0.00% 89.14% 92.34% -312.50% 80.30% -407.69% 34.85%
Operating Cash Flow Q/Q Growth
0.00% 170.12% -128.99% 0.00% 136.55% -25.95% 132.15% -28.31% 101.20% -87.20%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 100.00% 0.00% -1.10% 71.99% 90.13% 155.44%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% 35.70% 4.25% 0.46% -0.63% -0.76% -0.02%
Profitability Metrics
- - - - - - - - - -
Gross Margin
56.04% 53.57% 47.63% 48.52% 48.61% 48.03% 46.40% 47.92% 45.42% 44.24%
EBITDA Margin
48.75% 55.26% 34.80% 30.86% 23.71% 39.45% 32.37% 36.97% 27.16% 32.43%
Operating Margin
21.00% 26.49% 6.70% 10.39% -4.19% 17.78% 10.40% 16.37% 7.28% 11.33%
EBIT Margin
23.35% 28.67% 7.61% 7.88% -1.21% 17.05% 10.04% 16.46% 7.49% 11.22%
Profit (Net Income) Margin
3.20% 111.82% -23.47% -192.88% -23.16% 3.49% -3.02% 3.40% -5.14% -2.28%
Tax Burden Percent
98.18% 99.84% 97.32% 359.37% 122.48% 94.00% 84.90% 90.30% 92.63% 75.96%
Interest Burden Percent
13.94% 390.61% -316.93% -681.22% 1,561.27% 21.79% -35.36% 22.90% -74.07% -26.70%
Effective Tax Rate
1.82% 0.16% 0.00% 0.00% 0.00% 6.00% 0.00% 9.70% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% -0.69% 7.82% 3.69% 4.82% 1.55% 2.39%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% -3.70% 3.39% 0.12% 2.35% -0.38% 0.77%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% -2.43% 2.44% 0.09% 1.69% -0.26% 0.67%
Return on Equity (ROE)
0.00% 0.00% 0.00% 0.00% -3.12% 10.26% 3.77% 6.51% 1.29% 3.06%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% -7.62% 0.00% 0.00% 0.00% -0.48% 3.36%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% 0.00% -0.21% 3.11% 2.00% 3.93% 1.77% 2.64%
Return on Assets (ROA)
0.00% 0.00% 0.00% 0.00% -4.10% 0.64% -0.60% 0.81% -1.22% -0.53%
Return on Common Equity (ROCE)
0.00% 0.00% 0.00% 0.00% -1.73% 4.16% 1.52% 3.41% 0.47% 1.48%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
25 31 4.75 7.45 -3.14 22 10 22 7.25 11
NOPAT Margin
20.61% 26.45% 4.69% 7.27% -2.93% 16.71% 7.28% 14.79% 5.10% 7.93%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 73.57% 3.00% 4.42% 3.57% 2.47% 1.93% 1.62%
Return On Investment Capital (ROIC_SIMPLE)
- - - - -0.16% 1.08% 0.50% 1.06% 0.36% 0.51%
Cost of Revenue to Revenue
43.96% 46.43% 52.37% 51.48% 51.39% 51.97% 53.60% 52.08% 54.58% 55.76%
SG&A Expenses to Revenue
9.16% 12.44% 13.98% 12.13% 13.26% 12.51% 11.07% 8.96% 11.06% 12.85%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
35.05% 27.07% 40.93% 38.13% 52.81% 30.25% 36.00% 31.55% 38.14% 32.91%
Earnings before Interest and Taxes (EBIT)
28 34 7.71 8.07 -1.30 23 14 24 11 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
59 66 35 32 25 52 45 54 39 45
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.00 0.68 1.12 0.89 0.68 0.57 0.74 0.70
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.92 1.97 1.40 1.07 0.88 1.15 0.98
Price to Revenue (P/Rev)
0.00 0.00 0.00 0.00 0.93 0.90 0.62 0.48 0.58 0.66
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.86 1.01 0.97 0.91 0.89 0.92 0.91
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 0.00 4.28 4.15 3.60 3.21 3.09 3.01
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 11.39 12.40 10.96 9.55 9.11 9.32
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 37.88 49.54 39.93 28.42 24.27 26.49
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 71.88 55.96 41.90 34.17 37.71
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 29.78 53.78 20.66 16.67 13.00 13.74
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.99
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 1.22 0.90 0.98 0.98 0.99 0.96 1.38
Long-Term Debt to Equity
0.00 0.00 0.00 1.06 0.89 0.97 0.97 0.97 0.94 1.38
Financial Leverage
0.00 0.00 0.00 0.71 0.66 0.72 0.74 0.72 0.69 0.87
Leverage Ratio
0.00 0.00 0.00 2.55 2.50 2.21 2.21 2.35 2.17 2.40
Compound Leverage Factor
0.00 0.00 0.00 -17.40 39.04 0.48 -0.78 0.54 -1.61 -0.64
Debt to Total Capital
0.00% 0.00% 0.00% 55.00% 47.50% 49.56% 49.53% 49.65% 49.01% 58.04%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 7.50% 0.79% 0.76% 0.77% 0.77% 0.99% 0.04%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 47.50% 46.71% 48.80% 48.75% 48.88% 48.01% 58.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 6.14% 5.27% 5.07% 5.09% 5.07% 5.18% 2.94%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 7.55% 30.13% 24.91% 25.05% 25.02% 25.39% 14.64%
Common Equity to Total Capital
0.00% 0.00% 0.00% 31.31% 17.09% 20.46% 20.33% 20.26% 20.42% 24.38%
Debt to EBITDA
0.00 0.00 0.00 0.00 6.15 7.31 6.79 6.10 5.48 6.90
Net Debt to EBITDA
0.00 0.00 0.00 0.00 4.32 5.29 4.94 4.43 3.99 5.19
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 6.05 7.20 6.68 6.00 5.37 6.90
Debt to NOPAT
0.00 0.00 0.00 0.00 -6.62 42.38 34.66 26.77 20.58 27.93
Net Debt to NOPAT
0.00 0.00 0.00 0.00 -4.66 30.65 25.19 19.45 14.96 21.03
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 -6.51 41.72 34.12 26.35 20.16 27.91
Altman Z-Score
0.00 0.00 0.00 0.00 0.23 0.27 0.22 0.24 0.24 0.30
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 44.57% 59.44% 59.72% 47.55% 63.71% 51.48%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.00 0.00 0.00 0.93 0.68 0.80 0.74 0.76 0.55 1.20
Quick Ratio
0.00 0.00 0.00 0.34 0.57 0.73 0.67 0.71 0.45 1.09
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 -1,333 0.00 -1,874 -1,894 -531 -52 29
Operating Cash Flow to CapEx
0.00% 266.42% -205.61% 0.00% 137.44% 77.79% 141.01% 116.42% 280.55% 35.64%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 -19.61 0.00 -83.14 -79.38 -21.94 -2.17 1.16
Operating Cash Flow to Interest Expense
0.00 1.15 -0.35 0.00 0.93 0.71 1.56 1.10 2.22 0.27
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.72 -0.52 0.00 0.25 -0.20 0.45 0.16 1.43 -0.50
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.00 0.00 0.00 0.00 0.18 0.18 0.20 0.24 0.24 0.23
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 5.60 5.28 5.70 7.49 7.66 7.19
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.25 0.24 0.26 0.33 0.31 0.31
Accounts Payable Turnover
0.00 0.00 0.00 0.00 9.02 7.19 8.15 11.21 10.50 10.31
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 65.14 69.07 64.00 48.73 47.67 50.75
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00 40.46 50.73 44.76 32.57 34.76 35.39
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 0.00 24.68 18.34 19.24 16.16 12.91 15.36
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
0.00 0.00 0.00 1,340 1,819 1,896 1,905 1,893 1,878 1,878
Invested Capital Turnover
0.00 0.00 0.00 0.00 0.24 0.47 0.51 0.33 0.30 0.30
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 1,340 0.00 1,896 1,905 552 60 -18
Enterprise Value (EV)
0.00 0.00 0.00 1,154 1,840 1,838 1,736 1,693 1,736 1,709
Market Capitalization
0.00 0.00 0.00 373 400 399 300 252 324 373
Book Value per Share
$0.00 $0.00 $0.00 $51.15 $33.58 $23.99 $23.52 $23.52 $23.19 $28.03
Tangible Book Value per Share
$0.00 $0.00 $0.00 $38.00 $19.09 $15.24 $15.00 $15.16 $15.02 $20.08
Total Capital
0.00 0.00 0.00 1,740 2,092 2,187 2,171 2,179 2,133 2,181
Total Debt
0.00 0.00 0.00 957 994 1,084 1,075 1,082 1,046 1,266
Total Long-Term Debt
0.00 0.00 0.00 826 977 1,067 1,059 1,065 1,024 1,265
Net Debt
0.00 0.00 0.00 543 699 784 782 786 760 953
Capital Expenditures (CapEx)
0.00 16 6.15 0.00 16 21 26 23 19 19
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 0.00 -31 -65 -44 -50 -47 -78 -27
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.00 114 -40 -14 -25 -18 -59 23
Net Working Capital (NWC)
0.00 0.00 0.00 -17 -57 -31 -41 -35 -80 22
Net Nonoperating Expense (NNE)
21 -101 29 205 22 18 14 17 15 14
Net Nonoperating Obligations (NNO)
0.00 0.00 0.00 557 721 793 809 795 790 963
Total Depreciation and Amortization (D&A)
31 32 28 24 27 30 31 30 28 30
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% -15.16% -9.87% -10.38% -8.90% -13.94% -4.73%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% -9.30% -3.20% -5.09% -3.50% -10.43% 3.98%
Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% -13.16% -6.96% -8.57% -6.70% -14.21% 3.83%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.00 ($19.25) ($2.67) ($0.16) ($0.66) ($0.13) ($0.66) ($0.43)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 10.65M 10.60M 11.77M 12.24M 12.26M 12.13M 12.33M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 ($19.25) ($2.09) ($0.16) ($0.66) ($0.13) ($0.66) ($0.43)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 10.65M 10.60M 11.77M 12.24M 12.26M 12.13M 12.33M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 10.65M 18.65M 18.77M 18.77M 18.79M 18.96M 20.34M
Normalized Net Operating Profit after Tax (NOPAT)
25 107 7.08 8.91 9.63 26 14 25 9.86 11
Normalized NOPAT Margin
20.84% 90.05% 6.99% 8.70% 9.00% 19.57% 9.92% 16.76% 6.93% 8.24%
Pre Tax Income Margin
3.26% 112.00% -24.11% -53.67% -18.91% 3.72% -3.55% 3.77% -5.55% -3.00%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
0.82 0.90 0.21 0.12 -0.06 1.00 0.59 1.00 0.44 0.62
NOPAT to Interest Expense
0.72 0.83 0.13 0.11 -0.13 0.98 0.43 0.90 0.30 0.44
EBIT Less CapEx to Interest Expense
0.00 0.47 0.04 0.00 -0.73 0.09 -0.52 0.05 -0.35 -0.15
NOPAT Less CapEx to Interest Expense
0.00 0.40 -0.04 0.00 -0.81 0.07 -0.68 -0.05 -0.49 -0.33
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% -5.75% -4.09% -5.97% -85.87% -1,044.39% -2,138.48%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% -5.75% -4.09% -5.97% -85.87% -1,044.39% -2,138.48%

Financials Breakdown Chart

Key Financial Trends

Summit Midstream Partners (NYSE: SMC) showed a mixed but improving operating picture in Q1 2026, with revenue holding up and operating cash flow staying positive, but profitability remained under pressure due to heavy interest expense and ongoing debt obligations.

In the latest quarter, revenue came in at $139.1 million, down slightly from $142.3 million in Q4 2025 and $146.9 million in Q3 2025. Gross profit was $61.6 million, implying a decent gross margin, but operating income fell to $15.8 million from $10.4 million in Q4 2025 after a stronger Q3. The company still reported a net loss of $3.2 million, or $(0.43) per share, versus a larger loss in the prior quarter.

Cash flow was a relative bright spot. Summit generated $6.9 million of operating cash flow in Q1 2026, down sharply from $53.7 million in Q4 2025, but still positive despite a $3.2 million net loss. The quarter included $19.3 million of capital spending, so free cash flow was likely negative. Financing activity added cash overall, helped by $459.5 million of debt issuance, even as the company repaid $224.5 million of debt and paid $192.6 million in dividends.

The balance sheet remains leveraged. As of March 31, 2026, Summit had $1.49 billion in total liabilities against $914.99 million in equity and noncontrolling interests. Long-term debt stood at $1.26 billion, while cash and equivalents were $43.4 million and restricted cash was $6.1 million. That means the company is still carrying a meaningful debt load relative to liquidity and equity.

  • Positive: Q1 2026 operating cash flow remained positive at $6.9 million, showing the business still generates cash from operations.
  • Positive: Revenue held relatively steady year over year and sequentially, suggesting the core business is fairly stable.
  • Positive: Gross profit of $61.6 million indicates the company continues to earn attractive margin at the gross level.
  • Positive: Q1 2026 net loss narrowed versus Q4 2025, indicating some quarter-to-quarter improvement in earnings.
  • Neutral: Capital spending remained elevated at $19.3 million, which supports the asset base but limits near-term free cash flow.
  • Neutral: The company issued a large amount of debt in the quarter, which boosted liquidity but also adds future interest burden.
  • Neutral: The balance sheet includes sizable noncontrolling interest and preferred equity components, making the capital structure complex.
  • Negative: Summit still posted a net loss of $3.2 million in Q1 2026.
  • Negative: Interest expense remains very heavy at $25.0 million, which continues to pressure bottom-line profitability.
  • Negative: Debt remains high, with $1.26 billion of long-term debt on the balance sheet.

Looking at the longer trend, Summit’s results have improved meaningfully from the very weak periods seen in 2024, when certain quarters showed much larger losses. Revenue has generally trended upward from the low-$100 million range in 2024 to the mid-$140 million range in 2025-2026, while operating income has also recovered. Even so, the company’s earnings remain highly sensitive to interest costs, restructuring items, and debt management.

Bottom line: Summit Midstream appears to be operating more consistently than it did a year ago, but leverage is still the main story. Investors will likely want to see sustained operating cash flow, lower debt, and continued improvement in net income before getting more confident in the stock.

07/10/26 07:29 AM ETAI Generated. May Contain Errors.

Summit Midstream Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Summit Midstream Partners' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Summit Midstream Partners' net income appears to be on a downward trend, with a most recent value of -$1.91 million in 2025, falling from -$38.95 million in 2023. The previous period was -$113.18 million in 2024. See Summit Midstream Partners' forecast for analyst expectations on what's next for the company.

Summit Midstream Partners' total operating income in 2025 was $72.58 million, based on the following breakdown:
  • Total Gross Profit: $263.81 million
  • Total Operating Expenses: $191.23 million

Over the last 2 years, Summit Midstream Partners' total revenue changed from $458.90 million in 2023 to $562.09 million in 2025, a change of 22.5%.

Summit Midstream Partners' total liabilities were at $1.30 billion at the end of 2025, a 3.0% increase from 2024, and a 21.3% decrease since 2023.

In the past 2 years, Summit Midstream Partners' cash and equivalents has ranged from $9.27 million in 2025 to $22.82 million in 2024, and is currently $9.27 million as of their latest financial filing in 2025.

Over the last 2 years, Summit Midstream Partners' book value per share changed from 69.53 in 2023 to 23.19 in 2025, a change of -66.6%.



Financial statements for NYSE:SMC last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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