SD (SD) financial statements
SD reported revenue of $156M in fiscal 2025, down 16.2% a year over 9 years.
Net income was $70M and the operating margin 39.0%, against -604.0% in 2015.
Free cash flow was $42M, and the company returned $16M in dividends and $6M in net buybacks.
The diluted share count fell 93% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SD's 10-K filings with the SEC.
| Fiscal year | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $769M | $357M | $349M | $267M | $115M | $169M | $254M | $149M | $125M | $156M |
| Cost of revenue | $24M | — | — | — | — | — | — | — | — | — |
| Gross profit | $744M | — | — | — | — | — | — | — | — | — |
| Selling, general and admin | $150M | — | — | — | — | — | — | — | — | — |
| Operating income | -$4.6B | $40M | -$10M | -$447M | -$274M | $114M | $175M | $64M | $33M | $61M |
| Interest expense | $321M | $4M | $3M | $3M | $2M | $404,000 | — | — | — | — |
| Pre-tax income | -$4.3B | $38M | -$9M | -$449M | -$278M | $117M | $178M | $75M | $41M | $65M |
| Income tax | $123,000 | -$9M | -$71,000 | $0 | -$646,000 | $0 | -$65M | $14M | -$22M | -$6M |
| Net income | -$3.7B | $47M | -$9M | -$449M | -$277M | $117M | $242M | $61M | $63M | $70M |
| EPS (diluted) | -$7.16 | $1.44 | -$0.26 | -$12.68 | -$7.77 | $3.13 | $6.52 | $1.64 | $1.69 | $1.90 |
| Diluted shares | 522M | 33M | 35M | 35M | 36M | 37M | 37M | 37M | 37M | 37M |
| Gross margin | 96.8% | — | — | — | — | — | — | — | — | — |
| Operating margin | -604.0% | 11.1% | -3.0% | -167.4% | -237.9% | 67.6% | 69.0% | 43.2% | 26.5% | 39.0% |
| Net margin | -481.0% | 13.2% | -2.6% | -168.4% | -241.2% | 69.1% | 95.2% | 40.9% | 50.3% | 44.9% |
Balance sheet
Fiscal years, from SD's 10-K filings with the SEC.
| Fiscal year | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $436M | $99M | $18M | $4M | $22M | $137M | $256M | $252M | $98M | $111M |
| Receivables | $127M | $71M | $46M | $29M | $20M | $22M | $35M | $22M | $24M | $26M |
| Total current assets | $674M | $195M | $73M | $39M | $51M | $162M | $305M | $278M | $128M | $148M |
| Property, plant and equipment | $492M | $226M | $201M | $189M | $103M | $98M | $92M | $86M | $81M | $76M |
| Total assets | $2.9B | $1.1B | $1.0B | $608M | $261M | $353M | $600M | $574M | $582M | $644M |
| Total current liabilities | $437M | $199M | $137M | $88M | $69M | $64M | $63M | $49M | $61M | $68M |
| Long-term debt | $3.6B | $38M | $0 | $58M | $20M | $0 | — | — | — | — |
| Total liabilities | $4.1B | $280M | $177M | $205M | $133M | $108M | $113M | $106M | $121M | $133M |
| Shareholders' equity | -$1.7B | $840M | $848M | $402M | $128M | $245M | $488M | $468M | $461M | $511M |
| Net debt | $3.1B | -$62M | -$18M | $53M | -$2M | -$137M | -$256M | -$252M | -$98M | -$111M |
Cash flow
Fiscal years, from SD's 10-K filings with the SEC.
| Fiscal year | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $374M | $181M | $146M | $121M | $36M | $110M | $165M | $116M | $74M | $100M |
| Capital spending | $879M | — | — | $192M | $9M | $12M | $44M | $26M | $26M | $59M |
| Free cash flow | -$506M | — | — | -$70M | $27M | $99M | $121M | $89M | $48M | $42M |
| Stock-based compensation | $18M | $16M | $23M | $4M | $3M | $1M | $2M | $2M | $2M | $3M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $82M | $72M | $16M |
| Share buybacks (net) | $0 | — | — | — | — | — | $0 | $0 | -$233,000 | -$6M |
| Net borrowing | $1.1B | $0 | -$36M | $58M | -$38M | -$20M | $0 | $0 | — | — |
| Free cash flow margin | -65.8% | — | — | -26.4% | 23.8% | 58.4% | 47.4% | 60.0% | 37.9% | 26.6% |
| Dividends per share | — | — | — | — | — | — | — | $2.20 | $1.95 | $0.43 |
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Open SD in InvestinglyQuestions
What was SD's revenue in 2025?
$156M in fiscal 2025, from its 10-K filing.
How much free cash flow does SD generate?
$42M in fiscal 2025 (operating cash flow minus capital spending).
From SD's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.