SM Energy (SM) financial statements
SM Energy reported revenue of $3.1B in fiscal 2025, up 11.5% a year over 9 years.
Net income was $648M and the operating margin 31.9%, against -89.7% in 2016.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SM Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.6B | $1.6B | $1.1B | $2.6B | $3.3B | $2.4B | $2.7B | $3.1B |
| Cost of revenue | $598M | $508M | $487M | $501M | $391M | $505M | $621M | $564M | $637M | $885M |
| Gross profit | $581M | $746M | $1.1B | $1.1B | $735M | $2.1B | $2.7B | $1.8B | $2.0B | $2.3B |
| Selling, general and admin | $125M | $117M | $117M | $133M | $99M | $112M | $115M | $121M | $138M | $161M |
| Operating income | -$1.1B | -$164M | $836M | -$70M | -$1.1B | $209M | $1.6B | $987M | $1.1B | $1.0B |
| Interest expense | $159M | $179M | $161M | $159M | $164M | $160M | $120M | $92M | $141M | $173M |
| Pre-tax income | -$1.2B | -$344M | $652M | -$231M | -$957M | $46M | $1.4B | $914M | $966M | $830M |
| Income tax | -$444M | -$183M | $143M | -$44M | -$192M | $10M | $284M | $96M | $196M | $182M |
| Net income | -$758M | -$161M | $508M | -$187M | -$765M | $36M | $1.1B | $818M | $770M | $648M |
| EPS (diluted) | -$9.90 | -$1.44 | $4.48 | -$1.66 | -$6.72 | $0.29 | $8.96 | $6.86 | $6.67 | $5.64 |
| Diluted shares | 77M | 111M | 114M | 113M | 114M | 124M | 124M | 119M | 116M | 115M |
| Gross margin | 49.3% | 59.5% | 70.2% | 68.4% | 65.3% | 80.5% | 81.4% | 76.1% | 76.2% | 71.8% |
| Operating margin | -89.7% | -13.1% | 51.1% | -4.4% | -94.9% | 8.0% | 47.2% | 41.8% | 40.3% | 31.9% |
| Net margin | -64.3% | -12.8% | 31.1% | -11.8% | -67.9% | 1.4% | 33.2% | 34.6% | 28.8% | 20.7% |
Balance sheet
Fiscal years, from SM Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $314M | $78M | $10,000 | $10,000 | $333M | $445M | $616M | $0 | $368M |
| Receivables | $152M | $160M | $168M | $185M | $162M | $247M | $233M | $231M | $361M | $331M |
| Total current assets | $225M | $549M | $429M | $253M | $204M | $613M | $737M | $916M | $435M | $811M |
| Property, plant and equipment | $6.1B | $5.6B | $5.8B | $6.0B | $4.7B | $4.6B | $4.9B | $5.4B | $8.0B | $8.2B |
| Total assets | $6.4B | $6.2B | $6.4B | $6.3B | $5.0B | $5.2B | $5.7B | $6.4B | $8.6B | $9.3B |
| Total current liabilities | $415M | $559M | $466M | $472M | $584M | $889M | $599M | $634M | $790M | $1.2B |
| Long-term debt | — | — | — | $2.6B | — | — | — | — | — | — |
| Total liabilities | $3.9B | $3.8B | $3.4B | $3.5B | $3.0B | $3.2B | $2.6B | $2.8B | $4.3B | $4.4B |
| Shareholders' equity | $2.5B | $2.4B | $2.9B | $2.7B | $2.0B | $2.1B | $3.1B | $3.6B | $4.2B | $4.8B |
| Net debt | -$9M | -$314M | -$78M | $2.6B | -$10,000 | -$333M | -$445M | -$616M | $0 | -$368M |
Cash flow
Fiscal years, from SM Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $553M | $515M | $721M | $824M | $791M | $1.2B | $1.7B | $1.6B | $1.8B | $2.0B |
| Stock-based compensation | $27M | $23M | $24M | $24M | $15M | $19M | $19M | $20M | $25M | $29M |
| Dividends paid | $8M | $11M | $11M | $11M | $2M | $2M | $20M | $72M | $85M | $92M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$57M | -$228M | -$86M | -$13M |
| Dividends per share | $0.10 | $0.10 | $0.10 | $0.10 | $0.02 | $0.02 | $0.16 | $0.61 | $0.73 | $0.80 |
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What was SM Energy's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
From SM Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.