# SM Energy Co: overview

SM · NYSE · CIK 893538 · [Energy](/sectors/energy.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/sm.md) · [Financials](/companies/sm/financials.md) · [Filings](/companies/sm/filings.md) · [Insiders](/companies/sm/insiders.md)

Latest reported revenue: [$2.50bn](/filings/0000893538-26-000121.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:Revenues, accession 0000893538-26-000121).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [644](/filings/0000893538-25-000138.md) | [852 d](/filings/0000893538-26-000032.md) | [845](/filings/0000893538-26-000061.md) | [793](/filings/0000893538-26-000121.md) | [812](/filings/0000893538-25-000138.md) | [705 d](/filings/0000893538-26-000032.md) | [1,479](/filings/0000893538-26-000061.md) | [2,500](/filings/0000893538-26-000121.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [51.4%](/filings/0000893538-25-000138.md) | [33.7% d](/filings/0000893538-26-000032.md) | [32.7%](/filings/0000893538-26-000061.md) | [37.2%](/filings/0000893538-26-000121.md) | [30.4%](/filings/0000893538-25-000138.md) | [25.9% d](/filings/0000893538-26-000032.md) | [(20.1%)](/filings/0000893538-26-000061.md) | [59.8%](/filings/0000893538-26-000121.md) |
| Net margin | % | [37.4%](/filings/0000893538-25-000138.md) | [22.1% d](/filings/0000893538-26-000032.md) | [21.5%](/filings/0000893538-26-000121.md) | [25.5%](/filings/0000893538-26-000121.md) | [19.1%](/filings/0000893538-25-000138.md) | [15.5% d](/filings/0000893538-26-000032.md) | [(22.7%)](/filings/0000893538-26-000121.md) | [42.8%](/filings/0000893538-26-000121.md) |
| Diluted EPS | $ per share | [2.09](/filings/0000893538-25-000138.md) | not reported | [1.59](/filings/0000893538-26-000061.md) | [1.76](/filings/0000893538-26-000121.md) | [1.35](/filings/0000893538-25-000138.md) | not reported | [(1.68)](/filings/0000893538-26-000061.md) | [4.46](/filings/0000893538-26-000121.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,623](/filings/0000893538-24-000009.md) | [3,359](/filings/0000893538-25-000008.md) | [2,374](/filings/0000893538-26-000032.md) | [2,690](/filings/0000893538-26-000032.md) | [3,154](/filings/0000893538-26-000032.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [8.0%](/filings/0000893538-24-000009.md) | [47.0%](/filings/0000893538-25-000008.md) | [41.6%](/filings/0000893538-26-000032.md) | [40.0%](/filings/0000893538-26-000032.md) | [31.7%](/filings/0000893538-26-000032.md) |
| Net margin | % | [1.4%](/filings/0000893538-24-000009.md) | [33.1%](/filings/0000893538-25-000008.md) | [34.5%](/filings/0000893538-26-000032.md) | [28.6%](/filings/0000893538-26-000032.md) | [20.5%](/filings/0000893538-26-000032.md) |
| Diluted EPS | $ per share | [0.29](/filings/0000893538-24-000009.md) | [8.96](/filings/0000893538-25-000008.md) | [6.86](/filings/0000893538-26-000032.md) | [6.67](/filings/0000893538-26-000032.md) | [5.64](/filings/0000893538-26-000032.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/sm/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.03bn | 39,280,818 |  | Added +849,031 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $402.6m | 15,425,423 |  | Added +190,934 |
| [CANADA PENSION PLAN INVESTMENT BOARD](/funds/1283718.md) | 2026-06-30 | $378.3m | 14,493,791 |  | Unchanged |
| [ARISTEIA CAPITAL, L.L.C.](/funds/1080171.md) | 2026-06-30 | $339.3m | 13,000,649 |  | Added +2,158,803 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $305.5m | 11,705,860 |  | Reduced −790,102 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $278.2m | 10,657,355 |  | Added +119,582 |
| [AMERICAN CENTURY COMPANIES INC](/funds/748054.md) | 2026-06-30 | $233.2m | 8,935,683 |  | Added +12,059 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $213.4m | 8,174,503 |  | Reduced −1,820,850 |
| [DONALD SMITH & CO., INC.](/funds/814375.md) | 2026-06-30 | $199.6m | 7,647,594 |  | Added +438,695 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $163.7m | 6,269,841 |  | Added +571,288 |

## Recent filings

[All 1,581 filings](/companies/sm/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-14 | 20:34 ET | [8-K](/filings/0000893538-26-000137.md) | 2.02 Results of operations | 0000893538-26-000137 |
| 2026-09-04 | 20:15 ET | [8-K](/filings/0000893538-26-000128.md) | 1.02 Termination of a material agreement | 0000893538-26-000128 |
| 2026-08-06 | 12:55 ET | [10-Q](/filings/0000893538-26-000121.md) | Quarterly report, period 2026-06-30 | 0000893538-26-000121 |
| 2026-08-05 | 20:18 ET | [8-K](/filings/0000893538-26-000119.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0000893538-26-000119 |
| 2026-07-16 | 20:15 ET | [8-K](/filings/0000893538-26-000104.md) | 2.02 Results of operations | 0000893538-26-000104 |
| 2026-06-01 | 20:25 ET | [8-K](/filings/0000893538-26-000071.md) | 1.02 Termination of a material agreement | 0000893538-26-000071 |
| 2026-05-22 | 20:17 ET | [8-K](/filings/0000893538-26-000069.md) | 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0000893538-26-000069 |
| 2026-05-12 | 12:55 ET | [8-K](/filings/0000893538-26-000064.md) | 1.02 Termination of a material agreement | 0000893538-26-000064 |
| 2026-05-07 | 12:55 ET | [10-Q](/filings/0000893538-26-000061.md) | Quarterly report, period 2026-03-31 | 0000893538-26-000061 |
| 2026-05-06 | 20:11 ET | [8-K](/filings/0000893538-26-000059.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0000893538-26-000059 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0000893538-26-000032.md), filed Feb 26, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 893538
- Tickers: SM
- Exchange: NYSE
- SIC code: 1311 Crude Petroleum & Natural Gas
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:27 ET. No prices; not investment advice.