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Oil & gas E&P · Energy · Fiscal year ends Dec 31
SM Energy reported revenue of $3.2B in the fiscal year ended Dec 2025, up 17.2% from the year before. Operating income was $1B, an operating margin of 31.7%, and net income was $648M. Operating cash flow of $2B less capital expenditure of $34M left free cash flow of $2B. Net debt was $1.9B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,623 | 3,359 | 2,374 | 2,690 | 3,154 |
| Cost of revenue | 505 | 621 | 564 | 637 | 885 |
| Gross profit | 2,117 | 2,738 | 1,810 | 2,053 | 2,269 |
| Operating income | 209 | 1,579 | 987 | 1,076 | 1,000 |
| Interest expense | 160 | 120 | 92.0 | 141 | 173 |
| Pre-tax income | 46.2 | 1,396 | 914 | 966 | 830 |
| Income tax | 9.9 | 284 | 96.0 | 196 | 182 |
| Net income | 36.2 | 1,112 | 818 | 770 | 648 |
| Diluted EPS | 0.29 | 8.96 | 6.86 | 6.67 | 5.64 |
| Diluted shares | 124 | 124 | 119 | 116 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 333 | 445 | 616 | 0.0 | 368 |
| Receivables | 247 | 233 | 231 | 361 | 331 |
| Current assets | 613 | 737 | 916 | 435 | 811 |
| Net PP&E | 4,576 | 4,883 | 5,376 | 7,993 | 8,202 |
| Total assets | 5,234 | 5,716 | 6,380 | 8,577 | 9,253 |
| Payables | 25.1 | 43.9 | 107 | 83.0 | 77.0 |
| Current liabilities | 889 | 599 | 634 | 790 | 1,169 |
| Long-term debt | 2,081 | 1,572 | 1,575 | 2,708 | 2,296 |
| Total liabilities | 3,171 | 2,631 | 2,764 | 4,340 | 4,443 |
| Shareholders' equity | 2,063 | 3,085 | 3,616 | 4,237 | 4,810 |
| Backlog (remaining obligations) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,160 | 1,686 | 1,574 | 1,783 | 2,011 |
| Capital expenditure | 3.3 | 0.0 | 110 | 2,104 | 34.0 |
| Free cash flow | 1,156 | 1,686 | 1,464 | −321 | 1,977 |
| Stock-based compensation | 18.8 | 18.8 | 20.0 | 25.0 | 29.0 |
| Share buybacks | 0.0 | 57.2 | 228 | 86.0 | 13.0 |
| Dividends paid | 2.4 | 19.6 | 72.0 | 85.0 | 92.0 |
| Dividend per share | 0.02 | 0.31 | 0.63 | 0.76 | 0.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.1% | −29.3% | 13.3% | 17.2% |
| Operating income growth (YoY) | – | 655.3% | −37.5% | 9.0% | −7.1% |
| EPS growth (YoY) | – | 2989.7% | −23.4% | −2.8% | −15.4% |
| Gross margin | 80.7% | 81.5% | 76.2% | 76.3% | 71.9% |
| Operating margin | 8.0% | 47.0% | 41.6% | 40.0% | 31.7% |
| Net margin | 1.4% | 33.1% | 34.5% | 28.6% | 20.5% |
| Return on equityBlank when equity is negative | 1.8% | 36.0% | 22.6% | 18.2% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.8% | 30.9% | 17.2% | 13.8% | 12.4% |
| Free cash flow margin | 44.1% | 50.2% | 61.7% | −11.9% | 62.7% |
| Cash conversion (CFO ÷ net income) | 32.0x | 1.52x | 1.92x | 2.32x | 3.10x |
| Receivable days | 34 | 25 | 36 | 49 | 38 |
| Payable days | 18 | 26 | 69 | 48 | 32 |
| Interest cover | 1.30x | 13.1x | 10.7x | 7.63x | 5.78x |
| Debt ÷ equity | 1.01x | 0.51x | 0.44x | 0.64x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,748 | 1,127 | 959 | 2,708 | 1,928 |
| Current ratio | 0.69x | 1.23x | 1.45x | 0.55x | 0.69x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.