SM Energy Co SM

Energy SIC 1311 - Crude Petroleum & Natural Gas NAICS Mining, Quarrying, and Oil and Gas Extraction › Oil and Gas Extraction derived NYSE

We are an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas, and NGLs in Texas, Utah, and following the closing of the Civitas Merger on January 30, 2026, Colorado and New Mexico. SM Energy was founded in 1908, incorporated in Delaware in 1915, and our initial public offering of common stock was in 1992. Our common stock trades on the New York Stock Exchange under the ticker symbol "SM."

Our purpose is to make people's lives better by responsibly producing energy supplies, contributing to domestic energy security and prosperity, and having a positive impact in the communities where we live and work. We are a premier operator of top-tier assets, utilizing state-of-the-art digital technology, data analytics, and artificial intelligence ("AI") in our operations, and continually seeking innovative ideas to optimize capital efficiency and well performance, while striving to reduce our impact on shared natural resources and operating in an efficient, safe, and responsible manner.

Last close 40.11 2026-10-23
Market cap $9.54B 2026-06-30 share count
52-week range 17.45 - 41.56

Valuation FY2025 figures against the last close

P/S3.0x
P/E7.1x
P/FCF4.7x
EV/EBITDA9.5x
Dividend yield1.0%
Diluted EPS5.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.14B$2.67B$2.36B$3.35B$2.60B$1.13B$1.59B$1.64B$1.25B$1.18B
Cost of revenue ——————$500.7M$487.4M$507.9M$597.6M
Gross profit ——————$1.09B$1.15B$745.9M$580.9M
SG&A $161.0M$138.0M$121.0M$114.6M$111.9M$99.2M$132.8M$116.5M$117.3M$124.8M
Total operating expenses $2.15B$1.61B$1.39B$1.78B$2.41B$2.20B$1.66B$1.23B$1.29B$2.27B
Operating income $1.00B$1.08B$987.0M$1.58B$209.1M-$1.07B-$70.0M$836.3M-$163.7M-$1.06B
Interest expense $173.0M$141.0M$92.0M$120.3M$160.4M$163.9M$159.1M$160.9M$179.3M$158.7M
Pre-tax income $830.0M$966.0M$914.0M$1.40B$46.2M-$956.7M-$231.0M$651.8M-$343.8M-$1.20B
Income tax $182.0M$196.0M$96.0M$283.8M$9.9M$192.1M$44.0M$143.4M$183.0M$444.2M
Net income $648.0M$770.0M$818.0M$1.11B$36.0M-$764.6M-$187.0M$508.4M-$160.8M-$757.7M
EPS, basic 5.656.716.899.090.30-6.72-1.664.54-1.44-9.90
EPS, diluted 5.646.676.868.960.29-6.72-1.664.48-1.44-9.90
Shares, diluted (wtd. avg.) 115.0M116.0M119.0M124.1M123.7M113.7M112.5M113.5M111.4M76.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $368.0M$0$616.2M$445.0M$332.7M$10.0K$10.0K$78.0M$313.9M$9.4M
Receivables $331.0M$361.0M$231.2M$233.3M$247.2M$162.5M$184.7M$167.5M$160.2M$151.9M
Total current assets $811.0M$435.0M$916.4M$737.2M$613.2M$203.7M$252.6M$429.3M$549.1M$224.6M
Property, plant and equipment $8.20B$7.99B$5.38B$4.88B$4.58B$4.70B$5.95B$5.83B$5.55B$6.08B
Total assets $9.25B$8.58B$6.38B$5.72B$5.23B$4.98B$6.29B$6.35B$6.18B$6.39B
Accounts payable $77.0M$83.0M$107.3M$43.9M$25.1M$63.0M$52.1M$56.0M$386.6M$299.7M
Total current liabilities $1.17B$790.0M$633.8M$598.6M$889.3M$583.7M$472.0M$466.1M$559.2M$415.2M
Long-term debt ————$2.08B$2.21B————
Retained earnings $3.29B$2.73B$2.05B$1.31B$234.5M$200.7M$967.6M$1.17B$665.7M$794.0M
Total equity $4.81B$4.24B$3.62B$3.08B$2.06B$2.02B$2.75B$2.92B$2.39B$2.50B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.01B$1.78B$1.57B$1.69B$1.16B$790.9M$823.6M$720.6M$515.4M$552.8M
Stock-based compensation $29.0M$25.0M$20.0M$18.8M$18.8M$15.0M$24.3M$23.9M$22.7M$26.9M
Investing cash flow -$1.47B-$3.41B-$1.10B-$880.3M-$667.2M-$555.6M-$1.01B-$587.9M-$201.5M-$1.87B
Financing cash flow -$175.0M$1.01B-$305.0M-$693.9M-$159.8M-$235.4M$111.8M-$368.7M-$12.3M$1.33B
Dividends paid $92.0M$85.0M$72.0M$19.6M$2.4M$2.3M$11.3M$11.2M$11.1M$7.8M
Buybacks $13.0M$86.0M$228.0M$57.2M$0$0————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000893538-26-000048.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2016: 1.2B Gross profit, FY2016: 580.9M Net income, FY2016: -757.7M Revenue, FY2017: 1.3B Gross profit, FY2017: 745.9M Net income, FY2017: -160.8M Revenue, FY2018: 1.6B Gross profit, FY2018: 1.1B Net income, FY2018: 508.4M Revenue, FY2019: 1.6B Gross profit, FY2019: 1.1B Net income, FY2019: -187M Revenue, FY2020: 1.1B Net income, FY2020: -764.6M Revenue, FY2021: 2.6B Net income, FY2021: 36M Revenue, FY2022: 3.3B Net income, FY2022: 1.1B Revenue, FY2023: 2.4B Net income, FY2023: 818M Revenue, FY2024: 2.7B Net income, FY2024: 770M Revenue, FY2025: 3.1B Net income, FY2025: 648M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.18B $1.25B $1.64B $1.59B $1.13B $2.60B $3.35B $2.36B $2.67B $3.14B
Gross profit $580.9M $745.9M $1.15B $1.09B — — — — — —
Net income -$757.7M -$160.8M $508.4M -$187.0M -$764.6M $36.0M $1.11B $818.0M $770.0M $648.0M

Recent filings and events

  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Material agreement terminated Item 1.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement terminated Item 1.02
  • Results announced Item 2.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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