SM Energy Co SM
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5.65 | 6.71 | 6.89 | 9.09 | 0.30 | -6.72 | -1.66 | 4.54 | -1.44 | -9.90 |
| EPS, diluted | 5.64 | 6.67 | 6.86 | 8.96 | 0.29 | -6.72 | -1.66 | 4.48 | -1.44 | -9.90 |
| Shares, diluted (wtd. avg.) | $115.0M | $116.0M | $119.0M | $124.1M | $123.7M | $113.7M | $112.5M | $113.5M | $111.4M | $76.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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