Sm Energy Financials
This page shows Sm Energy (SM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Strong operating cash flow is funding a larger asset base, but returns and short-term liquidity have tightened.
Over the recent period, total assets climbed from$6.38B to$9.25B . Operating cash flow still reached$2.01B , but ROA slipped to7.0% , indicating the company got much larger without each new asset dollar earning as much as before; the pressure is capital efficiency, not basic cash generation.
The liquidity posture is tighter than the income statement suggests: cash was
After the prior year's balance-sheet build, debt-to-equity improved to 0.9x. With operating margin still above
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sm Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sm Energy scores 2.07, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sm Energy passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sm Energy generates $3.10 in operating cash flow ($2.0B OCF vs $648.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Sm Energy earns $5.8 in operating income for every $1 of interest expense ($1.0B vs $173.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Sm Energy generated $3.2B in revenue in fiscal year 2025. This represents an increase of 17.2% from the prior year.
Sm Energy reported $648.0M in net income in fiscal year 2025. This represents a decrease of 15.8% from the prior year.
Sm Energy earned $5.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.4% from the prior year.
Cash & Balance Sheet
Sm Energy held $368.0M in cash against $0 in long-term debt as of fiscal year 2025.
Sm Energy paid $0.80 per share in dividends in fiscal year 2025. This represents an increase of 5.3% from the prior year.
Sm Energy had 238M shares outstanding in fiscal year 2025. This represents an increase of 108.2% from the prior year.
Margins & Returns
Sm Energy's operating margin was 31.7% in fiscal year 2025, reflecting core business profitability. This is down 8.3 percentage points from the prior year.
Sm Energy's net profit margin was 20.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.1 percentage points from the prior year.
Sm Energy's ROE was 13.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.
Capital Allocation
Sm Energy spent $13.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.9% from the prior year.
SM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B+109.9% | $704.5M-13.2% | $811.6M+2.4% | $792.9M-6.2% | $845.0M-0.8% | $852.0M+32.4% | $643.6M+1.4% | $634.6M |
| Cost of Revenue | $428.0M+106.8% | $207.0M-9.6% | $229.0M+2.2% | $224.0M-0.4% | $225.0M+4.8% | $214.6M+44.6% | $148.4M+8.6% | $136.6M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $174.0M+328.7% | $40.6M+3.2% | $39.3M-6.6% | $42.1M+7.9% | $39.0M-6.2% | $41.6M+18.3% | $35.1M+12.9% | $31.1M |
| Operating Income | -$298.0M-263.2% | $182.6M-25.9% | $246.5M-16.4% | $294.9M+6.9% | $276.0M-3.9% | $287.3M-13.2% | $331.0M+18.5% | $279.4M |
| Interest Expense | $113.0M+159.8% | $43.5M+1.3% | $42.9M+0.9% | $42.6M-3.3% | $44.0M-5.7% | $46.6M-8.0% | $50.7M+132.4% | $21.8M |
| Income Tax | -$75.0M-334.7% | $32.0M-35.1% | $49.2M-3.2% | $50.8M+1.7% | $50.0M-6.0% | $53.2M-6.8% | $57.1M+6.6% | $53.6M |
| Net Income | -$335.0M-406.6% | $109.2M-29.6% | $155.1M-23.1% | $201.7M+10.8% | $182.0M-3.2% | $188.0M-21.8% | $240.5M+14.4% | $210.3M |
| EPS (Diluted) | $-1.68 | N/A | $1.35-23.3% | $1.76+10.7% | $1.59 | N/A | $2.09+14.8% | $1.82 |
SM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.1B+106.9% | $9.3B+1.8% | $9.1B+1.1% | $9.0B+2.3% | $8.8B+2.5% | $8.6B+6.8% | $8.0B+20.6% | $6.7B |
| Current Assets | $1.7B+106.0% | $811.0M+28.1% | $633.0M+10.1% | $575.1M+21.9% | $471.8M+8.5% | $435.0M-78.7% | $2.0B+164.1% | $774.2M |
| Cash & Equivalents | $449.0M+22.0% | $368.0M+126.8% | $162.3M+59.3% | $101.9M+188561.1% | $54K | $0-100.0% | $1.7B+255.7% | $487.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $915.0M+176.4% | $331.0M-10.0% | $367.7M+0.9% | $364.3M-4.9% | $383.0M+6.1% | $361.0M+59.3% | $226.6M-5.2% | $239.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.3B+176.3% | $4.4B+1.5% | $4.4B-0.6% | $4.4B+0.4% | $4.4B+1.0% | $4.3B+9.4% | $4.0B+41.0% | $2.8B |
| Current Liabilities | $4.3B+266.1% | $1.2B+3.0% | $1.1B+35.5% | $837.9M+1.9% | $822.7M+4.1% | $790.0M+35.9% | $581.1M-3.4% | $601.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $6.9B+42.8% | $4.8B+2.1% | $4.7B+2.7% | $4.6B+4.2% | $4.4B+3.9% | $4.2B+4.3% | $4.1B+5.7% | $3.8B |
| Retained Earnings | $2.9B-11.8% | $3.3B+2.7% | $3.2B+4.3% | $3.1B+6.2% | $2.9B+5.8% | $2.7B+6.4% | $2.6B+9.2% | $2.4B |
SM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $640.0M+41.6% | $451.9M-10.5% | $505.0M-11.6% | $571.1M+18.2% | $483.0M-16.5% | $578.4M+27.9% | $452.3M-5.1% | $476.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$628.0M-180.1% | -$224.2M+44.6% | -$404.8M+1.3% | -$410.0M+4.4% | -$429.0M+82.5% | -$2.4B-708.4% | -$302.9M+6.1% | -$322.7M |
| Financing Cash Flow | $69.0M+414.5% | -$21.9M+44.8% | -$39.8M+32.9% | -$59.3M-9.8% | -$54.0M-260.8% | $33.6M-96.9% | $1.1B+1666.8% | -$70.1M |
| Dividends Paid | $82.0M+253.1% | $23.2M+1.0% | $23.0M+0.9% | $22.8M-0.9% | $23.0M+0.6% | $22.9M+11.0% | $20.6M-0.5% | $20.7M |
| Share Buybacks | N/A | $224K-98.2% | $12.1M+1771.6% | $648K | $0-100.0% | $2.0M | $0-100.0% | $51.2M |
SM Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -20.2%-46.1pp | 25.9%-4.5pp | 30.4%-6.8pp | 37.2%+4.5pp | 32.7%-1.1pp | 33.7%-17.7pp | 51.4%+7.4pp | 44.0% |
| Net Margin | -22.7%-38.2pp | 15.5%-3.6pp | 19.1%-6.3pp | 25.4%+3.9pp | 21.5%-0.5pp | 22.1%-15.3pp | 37.4%+4.2pp | 33.1% |
| Return on Equity | -4.9%-7.2pp | 2.3%-1.0pp | 3.3%-1.1pp | 4.4%+0.3pp | 4.1%-0.3pp | 4.4%-1.5pp | 5.9%+0.5pp | 5.5% |
| Return on Assets | -1.8%-2.9pp | 1.2%-0.5pp | 1.7%-0.5pp | 2.2%+0.2pp | 2.1%-0.1pp | 2.2%-0.8pp | 3.0%-0.2pp | 3.2% |
| Current Ratio | 0.39-0.3 | 0.69+0.1 | 0.56-0.1 | 0.69+0.1 | 0.57+0.0 | 0.55-3.0 | 3.52+2.2 | 1.29 |
| Debt-to-Equity | 1.79+0.9 | 0.920.0 | 0.93-0.0 | 0.96-0.0 | 1.00-0.0 | 1.02+0.0 | 0.98+0.2 | 0.73 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.69), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Sm Energy's annual revenue?
Sm Energy (SM) reported $3.2B in total revenue for fiscal year 2025. This represents a 17.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sm Energy's revenue growing?
Sm Energy (SM) revenue grew by 17.2% year-over-year, from $2.7B to $3.2B in fiscal year 2025.
Is Sm Energy profitable?
Yes, Sm Energy (SM) reported a net income of $648.0M in fiscal year 2025, with a net profit margin of 20.5%.
What is Sm Energy's operating margin?
Sm Energy (SM) had an operating margin of 31.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sm Energy's net profit margin?
Sm Energy (SM) had a net profit margin of 20.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Sm Energy pay dividends?
Yes, Sm Energy (SM) paid $0.80 per share in dividends during fiscal year 2025.
What is Sm Energy's return on equity (ROE)?
Sm Energy (SM) has a return on equity of 13.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sm Energy's operating cash flow?
Sm Energy (SM) generated $2.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sm Energy's total assets?
Sm Energy (SM) had $9.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Sm Energy's current ratio?
Sm Energy (SM) had a current ratio of 0.69 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Sm Energy's debt-to-equity ratio?
Sm Energy (SM) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sm Energy's return on assets (ROA)?
Sm Energy (SM) had a return on assets of 7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sm Energy's Altman Z-Score?
Sm Energy (SM) has an Altman Z-Score of 2.07, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sm Energy's Piotroski F-Score?
Sm Energy (SM) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sm Energy's earnings high quality?
Sm Energy (SM) has an earnings quality ratio of 3.10x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sm Energy cover its interest payments?
Sm Energy (SM) has an interest coverage ratio of 5.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sm Energy?
Sm Energy (SM) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.