Every 10-Q that SM Energy Company (SM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SM filings page.
SM Energy Company reported Q2 2026 oil, gas and NGL production revenue of $2,156 million and total operating revenues and other income of $2,500 million, generating net income of $1,071 million, or $4.46 per diluted share. For the first half of 2026, net income was $736 million and net cash provided by operating activities was $1,743 million.
The company completed its stock-for-stock merger with Civitas Resources on January 30, 2026, transferring total consideration of $2,664 million and issuing about 124 million shares. Civitas contributed $1.3 billion of revenue in Q2 and $2.0 billion year to date. SM also closed the South Texas Divestiture on April 30, 2026, receiving $896 million of net cash proceeds and recording a $262 million gain.
Total assets rose to $18,858 million at June 30, 2026, with Senior Notes, net, increasing to $6,620 million. The company issued $1,000 million of 6.625% 2034 Senior Notes, repurchased $894 million of 8.375% 2028 Civitas notes, and redeemed both $400 million of 2026 Civitas Senior Notes and $419 million of 2026 Senior Notes. There were no borrowings under the $2.5 billion revolving credit facility. Q2 production reached 40.0 MMBOE, or 439.7 MBOE per day, supported by a $2.65–$2.85 billion 2026 capital program and an active commodity derivatives portfolio.
SM Energy Company reported sharply larger operations following its January 2026 merger with Civitas Resources, but posted a first-quarter 2026 net loss of $335 million, or $1.68 per share, mainly from a $697 million net derivative loss as oil forward prices rose.
Oil, gas, and NGL production revenue increased to $1,477 million from $840 million a year earlier, driven by higher volumes, particularly in the Permian and newly added DJ Basin assets. Net cash provided by operating activities rose to $640 million, while costs incurred in oil and gas activities totaled $725 million.
The Civitas Merger added about 124 million SM shares and $2,664 million of consideration, significantly expanding Permian and DJ positions and increasing total assets to $19,144 million. SM also agreed to sell certain South Texas assets for about $900 million and issued $1,000 million of 2034 Senior Notes while tendering higher-coupon Civitas 2028 notes.
SM Energy filed Amendment No. 1 to its Q3 2025 Form 10‑Q to correct a typographical error in the Risk Factors section related to the termination fee under the Merger Agreement. The amendment also includes updated Section 302 certifications; it does not change prior financial disclosures.
The company reiterates merger-related risks: it expects to issue approximately 126.3 million shares of common stock pursuant to the Merger Agreement, which could dilute earnings per share and pressure the stock price. The Merger is expected in the first quarter of 2026, but timing and completion remain uncertain and subject to conditions, including shareholder approvals and regulatory clearances. If the agreement is terminated under specified circumstances, the company would owe a termination fee of approximately $79.0 million to Civitas. Integration challenges, potential litigation, and non‑recurring transaction costs during 2025 and part of 2026 are also noted. Shares outstanding were 114,554,192 as of October 22, 2025.
SM Energy Company reported third-quarter results and outlined key updates. Total operating revenues were $811,591,000, driven by oil, gas, and NGL production revenue of $811,009,000. Net income was $155,088,000, or $1.35 per diluted share. Year to date, operating cash flow reached $1,559,088,000, supporting a quarterly dividend of $0.20 per share.
As of September 30, 2025, cash and cash equivalents were $162,251,000. Senior Notes, net, totaled $2,712,711,000 (with a $418,593,000 current portion). The revolving credit facility had no borrowings at quarter end, with available borrowing capacity of $1,998,500,000 as of October 22, 2025. The company repurchased 445,000 shares in Q3 for $12,119,000, leaving $487,900,000 authorized for repurchases through 2027. Derivative positions were a net asset of $58,504,000.
Subsequent to quarter end, SM Energy entered into a merger agreement to acquire Civitas Resources, under which each Civitas share will be exchanged for 1.45 SM shares, subject to customary approvals, with closing expected in the first quarter of 2026.
Q2-25 snapshot: SM Energy (SM) reported operating revenue of $792.9 million, up 25% YoY, as the October 2024 Uinta Basin purchase now delivers 30% of sales. Net income eased 4% to $201.7 million and diluted EPS slipped to $1.76 from $1.82 amid higher lifting and DD&A costs.
Key metrics
- 1H-25 operating cash flow rose 40% YoY to $1.05 billion, comfortably covering $824 million of capex.
- Cash & equivalents: $101.9 million; revolver paid down to $0, leaving $2.0 billion of unused commitments.
- Senior notes outstanding: $2.71 billion; no maturities until 2026; net debt unchanged.
- Quarter dividend maintained at $0.20/share; $500 million remains on the repurchase authorization (no buybacks YTD).
- Q2 hedge book added $78.3 million non-cash gain plus $39.7 million cash settlements.
- Cost pressure: production expense +64% YoY to $224.0 million; DD&A +63% to $293.0 million; interest expense doubled to $42.6 million.
Management is shifting from integration to optimization of the Uinta asset while reiterating its focus on balance-sheet strength and shareholder returns. Liquidity is ample, covenant headroom strong, but rising operating costs and capex temper earnings momentum.