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SM Energy SM Operating Income

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Other financials

Income statement

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Revenue$1.5B+75.0%
Gross profit$1.1B+69.5%
Net income-$335.0M-284%
EPS (diluted)-$1.68-206%

Balance sheet

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Cash & equivalents$449.0M+831,381%
Total debt$138.0M+111%
Total equity$6.9B+55.9%
Total assets$19.1B+118%

Cash flow

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Operating cash flow$640.0M+32.5%
CapEx$12.8M—
Free cash flow$500.6M+43.7%

Valuation

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Market cap$6.51B+117%
P/E49.8×+46.1×
P/S1.7×+0.7×

Profitability

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Gross margin71.3%-4.4pp
Operating margin11.2%-28.2pp
Net margin3.5%-24.1pp
FCF margin50.1%+2.8pp

Returns & leverage

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Return on equity2.3%-17.9pp
Debt / equity0×0.0×
Current ratio0.4×-0.2×

Where this comes from

Reported directly by SM Energy in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The official record: SM Energy’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SM Energy's operating income?
SM Energy (SM) reported operating income of -$298M in Q1 2026.
How has SM Energy's operating income changed year-over-year?
SM Energy's operating income decreased by 208.0% year-over-year, from $276M to -$298M.
What is the long-term trend for SM Energy's operating income?
Over 4 years (2021 to 2025), SM Energy's operating income has grown at a 47.9% compound annual growth rate (CAGR), from $209.12M to $999.71M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.