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SM Energy SM Operating Income

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Other financials

Income statement

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Revenue$2.5B+215%
Gross profit$1.9B+242%
Net income$1.1B+430%
EPS (diluted)$4.46+153%

Balance sheet

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Cash & equivalents$620.0M+509%
Total debt$138.0M+111%
Total equity$7.8B+70.2%
Total assets$18.9B+110%

Cash flow

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Operating cash flow$1.1B+93.2%
CapEx$12.8M
Free cash flow$500.6M+43.7%

Valuation

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Market cap$6.96B+126%
P/E+3.2×
P/S1.3×+0.3×

Profitability

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Gross margin74.2%+0.1pp
Operating margin29.6%-8.3pp
Net margin18.2%-7.7pp
FCF margin50.1%+2.8pp

Returns & leverage

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Return on equity16.1%-3.1pp
Debt / equity0.0×
Current ratio0.6×-0.1×

Where this comes from

Reported directly by SM Energy in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: SM Energy’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 8:55 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000893538-26-000121
Line itemFor the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
Net derivative (gain) loss(272)(78)425(61)
Other operating expense282487
Total operating expenses1,0044982,7811,066
Income from operations1,4962951,198571
Interest expense(111)(43)(224)(87)
Other non-operating income, net45
Income before income taxes1,389253979485
Income tax expense(318)(51)(243)(101)

Item 1. Financial Statements (unaudited)

FAQ

What is SM Energy's operating income?
SM Energy (SM) reported operating income of $1.5B in Q2 2026.
How has SM Energy's operating income changed year-over-year?
SM Energy's operating income increased by 407.1% year-over-year, from $295M to $1.5B.
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 $999.8M.
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.

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