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SM Energy SM Business Segments — Net derivative loss

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Other financials

Income statement

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Revenue$2.5B+215%
Gross profit$1.9B+242%
Operating income$1.5B+407%
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:GainLossOnDerivativeInstrumentsNetPretax.

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
Depletion, depreciation, and amortization5922931,024563
Exploration21154727
General and administrative794225381
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)

Item 1. Financial Statements (unaudited)

FAQ

What is SM Energy's business segments — net derivative loss?
SM Energy (SM) reported business segments — net derivative loss of $272M in Q2 2026.
How has SM Energy's business segments — net derivative loss changed year-over-year?
SM Energy's business segments — net derivative loss increased by 248.7% year-over-year, from $78M to $272M.
What is the long-term trend for SM Energy's business segments — net derivative loss?
Over 2 years (2022 to 2025), SM Energy's business segments — net derivative loss has grown at a -75.8% compound annual growth rate (CAGR), from $374.01M to -$21.91M.
What does business segments — net derivative loss mean?
Represents the realized and unrealized losses resulting from financial derivative instruments used to hedge commodity price volatility. This metric is critical for understanding the impact of risk management strategies on the segment's reported financial results.

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