SM Energy Co

Listed Company

SMCIK 0000893538NYSELarge AcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.15B

Net Income

$648.00M

Total Assets

$9.25B

Equity

$4.81B

Shares Out

239.75M

Op. Cash Flow

$2.01B

SM$31.33+17.50% · past yearDBEQ Basic

Daily closing prices

Business

SM Energy Co is an independent oil and gas exploration, development, and production company operating in the Permian Basin (Midland and Delaware basins), South Texas (Maverick Basin), Utah (Uinta Basin), and Colorado (DJ Basin). The company produces crude oil, natural gas, and natural gas liquids from proved reserves across multiple geographies. SM Energy pursues disciplined capital spending, strategic acquisitions, and asset optimization to generate cash flows and return value to shareholders through dividends and share repurchases.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Oil, gas, and NGL production revenue	3,138	2,671	2,364	3,346	2,598
Other operating income	16	19	10	13	25
Total operating revenues and other income	3,154	2,690	2,374	3,359	2,623
Oil, gas, and NGL production expense	885	637	564	621	505
Depletion, depreciation, and amortization	1,207	809	690	604	774
Exploration	57	64	59	55	39
General and administrative	161	138	121	115	112
Net derivative gain	−178	−50	−68	374	902
Other operating expense	22	16	21	11	46
Total operating expenses	2,154	1,615	1,387	1,779	2,414
Income from operations	1,000	1,076	987	1,579	209
Interest expense	−173	−141	−92	−120	−160
Interest income	3	32	20	6	2
Other non-operating expense	0	−1	−1	−2	−2
Income before income taxes	830	966	914	1,396	46
Income tax expense	−182	−196	−96	−284	−10
Net income	648	770	818	1,112	36
Basic weighted-average common shares outstanding	115	115	119	122	119
Diluted weighted-average common shares outstanding	115	116	119	124	124
Basic net income per common share	5.65	6.71	6.89	9.09	0.3
Diluted net income per common share	5.64	6.67	6.86	8.96	0.29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	368	0	616	445	333
Accounts receivable	331	361	231	233	247
Derivative assets	83	49	56	49	24
Prepaid expenses and other	29	25	13	10	9
Total current assets	811	435	916	737	613
Proved oil and gas properties	16,012	14,302	11,477	10,258	9,397
Accumulated depletion, depreciation, and amortization	−8,793	−7,603	−6,830	−6,188	−5,635
Unproved oil and gas properties	460	765	336	487	629
Wells in progress	458	482	358	287	148
Other property and equipment, net of accumulated depreciation of $63 and $62, respectively	65	48	36	38	36
Total property and equipment, net	8,202	7,993	5,376	4,883	4,576
Derivative assets	6	4	9	24	239,000
Other noncurrent assets	234	145	78	72	45
Total noncurrent assets	240	149	87	96	45
Total assets	9,253	8,577	6,380	5,716	5,234
Accounts payable and accrued expenses	690	760	612	532	563
Senior Notes, net	419	0	—	—	—
Derivative liabilities	2	7	7	56	320
Other current liabilities	58	22	15	10	7
Total current liabilities	1,169	790	634	599	889
Revolving credit facility	0	69	0	0	0
Senior Notes, net	2,296	2,708	1,575	1,572	2,081
Asset retirement obligations	150	145	119	108	97
Net deferred tax liabilities	724	545	370	281	10
Derivative liabilities	2	7	1	1	26
Other noncurrent liabilities	102	75	65	70	68
Total noncurrent liabilities	3,274	3,549	2,130	2,032	2,282
Commitments and contingencies (note 6)	—	—	—	—	—
Common stock, $0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 114,630,905 and 114,461,934 shares, respectively	1	1	1	1	1
Additional paid-in capital	1,517	1,502	1,565	1,780	1,840
Retained earnings	3,291	2,735	2,052	1,309	235
Accumulated other comprehensive income (loss)	1	−1	−3	−4	−13
Total stockholders equity	4,810	4,237	3,616	3,085	2,063
Total liabilities and stockholders equity	9,253	8,577	6,380	5,716	5,234

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	29	25	20	19	19
Net derivative settlement gain	132	69	27	−711	−749
Amortization of deferred financing costs	10	7	5	10	17
Deferred income taxes	178	175	88	269	10
Other, net	−29	−35	−2	14	−4
Accounts receivable	30	−86	−10	39	−101
Prepaid expenses and other	1	−13	−2	−1	220,000
Accounts payable and accrued expenses	−17	109	8	−110	218
Net cash provided by operating activities	2,011	1,783	1,574	1,686	1,160
Capital expenditures	−1,438	−1,311	−989	−880	−675
Acquisition of proved and unproved oil and gas properties	−34	−2,104	−110	−7,000	−3
Other, net	4	7	1	−322,000	11
Net cash used in investing activities	−1,468	−3,407	−1,099	−880	−667
Proceeds from revolving credit facility	1,570	1,019	0	0	1,833
Repayment of revolving credit facility	−1,638	−950	0	0	−1,926
Net proceeds from Senior Notes	0	1,477	0	0	393
Cash paid to repurchase Senior Notes	0	349	0	585	451
Repurchase of common stock	−13	−86	−228	−57	0
Dividends paid	−92	−85	−72	−20	−2
Net proceeds from sale of common stock	3	3	3	3	3
Other, net	−5	−20	−8	−10	0
Net cash provided by (used in) financing activities	−175	1,008	−305	−694	−160
Net change in cash, cash equivalents, and restricted cash	368	−616	171	112	333
Cash paid for interest, net of capitalized interest (1)	−166	−88	−87	−134	−137
Changes in capital expenditure accruals	−39	−24	81	30	−11
Debt Related Commitment Fees and Debt Issuance Costs	—	9	—	—	—

Filings

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Frequently asked questions

What is SM Energy Co's CIK number?

SM Energy Co's SEC CIK number is 0000893538 (893538). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find SM Energy Co's SEC filings?

All of SM Energy Co's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did SM Energy Co last report earnings?

SM Energy Co (SM) most recently filed an earnings 8-K with the SEC on Jul 16, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000893538-26-000104). This is SM Energy Co's most recent earnings filing of record — not a forecast of its next earnings date.

What is SM Energy Co's most recent earnings 8-K?

SM Energy Co's latest earnings 8-K (Item 2.02) was filed Jul 16, 2026 under accession 0000893538-26-000104. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View SM Energy Co's latest earnings 8-K →
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