SM Energy Co (SM) financial statements: income statement, balance sheet and cash flow
SM Energy Co's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), SM Energy Co reported revenue of $3.2B (+17.2% year on year) and net income of $648.0M (-15.9% year on year).
Income statement
SM Energy Co income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Oil, gas, and NGL production revenue
$3.1B
$2.7B
$2.4B
$3.3B
Other operating income
$16.0M
$19.0M
$10.0M
$12.7M
Total operating revenues and other income
$3.2B
$2.7B
$2.4B
$3.4B
Oil, gas, and NGL production expense
$885.0M
$637.0M
$563.5M
$620.9M
Depletion, depreciation, and amortization
$1.2B
$809.3M
$690.5M
$603.8M
Exploration
$57.0M
$64.1M
$59.5M
$54.9M
General and administrative
$161.0M
$138.3M
$121.1M
$114.6M
Net derivative gain
($178.0M)
($50.0M)
($68.2M)
$374.0M
Other operating expense
$22.0M
$15.8M
$20.6M
$3.5M
Total operating expenses
$2.2B
$1.6B
$1.4B
$1.8B
Income from operations
$1.0B
$1.1B
$986.9M
$1.6B
Interest expense
($173.0M)
($140.7M)
($91.6M)
($120.3M)
Interest income
$3.0M
$31.9M
$19.9M
—
Other non-operating expense
$0
($233.0K)
($928.0K)
$4.2M
Income before income taxes
$830.0M
$966.2M
$914.2M
$1.4B
Income tax expense
($182.0M)
($195.9M)
($96.3M)
($283.8M)
Net income
$648.0M
$770.3M
$817.9M
$1.1B
Basic weighted-average common shares outstanding
115.0M
114.8M
118.7M
122.4M
Diluted weighted-average common shares outstanding
115.0M
115.5M
119.2M
124.1M
Basic net income per common share
$5.65
$6.71
$6.89
$9.09
Diluted net income per common share
$5.64
$6.67
$6.86
$8.96
SM Energy Co income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Oil, gas, and NGL production revenue
$2.2B
$1.5B
$811.0M
$785.1M
Gain on divestiture activity
$262.0M
—
—
—
Other operating income
$82.0M
$2.0M
$582.0K
$7.9M
Total operating revenues and other income
$2.5B
$1.5B
$811.6M
$792.9M
Oil, gas, and NGL production expense
$556.0M
$428.0M
$229.0M
$224.0M
Depletion, depreciation, and amortization
$592.0M
$432.0M
$325.4M
$293.0M
Exploration
$21.0M
$26.0M
$11.5M
$15.4M
General and administrative
$79.0M
$174.0M
$39.3M
$42.1M
Net derivative (gain) loss
($272.0M)
$697.0M
($45.5M)
($78.3M)
Other operating expense
$28.0M
$20.0M
$5.3M
$1.9M
Total operating expenses
$1.0B
$1.8B
$565.1M
$498.0M
Income from operations
$1.5B
($298.0M)
$246.5M
$294.9M
Interest expense
($111.0M)
($113.0M)
($42.9M)
($42.6M)
Other non-operating income, net
$4.0M
$1.0M
($80.0K)
($27.0K)
Income before income taxes
$1.4B
($410.0M)
$204.3M
$252.5M
Income tax expense
($318.0M)
$75.0M
($49.2M)
($50.8M)
E&P Segment net income (2)
$1.1B
($335.0M)
$155.1M
$201.7M
Basic weighted-average common shares outstanding
239.0M
199.0M
114.8M
114.5M
Diluted weighted-average common shares outstanding
240.0M
199.0M
115.2M
114.8M
Basic net income per common share
$4.48
-$1.68
$1.35
$1.76
Diluted net income per common share
$4.46
-$1.68
$1.35
$1.76
Balance sheet
SM Energy Co balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$368.0M
$0
$616.2M
$445.0M
Accounts receivable
$331.0M
$361.0M
$231.2M
$233.3M
Derivative assets
$83.0M
$48.5M
$56.4M
$48.7M
Prepaid expenses and other
$29.0M
$25.2M
$12.7M
$10.2M
Total current assets
$811.0M
$434.7M
$916.4M
$737.2M
Proved oil and gas properties
$16.0B
$14.3B
$11.5B
$10.3B
Accumulated depletion, depreciation, and amortization
($8.8B)
($7.6B)
($6.8B)
($6.2B)
Unproved oil and gas properties
$460.0M
$764.9M
$335.6M
$487.2M
Wells in progress
$458.0M
$481.9M
$358.1M
$287.3M
Other property and equipment, net of accumulated depreciation of $63 and $62, respectively
$65.0M
$47.6M
$35.6M
$38.1M
Total property and equipment, net
$8.2B
$8.0B
$5.4B
$4.9B
Derivative assets
$6.0M
$4.0M
$8.7M
$24.5M
Other noncurrent assets
$234.0M
$145.3M
$78.5M
$71.6M
Total noncurrent assets
$240.0M
$149.2M
$87.1M
$96.1M
Total assets
$9.3B
$8.6B
$6.4B
$5.7B
Accounts payable and accrued expenses
$690.0M
$760.5M
$611.6M
$532.3M
Senior Notes, net
$419.0M
—
—
—
Other current liabilities
$58.0M
$22.4M
$15.4M
$10.1M
Total current liabilities
$1.2B
$790.0M
$633.8M
$598.6M
Revolving credit facility
$0
$68.5M
$0
$0
Senior Notes, net
$2.3B
$2.7B
$1.6B
$1.6B
Asset retirement obligations
$150.0M
$145.3M
$118.8M
$108.2M
Net deferred tax liabilities
$724.0M
$545.3M
$369.9M
$280.8M
Derivative liabilities
$2.0M
$7.1M
$6.8M
$56.2M
Other noncurrent liabilities
$102.0M
$74.9M
$65.0M
$69.6M
Total noncurrent liabilities
$3.3B
$3.5B
$2.1B
$2.0B
Common stock, $0.01 par value - authorized: 200,000,000 shares; issued and outstanding: 114,630,905 and 114,461,934 shares, respectively
1.0M
1.1M
1.2M
1.2M
Additional paid-in capital
$1.5B
$1.5B
$1.6B
$1.8B
Retained earnings
$3.3B
$2.7B
$2.1B
$1.3B
Accumulated other comprehensive income (loss)
$1.0M
($1.2M)
($2.6M)
($4.0M)
Total stockholders’ equity
$4.8B
$4.2B
$3.6B
$3.1B
Total liabilities and stockholders’ equity
$9.3B
$8.6B
$6.4B
$5.7B
SM Energy Co balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$620.0M
$449.0M
$162.3M
$101.9M
Accounts receivable
$989.0M
$915.0M
$367.7M
$364.3M
Derivative assets
$145.0M
$201.0M
$68.6M
$78.5M
Prepaid expenses and other
$146.0M
$106.0M
$34.5M
$30.4M
Total current assets
$1.9B
$1.7B
$633.0M
$575.1M
Proved oil and gas properties
$23.2B
$22.3B
$15.7B
$15.4B
Accumulated depletion, depreciation, and amortization
($8.5B)
($7.9B)
($8.5B)
($8.2B)
Unproved oil and gas properties, net of valuation allowance of $12 and $12, respectively
$860.0M
$1.1B
$592.5M
$589.8M
Wells in progress
$809.0M
$835.0M
$424.9M
$395.5M
Other property and equipment, net of accumulated depreciation of $67 and $63, respectively
$131.0M
$133.0M
$71.7M
$54.5M
Total property and equipment, net
$16.5B
$17.1B
$8.3B
$8.3B
Derivative assets
$56.0M
$27.0M
$4.7M
$4.9M
Other noncurrent assets
$354.0M
$345.0M
$187.0M
$152.5M
Total noncurrent assets
$410.0M
$372.0M
$191.6M
$157.4M
Total assets
$18.9B
$19.1B
$9.1B
$9.0B
Accounts payable and accrued expenses
$2.4B
$2.2B
$674.2M
$794.0M
Senior Notes, net
$416.0M
$1.2B
$418.6M
—
Derivative liabilities
$184.0M
$703.0M
$9.9M
$19.0M
Other current liabilities
$122.0M
$121.0M
$32.7M
$24.9M
Total current liabilities
$3.1B
$4.3B
$1.1B
$837.9M
Revolving credit facility
$0
$0
$0
$0
Senior Notes, net
$6.6B
$6.7B
$2.3B
$2.7B
Asset retirement obligations
$430.0M
$477.0M
$150.1M
$150.1M
Deferred tax liabilities, net
$630.0M
$315.0M
$690.4M
$589.8M
Derivative liabilities
$1.0M
$2.0M
$4.9M
$12.5M
Other noncurrent liabilities
$275.0M
$461.0M
$101.5M
$101.7M
Total noncurrent liabilities
$8.0B
$8.0B
$3.2B
$3.6B
Common stock, $0.01 par value - authorized: 400,000,000 and 200,000,000 shares, respectively; issued and outstanding: 237,494,374 and 114,630,905 shares, respectively
2.0M
2.0M
1.1M
1.1M
Additional paid-in capital
$3.9B
$4.0B
$1.5B
$1.5B
Retained earnings
$3.9B
$2.9B
$3.2B
$3.1B
Accumulated other comprehensive income
$2.0M
$1.0M
($1.1M)
($1.1M)
Total stockholders’ equity
$7.8B
$6.9B
$4.7B
$4.6B
Total liabilities and stockholders’ equity
$18.9B
$19.1B
$9.1B
$9.0B
Common Stock, Shares Authorized
400.0M
400.0M
—
—
Cash flow statement
SM Energy Co cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$648.0M
$770.3M
$817.9M
$1.1B
Depletion, depreciation, and amortization
$1.2B
$809.3M
$690.5M
$603.8M
Stock-based compensation expense
$29.0M
$25.0M
$20.3M
$18.8M
Net derivative gain
($178.0M)
($50.0M)
($68.2M)
$374.0M
Net derivative settlement gain
$132.0M
$68.7M
$26.9M
($710.7M)
Amortization of deferred financing costs
$10.0M
$7.5M
$5.5M
$10.3M
Deferred income taxes
$178.0M
$175.0M
$88.3M
$269.1M
Other, net
($29.0M)
($35.0M)
($2.2M)
$6.2M
Accounts receivable
$30.0M
($85.5M)
($10.2M)
$38.6M
Prepaid expenses and other
$1.0M
($12.5M)
($2.4M)
($1.1M)
Accounts payable and accrued expenses
($17.0M)
$109.3M
$8.1M
($109.6M)
Net cash provided by operating activities
$2.0B
$1.8B
$1.6B
$1.7B
Capital expenditures
($1.4B)
($1.3B)
($989.4M)
($879.9M)
Acquisition of proved and unproved oil and gas properties
($34.0M)
($2.1B)
($109.9M)
—
Other, net
$4.0M
$7.1M
$657.0K
($329.0K)
Net cash used in investing activities
($1.5B)
($3.4B)
($1.1B)
($880.3M)
Proceeds from revolving credit facility
$1.6B
$1.0B
$0
$0
Repayment of revolving credit facility
($1.6B)
($950.0M)
$0
$0
Net proceeds from Senior Notes
$0
$1.5B
$0
$0
Cash paid to repurchase Senior Notes
$0
$349.1M
$0
$584.9M
Repurchase of common stock
($13.0M)
($86.1M)
($228.1M)
($57.2M)
Dividends paid
($92.0M)
($85.0M)
($71.6M)
($19.6M)
Net proceeds from sale of common stock
$3.0M
$3.2M
$3.1M
$3.0M
Other, net
($5.0M)
—
$0
($10.0M)
Net cash provided by (used in) financing activities
($175.0M)
$1.0B
($304.5M)
($693.9M)
Net change in cash, cash equivalents, and restricted cash
$368.0M
($616.2M)
$171.2M
$112.3M
Cash, cash equivalents, and restricted cash at beginning of period
$0
$616.2M
$445.0M
$332.7M
Cash, cash equivalents, and restricted cash at end of period
$368.0M
$0
$616.2M
$445.0M
Cash paid for interest, net of capitalized interest (1)
($166.0M)
($88.4M)
($86.9M)
($134.2M)
Changes in capital expenditure accruals
($39.0M)
($24.3M)
$80.8M
$29.8M
SM Energy Co cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$736.0M
($335.0M)
$539.0M
$383.9M
Gain on divestiture activity
($262.0M)
—
—
—
Depletion, depreciation, and amortization
$1.0B
$432.0M
$888.3M
$562.9M
Stock-based compensation expense
$36.0M
$25.0M
$21.0M
$12.8M
Net derivative (gain) loss
$425.0M
$697.0M
($106.6M)
($61.1M)
Net derivative settlement gain (loss)
($250.0M)
($30.0M)
$86.4M
$47.5M
Amortization of deferred financing costs and debt premiums, net
($10.0M)
($5.0M)
$7.7M
$5.1M
Deferred income tax expense
$231.0M
($85.0M)
$145.1M
$69.5M
Other, net
($38.0M)
($28.0M)
($6.9M)
($4.2M)
Net change in working capital
($149.0M)
($31.0M)
($14.9M)
$37.7M
Net cash provided by operating activities
$1.7B
$640.0M
$1.6B
$1.1B
Net proceeds from the sale of oil and gas properties
$897.0M
—
—
—
Capital expenditures
($1.3B)
($555.0M)
($1.2B)
($824.0M)
Acquisition of business, net of cash acquired
($49.0M)
($49.0M)
—
—
Other
($24.0M)
($24.0M)
($534.0K)
$0
Net cash used in investing activities
($485.0M)
($628.0M)
($1.2B)
($839.0M)
Proceeds from revolving credit facility
$341.0M
$15.0M
$1.6B
$1.4B
Repayment of revolving credit facility
($341.0M)
($15.0M)
($1.6B)
($1.5B)
Net proceeds from Senior Notes
$984.0M
$985.0M
$0
—
Cash paid to repurchase Senior Notes
($1.7B)
($808.0M)
$0
—
Repurchase of common stock
$87.0M
—
($12.8M)
($648.0K)
Dividends paid
($135.0M)
($82.0M)
($68.8M)
($45.8M)
Other, net
($25.0M)
($26.0M)
($4.9M)
($283.0K)
Net cash used in financing activities
($1.0B)
$69.0M
($153.1M)
($113.3M)
Net change in cash, cash equivalents, and restricted cash
$252.0M
$81.0M
$162.3M
$101.9M
Cash, cash equivalents, and restricted cash at beginning of period
$368.0M
$368.0M
$0
$0
Cash, cash equivalents, and restricted cash at end of period
$620.0M
$449.0M
$162.3M
$101.9M
Operating activities: Cash paid for interest, net of capitalized interest
($185.0M)
($95.0M)
($164.6M)
($84.9M)
Operating activities: Net cash paid for income taxes
($32.0M)
—
($6.3M)
($5.2M)
Investing activities: Changes in capital expenditure accruals