SM Energy Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SM Energy Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,217	1,254	2,067	1,590	1,127	2,623	3,359	2,374	2,690	3,154
Cost of revenue	598	508	487	501	391	505	621	564	637	885
Gross profit	620	746	1,580	1,089	735	2,117	2,738	1,810	2,053	2,269
General and administrative	125	117	117	133	99.2	112	115	121	138	161
Operating income	-1,057	-164	836	-70	-1,069	209	1,579	987	1,076	1,000
Interest expense	159	179	161	159	164	160	120	92	141	173
Other non-operating income	-1.91	-0.8	3.09	-1.97	-3.94	-2.18	-1.53	-1	-1	0
Pre-tax income	-1,202	-344	652	-231	-957	46.2	1,396	914	966	830
Income tax	-444	-183	143	-44	-192	9.94	284	96	196	182
Net income	-758	-161	508	-187	-765	36.2	1,112	818	770	648
EPS, basic	-9.90	-1.44	4.54	-1.66	-6.72	0.30	9.09	6.89	6.71	5.65
EPS, diluted	-9.90	-1.44	4.48	-1.66	-6.72	0.29	8.96	6.86	6.67	5.64
Shares, basic (weighted)	76.6	111	112	113	114	119	122	119	115	115
Shares, diluted (weighted)	76.6	111	114	113	114	124	124	119	116	115
Dividend per share	0.10	0.10	0.10	0.10	0.02	0.02	0.31	0.63	0.76	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.37	314	78	0.01	0.01	333	445	616	0	368
Receivables	152	160	168	185	162	247	233	231	361	331
Other current assets	8.8	10.8	8.63	12.7	10	9.18	10.2	12.7	25	29
Total current assets	225	549	429	253	204	613	737	916	435	811
Property, plant and equipment	6,081	5,555	5,831	5,954	4,702	4,576	4,883	5,376	7,993	8,202
Lease right-of-use assets				39.7	21.7	19	26.4	32.3	112	210
Other non-current assets	19.9	32.5	33.9	65.3	47.7	44.6	71.6	78.5	145	234
Total assets	6,394	6,177	6,353	6,292	4,976	5,234	5,716	6,380	8,577	9,253
Accounts payable	300	77.6	56	52.1	63	25.1	43.9	107	83	77
Accrued liabilities	34.8	127	140	96.9	65.4	71	126	146	200	167
Total current liabilities	415	559	466	472	584	889	599	634	790	1,169
Long-term debt	2,767	2,770	2,448	2,610	2,121	2,081	1,572	1,575	2,708	2,296
Lease liabilities				23.1	11.9	19.4	23.6	24.4	43	80
Other non-current liabilities	47.2	48.4	42.5	61.4	56.6	67.6	69.6	65	75	102
Total liabilities	3,896	3,782	3,433	3,543	2,960	3,171	2,631	2,764	4,340	4,443
Total debt				2,610	2,214	2,081
Paid-in capital	1,717	1,742	1,766	1,792	1,828	1,840	1,780	1,565	1,502	1,517
Retained earnings	794	666	1,166	968	201	235	1,309	2,052	2,735	3,291
Other comprehensive income	-14.6	-13.8	-12.4	-11.3	-13.6	-12.8	-4.02	-2.61	-1	1
Shareholders' equity	2,497	2,395	2,920	2,749	2,016	2,063	3,085	3,616	4,237	4,810
Total equity	2,497	2,395	2,920	2,749	2,016	2,063	3,085	3,616	4,237	4,810
Total liabilities and equity	6,394	6,177	6,353	6,292	4,976	5,234	5,716	6,380	8,577	9,253
Shares outstanding	111	112	112	113	115	122	122	116	114	115

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-758	-161	508	-187	-765	36.2	1,112	818	770	648
Stock-based compensation	26.9	22.7	23.9	24.3	15	18.8	18.8	20	25	29
Deferred income tax	-449	-192	142	-41.8	-193	9.57	269	88	175	178
Change in receivables	-10.6	20.4	-20.8	-39.6	29.1	-101	38.6	-10	-86	30
Change in payables	-53.2	51.2	35.2	50.3	-23.4	218	-110	8	109	-17
Cash from operations	553	515	721	824	791	1,160	1,686	1,574	1,783	2,011
Cash from investing	-1,868	-202	-588	-1,013	-556	-667	-880	-1,099	-3,407	-1,468
Stock issued	938	2.62	3.19	3.21	1.46	2.64	3.04	3	3	3
Share buybacks					0	0	-57.2	-228	-86	-13
Dividends paid	-7.75	-11.1	-11.2	-11.3	-2.28	-2.39	-19.6	-72	-85	-92
Cash from financing	1,327	-12.3	-369	112	-235	-160	-694	-305	1,008	-175
Net change in cash	12.4	302	-236	-78	0	333	112	171	-616	368
Interest paid	130	164	151	142	140	137	134	87	88	166
Income taxes paid	-4.69	-5.99	-3	6.11	6.66	-0.86	-10.6	9	27	4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.2%	Gross profit / revenue.
Operating margin	29.6%	Operating income / revenue.
Pre-tax margin	24.1%	Pre-tax income / revenue.
Net margin	18.2%	Net income / revenue.
Operating cash flow margin	49.1%	Cash from operations / revenue.
Effective tax rate	24.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	17.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-15.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-16.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-15.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	37.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	109.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	19.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.62x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	58.6%	Total liabilities / total assets.
Interest coverage	5.25x	Operating income / interest expense.
Working capital	-$1.19B	Current assets - current liabilities.
Tangible book value	$7.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	0.33x	Revenue / average property, plant and equipment.
Receivables turnover	5.56x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	608 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.90	Revenue / diluted weighted shares.
Operating cash flow per share	$11.25	Cash from operations / diluted weighted shares.
Book value per share	$32.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$32.90	Tangible book value / shares outstanding.
Cash per share	$2.61	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.07B	Share price x shares outstanding.
Enterprise value	$7.45B	Market cap + total debt - cash - short-term investments.
P/E	8.07x	Market cap / net income. Only when net income is positive.
P/S	1.47x	Market cap / revenue.
P/B	1.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.03x	Market cap / tangible book value, when positive.
P/OCF	2.99x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	4.58x	Enterprise value / operating income, when both are positive.
Earnings yield	12.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.

What was SM Energy Co's revenue in fiscal 2025?

SM Energy Co reported revenue of $3.15B for fiscal 2025, 17.2% higher than the year before.

Was SM Energy Co profitable in fiscal 2025?

Yes. Net income was $648.0M, a net margin of 20.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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