SM Energy is an independent U.S. oil and natural gas exploration and production company focused on onshore assets. Its operations center on developing and producing hydrocarbon reserves, with material activity in major domestic basins such as the Permian. Cash flow is driven by production volumes and commodity prices rather than by midstream or refining activities.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 785 | — | 202 | -5.1% |
| Q3 2025 | 811 | — | 155.1 | -16.3% |
| Q4 2025 | 702.3 | — | 109 | -50.1% |
| Q1 2026 | 1,477 | — | -335 | -266.3% |
| Q2 2026 | 2,156 | 174.7% | 1,071 | 430.2% |
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