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NYSE · Energy

SM Energy Co (SM)

As-reported financials and SEC filings for SM Energy Co. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About SM Energy Co

SM Energy Co is an independent energy company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids. It operates primarily in the Midland Basin, South Texas, and Uinta Basin regions. The company serves customers in the energy sector by supplying these hydrocarbon resources.

Snapshot

Revenue
$3.14B
Revenue growth (YoY)
17.5%
Net income
$648.0M
Diluted EPS
$5.64
Gross margin
—
Operating margin
31.9%
Net margin
20.7%
FCF margin
—
ROE
13.5%
net income / fiscal-year-end equity
P/E
6.8×
trailing when available, otherwise FY EPS
Market cap
$9.18B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at SM Energy

  • Revenue grew 17.5% to $3.1B in FY2025, faster than the 13.0% the year before.
  • Operating margin is 31.9% in FY2025, +23.8 pp against 8.0% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $2.5B, up 215.3% from Q2 FY2025.
  • Net income fell 15.8% to $648M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where SM Energy’s fundamentals sit among the 61 oil and gas companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin31.9%
82nd percentile of 50
Net margin20.7%
75th percentile of 58
Revenue growth (YoY)+17.5%
64th percentile of 60
ROE13.5%
73rd percentile of 49
P/E6.8×
20th percentile of 36
Short interest2.99d
34th percentile of 60

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $787,572. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 4 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+4 quant / multi-strat
Initiated / added
3
2 new, 1 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$194.9M
reported long value
InvestorAs ofPosition valueSharesChange
Millennium ManagementquantQ2 2026$117.3M4.5MReduced
Gotham Asset ManagementQ2 2026$31.0M1.2MReduced
AQR Capital ManagementquantQ2 2026$26.1M1.0MReduced
Citadel AdvisorsquantQ2 2026$11.4M435.6KAdded
Bridgewater AssociatesQ2 2026$6.9M265.0KNew
Two Sigma InvestmentsquantQ2 2026$2.3M87.5KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
2
$788K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-10
filed 2026-09-11
Ashwin VenkatramanDirectorSell3.6K$38.28$140K
2026-08-21
filed 2026-08-24
James Barker LebeckEVP, GC & Corp SecretarySell17.5K$37.02$648K
2026-05-21
filed 2026-05-22
Ramiro G. PeruDirectorSell24.6K$33.98$834K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
14.0M
settled 2026-09-30
Change vs prior
+3.5%
vs previous settlement
Days to cover
2.99
at avg daily volume
Avg daily volume
4.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3014.0M+3.5%2.99
2026-09-1513.5M+5.3%3.82
2026-08-3112.8M-12.3%3.46
2026-08-1414.6M+15.5%3.32
2026-07-3112.6M-16.7%4.21
2026-07-1515.2M+13.2%3.60
2026-06-3013.4M+0.4%3.26
2026-06-1513.4M+3.7%3.53

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$3.14B$2.67B$2.36B$3.35B$2.60B
Gross profit—————
Operating income$1.00B$1.08B$987.0M$1.58B$209.1M
Pre-tax income$830.0M$966.0M$914.0M$1.40B$46.2M
Net income$648.0M$770.0M$818.0M$1.11B$36.2M
Diluted EPS$5.64$6.67$6.86$8.96$0.29

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$368.0M$0$616.2M$445.0M$332.7M
Current assets$811.0M$435.0M$916.4M$737.2M$613.2M
Total assets$9.25B$8.58B$6.38B$5.72B$5.23B
Current liabilities$1.17B$790.0M$633.8M$598.6M$889.3M
Long-term debt————$2.08B
Total liabilities
Total equity$4.81B$4.24B$3.62B$3.08B$2.06B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$2.01B$1.78B$1.57B$1.69B$1.16B
Capital expenditure—————
Free cash flow—————

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$2.50B215.3%$1.07B$4.46
Q1 FY2026$1.48B75.0%$-335.0M$-1.68
Q4 FY2025-17.3%
Q3 FY2025$811.6M26.1%$155.1M$1.35
Q2 FY2025$793.0M25.0%$202.0M$1.76
Q1 FY2025$845.0M50.9%$182.0M$1.59
Q4 FY202439.1%
Q3 FY2024$643.6M0.4%$240.5M$2.09

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorEnergy
SIC industryCrude Petroleum & Natural Gas
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2014
SEC CIK893538

Selected SEC filings

10-K2026-02-26
View on EDGAR →
10-Q2026-08-06
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-10-14
View on EDGAR →
8-K2026-09-04
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-16
View on EDGAR →

Largest oil and gas peers

All oil and gas stocks →All Energy companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.