SM Energy (SM) FY2023 results: revenue $2.4 billion, down 29.3% on the year

SM Energy Co. (SM) reported revenue of $2.4 billion for fiscal 2023, the year ended 31 December 2023, down 29.3% on the year before. Net income was $818 million, down 26.4%, and diluted earnings per share $6.86. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$2.4 billion

-29.3% on the year

FY2016FY2023

Operating margin

41.6%

47.0% a year earlier

FY2016FY2023

Net income

$818 million

-26.4% on the year

FY2016FY2023

Diluted EPS

$6.86

-23.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,374	3,359	2,623	-29.3%
Cost of revenue	564	621	505	-9.2%
Gross profit	1,810	2,738	2,117	-33.9%
Gross margin	76.3%	81.5%	80.7%
Operating income	987	1,579	209	-37.5%
Operating margin	41.6%	47.0%	8.0%
Interest expense	92.0	120	160	-23.6%
Pre-tax income	914	1,396	46.2	-34.5%
Income tax	96.0	284	9.9	-66.2%
Effective tax rate	10.5%	20.3%	21.5%
Net income	818	1,112	36.2	-26.4%
Net margin	34.5%	33.1%	1.4%
Diluted EPS	$6.86	$8.96	$0.29	-23.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,574	1,686	1,160	-6.6%
Cash from investing	-1,099	-880	-667
Cash from financing	-305	-694	-160
Share-based compensation	20.0	18.8	18.8	+6.5%
Buybacks	228	57.2	0.0	+298.7%
Dividends paid	72.0	19.6	2.4	+266.7%
Dividend per share	$0.63	$0.31	$0.02	+103.2%
Diluted shares, weighted	119m	124m	124m	-3.9%
Shares outstanding at period end	116m	122m	122m	-5.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,616	3,085	2,063	+17.2%
Debt	1,575	1,572	2,081	+0.2%
Operating lease liabilities	24.4	23.6	19.4	+3.1%
Other liabilities	1,164	1,035	1,070	+12.5%
Total liabilities and equity	6,380	5,716	5,234	+11.6%
Fixed assets	5,376	4,883	4,576	+10.1%
Cash and equivalents	616	445	333	+38.5%
Receivables	231	233	247	-0.9%
Other assets	156	155	78.1	+0.8%
Total assets	6,380	5,716	5,234	+11.6%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.