SM Energy (SM) Q2 FY2024 earnings: revenue $635 million, up 15.2% on the year

SM Energy Co. (SM) reported revenue of $635 million for Q2 FY2024, the quarter ended 30 June 2024, up 15.2% on the same quarter a year earlier. Net income was $210 million, up 40.3% on the year, and diluted earnings per share $1.82. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2024.

Revenue$635 millionup 15.2%

Net income$210 millionup 40.3%

Diluted EPS$1.82

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	635	560	n/a	n/a
Cost of revenue	137	137	n/a	n/a
Gross profit	498	422	n/a	n/a
Gross margin	78.5%	75.5%	n/a
Operating income	279	178	n/a	n/a
Operating margin	44.0%	31.9%	n/a
Interest expense	21.8	21.9	n/a	n/a
Pre-tax income	264	163	n/a	n/a
Income tax	53.6	32.1	n/a	n/a
Effective tax rate	20.3%	19.6%	n/a
Net income	210	131	n/a	n/a
Net margin	33.1%	23.4%	n/a
Diluted EPS	$1.82	$1.13	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	476	276	n/a	n/a
Cash from investing	-323	-332	n/a	n/a
Cash from financing	-70.1	-53.6	n/a	n/a
Share-based compensation	5.8	5.0	n/a	n/a
Buybacks	51.2	32.8	n/a	n/a
Dividends paid	20.7	20.8	n/a	n/a
Dividend per share	$0.18	$0.18	n/a	n/a
Diluted shares, weighted	116m	116m	n/a	n/a
Shares outstanding at period end	114m	115m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	3,844	3,698	n/a	n/a
Debt	1,577	1,576	n/a	n/a
Other liabilities	1,236	1,124	n/a	n/a
Total liabilities and equity	6,657	6,398	n/a	n/a
Fixed assets	5,662	5,514	n/a	n/a
Cash and equivalents	488	506	n/a	n/a
Receivables	239	242	n/a	n/a
Other assets	269	137	n/a	n/a
Total assets	6,657	6,398	n/a	n/a

Questions

What was SM Energy's revenue in Q2 FY2024?

SM Energy (SM) reported revenue of $635 million for Q2 FY2024, the quarter ended 30 June 2024, up 15.2% on the same quarter a year earlier.

How much did SM Energy earn in Q2 FY2024?

Net income for Q2 FY2024 was $210 million, up 40.3% on the year, and diluted earnings per share $1.82.

When did SM Energy report Q2 FY2024 results?

SM Energy filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 8 August 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	641	609	560	635	644	852	845	793	812	705	1,479	2,500
Cost of revenue	138	137	137	137	148	215	225	224	229	207	428	556
Gross profit	503	471	422	498	495	638	619	569	583	498	1,051	1,944
Gross margin	78%	77%	75%	78%	77%	75%	73%	72%	72%	71%	71%	78%
Operating income	196	310	178	279	331	287	276	295	246	182	-298	1,496
Operating margin	31%	51%	32%	44%	51%	34%	33%	37%	30%	26%	-20%	60%
Interest expense	23.1	23.9	21.9	21.8	50.7	46.3	44.0	43.0	42.9	43.1	113	111
Pre-tax income	176	292	163	264	298	241	232	253	204	141	-410	1,389
Tax rate	-26%	15%	20%	20%	19%	22%	22%	20%	24%	23%	n/a	23%
Net income	222	247	131	210	241	188	182	202	155	109	-335	1,071
Net margin	35%	41%	23%	33%	37%	22%	22%	25%	19%	15%	-23%	43%
Diluted EPS	$1.88	$2.12	$1.13	$1.82	$2.09	$1.64	$1.59	$1.76	$1.35	$0.94	-$1.68	$4.46
Operating cash flow	383	477	276	476	452	578	483	571	505	452	640	1,103
Buybacks	96.4	22.9	32.8	51.2	0.0	2.1	0.0	0.6	12.1	0.2	n/a	n/a
Dividends paid	17.8	17.4	20.8	20.7	20.6	22.9	23.0	22.9	23.0	23.2	82.0	53.0
Shares outstanding	116m	116m	115m	114m	114m	114m	114m	115m	115m	115m	240m	237m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 8 August 2024, accession 0000893538-24-000105: the filing on EDGAR. All of SM Energy Co.'s filings: EDGAR company page.

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