SM Energy (SM) FY2024 results: revenue $2.7 billion, up 13.3% on the year

SM Energy Co. (SM) reported revenue of $2.7 billion for fiscal 2024, the year ended 31 December 2024, up 13.3% on the year before. Net income was $770 million, down 5.8%, and diluted earnings per share $6.67. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$2.7 billion

+13.3% on the year

FY2017FY2024

Operating margin

40.0%

41.6% a year earlier

FY2017FY2024

Net income

$770 million

-5.8% on the year

FY2017FY2024

Diluted EPS

$6.67

-2.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,690	2,374	3,359	+13.3%
Cost of revenue	637	564	621	+13.0%
Gross profit	2,053	1,810	2,738	+13.4%
Gross margin	76.3%	76.3%	81.5%
Operating income	1,076	987	1,579	+9.0%
Operating margin	40.0%	41.6%	47.0%
Interest expense	141	92.0	120	+53.3%
Pre-tax income	966	914	1,396	+5.7%
Income tax	196	96.0	284	+104.1%
Effective tax rate	20.3%	10.5%	20.3%
Net income	770	818	1,112	-5.8%
Net margin	28.6%	34.5%	33.1%
Diluted EPS	$6.67	$6.86	$8.96	-2.8%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,783	1,574	1,686	+13.2%
Cash from investing	-3,407	-1,099	-880
Cash from financing	1,008	-305	-694
Share-based compensation	25.0	20.0	18.8	+25.1%
Buybacks	86.1	228	57.2	-62.3%
Dividends paid	85.0	72.0	19.6	+18.1%
Dividend per share	$0.76	$0.63	$0.31	+20.6%
Diluted shares, weighted	116m	119m	124m	-3.1%
Shares outstanding at period end	114m	116m	122m	-1.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,237	3,616	3,085	+17.2%
Debt	2,777	1,575	1,572	+76.3%
Operating lease liabilities	43.0	24.4	23.6	+76.6%
Other liabilities	1,519	1,164	1,035	+30.5%
Total liabilities and equity	8,577	6,380	5,716	+34.4%
Fixed assets	7,993	5,376	4,883	+48.7%
Cash and equivalents	0.0	616	445
Receivables	361	231	233	+56.2%
Other assets	223	156	155	+42.7%
Total assets	8,577	6,380	5,716	+34.4%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.