SM Energy (SM) FY2025 results: revenue $3.2 billion, up 17.2% on the year
SM Energy Co. (SM) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 17.2% on the year before. Net income was $648 million, down 15.9%, and diluted earnings per share $5.64. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$3.2 billion
+17.2% on the year
FY2018FY2025
Operating margin
31.7%
40.0% a year earlier
FY2018FY2025
Net income
$648 million
-15.9% on the year
FY2018FY2025
Diluted EPS
$5.64
-15.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
Record full-year production and cash flow: Full-year 2025 net production was a record 75.5 MMBoe, up 21%, and operating cash flow was a record $2.01 billion, with 53% of production oil.
Adjusted EBITDAX rose 13%: Adjusted EBITDAX reached a record $2.26 billion for 2025, up 13%, as record production offset a 14% lower benchmark oil price.
Realized oil price fell: Realized oil price before hedges was $58.17 per Bbl in the fourth quarter, down 16% from $69.34, and $63.52 for the full year, down 15%.
Cash operating costs below guidance: Fourth quarter cash operating costs were 13% below the guidance mid-point, mainly from lower lease operating expenses and ad valorem taxes.
Adjusted free cash flow up 28%: Adjusted free cash flow increased 28% to $620 million for the full year; the fourth quarter figure was $198 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
2,011
1,783
1,574
+12.8%
Cash from investing
-1,468
-3,407
-1,099
Cash from financing
-175
1,008
-305
Share-based compensation
29.0
25.0
20.0
+15.9%
Buybacks
13.0
86.1
228
-84.9%
Dividends paid
92.0
85.0
72.0
+8.2%
Dividend per share
$0.80
$0.76
$0.63
+5.3%
Diluted shares, weighted
115m
116m
119m
-0.5%
Shares outstanding at period end
115m
114m
116m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
4,810
4,237
3,616
+13.5%
Debt
2,715
2,777
1,575
-2.2%
Operating lease liabilities
80.0
43.0
24.4
+86.0%
Other liabilities
1,648
1,519
1,164
+8.5%
Total liabilities and equity
9,253
8,577
6,380
+7.9%
Fixed assets
8,202
7,993
5,376
+2.6%
Cash and equivalents
368
0.0
616
Receivables
331
361
231
-8.3%
Other assets
352
223
156
+57.9%
Total assets
9,253
8,577
6,380
+7.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.