SM Energy (SM) Q3 FY2026 earnings: revenue $2.2 billion, up 167.4% on the year

SM Energy Co. (SM) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 167.4% on the same quarter a year earlier. Net income was $93 million, down 40.0% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$2.2 billion

+167.4% on the year · -13.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

10.9%

30.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$93 million

-40.0% on the year · -91.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.39

-71.1% on the year · -91.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 3 new, 1 kept.

Adjusted free cash flow reached $397 million: Adjusted free cash flow was $397 million and adjusted EBITDAX was $1.3 billion. Operating cash flow in the quarter was $1.1 billion.
Oil guidance cut to 220-222 MBbl/d: Full-year oil guidance was lowered by 1% to 220-222 MBbl/d, attributed to transitory factors; total production guidance was held.
Permian downtime cut oil volumes: Higher-than-planned Permian downtime tied to compliance and safety work on Merger assets reduced oil volumes; management said those factors have been addressed.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	2,170	2,500	812	-13.2%	+167.4%
Cost of revenue	574	556	229	+3.2%	+150.6%
Gross profit	1,596	1,944	583	-17.9%	+174.0%
Gross margin	73.5%	77.8%	71.8%
Operating income	236	1,496	246	-84.2%	-4.3%
Operating margin	10.9%	59.8%	30.4%
Interest expense	116	111	42.9	+4.5%	+170.2%
Pre-tax income	123	1,389	204	-91.1%	-39.8%
Income tax	30.0	318	49.0	-90.6%	-38.8%
Effective tax rate	24.4%	22.9%	24.0%
Net income	93.0	1,071	155	-91.3%	-40.0%
Net margin	4.3%	42.8%	19.1%
Diluted EPS	$0.39	$4.46	$1.35	-91.3%	-71.1%

$ 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. 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.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,122	1,103	505	+1.7%	+122.2%
Cash from investing	-746	143	-405
Cash from financing	-554	-1,075	-39.8
Share-based compensation	14.0	11.0	8.1	+27.3%	+72.3%
Buybacks	79.0	n/a	12.1		+551.4%
Dividends paid	52.0	53.0	23.0	-1.9%	+126.2%
Dividend per share	$0.22	$0.22	$0.20	0.0%	+10.0%
Diluted shares, weighted	239m	240m	115m	-0.4%	+107.4%
Shares outstanding at period end	236m	237m	115m	-0.8%	+105.7%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	7,777	7,813	4,713	-0.5%	+65.0%
Debt	6,614	7,036	2,713	-6.0%	+143.8%
Other liabilities	4,572	4,009	1,664	+14.0%	+174.8%
Total liabilities and equity	18,963	18,858	9,090	+0.6%	+108.6%
Fixed assets	16,755	16,548	8,265	+1.3%	+102.7%
Cash and equivalents	442	620	162	-28.7%	+172.4%
Receivables	1,175	989	368	+18.8%	+219.6%
Other assets	591	701	295	-15.7%	+100.6%
Total assets	18,963	18,858	9,090	+0.6%	+108.6%

Questions

What was SM Energy's revenue in Q3 FY2026?

SM Energy (SM) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 167.4% on the same quarter a year earlier.

How much did SM Energy earn in Q3 FY2026?

Net income for Q3 FY2026 was $93 million, down 40.0% on the year, and diluted earnings per share $0.39.

When did SM Energy report Q3 FY2026 results?

SM Energy filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	855	860	992	835	671	574	551	641	609	560	635	644	852	845	793	812	705	1,479	2,500	2,170
Cost of revenue	143	145	166	160	151	142	146	138	137	137	137	148	215	225	224	229	207	428	556	574
Gross profit	712	715	827	675	521	431	405	503	471	422	498	495	638	619	569	583	498	1,051	1,944	1,596
Gross margin	83%	83%	83%	81%	78%	75%	74%	78%	77%	75%	78%	77%	75%	73%	72%	72%	71%	71%	78%	74%
Operating income	474	102	513	622	343	272	209	196	310	178	279	331	287	276	295	246	182	-298	1,496	236
Operating margin	55%	12%	52%	74%	51%	47%	38%	31%	51%	32%	44%	51%	34%	33%	37%	30%	26%	-20%	60%	11%
Interest expense	40.1	39.4	35.5	22.8	22.6	22.5	22.1	23.1	23.9	21.9	21.8	50.7	46.3	44.0	43.0	42.9	43.1	113	111	116
Pre-tax income	435	61.6	410	601	323	254	192	176	292	163	264	298	241	232	253	204	141	-410	1,389	123
Tax rate	2%	21%	21%	20%	20%	22%	22%	-26%	15%	20%	20%	19%	22%	22%	20%	24%	23%	n/a	23%	24%
Net income	425	48.8	323	481	258	199	150	222	247	131	210	241	188	182	202	155	109	-335	1,071	93.0
Net margin	50%	6%	33%	58%	39%	35%	27%	35%	41%	23%	33%	37%	22%	22%	25%	19%	15%	-23%	43%	4%
Diluted EPS	$3.67	$0.39	$2.60	$3.87	$2.09	$1.62	$1.25	$1.88	$2.12	$1.13	$1.82	$2.09	$1.64	$1.59	$1.76	$1.35	$0.95	-$1.68	$4.46	$0.39
Operating cash flow	430	342	543	513	288	332	383	383	477	276	476	452	578	483	571	505	452	640	1,103	1,122
Buybacks	n/a	0.0	0.0	20.2	37.0	40.1	68.8	96.4	22.9	32.8	51.2	0.0	2.1	0.0	0.6	12.1	0.2	n/a	n/a	79.0
Dividends paid	n/a	0.0	1.2	0.0	18.4	18.3	18.1	17.8	17.4	20.8	20.7	20.6	22.9	23.0	22.9	23.0	23.2	82.0	53.0	52.0
Shares outstanding	122m	122m	122m	123m	122m	121m	118m	116m	116m	115m	114m	114m	114m	114m	115m	115m	115m	240m	237m	236m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.