Summit Midstream (SMC) Q4 FY2024 earnings: revenue $107 million

Summit Midstream Corp. (SMC) reported revenue of $107 million for Q4 FY2024, the quarter ended 31 December 2024. Net income was -$19 million, and diluted earnings per share $-2.40. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2025.

Revenue$107 million

Net income-$19 million

Diluted EPS$-2.40

QuarterQ4 FY2024ended 31 December 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	107	102	n/a	n/a
Cost of revenue	26.9	28.2	n/a	n/a
Gross profit	80.1	74.2	n/a	n/a
Gross margin	74.8%	72.4%	n/a
Operating income	-5.7	11.6	n/a	n/a
Operating margin	-5.4%	11.4%	n/a
Interest expense	20.4	25.7	n/a	n/a
Pre-tax income	-20.2	-55.0	n/a	n/a
Income tax	4.5	143	n/a	n/a
Net income	-18.8	-202	n/a	n/a
Net margin	-17.6%	-196.8%	n/a
Diluted EPS	-$2.40	-$19.25	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	21.6	9.2	n/a	n/a
Capital expenditure	15.8	10.9	n/a	n/a
Free cash flow	5.9	-1.8	n/a	n/a
Free cash flow margin	5.5%	-1.7%	n/a
Cash from investing	-172	-12.6	n/a	n/a
Cash from financing	31.5	-12.4	n/a	n/a
Depreciation and amortisation	25.3	23.5	n/a	n/a
Share-based compensation	1.9	1.8	n/a	n/a
Diluted shares, weighted	n/a	11m	n/a	n/a
Shares outstanding at period end	n/a	11m	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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Shareholders' equity	468	651	n/a	n/a
Non-controlling interest	497	n/a	n/a	n/a
Redeemable equity	133	n/a	n/a	n/a
Debt	994	957	n/a	n/a
Operating lease liabilities	3.4	n/a	n/a	n/a
Finance lease liabilities	1.6	n/a	n/a	n/a
Other liabilities	263	391	n/a	n/a
Total liabilities and equity	2,359	1,999	n/a	n/a
Fixed assets	1,785	1,351	n/a	n/a
Intangible assets	154	140	n/a	n/a
Cash and equivalents	22.8	17.8	n/a	n/a
Receivables	77.1	60.6	n/a	n/a
Other assets	320	430	n/a	n/a
Total assets	2,359	1,999	n/a	n/a

Questions

What was Summit Midstream's revenue in Q4 FY2024?

Summit Midstream (SMC) reported revenue of $107 million for Q4 FY2024, the quarter ended 31 December 2024.

How much did Summit Midstream earn in Q4 FY2024?

Net loss for Q4 FY2024 was $19 million, and the diluted loss per share $2.40.

When did Summit Midstream report Q4 FY2024 results?

Summit Midstream filed its 10-K for the year that ended with the quarter on 11 March 2025; the fourth quarter is the year less the first three.

Quarterly results, the last 11 quarters

	Q3 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	121	119	101	102	107	133	140	147	142	139	155
Cost of revenue	27.1	30.2	29.6	28.2	26.9	35.4	35.9	38.1	39.7	39.4	49.1
Gross profit	94.1	88.7	71.7	74.2	80.1	97.3	104	109	103	99.8	106
Gross margin	78%	75%	71%	72%	75%	73%	74%	74%	72%	72%	68%
Operating income	25.8	-54.7	6.8	11.6	-5.7	14.6	14.2	25.2	18.4	16.3	25.0
Operating margin	21%	-46%	7%	11%	-5%	11%	10%	17%	13%	12%	16%
Interest expense	34.6	37.8	31.5	25.7	20.4	22.5	23.9	24.2	24.1	25.0	27.4
Pre-tax income	3.9	133	-24.4	-55.0	-20.2	4.9	-5.0	5.5	-7.9	-4.2	5.6
Tax rate	2%	0%	n/a	n/a	n/a	6%	n/a	10%	n/a	n/a	19%
Net income	0.3	129	-31.0	-202	-18.8	2.0	-8.0	-1.6	1.6	-5.3	1.6
Net margin	0%	109%	-31%	-197%	-18%	2%	-6%	-1%	1%	-4%	1%
Diluted EPS	-$0.27	$11.47	-$2.91	-$19.25	-$2.40	-$0.16	-$0.66	-$0.13	-$0.66	-$0.43	$0.11
Operating cash flow	n/a	43.6	-12.6	9.2	21.6	16.0	37.2	26.7	53.7	6.9	43.9
Capital expenditure	n/a	16.4	10.5	10.9	15.8	20.6	26.4	22.9	19.1	19.3	25.0
Free cash flow	n/a	27.2	-23.2	-1.8	5.9	-4.6	10.8	3.8	34.5	-12.4	18.9
Shares outstanding	11m	n/a	n/a	11m	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Filing	10-Q	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 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-K for the period ended 31 December 2024, filed 11 March 2025: the filing.