Jun 2026 (Q2 FY26) — Aug 6, 2026
SM Energy Q2 FY26 — Strong Free Cash Flow, Accelerated Synergies, and Deleveraging
Read the full callSM Energy (SM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
SM Energy earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,500 | +215.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 59.8 | +22.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,071 | +430.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Commencement of post-merger share buybacks | Begin repurchasing shares in Q2 FY26 | Mar 2026 | we also repurchased $84 million of shares this quarter under our capital return framework. | Achieved |
| Second-half FY2026 production run rate | 420,000 to 430,000 BOE/day at 55% oil | Dec 2025 | We are raising our second half production outlook to a range of 435,000 to 440,000 barrels of oil equivalent per day with oil at approximately 238,000 barrels per day. | Revised Up |
| Civitas merger cost synergy capture | $200 million to $300 million in run-rate synergies | Dec 2025 | we have now actioned approximately $355 million of our $375 million run rate synergy target, which we raised last quarter to nearly double the original. | On Track |
2 of SM Energy Co's 28 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Generated $467 million of adjusted free cash flow in Q2 FY26.
- Actioned approximately 95% of the $375 million merger synergy target, ahead of schedule.
- Reduced net debt by $1.1 billion during the quarter, ending with $6.25 billion.
- Lowered full-year recurring G&A guidance by approximately $50 million at the midpoint.
- Closed the Galvan divestiture, substantially achieving the $1 billion divestiture target.
Qualified
Price
$37.52 −1.83% · −$0.7
Performance +66.2% 1Y
1Y: $22.58 on 14 Oct 2025 → $37.52. High $41.29 (15 Sept 2026), low $17.57 (7 Jan 2026).
- Previous close
- $38.22
- 52-week range
- $17.57 – $41.29
- One year
- +69.70%
Overview
- Symbol
- SM
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Commencement of post-merger share buybacks | Begin repurchasing shares in Q2 FY26 | Mar 2026 | we also repurchased $84 million of shares this quarter under our capital return framework. | Achieved |
| Second-half FY2026 production run rate | 420,000 to 430,000 BOE/day at 55% oil | Dec 2025 | We are raising our second half production outlook to a range of 435,000 to 440,000 barrels of oil equivalent per day with oil at approximately 238,000 barrels per day. | Revised Up |
| Civitas merger cost synergy capture | $200 million to $300 million in run-rate synergies | Dec 2025 | we have now actioned approximately $355 million of our $375 million run rate synergy target, which we raised last quarter to nearly double the original. | On Track |
Claimed
- Generated $467 million of adjusted free cash flow in Q2 FY26.
- Actioned approximately 95% of the $375 million merger synergy target, ahead of schedule.
- Reduced net debt by $1.1 billion during the quarter, ending with $6.25 billion.
- Lowered full-year recurring G&A guidance by approximately $50 million at the midpoint.
- Closed the Galvan divestiture, substantially achieving the $1 billion divestiture target.
Qualified
The full ledger
Open SM Energy Co’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
SM Energy Q1 FY26 — Strong Integration and Raised Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
SM Energy Q4 FY25 — Strong Financials, Civitas Integration, and Enhanced Shareholder Returns
Read the full callEvery analysed call
SM Energy earnings calls (SM)
Financials
What the filings say
Net profit, year on year: +430% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 644 | 852 | 845 | 793 | 812 | 705 | 1,479 | 2,500 |
| Expenses | 313 | 565 | 568 | 498 | 565 | 523 | 1,777 | 1,004 |
| Operating profit | 331 | 287 | 276 | 295 | 246 | 182 | -298 | 1,496 |
| Operating margin | 51.4% | 33.7% | 32.7% | 37.2% | 30.4% | 25.9% | −20.1% | 59.8% |
| Interest | 51 | 46 | 44 | 43 | 43 | 43 | 113 | 111 |
| Profit before tax | 298 | 241 | 232 | 253 | 204 | 141 | -410 | 1,389 |
| Tax rate | 19.2% | 22.0% | 21.6% | 20.2% | 24.1% | 22.8% | 18.3% | 22.9% |
| Net profit | 241 | 188 | 182 | 202 | 155 | 109 | -335 | 1,071 |
| EPS ($ per share) | 2.10 | — | 1.59 | 1.76 | 1.35 | — | -1.68 | 4.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,166 | 968 | 201 | 235 | 1,309 | 2,052 | 2,735 | 3,291 |
| Total liabilities | 3,433 | 3,543 | 2,960 | 3,171 | 2,631 | 2,764 | 4,340 | 4,443 |
| Fixed assets | 5,831 | 5,954 | 4,702 | 4,576 | 4,883 | 5,376 | 7,993 | 8,202 |
| Total assets | 6,353 | 6,292 | 4,976 | 5,234 | 5,716 | 6,380 | 8,577 | 9,253 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 721 | 824 | 791 | 1,160 | 1,686 | 1,574 | 1,783 | 2,011 |
| Cash from investing | -588 | -1,013 | -556 | -667 | -880 | -1,099 | -3,407 | -1,468 |
| Cash from financing | -369 | 112 | -235 | -160 | -694 | -305 | 1,008 | -175 |
| Net cash flow | -236 | -78 | 0 | 333 | 112 | 171 | -616 | 368 |
| Capital expenditure | -1,303 | -1,024 | -548 | -675 | -880 | -989 | -1,311 | -1,438 |
| Free cash flow | -583 | -200 | 243 | 485 | 806 | 585 | 472 | 573 |
SM revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| EP | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +215.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Production | 371K boe/dProduction was above expectations at 371,000 barrels of oil equivalent per day, with oil at 190,000 barrels per day.Source: earnings call transcript | ~440K boe/dOn Execute, production averaged approximately 440,000 barrels of oil equivalent per day within our guidance range and building into the second half of 2026, pro forma for the divestiture of our Galvan assets in South Texas.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Permian Basin 51%
- DJ Basin 27%
- Uinta Basin 13%
- South Texas 8% ↓ 28 pt
As SM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
51 filings between Dec 31, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.62M
3 sales by 3 insiders
Compensation
not trading decisions- 10
- Award — granted as compensation
- 15
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 other filings, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PERU RAMIRO G | — | $834.3K | May 21, 2026 |
| Lebeck James Barker | — | $647.9K | Aug 21, 2026 |
| Venkatraman Ashwin | — | $139.7K | Sep 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Venkatraman Ashwin Director | Sale | 3,650 | $139.7K |
| Aug 21, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Sale | 17,500 | $647.9K |
| Aug 21, 2026 | PURSELL A WADE EVP & CFO | Gift | 5,000 | $0 |
| Jul 24, 2026 | PURSELL A WADE EVP & CFO | Option exercise | 16,917 | — |
| Jul 24, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Tax withheld | 3,291 | $85.9K |
| Jul 24, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Option exercise | 7,520 | — |
| Jul 24, 2026 | PURSELL A WADE EVP & CFO | Tax withheld | 7,403 | $193.2K |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Tax withheld | 4,176 | $109.0K |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Tax withheld | 3,705 | $96.7K |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Tax withheld | 2,673 | $69.8K |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Option exercise | 9,543 | — |
| Jul 1, 2026 | McDonald Elizabeth Anne President & CEO | Tax withheld | 4,240 | $110.7K |
| Jul 1, 2026 | McDonald Elizabeth Anne President & CEO | Tax withheld | 6,440 | $168.1K |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Option exercise | 16,000 | — |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Option exercise | 11,855 | — |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Option exercise | 1,919 | — |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Option exercise | 630 | — |
| Jul 1, 2026 | McKenna Blake Douglas EVP and COO | Tax withheld | 1,196 | $31.2K |
| Jul 1, 2026 | McKenna Blake Douglas EVP and COO | Option exercise | 4,160 | — |
| Jul 1, 2026 | McDonald Elizabeth Anne President & CEO | Option exercise | 9,690 | — |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Tax withheld | 264 | $6.9K |
| Jul 1, 2026 | PURSELL A WADE EVP & CFO | Tax withheld | 5,800 | $151.4K |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Tax withheld | 802 | $20.9K |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Option exercise | 10,880 | — |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Option exercise | 6,108 | — |
| Jul 1, 2026 | McDonald Elizabeth Anne President & CEO | Option exercise | 14,720 | — |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Option exercise | 948 | — |
| Jul 1, 2026 | Bennett Alan D Vice President - Controller | Tax withheld | 396 | $10.3K |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Option exercise | 5,269 | — |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Tax withheld | 2,306 | $60.2K |
| Jul 1, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Tax withheld | 4,761 | $124.3K |
| Jun 30, 2026 | Lebeck James Barker EVP, GC & Corp Secretary | Other | 622 | $9.9K |
| Jun 30, 2026 | McDonald Elizabeth Anne President & CEO | Other | 1,309 | $20.8K |
| Jun 30, 2026 | PURSELL A WADE EVP & CFO | Other | 190 | $3.0K |
| Jun 22, 2026 | Helms Lloyd W Jr Director | Award | 9,024 | $0 |
| Jun 22, 2026 | Willard Howard A. Director | Award | 9,024 | $0 |
| Jun 22, 2026 | Venkatraman Ashwin Director | Award | 6,166 | $0 |
| Jun 22, 2026 | PERU RAMIRO G Director | Award | 6,166 | $0 |
| Jun 22, 2026 | BROOKMAN BARTON R JR Director | Award | 9,024 | $0 |
| Jun 22, 2026 | Clark Morris R Director | Award | 6,166 | $0 |
| Jun 22, 2026 | Quintana Julio M Director | Award | 10,377 | $0 |
| Jun 22, 2026 | Fox Carrie M Director | Award | 9,024 | $0 |
| Jun 22, 2026 | van Kempen Wouter T. Director | Award | 6,166 | $0 |
| Jun 22, 2026 | ROBESON ROSE M Director | Award | 6,166 | $0 |
| May 21, 2026 | PERU RAMIRO G Director | Sale | 24,553 | $834.3K |
| Mar 12, 2026 | PURSELL A WADE EVP & CFO | Gift | 7,500 | $0 |
| Feb 5, 2026 | van Kempen Wouter T. Director | Tax withheld | 75,217 | $1.42M |
| Jan 23, 2026 | Lebeck James Barker EVP Corp Development & GC | Option exercise | 14,698 | — |
| Jan 23, 2026 | Lebeck James Barker EVP Corp Development & GC | Tax withheld | 6,791 | $127.3K |
| Dec 31, 2025 | McDonald Elizabeth Anne President & CEO | Other | 912 | $14.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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