Q4 25 EPS
$0.83
BEAT +0.19%
Est. $0.83
Q4 25 Revenue
$705.0M
MISS 7.31%
Est. $760.6M
vs S&P Since Q4 25
+18.3%
BEATING MARKET
SM +26.4% vs S&P +8.0%
Full Year 2025 Results
FY 25 EPS
$5.42
BEAT +0.20%
Est. $5.41
FY 25 Revenue
$3.15B
MISS 2.87%
Est. $3.25B
Market Reaction
Did SM Beat Earnings? Q4 2025 Results
SM Energy delivered a disappointing fourth quarter, missing Wall Street expectations on both the top and bottom lines as lower oil prices weighed on results. The company posted adjusted EPS of $0.83, falling 14.57% short of the $0.97 consensus estima… Read more SM Energy delivered a disappointing fourth quarter, missing Wall Street expectations on both the top and bottom lines as lower oil prices weighed on results. The company posted adjusted EPS of $0.83, falling 14.57% short of the $0.97 consensus estimate, while revenue came in at $705.00 million, trailing the $811.49 million forecast by 13.12% and declining 15.7% year-over-year. The primary culprit was a 16% year-over-year drop in realized oil prices to $58.17 per barrel, a headwind that pressured revenue despite Q4 production of 206.9 MBoe/d arriving in-line with guidance. Against that backdrop, the more consequential story may be forward-looking: SM Energy closed its transformative merger with Civitas Resources in January 2026, creating a larger combined entity with $200 to $300 million in expected synergies, of which roughly $185 million has already been actioned. Looking ahead, the company guides 2026 total production at 146 to 153 MMBoe with capital expenditures of $2.65 to $2.85 billion, while analysts, despite trimming price targets, broadly remain constructive on the stock given its 54% oil mix and hedging profile.
Key Takeaways
- • Record net production of 75.5 MMBoe (206.8 MBoe/d), up 21% year-over-year
- • Record operating cash flow of $2.01 billion and record adjusted EBITDAX of $2.26 billion, 13% higher than 2024
- • Resilient margins offsetting a 14% decline in benchmark oil price
- • Q4 cash operating costs 13% below guidance mid-point, driven by lower lease operating expenses and ad valorem taxes
- • Adjusted free cash flow increased 28% year-over-year to $620 million
- • Net debt reduced by $437 million, improving leverage to 1.05x net debt-to-adjusted EBITDAX
SM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“SM Energy enters its next chapter as a century‑strong, future‑ready company. In 2025, we delivered record cash flow from operations and record net production. We've built great momentum for 2026 with expanded scale and a clear strategic plan to create differentiating value. We're rapidly integrating the combined business and unlocking meaningful synergies. With our recently announced $950 million South Texas asset divestiture at an accretive valuation, we are well on our way to achieving our $1.0 billion divestiture target to bolster the balance sheet and enhance return of capital.”
— Beth McDonald, Q4 2025 Earnings Press Release
SM Earnings Trends
SM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SM EPS Trend
Earnings per share: estimate vs actual
SM Revenue Trend
Quarterly revenue: estimate vs actual
SM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.13 | $1.55 | +37.75% | $1.48B | +3.89% |
| Q4 25 BEAT FY | $0.83 | $0.83 | +0.19% | $705.0M | -7.31% |
| FY Full Year | $5.41 | $5.42 | +0.20% | $3.15B | -2.87% |
| Q3 25 BEAT | $1.25 | $1.33 | +6.20% | $811.6M | -2.14% |
| Q2 25 BEAT | $1.25 | $1.50 | +19.81% | $785.1M | +0.20% |
| Q1 25 BEAT | $1.62 | $1.76 | +8.80% | $844.5M | +2.52% |