About SM Energy Company Common Stock Company overview from Wikipedia

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

SM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$35.91

Market Cap

$8.61B

P/E (TTM)

13.3

EPS (TTM)

$5.64

Revenue (TTM)

$3.15B

Div Yield

1.1%

ROE

13.8%

Debt/Equity

—

52W Range

$17 – $36

SM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $3.15B

2016-12-31 → 2025-12-31

EPS $5.64

2016-12-31 → 2025-12-31

Free Cash Flow —

Margins 20.5%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

SM

Peer Median

P/E (TTM)

13.3

14.8

P/S (TTM)

2.7

1.8

P/B

1.8

1.1

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

SM

Peer Median

Operating Margin

31.7%

—

Net Profit Margin

20.5%

13.5%

ROA

7.3%

5.0%

ROE

13.8%

10.0%

ROIC

16.2%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

SM

Peer Median

Current Ratio

0.7

Quick Ratio

0.6

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

SM

Peer Median

Revenue YoY

17.2%

—

Revenue CAGR 3Y

-2.1%

—

Revenue CAGR 5Y

22.9%

—

EPS YoY

-15.4%

—

Net Income YoY

-15.8%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

SM

Peer Median

EPS (Diluted)

$5.64

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

SM

Peer Median

Payout Ratio

14.2%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

1.1%

Payout Ratio

14.2%

5Y Div CAGR

—

Ex-date	Amount
June 8, 2026	$0.2200
March 9, 2026	$0.2200
Dec. 26, 2025	$0.2000
Oct. 17, 2025	$0.2000
July 18, 2025	$0.2000
April 17, 2025	$0.2000
Jan. 24, 2025	$0.2000
Oct. 25, 2024	$0.2000
July 19, 2024	$0.1800
April 18, 2024	$0.1800
Jan. 18, 2024	$0.1800
Oct. 23, 2023	$0.1500
July 20, 2023	$0.1500
April 20, 2023	$0.1500
Jan. 19, 2023	$0.1500
Oct. 24, 2022	$0.1500
April 21, 2022	$0.0100
Oct. 22, 2021	$0.0100
April 22, 2021	$0.0100
Oct. 22, 2020	$0.0100

SM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 23 analysts

Strong Buy 4 17.4%
Buy 12 52.2%
Hold 7 30.4%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

15 analysts · 2026-08-19

Median $40.00

Now $35.91

Low $32.00

High $52.00

Median target $40.00 +11.4%

Mean target $40.33 +12.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Beat Rate

62.5%

Avg Surprise

0.13%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$2.19	$1.89	0.30%
March 31, 2026	$1.55	$1.18	0.37%
Dec. 31, 2025	$0.83	$0.87	-0.04%
Sept. 30, 2025	$1.33	$1.33	0.00%
June 30, 2025	$1.50	$1.25	0.25%
March 31, 2025	$1.76	$1.66	0.10%
Sept. 30, 2000	$0.30	$0.30	0.00%
June 30, 2000	$0.25	$0.19	0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
SM	$2.14B	3.3	17.2%	20.5%	13.8%	—
VNOM	—	-80.5	62.0%	-4.9%	-2.2%	—
APA	$8.63B	6.1	—	—	25.2%	—
VNOM	—	-80.5	62.0%	-4.9%	-2.2%	—
AR	$10.63B	17.0	22.0%	12.8%	9.3%	—
RRC	$8.30B	12.9	28.9%	21.1%	15.6%	—
CHRD	$5.26B	125.3	-7.1%	0.91%	0.55%	—
MTDR	$5.27B	7.0	5.5%	20.5%	14.1%	—
MGY	—	75.5	-0.31%	24.8%	16.3%	—
CNX	$5.24B	9.2	76.8%	28.3%	15.0%	—
MUR	$4.46B	43.4	-10.2%	3.8%	2.0%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15

Annual Income Statement data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B	$1.13B	$1.59B	$2.07B	$1.13B	$1.22B	$1.56B	$2.52B
Cost of Revenue	·	·	·	·	·	·	$501M	$487M	$508M	$598M	·	·
SG&A Expense	$161M	$138M	$121M	$115M	$112M	$99M	$133M	$117M	$117M	$125M	$158M	$167M
Operating Expenses	$2.15B	$1.61B	$1.39B	$1.78B	$2.41B	$2.20B	$1.66B	$1.23B	$1.29B	$2.27B	$2.14B	$1.36B
Operating Income	$1.00B	$1.08B	$987M	$1.58B	$209M	$-1.07B	$-70M	$836M	$-164M	$-1.06B	$-579M	$1.17B
Interest Expense	$173M	$141M	$92M	$120M	$160M	$164M	$159M	$161M	$179M	$159M	$128M	$99M
Other Non-op	$0	$-1M	$-1M	$-2M	$-2M	$-4M	$-2M	$3M	$-800.0K	$-2M	$649.0K	$-3M
Pretax Income	$830M	$966M	$914M	$1.40B	$46M	$-957M	$-231M	$652M	$-344M	$-1.20B	$-723M	$1.06B
Income Tax	$182M	$196M	$96M	$284M	$10M	$-192M	$-44M	$143M	$-183M	$-444M	$-275M	$399M
Net Income	$648M	$770M	$818M	$1.11B	$36M	$-765M	$-187M	$508M	$-161M	$-758M	$-448M	$666M
EPS (Basic)	$5.65	$6.71	$6.89	$9.09	$0.30	$-6.72	$-1.66	$4.54	$-1.44	$-9.90	$-6.61	$9.91
EPS (Diluted)	$5.64	$6.67	$6.86	$8.96	$0.29	$-6.72	$-1.66	$4.48	$-1.44	$-9.90	$-6.61	$9.79
Shares (Basic)	115,000,000	115,000,000	119,000,000	122,351,000	119,043,000	113,730,000	112,544,000	111,912,000	111,428,000	76,568,000	67,723,000	67,230,000
Shares (Diluted)	115,000,000	116,000,000	119,000,000	124,084,000	123,690,000	113,730,000	112,544,000	113,502,000	111,428,000	76,568,000	67,723,000	68,044,000
EBITDA	$1.00B	$1.08B	$987M	$1.58B	$209M	$-1.07B	$-70M	$836M	$-168M	$-1.06B	$-579M	$1.17B

Balance Sheet 21

Annual Balance Sheet data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$368M	$0	$616M	$445M	$333M	$10.0K	$10.0K	$78M	$314M	$9M	$18.0K	$120.0K
Receivables	$331M	$361M	$231M	$233M	$247M	$162M	$185M	$168M	$160M	$152M	$134M	$323M
Prepaid Expense	$29M	$25M	$13M	$10M	$9M	$10M	$13M	$9M	$11M	$9M	$17M	$20M
Current Assets	$811M	$435M	$916M	$737M	$613M	$204M	$253M	$429M	$549M	$225M	$519M	$745M
PP&E (Net)	$8.20B	$7.99B	$5.38B	$4.88B	$4.58B	$4.70B	$5.95B	$5.83B	$5.55B	$6.08B	$4.95B	$5.50B
Other Non-current Assets	$234M	$145M	$78M	$72M	$45M	$48M	$65M	$34M	$33M	$20M	$32M	$45M
Total Assets	$9.25B	$8.58B	$6.38B	$5.72B	$5.23B	$4.98B	$6.29B	$6.35B	$6.18B	$6.39B	$5.62B	$6.48B
Accounts Payable	$690M	$83M	$107M	$44M	$25M	$63M	$52M	$56M	$78M	$300M	$303M	$641M
Accrued Liabilities	$167M	$200M	$146M	$126M	$71M	$65M	$97M	$140M	$126M	·	·	·
Current Liabilities	$1.17B	$790M	$634M	$599M	$889M	$584M	$472M	$466M	$559M	$415M	$303M	$785M
Capital Leases	$80M	$43M	$24M	$24M	$19M	$12M	$23M	·	·	·	·	·
Deferred Tax	$724M	$545M	$370M	$281M	$10M	$0	$189M	$223M	$80M	$316M	$758M	$892M
Other Non-current Liabilities	$102M	$75M	$65M	$70M	$68M	$57M	$61M	$43M	$48M	$47M	$53M	$40M
Long-term Debt	·	·	·	·	$2.08B	$2.21B	$2.61B	·	·	·	·	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$681.0K	$675.0K
Retained Earnings	$3.29B	$2.73B	$2.05B	$1.31B	$235M	$201M	$968M	$1.17B	$666M	$794M	$1.56B	$2.01B
Treasury Stock	·	·	·	·	·	·	·	·	·	·	·	$0
AOCI	$1M	$-1M	$-3M	$-4M	$-13M	$-14M	$-11M	$-12M	$-14M	$-15M	$-13M	$-11M
Stockholders' Equity	$4.81B	$4.24B	$3.62B	$3.08B	$2.06B	$2.02B	$2.75B	$2.92B	$2.39B	$2.50B	$1.85B	$2.29B
Liabilities + Equity	$9.25B	$8.58B	$6.38B	$5.72B	$5.23B	$4.98B	$6.29B	$6.35B	$6.18B	$6.39B	$5.62B	$6.48B
Shares Outstanding	114,630,905	114,461,934	115,745,393	121,931,676	121,862,248	114,742,304	112,987,952	112,241,966	111,687,016	111,257,500	68,075,700	67,463,060

Cash Flow 13

Annual Cash Flow data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Stock-based Comp	$29M	$25M	$20M	$19M	$19M	$15M	$24M	$24M	$23M	$27M	$27M	$33M
Deferred Tax	$178M	$175M	$88M	$269M	$10M	$-193M	$-42M	$142M	$-192M	$-449M	$-277M	$398M
Operating Cash Flow	$2.01B	$1.78B	$1.57B	$1.69B	$1.16B	$791M	$824M	$721M	$515M	$553M	$991M	$1.46B
Investing Cash Flow	$-1.47B	$-3.41B	$-1.10B	$-880M	$-667M	$-556M	$-1.01B	$-588M	$-202M	$-1.87B	$-1.14B	$-2.48B
Debt Issued	·	·	·	·	·	·	·	·	·	·	·	$590M
Net Debt Issued	·	·	·	·	·	·	·	·	·	·	·	$590M
Stock Issued	$3M	$3M	$3M	$3M	$3M	$1M	$3M	$3M	$3M	$938M	$5M	$5M
Stock Repurchased	$13M	$86M	$228M	$57M	$0	$0	·	·	·	·	·	·
Net Stock Activity	$-10M	$-83M	$-225M	$-54M	$3M	$1M	$3M	$3M	$3M	$938M	$5M	$5M
Dividends Paid	$92M	$85M	$72M	$20M	$2M	$2M	$11M	$11M	$11M	$8M	$7M	$7M
Financing Cash Flow	$-175M	$1.01B	$-305M	$-694M	$-160M	$-235M	$112M	$-369M	$-12M	$1.33B	$154M	$740M
Net Change in Cash	$368M	$-616M	$171M	$112M	$333M	$0	$-78M	$-236M	$302M	$12M	$-102.0K	$-282M
Taxes Paid	$4M	$27M	$9M	$-11M	$-864.0K	$7M	$6M	$-3M	$-6M	$-5M	$2M	$2M

Profitability 7

Annual Profitability data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	31.7%	40.0%	41.6%	47.0%	8.0%	-94.9%	-4.4%	40.5%	-14.9%	-87.0%	-37.2%	46.2%
Net Margin	20.5%	28.6%	34.4%	33.1%	1.4%	-67.9%	-11.8%	24.6%	-14.2%	-62.2%	-28.8%	26.4%
Pretax Margin	26.3%	35.9%	38.5%	41.6%	1.8%	-84.9%	-14.5%	31.5%	-30.4%	-98.7%	-46.4%	42.2%
EBITDA Margin	31.7%	40.0%	41.6%	47.0%	8.0%	-94.9%	-4.4%	40.5%	-14.9%	-87.0%	-37.2%	46.2%
ROA	7.3%	10.3%	13.5%	20.3%	0.71%	-13.6%	-3.0%	·	-2.6%	-12.6%	-7.4%	11.9%
ROE	13.8%	18.6%	23.3%	37.4%	2.0%	-36.4%	-6.7%	·	-6.6%	-34.8%	-21.6%	34.2%
ROIC	16.2%	20.2%	24.4%	40.8%	8.0%	-42.4%	-2.1%	·	-3.3%	-26.7%	-19.4%	31.9%

Liquidity & Solvency 3

Annual Liquidity & Solvency data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.7	0.6	1.4	1.2	0.7	0.3	0.5	·	1.0	0.5	1.7	0.9
Quick Ratio	0.6	0.5	1.3	1.1	0.7	0.3	0.4	·	0.8	0.4	0.4	0.4
Interest Coverage	5.8	7.6	10.8	13.1	1.3	-6.5	-0.4	5.2	-0.9	-6.7	-4.5	11.8

Efficiency 2

Annual Efficiency data for SM
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.4	0.4	0.4	0.6	0.5	0.2	0.3	·	0.2	0.2	0.3	0.4
Receivables Turnover		9.1	9.1	10.2	14.0	12.8	6.5	9.0	·	7.2	8.5	6.8	7.9

Per Share 6

Annual Per Share data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$41.96	$37.02	$31.24	$25.30	$16.93	$17.57	$24.33	·	$21.44	$22.44	$27.21	$33.89
Revenue / Share	$27.43	$23.29	$19.91	$27.07	$21.21	$9.91	$14.13	$18.21	$10.14	$15.90	$22.99	$37.07
Cash Flow / Share	$17.49	$15.43	$13.20	$13.59	$9.38	$6.95	$7.32	$6.35	$4.63	$7.22	$14.45	$21.41
Cash / Share	$3.21	$0.00	$5.32	$3.65	$2.73	$0.00	$0.00	·	$2.81	$0.08	$0.00	$0.00
Dividend / Share	$1	$1	$1	$0	$0	$0	$0	$0	$0	$0	$0	$0
EPS (TTM)	$5.64	$6.67	$6.86	$8.96	$0.29	$-6.72	$-1.66	$4.48	$-1.44	$-9.90	$-6.61	$9.79

Growth Rates 8

Annual Growth Rates data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	17.2%	13.3%	-29.3%	28.1%	132.8%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-2.1%	0.85%	28.2%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	22.9%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	-15.4%	-2.8%	-23.4%	2989.7%	·	·	·	·	·	·	·	·
EPS CAGR 3Y	-14.3%	184.4%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-15.8%	-5.9%	-26.4%	2969.2%	·	·	·	·	·	·	·	·
Net Income CAGR 3Y	-16.5%	177.0%	·	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	109.6%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 12

Annual Valuation (TTM) data for SM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B	$1.13B	$1.59B	$2.07B	$1.13B	$1.22B	$1.56B	$2.52B
Net Income TTM	$648M	$770M	$818M	$1.11B	$36M	$-765M	$-187M	$508M	$-161M	$-758M	$-448M	$666M
Market Cap	$2.14B	$4.44B	$4.48B	$4.25B	$3.59B	$702M	$1.27B	·	$2.47B	$3.84B	$1.34B	$2.60B
P/E	3.3	5.8	5.6	3.9	101.7	-0.9	-6.8	3.5	-15.3	-3.5	-3.0	3.9
P/S	0.7	1.6	1.9	1.3	1.4	0.6	0.8	·	2.2	3.2	0.9	1.0
P/B	0.4	1.0	1.2	1.4	1.7	0.3	0.5	·	1.0	1.5	0.7	1.1
P / Tangible Book	0.4	1.0	1.2	1.4	1.7	0.3	·	·	·	·	·	·
P / Cash Flow	1.1	2.5	2.8	2.5	3.1	0.9	1.5	·	4.8	6.9	1.4	1.8
Dividend Yield	4.3%	1.9%	1.6%	0.46%	0.07%	0.32%	0.89%	·	0.45%	0.20%	0.51%	0.26%
Earnings Yield	30.2%	17.2%	17.7%	25.7%	0.98%	-109.8%	-14.8%	28.9%	-6.5%	-28.7%	-33.6%	25.4%
Payout Ratio	14.2%	11.0%	8.8%	1.8%	6.6%	-0.30%	-6.0%	2.2%	-6.9%	-1.0%	-1.5%	1.0%
Annual Payout	$92M	$85M	$72M	$20M	$2M	$2M	$11M	$11M	$11M	$8M	$7M	$7M

Income Statement 14

Quarterly Income Statement data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$2.50B	$1.48B	$705M	$812M	$793M	$845M	$852M	$644M	$635M	$560M	$609M	$641M	$551M	$574M	$671M	$835M
SG&A Expense	$79M	$174M	$40M	$39M	$42M	$39M	$42M	$35M	$31M	$30M	$37M	$29M	$28M	$28M	$33M	$28M
Operating Expenses	$1.00B	$1.78B	$523M	$565M	$498M	$568M	$566M	$313M	$355M	$381M	$299M	$445M	$341M	$301M	$329M	$213M
Operating Income	$1.50B	$-298M	$182M	$246M	$295M	$276M	$287M	$331M	$279M	$178M	$310M	$196M	$209M	$272M	$343M	$622M
Interest Expense	$111M	$113M	$43M	$43M	$43M	$44M	$47M	$51M	$22M	$22M	$24M	$23M	$22M	$22M	$23M	$23M
Other Non-op	$4M	$1M	$134.0K	$-80.0K	$0	$0	$-316.0K	$-637.0K	$-23.0K	$-24.0K	$-304.0K	$-233.0K	$-231.0K	$-232.0K	$-539.0K	$-383.0K
Pretax Income	$1.39B	$-410M	$141M	$204M	$253M	$232M	$241M	$298M	$264M	$163M	$292M	$176M	$192M	$254M	$323M	$601M
Income Tax	$318M	$-75M	$32M	$49M	$51M	$50M	$53M	$57M	$54M	$32M	$44M	$-46M	$42M	$56M	$65M	$119M
Net Income	$1.07B	$-335M	$109M	$155M	$202M	$182M	$188M	$241M	$210M	$131M	$247M	$222M	$150M	$199M	$258M	$481M
EPS (Basic)	$4.48	$-1.68	$0.95	$1.35	$1.76	$1.59	$1.65	$2.10	$1.83	$1.13	$2.11	$1.89	$1.26	$1.63	$2.13	$3.91
EPS (Diluted)	$4.46	$-1.68	$0.94	$1.35	$1.76	$1.59	$1.63	$2.09	$1.82	$1.13	$2.11	$1.88	$1.25	$1.62	$2.10	$3.87
Shares (Basic)	239,000,000	199,000,000	-228,861,000	114,826,000	115,000,000	115,000,000	-229,681,000	114,405,000	114,634,000	115,642,000	-239,902,000	117,823,000	119,408,000	121,671,000	-244,661,000	123,195,000
Shares (Diluted)	240,000,000	199,000,000	-229,962,000	115,226,000	115,000,000	115,000,000	-231,164,000	114,993,000	115,715,000	116,456,000	-241,696,000	118,328,000	120,074,000	122,294,000	-248,717,000	124,279,000
EBITDA	$1.50B	$-298M	·	·	$295M	$276M	·	$331M	$279M	$178M	·	$196M	$209M	$272M	·	$622M

Balance Sheet 19

Quarterly Balance Sheet data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$620M	$449M	$368M	$162M	$102M	$54.0K	$0	$1.74B	$488M	$506M	·	$402M	$378M	$478M	·	$498M
Receivables	$989M	$915M	$331M	$368M	$364M	$383M	$361M	$227M	$239M	$242M	·	$265M	$218M	$188M	·	$258M
Prepaid Expense	$146M	$106M	$29M	$34M	$30M	$28M	$25M	$10M	$20M	$11M	·	$11M	$9M	$10M	·	$9M
Current Assets	$1.90B	$1.67B	$811M	$633M	$575M	$472M	$435M	$2.04B	$774M	$793M	·	$703M	$679M	$756M	·	$808M
PP&E (Net)	$16.55B	$17.10B	$8.20B	$8.26B	$8.26B	$8.16B	$7.99B	$5.75B	$5.66B	$5.51B	·	$5.29B	$5.23B	$5.03B	·	$4.75B
Other Non-current Assets	$354M	$345M	$234M	$187M	$153M	$151M	$145M	$115M	$111M	$85M	·	$78M	$70M	$69M	·	$61M
Total Assets	$18.86B	$19.14B	$9.25B	$9.09B	$8.99B	$8.79B	$8.58B	$8.03B	$6.66B	$6.40B	·	$6.08B	$5.99B	$5.87B	·	$5.65B
Accounts Payable	$2.37B	$2.22B	$77M	$674M	$794M	$765M	$83M	$561M	$564M	$496M	·	$540M	$530M	$522M	·	$632M
Accrued Liabilities	·	·	$167M	·	·	·	$200M	·	·	·	·	·	·	·	·	·
Current Liabilities	$3.09B	$4.28B	$1.17B	$1.14B	$838M	$823M	$790M	$581M	$602M	$536M	·	$599M	$564M	$563M	·	$814M
Capital Leases	·	·	$80M	·	·	·	$43M	·	·	·	·	·	·	·	·	·
Deferred Tax	$630M	$315M	$724M	$690M	$590M	$570M	$545M	$467M	$441M	$397M	·	$324M	$375M	$331M	·	$212M
Other Non-current Liabilities	$275M	$461M	$102M	$102M	$102M	$79M	$75M	$85M	$66M	$65M	·	$56M	$61M	$60M	·	$74M
Common Stock	$2M	$2M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·	$1M	$1M	$1M	·	$1M
Retained Earnings	$3.92B	$2.90B	$3.29B	$3.21B	$3.07B	$2.89B	$2.73B	$2.57B	$2.35B	$2.16B	·	$1.83B	$1.62B	$1.49B	·	$1.07B
AOCI	$2M	$1M	$1M	$-1M	$-1M	$-1M	$-1M	$-2M	$-3M	$-3M	·	$-4M	$-4M	$-4M	·	$-12M
Stockholders' Equity	$7.81B	$6.87B	$4.81B	$4.71B	$4.59B	$4.40B	$4.24B	$4.06B	$3.84B	$3.70B	$3.62B	$3.40B	$3.30B	$3.23B	$3.09B	$2.87B
Liabilities + Equity	$18.86B	$19.14B	$9.25B	$9.09B	$8.99B	$8.79B	$8.58B	$8.03B	$6.66B	$6.40B	·	$6.08B	$5.99B	$5.87B	·	$5.65B
Shares Outstanding	237,494,374	239,696,577	114,630,905	114,554,192	114,634,725	114,462,218	114,461,934	114,418,413	114,068,885	115,036,144	115,745,393	116,313,887	118,112,105	120,517,918	121,931,676	122,796,046

Cash Flow 12

Quarterly Cash Flow data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Stock-based Comp	$11M	$25M	$8M	$8M	$6M	$7M	$8M	$7M	$6M	$5M	$5M	$6M	$4M	$4M	$5M	$5M
Deferred Tax	$316M	$-85M	$33M	$76M	$43M	$26M	$58M	$46M	$44M	$27M	$45M	$-51M	$44M	$50M	$66M	$110M
Restructuring	$25M	$97M	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$1.10B	$640M	$452M	$505M	$571M	$483M	$578M	$452M	$476M	$276M	$476M	$383M	$383M	$332M	$288M	$513M
Investing Cash Flow	$143M	$-628M	$-224M	$-405M	$-410M	$-429M	$-2.45B	$-303M	$-323M	$-332M	$-224M	$-237M	$-398M	$-240M	$-288M	$-227M
Stock Issued	·	·	$1M	$0	·	·	$1M	$0	·	·	$1M	$0	·	·	$1M	$0
Stock Repurchased	·	·	$224.0K	$12M	$648.0K	$0	$2M	$0	$51M	$33M	$23M	$96M	$69M	$40M	$37M	$20M
Net Stock Activity	·	·	·	·	·	$0	·	·	·	$-33M	·	·	·	$-40M	·	·
Dividends Paid	$53M	$82M	$23M	$23M	$23M	$23M	$23M	$21M	$21M	$21M	$18M	$18M	$18M	$18M	$18M	$0
Financing Cash Flow	$-1.07B	$69M	$-22M	$-40M	$-59M	$-54M	$34M	$1.10B	$-70M	$-54M	$-40M	$-122M	$-85M	$-58M	$-54M	$-55M
Net Change in Cash	$171M	$81M	$206M	$60M	$102M	$0	$-1.84B	$1.25B	$84M	$-110M	$214M	$24M	$-100M	$33M	$-53M	$231M
Taxes Paid	·	·	$10M	$-1M	$-5M	$84.0K	$35M	$-194.0K	$-11M	$3M	$15M	$-39.0K	$-6M	$-50.0K	$-70.0K	$-4.0K

Profitability 7

Quarterly Profitability data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	59.8%	-20.2%	·	·	37.2%	32.7%	·	51.4%	44.0%	31.9%	·	30.5%	38.0%	47.4%	·	74.5%
Net Margin	42.8%	-22.7%	·	·	25.4%	21.6%	·	37.4%	33.1%	23.4%	·	34.7%	27.2%	34.6%	·	57.6%
Pretax Margin	55.6%	-27.7%	·	·	31.8%	27.5%	·	46.2%	41.6%	29.2%	·	27.5%	34.9%	44.3%	·	71.9%
EBITDA Margin	59.8%	-20.2%	·	·	37.2%	32.7%	·	51.4%	44.0%	31.9%	·	30.5%	38.0%	47.4%	·	74.5%
ROA	7.7%	-2.4%	·	·	2.6%	2.4%	·	3.4%	3.3%	2.1%	·	3.8%	2.6%	3.5%	·	9.0%
ROE	17.3%	-5.9%	·	·	4.8%	4.5%	·	6.4%	5.9%	3.8%	·	7.1%	5.2%	7.4%	·	21.4%
ROIC	14.8%	-3.5%	·	·	5.1%	4.9%	·	6.6%	5.8%	3.9%	·	7.2%	5.0%	6.6%	·	17.4%

Liquidity & Solvency 3

Quarterly Liquidity & Solvency data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	0.6	0.4	·	·	0.7	0.6	·	3.5	1.3	1.5	·	1.2	1.2	1.3	·	1.0
Quick Ratio	0.5	0.3	·	·	0.6	0.5	·	3.4	1.2	1.4	·	1.1	1.1	1.2	·	0.9
Interest Coverage	13.5	-2.6	·	·	6.9	6.2	·	6.5	12.8	8.2	·	8.5	9.5	12.1	·	27.3

Efficiency 2

Quarterly Efficiency data for SM
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.2	0.1	·	·	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.2
Receivables Turnover		3.7	2.3	·	·	2.6	2.7	·	2.6	2.8	2.6	·	2.5	2.0	2.3	·	3.2

Per Share 7

Quarterly Per Share data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$32.90	$28.65	·	·	$40.04	$38.47	·	$35.50	$33.70	$32.15	·	$29.27	$27.93	$26.80	·	$23.35
Revenue / Share	$10.42	$7.43	·	·	$6.91	$7.35	·	$5.60	$5.48	$4.81	·	$5.42	$4.59	$4.69	·	$6.72
Cash Flow / Share	·	$3.22	·	·	·	$4.20	·	·	·	$2.37	·	·	·	$2.71	·	·
Cash / Share	$2.61	$1.87	·	·	$0.89	$0.00	·	$15.17	$4.28	$4.40	·	$3.46	$3.20	$3.97	·	$4.06
Dividend / Share	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Dividend Paid / Share	$0	$0	·	·	·	·	·	·	·	·	·	·	·	·	·	·
EPS (TTM)	$5.89	$3.02	·	$6.79	$7.26	$6.63	·	$6.92	$6.08	$5.88	·	$8.62	$9.34	$8.48	·	$7.55

Valuation (TTM) 10

Quarterly Valuation (TTM) data for SM
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$5.58B	$3.93B	·	$3.09B	$2.92B	$2.68B	·	$2.48B	$2.39B	$2.33B	·	$2.60B	$2.95B	$3.26B	·	$3.45B
Net Income TTM	$1.09B	$204M	·	$780M	$835M	$764M	·	$804M	$714M	$702M	·	$1.05B	$1.15B	$1.05B	·	$939M
Market Cap	$6.20B	$7.47B	·	·	$2.83B	$3.43B	·	$4.57B	$4.93B	$5.73B	·	$4.61B	$3.74B	$3.39B	·	$4.62B
P/E	4.4	10.3	·	3.7	3.4	4.5	·	5.8	7.1	8.5	·	4.6	3.4	3.3	·	5.0
P/S	1.1	1.9	·	·	1.0	1.3	·	1.8	2.1	2.5	·	1.8	1.3	1.0	·	1.3
P/B	0.8	1.1	·	·	0.6	0.8	·	1.1	1.3	1.6	·	1.4	1.1	1.1	·	1.6
P / Tangible Book	0.8	1.1	·	0.6	0.6	0.8	·	1.1	1.3	1.6	·	1.4	1.1	1.1	·	1.6
P / Cash Flow	·	11.7	·	·	·	7.1	·	·	·	20.8	·	·	·	10.2	·	·
Earnings Yield	22.6%	9.7%	·	27.2%	29.4%	22.1%	·	17.3%	14.1%	11.8%	·	21.7%	29.5%	30.1%	·	20.1%
Payout Ratio	·	-24.5%	·	·	·	12.6%	·	·	·	15.9%	·	·	·	9.2%	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$3.15B	$2.69B	$2.37B	$3.36B	$2.62B
Operating Margin %	31.7%	40.0%	41.6%	47.0%	8.0%
Net Income	$648M	$770M	$818M	$1.11B	$36M
Diluted EPS	$5.64	$6.67	$6.86	$8.96	$0.29

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	0.7	0.6	1.4	1.2	0.7
Quick Ratio	0.6	0.5	1.3	1.1	0.7

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Institutional owners (13F) 545 filers · $4.3B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
84 (-142 vs prior Q)	80 (+31 vs prior Q)	189 (-14 vs prior Q)	157 (+88 vs prior Q)	+27.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD PORTFOLIO MANAGEMENT LLC	$402,603,540	15,425,423	9.46%	Shares
CANADA PENSION PLAN INVESTMENT BOARD	$378,287,945	14,493,791	8.89%	Shares
ARISTEIA CAPITAL, L.L.C.	$339,316,939	13,000,649	7.97%	Shares
STATE STREET CORP	$305,527,838	11,705,860	7.18%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$278,156,966	10,657,355	6.53%	Shares
AMERICAN CENTURY COMPANIES INC	$233,221,326	8,935,683	5.48%	Shares
DIMENSIONAL FUND ADVISORS LP	$201,823,940	7,732,718	4.74%	Shares
DONALD SMITH & CO., INC.	$199,602,203	7,647,594	4.69%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$140,828,711	5,394,304	3.31%	Shares
MILLENNIUM MANAGEMENT LLC	$117,279,645	4,493,473	2.76%	Shares
MACKENZIE FINANCIAL CORP	$95,894,897	3,674,134	2.25%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$75,509,988	2,893,103	1.77%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$70,890,000	2,716,076	1.67%	Shares
FULLER & THALER ASSET MANAGEMENT, INC.	$59,514,816	2,280,261	1.40%	Shares
Webs Creek Capital Management LP	$53,257,807	2,040,529	1.25%	Shares
Qube Research & Technologies Ltd	$44,154,518	1,691,744	1.04%	Shares
VANGUARD FIDUCIARY TRUST CO	$40,027,430	1,533,618	0.94%	Shares
FEARNLEY ASSET MANAGEMENT AS	$39,059,616	1,496,537	0.92%	Shares
Encompass Capital Advisors LLC	$37,794,392	1,448,061	0.89%	Shares
GOLDMAN SACHS GROUP INC	$35,544,885	1,361,873	0.84%	Shares
Gotham Asset Management, LLC	$30,976,863	1,186,853	0.73%	Shares
VICTORY CAPITAL MANAGEMENT INC	$28,592,211	1,095,487	0.67%	Shares
TUDOR INVESTMENT CORP ET AL	$28,331,628	1,085,503	0.67%	Shares
Fisher Asset Management, LLC	$25,756,854	986,852	0.61%	Shares
FIRST TRUST ADVISORS LP	$23,963,334	918,135	0.56%	Shares
AMERIPRISE FINANCIAL INC	$22,637,306	867,339	0.53%	Shares
Boston Partners	$22,183,935	828,428	0.52%	Shares
Balyasny Asset Management L.P.	$21,911,968	839,539	0.51%	Shares
Public Sector Pension Investment Board	$20,422,571	782,474	0.48%	Shares
AEGIS FINANCIAL CORP	$20,328,011	778,851	0.48%	Shares
KENNEDY CAPITAL MANAGEMENT LLC	$17,796,990	681,877	0.42%	Shares
Corigliano Investment Advisers, LLC	$17,460,800	560,000	0.41%	Shares
CAPITAL FUND MANAGEMENT S.A.	$17,393,379	666,413	0.41%	Shares
LAZARD ASSET MANAGEMENT LLC	$17,298,193	662,766	0.41%	Shares
RHUMBLINE ADVISERS	$17,105,186	655,372	0.40%	Shares
Sagefield Capital LP	$16,528,817	633,288	0.39%	Shares
Grantham, Mayo, Van Otterloo & Co. LLC	$15,539,966	595,401	0.37%	Shares
Universal- Beteiligungs- und Servicegesellschaft mbH	$14,832,655	568,301	0.35%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$14,020,920	537,200	0.33%	Call option
Susquehanna Portfolio Strategies, LLC	$13,992,836	536,124	0.33%	Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	$13,514,423	517,794	0.32%	Shares
Goehring & Rozencwajg Associates, LLC	$13,399,897	513,406	0.31%	Shares
GLENMEDE TRUST CO NA	$13,210,723	506,158	0.31%	Shares
WHITEBOX ADVISORS LLC	$12,961,286	496,601	0.30%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$12,769,686	489,260	0.30%	Shares
Pekin Hardy Strauss, Inc.	$12,659,351	485,033	0.30%	Shares
Swiss National Bank	$12,557,571	481,133	0.30%	Shares
JANE STREET GROUP, LLC	$12,262,824	469,840	0.29%	Call option
BANK OF AMERICA CORP /DE/	$12,064,516	462,242	0.28%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$11,136,870	426,700	0.26%	Put option
PALISADE CAPITAL MANAGEMENT, LP	$11,016,732	422,097	0.26%	Shares
Leeward Investments, LLC - MA	$10,870,206	416,483	0.26%	Shares
Glenmede Investment Management, LP	$10,690,256	428,124	0.25%	Shares
PANAGORA ASSET MANAGEMENT INC	$10,569,665	404,968	0.25%	Shares
WELLS FARGO & COMPANY/MN	$10,440,000	400,000	0.25%	Call option
California Public Employees Retirement System	$10,331,476	395,842	0.24%	Shares
BlackRock, Inc.	$10,197,949	390,726	0.24%	Shares
FMR LLC	$9,766,020	374,177	0.23%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$9,657,000	370,000	0.23%	Shares
Legal & General Group Plc	$9,148,102	350,502	0.21%	Shares
ROYCE & ASSOCIATES LP	$9,081,338	347,944	0.21%	Shares
ALLIANCEBERNSTEIN L.P.	$8,957,422	287,281	0.21%	Shares
JANE STREET GROUP, LLC	$8,758,768	335,585	0.21%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$8,494,062	325,443	0.20%	Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$7,806,880	250,381	0.18%	Shares
CITADEL ADVISORS LLC	$7,629,552	292,320	0.18%	Shares
JANE STREET GROUP, LLC	$7,574,090	290,195	0.18%	Put option
PRUDENTIAL FINANCIAL INC	$7,517,139	288,013	0.18%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$6,971,702	267,115	0.16%	Shares
Bridgewater Associates, LP	$6,916,996	265,019	0.16%	Shares
Foundry Partners, LLC	$6,533,592	218,150	0.15%	Shares
Trexquant Investment LP	$6,361,823	243,748	0.15%	Shares
Truffle Hound Capital, LLC	$6,264,000	240,000	0.15%	Shares
Alyeska Investment Group, L.P.	$6,021,740	230,718	0.14%	Shares
PLUSTICK MANAGEMENT LLC	$5,872,500	225,000	0.14%	Shares
READYSTATE ASSET MANAGEMENT LP	$5,817,168	222,880	0.14%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$5,407,581	207,187	0.13%	Shares
Horizon Investments, LLC	$5,336,876	204,478	0.13%	Shares
SEGALL BRYANT & HAMILL, LLC	$5,293,237	202,806	0.12%	Shares
Quantinno Capital Management LP	$5,252,816	201,257	0.12%	Shares
Turtle Creek Wealth Advisors, LLC	$4,984,030	190,959	0.12%	Shares
SIR Capital Management, L.P.	$4,773,690	182,900	0.11%	Shares
CITADEL ADVISORS LLC	$4,739,369	181,585	0.11%	Put option
Quantbot Technologies LP	$4,666,680	178,800	0.11%	Shares
Squarepoint Ops LLC	$4,614,480	176,800	0.11%	Call option
Steward Partners Investment Advisory, LLC	$4,329,716	165,890	0.10%	Shares
Moody Aldrich Partners LLC	$4,165,847	159,611	0.10%	Shares
CoreCommodity Management, LLC	$3,988,132	152,802	0.09%	Shares
PEAK6 LLC	$3,915,000	150,000	0.09%	Call option
JANUS HENDERSON GROUP PLC	$3,882,062	124,445	0.09%	Shares
RAYMOND JAMES FINANCIAL INC	$3,878,338	148,595	0.09%	Shares
Vanguard Global Advisers, LLC	$3,813,523	146,112	0.09%	Shares
Corient Private Wealth LP	$3,762,318	144,150	0.09%	Shares
MetLife Investment Management, LLC	$3,705,365	141,968	0.09%	Shares
Squarepoint Ops LLC	$3,635,730	139,300	0.09%	Put option
XTX Topco Ltd	$3,627,717	138,993	0.09%	Shares
Aventail Capital Group, LP	$3,605,245	138,132	0.08%	Shares
Congress Wealth Management LLC / DE /	$3,523,736	142,602	0.08%	Shares
State of Tennessee, Department of Treasury	$3,489,831	133,710	0.08%	Shares
ALGERT GLOBAL LLC	$3,480,226	133,342	0.08%	Shares

Company insiders 57 insiders · 32 officers · 26 directors

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Elizabeth Anne Mcdonald	President & CEO	July 24, 2026 A	21,401	0	$0
Herbert S Vogel	President & CEO	July 25, 2025 A	536,077	0	$0
Javan D Ottoson	President & CEO	July 1, 2020 M	376,560	0	$0
Anthony James Best	Chief Executive Officer	Aug. 11, 2014 A	205,161	0	$0
Mark A Hellerstein	CEO & President	June 2, 2008 G	72,555	0	$0
Wade A Pursell	EVP & CFO	July 24, 2026 A	431,531	0	$0
Blake Douglas Mckenna	EVP and COO	July 24, 2026 A	2,964	0	$0
Douglas W York	Executive VP & COO	Feb. 28, 2006 A	12,496	0	$0
Alan D Bennett	Vice President - Controller	July 24, 2026 A	3,686	0	$0
James Barker Lebeck	EVP, GC & Corp Secretary	July 24, 2026 A	32,205	0	$0
Richard A. Jenkins	Senior Vice President - Utah	July 25, 2025 A	27,925	0	$0
Patrick A Lytle	Senior VP - Finance	July 25, 2025 A	12,796	0	$0
Kenneth J. Knott	SVP - Bus Dev & Land	July 25, 2025 A	134,235	0	$0
Mary Ellen Lutey	SVP - Expl., Development & EHS	Aug. 20, 2024 G	123,831	0	$0
Julie Gray	Vice President Marketing	July 26, 2024 A	34,869	0	$0
David W Copeland	EVP & General Counsel	Sept. 9, 2022 S	228,543	0	$0
David J. Whitcomb	VP - Marketing	Sept. 1, 2022 F	60,861	0	$0
Lehman E Newton III	SVP - Operations	Sept. 1, 2022 F	158,551	0	$0
Mark T Solomon	VP, Controller & Asst. Sec.	July 30, 2018 A	18,854	0	$0
Mark D Mueller	Sr. VP & Regional Manager	Aug. 29, 2016 A	54,261	0	$0
Gregory T Leyendecker	Sr. VP & Regional Manager	July 1, 2015 M	49,413	0	$0
Dennis A. Zubieta	VP-Engineering, Eval & A&D	Aug. 11, 2014 A	47,811	0	$0
Paul M Veatch	Sr. VP & Regional Manager	Aug. 1, 2012 M	22,936	0	$0
Stephen C Pugh	Sr. VP & Regional Manager	Aug. 1, 2011 M	10,936	0	$0
John R Monark	VP - Human Resources	Dec. 31, 2010 J	2,758	0	$0
Milam Randolph Pharo	Sr. VP & General Counsel	Dec. 15, 2010 M	35,166	0	$0
Jerold M Hertzler	VP- Business Development	June 30, 2008 J	10,686	0	$0
Garry A Wilkening	VP-HR & Administration	June 30, 2008 J	3,393	0	$0
William D Hart	VP-General Manager-ArkLaTex	July 2, 2007 M	13,878	0	$0
Jerry R Schuyler	Sr. VP & Regional Manager	Feb. 28, 2007 A	1,718	0	$0
Robert T Hanley	Vice President	April 19, 2006 M	130,019	0	$0
Kevin E Wilson	Senior Vice President	Feb. 28, 2006 A	2,292	0	$0
Ashwin Venkatraman	Director	June 22, 2026 A	16,175	0	$0
Carrie M Fox	Director	June 22, 2026 A	98,046	0	$0
Morris R Clark	Director	June 22, 2026 A	68,978	0	$0
Lloyd W Helms Jr	Director	June 22, 2026 A	26,564	0	$0
Wouter T. Van Kempen	Director	June 22, 2026 A	141,551	0	$0
Howard A. Willard	Director	June 22, 2026 A	81,986	0	$0
Julio M Quintana	Director	June 22, 2026 A	120,191	0	$0
Rose M Robeson	Director	June 22, 2026 A	47,529	0	$0
Barton R Brookman JR	Director	June 22, 2026 A	35,771	0	$0
Ramiro G Peru	Director	June 22, 2026 A	72,130	1	$-834,311
Carla Jean Bailo	Director	June 10, 2025 A	106,830	0	$0
Anita M. Powers	Director	June 10, 2025 A	33,890	0	$0
William D Sullivan	Director	June 10, 2025 A	105,088	0	$0
Stephen R Brand	Director	June 21, 2024 A	103,341	0	$0
Loren M Leiker	Director	June 9, 2020 A	105,261	0	$0
Larry W Bickle	Director	June 9, 2020 A	206,067	0	$0
William J Gardiner	Director	May 20, 2015 A	61,097	0	$0
John M Seidl	Director	March 2, 2015 S	3,010	0	$0
Barbara M Baumann	Director	Aug. 2, 2013 M	39,674	0	$0
Thomas E Congdon	Director	May 18, 2006 A	33,113	0	$0
Ronald D Boone	Director	Dec. 31, 2004 A	100	0	$0
Arend J Sandbulte	Director	March 22, 2004 M	22,766	0	$0
David Honeyfield	—	March 17, 2008 F	13,303	0	$0
Robert L Nance	—	Dec. 31, 2007 J	735,620	0	$0
FLYING J OIL & GAS INC	—	Feb. 9, 2004 J	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
EnCap Energy Capital Fund IX, L.P., EnCap Partners GP, LLC ×2 filings	Aug. 7, 2020	—	Initial filing	—	SEC
Undisclosed reporting person, Undisclosed reporting person	Feb. 25, 2004	—	Initial filing	—	SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person	April 2, 2003	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 111 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
PSCE · Invesco Exchange-Traded Fund Trust …	6.45%	219,248 SH	Aug. 8, 2026	Daily
EPHE · iShares Trust	4.51%	684,776 SH	Aug. 8, 2026	Daily
NEWZ · EA Series Trust	4.03%	24,641 NS	April 30, 2026	N-PORT
LNGX · Global X Funds	3.01%	56,187 NS	May 31, 2026	N-PORT
PXE · Invesco Exchange-Traded Fund Trust	2.45%	67,889 SH	Aug. 8, 2026	Daily
MVFD · Northern Lights Fund Trust IV	2.32%	82,013 NS	May 31, 2026	N-PORT
GUSH · Direxion Shares ETF Trust	2.08%	199,146 NS	April 30, 2026	N-PORT
BSJS · Invesco Exchange-Traded Self-Indexe…	1.58%	11,026,000	Aug. 8, 2026	Daily
MYLD · Cambria ETF Trust	1.50%	14,306 NS	April 30, 2026	N-PORT
RNIN · EA Series Trust	1.17%	57,684 NS	April 30, 2026	N-PORT
IEO · iShares Trust	1.13%	213,711 SH	Aug. 8, 2026	Daily
VRAI · ETFis Series Trust I	1.09%	6,482 NS	April 30, 2026	N-PORT
CCNR · Financial Investors Trust	1.02%	130,112 NS	April 30, 2026	N-PORT
RZV · Invesco Exchange-Traded Fund Trust	0.96%	102,475 SH	Aug. 8, 2026	Daily
CVY · Invesco Exchange-Traded Fund Trust	0.87%	37,333 SH	Aug. 8, 2026	Daily
AVUV · AMERICAN CENTURY ETF TRUST	0.86%	7,601,696 NS	May 31, 2026	N-PORT
ROE · EA Series Trust	0.83%	70,556 NS	May 29, 2026	N-PORT
EBIT · Harbor ETF Trust	0.80%	2,951 NS	April 30, 2026	N-PORT
IJS · iShares Trust	0.70%	2,028,125 SH	Aug. 8, 2026	Daily
FNK · First Trust Exchange-Traded AlphaDE…	0.70%	48,877 NS	April 30, 2026	N-PORT
VIOV · VANGUARD ADMIRAL FUNDS	0.64%	483,294 SH	Aug. 8, 2026	Daily
BSJR · Invesco Exchange-Traded Self-Indexe…	0.59%	5,217,000	Aug. 8, 2026	Daily
CAFG · Pacer Funds Trust	0.54%	3,980 NS	April 30, 2026	N-PORT
AUSF · Global X Funds	0.53%	145,072 NS	May 31, 2026	N-PORT
OASC · Unified Series Trust	0.44%	12,164 NS	May 31, 2026	N-PORT
DFSV · Dimensional ETF Trust	0.44%	1,070,689 NS	April 30, 2026	N-PORT
IWN · iShares Trust	0.43%	2,159,828 SH	Aug. 8, 2026	Daily
EELV · Invesco Exchange-Traded Fund Trust …	0.42%	182,917 SH	Aug. 8, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.39%	201,612 SH	Aug. 8, 2026	Daily
QVMS · Invesco Exchange-Traded Fund Trust …	0.38%	33,846 SH	Aug. 8, 2026	Daily
IJR · iShares Trust	0.36%	13,889,460 SH	Aug. 8, 2026	Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.35%	82,328 NS	April 30, 2026	N-PORT
FNX · First Trust Exchange-Traded AlphaDE…	0.34%	145,899 NS	April 30, 2026	N-PORT
FENY · FIDELITY COVINGTON TRUST	0.33%	214,935 NS	April 30, 2026	N-PORT
VIOO · VANGUARD ADMIRAL FUNDS	0.32%	796,444 SH	Aug. 8, 2026	Daily
SAA · ProShares Trust	0.31%	2,708 NS	May 31, 2026	N-PORT
VGHY · VANGUARD FIXED INCOME SECURITIES FU…	0.30%	920,000 PA	Aug. 8, 2026	Daily
VDE · VANGUARD WORLD FUND	0.30%	1,245,084 SH	Aug. 8, 2026	Daily
DFAT · Dimensional ETF Trust	0.26%	1,127,367 NS	April 30, 2026	N-PORT
RSSL · Global X Funds	0.23%	108,017 NS	April 30, 2026	N-PORT
IWM · iShares Trust	0.22%	6,196,871 SH	Aug. 8, 2026	Daily
ISCV · iShares Trust	0.21%	52,372 SH	Aug. 8, 2026	Daily
FAB · First Trust Exchange-Traded AlphaDE…	0.21%	9,446 NS	April 30, 2026	N-PORT
RWJ · Invesco Exchange-Traded Fund Trust …	0.20%	149,060 SH	Aug. 8, 2026	Daily
OMFS · Invesco Exchange-Traded Self-Indexe…	0.20%	19,798 SH	Aug. 8, 2026	Daily
ITWO · ProShares Trust	0.19%	11,737 NS	May 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.19%	1,403,991 SH	Aug. 8, 2026	Daily
EVLU · iShares Trust	0.19%	2,790 SH	Aug. 8, 2026	Daily
IGE · iShares Trust	0.17%	45,408 SH	Aug. 8, 2026	Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr…	0.17%	32,517 NS	April 30, 2026	N-PORT
SCHA · SCHWAB STRATEGIC TRUST	0.15%	1,086,399 NS	May 31, 2026	N-PORT
AVIE · AMERICAN CENTURY ETF TRUST	0.14%	469 NS	May 31, 2026	N-PORT
VBR · VANGUARD INDEX FUNDS	0.13%	3,491,000 SH	Aug. 8, 2026	Daily
FTLS · First Trust Exchange-Traded Fund III	0.13%	95,539 NS	April 30, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.13%	575,229 NS	April 30, 2026	N-PORT
VFMF · VANGUARD WELLINGTON FUND	0.12%	31,048 SH	Aug. 8, 2026	Daily
AVMV · AMERICAN CENTURY ETF TRUST	0.11%	23,069 NS	May 31, 2026	N-PORT
UWM · ProShares Trust	0.11%	9,180 NS	May 31, 2026	N-PORT
ISCB · iShares Trust	0.11%	10,656 SH	Aug. 8, 2026	Daily
ESML · iShares Trust	0.10%	104,248 SH	Aug. 8, 2026	Daily
VFVA · VANGUARD WELLINGTON FUND	0.09%	27,926 SH	Aug. 8, 2026	Daily
URTY · ProShares Trust	0.08%	9,284 NS	May 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.07%	9,505 NS	April 30, 2026	N-PORT
AVMC · AMERICAN CENTURY ETF TRUST	0.07%	9,640 NS	May 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.07%	2,612,093 SH	Aug. 8, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.07%	5,500,292 SH	Aug. 8, 2026	Daily
WSML · iShares Trust	0.06%	14,980 SH	Aug. 8, 2026	Daily
TILT · FlexShares Trust	0.06%	41,272 NS	April 30, 2026	N-PORT
AVLV · AMERICAN CENTURY ETF TRUST	0.06%	239,615 NS	May 31, 2026	N-PORT
FNDX · SCHWAB STRATEGIC TRUST	0.06%	468,656 NS	May 31, 2026	N-PORT
SMLF · iShares Trust	0.05%	81,068 SH	Aug. 8, 2026	Daily
SMDX · Tidal Trust III	0.05%	2,198 NS	April 30, 2026	N-PORT
FNDB · SCHWAB STRATEGIC TRUST	0.05%	22,527 NS	May 31, 2026	N-PORT
AVLC · AMERICAN CENTURY ETF TRUST	0.05%	20,286 NS	May 31, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.05%	208,561 NS	May 31, 2026	N-PORT
GSSC · Goldman Sachs ETF Trust	0.05%	14,687 NS	May 31, 2026	N-PORT
LDEM · iShares Trust	0.05%	1,550 SH	Aug. 8, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	0.04%	154,443 SH	Aug. 8, 2026	Daily
VGMS · VANGUARD MALVERN FUNDS	0.04%	90,000 PA	Aug. 8, 2026	Daily
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.04%	9,720 NS	May 31, 2026	N-PORT
EMXF · iShares Trust	0.04%	6,290 SH	Aug. 8, 2026	Daily
HDG · ProShares Trust	0.03%	233 NS	May 31, 2026	N-PORT
IUS · Invesco Exchange-Traded Self-Indexe…	0.03%	10,807 SH	Aug. 8, 2026	Daily
VSDB · VANGUARD MALVERN FUNDS	0.03%	240,000 PA	Aug. 8, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.03%	950,685 SH	Aug. 8, 2026	Daily
EMXC · iShares, Inc.	0.02%	576,505 SH	Aug. 8, 2026	Daily
IWO · iShares Trust	0.02%	119,342 SH	Aug. 8, 2026	Daily
EEMA · iShares, Inc.	0.02%	20,254 SH	Aug. 8, 2026	Daily
NEAR · iShares U.S. ETF Trust	0.02%	975,000 SH	Aug. 8, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.02%	14,010 SH	Aug. 8, 2026	Daily
EEM · iShares, Inc.	0.02%	564,312 SH	Aug. 8, 2026	Daily
AAXJ · iShares Trust	0.02%	68,060 SH	Aug. 8, 2026	Daily
DIVB · iShares Trust	0.02%	10,372 SH	Aug. 8, 2026	Daily
IEMG · iShares, Inc.	0.02%	2,479,162 SH	Aug. 8, 2026	Daily
IWV · iShares Trust	0.01%	71,254 SH	Aug. 8, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.01%	7,606,400 SH	Aug. 8, 2026	Daily
VPLS · VANGUARD MALVERN FUNDS	0.01%	110,000 PA	Aug. 8, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.01%	195,684 SH	Aug. 8, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.01%	20,029 SH	Aug. 8, 2026	Daily
SCHB · SCHWAB STRATEGIC TRUST	0.01%	133,639 NS	May 31, 2026	N-PORT
ITOT · iShares Trust	0.01%	299,253 SH	Aug. 8, 2026	Daily
DFUS · Dimensional ETF Trust	0.01%	47,790 NS	April 30, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.01%	6,958 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.01%	24,853 NS	April 30, 2026	N-PORT
IXUS · iShares Trust	0.01%	369,105 SH	Aug. 8, 2026	Daily
ACWX · iShares Trust	0.01%	64,265 SH	Aug. 8, 2026	Daily
DFAC · Dimensional ETF Trust	0.00%	58,994 NS	April 30, 2026	N-PORT
DFUV · Dimensional ETF Trust	0.00%	10,248 NS	April 30, 2026	N-PORT
ACWI · iShares Trust	0.00%	70,920 SH	Aug. 8, 2026	Daily
VCRB · VANGUARD MALVERN FUNDS	0.00%	50,000 PA	Aug. 8, 2026	Daily
EBI · RBB Fund Trust	0.00%	4 NS	May 31, 2026	N-PORT

About SM Energy Company Common Stock Company overview from Wikipedia

SM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

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Institutional owners (13F) 545 filers · $4.3B total · As of June 30, 2026

Company insiders 57 insiders · 32 officers · 26 directors

Activists & 5%+ owners 3 positions

ETF ownership Held by 111 ETFs