Short answer
SM Energy Co (SM) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $3.2B (+17.2% year over year) and net income of $648M.
- Top risk flagged: Proved reserve estimates declined 56.2 MMBOE in 2025, increasing DD&A expense and impairments
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- +17.2% YoY
- Net income
- $648M
- −15.9% YoY
- Operating margin
- 31.7%
- −8.3 pp YoY
- EPS (diluted)
- $5.64
- −15.4% YoY
- ROE
- 13.5%
- −4.7 pp YoY
- Operating cash flow
- $2.0B
- +12.8% YoY
Source: XBRL data from the SM Energy Co (SM) FY2025 10-K on SEC EDGAR. USD.
SM Energy Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Management Discussion & Analysis
- Revenue and reserves growth: Total net proved reserves increased to 678.3 MMBOE in 2024 from 604.9 MMBOE in 2023, driven by 103.2 MMBOE acquisition in Uinta Basin
- Margin impact: Standardized measure of discounted future net cash flows decreased to $5,956M in 2025 from $7,268M in 2024, reflecting lower prices and higher costs
- Best segment: Oil reserves grew from 230.1 MMBbl in 2023 to 296.0 MMBbl in 2024, supported by acquisitions and discoveries; worst segment: Gas prices declined to $1.86/Mcf in 2024 from $2.52/Mcf in 2023
- Cash flow/capital allocation: Production costs and development costs rose to $10,480M and $3,235M in 2024; no specific buyback or dividend data disclosed in excerpt
- Forward outlook: Management notes risks from price volatility, capital reallocation impacts, and potential impacts on future development plans
Risk Factors
- Proved reserve estimates declined 56.2 MMBOE in 2025, increasing DD&A expense and impairments
- Commodity price sensitivity: 10% SEC price decrease leads to 18.4 MMBOE (3%) reserve reduction
- Reserve removals of 40.7 MMBOE due to undeveloped reserves dropped from five-year plan impacting production
- SEC pricing $65.34/Bbl oil, five-year NYMEX average $58.72/Bbl risks valuation and reserve estimates
- Volatile commodity prices and imprecise reserve estimates cause unpredictable earnings and impairment risk
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