SM Energy Co (SM) FY2025 10-K Annual Report
SM Energy Co (SM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SM Energy Co FY2025 10-K Analysis
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
SM Energy Co FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▲ +17.2% YoY
Net Income
$648M
▼ -15.9% YoY
Operating Margin
31.7%
▼ -828bp YoY
Net Margin
20.5%
▼ -809bp YoY
ROE
13.5%
▼ -471bp YoY
Total Assets
$9.3B
▲ +7.9% YoY
EPS (Diluted)
$5.64
▼ -15.4% YoY
Operating Cash Flow
$2.0B
▲ +12.8% YoY
Source: XBRL data from SM Energy Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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