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Sm Energy Company (SM)
NYSE:SM
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.97Last Year’s EPS
1.76Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized several strong positives — record 2025 results, material deleveraging, nearly $3 billion liquidity, meaningful near-term synergy capture from the Civitas merger, a disciplined capital plan that reduces 2026 CapEx by ~14%, a 10% dividend increase, and a clear focus on maximizing free cash flow and returning capital to shareholders. Notable near-term negatives include front-loaded 2026 CapEx and Q1 production headwinds driven by legacy Civitas timing (including an approximate 14% decline in inherited assets Sep–Jan), reporting changes due to 3-stream to 2-stream conversions that complicate year-over-year production comparisons, and a pro forma leverage profile in the mid-1s with an ~8-year inventory life that could be viewed as shorter than some peers. Overall, the positive items — particularly liquidity, synergy capture, deleveraging progress, and a concrete return-of-capital plan — outweigh the headwinds and execution risks discussed.Company Guidance
Record operational and financial performance in 2025
Delivered record operating cash flow, adjusted EBITDAX, production and oil volumes; oil constituted 53% of total production. Returned $104 million to stockholders via dividends and share repurchases.
Meaningful deleveraging and debt reduction
Reduced net debt by $437 million in 2025, finishing the year at roughly 1x leverage (pro forma leverage now mid-1s).
Significant near-term synergy capture from Civitas merger
Already actioned $185 million of the $200–$300 million synergy target (equating to roughly $1 billion in present value as characterized by management). Total potential synergies could unlock up to $1.5 billion in present value.
Strong liquidity and planned asset monetization
Borrowing base increased to $5 billion with lender commitments of $2.5 billion, delivering nearly $3 billion of liquidity. Announced sale of select South Texas assets for $950 million expected to close in Q2 to further strengthen liquidity and the balance sheet.
Capital allocation focused on free cash flow generation
2026 plan designed around $60 oil / $3.50 gas: total CapEx of $2.65–$2.85 billion, approximately 14% lower than pro forma 2025. Activity reset to an average of 11 rigs in 2026 (down from a pro forma average of 14 rigs, a ~21% reduction), prioritizing value over volume to maximize sustainable free cash flow.
Balanced return-of-capital framework and dividend increase
Announced a 10% increase in the fixed annual dividend to $0.88 per share (current yield just under 4%). Free cash flow after dividends to be allocated 80% to debt reduction and 20% to buybacks, with intention to increase buybacks as leverage declines.
Forward production guidance and go-forward run rate
Second-half 2026 production expected between 420,000 and 430,000 BOE/d at ~55% oil, which management identifies as the indicative go-forward run rate.
Credit rating and maturities management
Received credit upgrades from S&P and Fitch; plan to use liquidity to address near-term bond maturities (including 2026 maturities and a $417 million 2027 bond) and term-out maturities as market conditions permit.
SM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $22.05 | $21.13 | -4.17% |
Nov 03, 2025 | $20.67 | $19.14 | -7.37% |
Jun 30, 2025 | $24.04 | $25.34 | +5.38% |
May 01, 2025 | $23.03 | $22.20 | -3.59% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sm Energy Company (SM) report earnings?
Sm Energy Company (SM) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is Sm Energy Company (SM) earnings time?
Sm Energy Company (SM) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SM EPS forecast?
SM EPS forecast for the fiscal quarter 2026 (Q1) is 0.97.