Summit Midstream (SMC)
NYSE:SMC
Earnings Data
Report Date
Apr 30, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.49Last Year’s EPS
-0.16Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call contained a clear predominance of positive strategic and financial developments: material new long-term commercial commitments on the Double E pipeline, a refinancing that simplifies capital structure and returns $85M to the parent (partially repaying preferred arrears), visible near-term well inventory (90 DUCs and 7 rigs), and a concrete growth thesis targeting >$100M of organic EBITDA expansion by 2030. Near-term headwinds were called out as well — segment-level declines (particularly Piceance and Midcon), liquidity/leverage still above the 3.5x target (~3.9x pro forma), no Piceance well connects in 2026, and timing risks from upstream consolidation — and management incorporated conservative risking into 2026 guidance. On balance, positives (commercial wins, refinancing, clear growth roadmap and upside from higher commodity prices) outweigh the operational and timing challenges.Company Guidance
Strong Adjusted EBITDA and Cash Flow
Q4 adjusted EBITDA of $58.6M and full-year 2025 adjusted EBITDA of $243.0M; Q4 distributable cash flow of $33.7M and Q4 free cash flow of $17.0M; demonstrates solid cash generation entering 2026.
Major Commercial Wins on Double E Pipeline
Executed two 11+-year transportation agreements totaling ~440,000 Mcf/d plus a previously announced 100,000 Mcf/d Producers Midstream contract — collectively >0.5 Bcf/d of new long-term take-or-pay commitments in the past six months; Double E now has ~1.6 Bcf/d of firm take-or-pay capacity and management expects Permian segment adj. EBITDA to grow from $34M in 2025 to roughly $60M by 2029 and potentially ~$90M+ by 2030 if expansion is fully commercialized.
Binding Open Season and Expansion Optionality
Launched a binding open season to support a mainline compression project that could expand Double E capacity by ~50% from ~1.6 Bcf/d to ~2.4 Bcf/d; if fully commercialized, incremental EBITDA upside material by 2029–2030.
Refinancing Improves Financial Flexibility
Summit Permian Transmission closed a $440M senior secured term loan ( $340M funded, $50M delayed draw, $50M accordion) enabling an $85M distribution to Summit Midstream Corp.; proceeds to repay ~$45M of accrued preferred dividends and reduce ABL borrowings by ~$40M; pro forma net debt ~$890M and pro forma leverage ~3.9x, simplifying the capital structure and funding near-term growth.
Visible Development Inventory and Activity
Operational footprint supported by ~7 rigs running and ~90 DUCs; company has visibility to 116–126 well connections in 2026 (approx. 80% oil-oriented) and connected 33 new DJ Basin wells in Q4, providing near-term volume growth catalysts.
2026 Guidance and Long-Term Organic Growth Outlook
2026 adjusted EBITDA guidance of $225M–$265M and total capex of $85M–$105M (including $35M contributions to Double E JV); company projects >$100M of organic adjusted EBITDA growth by 2030 driven by Permian and Rockies segments.
Commodity Price Upside Potential
Guidance assumes mid-$60s oil and ~$3.40 gas; current strip (~$85 WTI and $3.70 gas) could add an incremental ~$5M–$10M of product margin in the DJ Basin, representing near-term upside to guidance.
SMC 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
SMC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 16, 2026 | $30.09 | $30.73 | +2.13% |
Nov 10, 2025 | $23.39 | $23.37 | -0.09% |
Aug 12, 2025 | $24.30 | $20.26 | -16.63% |
May 08, 2025 | $28.29 | $28.34 | +0.18% |
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 Summit Midstream (SMC) report earnings?
Summit Midstream (SMC) is schdueled to report earning on Apr 30, 2026, After Close (Confirmed).
What is Summit Midstream (SMC) earnings time?
Summit Midstream (SMC) earnings time is at Apr 30, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is SMC EPS forecast?
SMC EPS forecast for the fiscal quarter 2026 (Q1) is -0.49.