SM Energy annual operating margin
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2025
SM Energy Operating Margin Growth & History (SM)
SM Energy's operating margin was 31.87% for fiscal 2025.
View full SM Energy company overviewSM Energy annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 31.87% | −8.42 pp |
| 2024 | 2024-12-31 | 40.28% | −1.47 pp |
| 2023 | 2023-12-31 | 41.75% | −5.46 pp |
| 2022 | 2022-12-31 | 47.21% | +39.16 pp |
| 2021 | 2021-12-31 | 8.05% | +102.97 pp |
| 2020 | 2020-12-31 | −94.92% | −90.51 pp |
| 2019 | 2019-12-31 | −4.41% | +8.65 pp |
| 2017 | 2017-12-31 | −13.06% | +73.95 pp |
| 2016 | 2016-12-31 | −87.01% | −49.84 pp |
| 2015 | 2015-12-31 | −37.17% | −83.39 pp |
| 2014 | 2014-12-31 | 46.22% | +30.16 pp |
| 2013 | 2013-12-31 | 16.06% | +17.39 pp |
| 2012 | 2012-12-31 | −1.33% | −25.30 pp |
| 2011 | 2011-12-31 | 23.97% | −7.03 pp |
| 2010 | 2010-12-31 | 31.00% | +46.72 pp |
| 2009 | 2009-12-31 | −15.72% | −28.88 pp |
| 2008 | 2008-12-31 | 13.16% | — |
SM Energy quarterly operating margin
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 69.39% | +31.81 pp |
| Q1 2026 | 2026-03-31 | −20.18% | −53.03 pp |
| Q4 2025 | 2025-12-31 | 26.00% | −8.38 pp |
| Q3 2025 | 2025-09-30 | 30.39% | −21.13 pp |
| Q2 2025 | 2025-06-30 | 37.58% | −6.52 pp |
| Q1 2025 | 2025-03-31 | 32.86% | +0.98 pp |
| Q4 2024 | 2024-12-31 | 34.38% | −16.69 pp |
| Q3 2024 | 2024-09-30 | 51.52% | +20.94 pp |
| Q2 2024 | 2024-06-30 | 44.10% | +5.80 pp |
| Q1 2024 | 2024-03-31 | 31.88% | −15.78 pp |
| Q4 2023 | 2023-12-31 | 51.07% | −0.13 pp |
| Q3 2023 | 2023-09-30 | 30.58% | −44.62 pp |
| Q2 2023 | 2023-06-30 | 38.30% | −13.48 pp |
| Q1 2023 | 2023-03-31 | 47.66% | +35.82 pp |
| Q4 2022 | 2022-12-31 | 51.20% | −4.46 pp |
| Q3 2022 | 2022-09-30 | 75.19% | +58.58 pp |
| Q2 2022 | 2022-06-30 | 51.78% | +83.89 pp |
| Q1 2022 | 2022-03-31 | 11.85% | +61.69 pp |
| Q4 2021 | 2021-12-31 | 55.66% | +109.40 pp |
| Q3 2021 | 2021-09-30 | 16.62% | +53.19 pp |
| Q2 2021 | 2021-06-30 | −32.11% | +152.05 pp |
| Q1 2021 | 2021-03-31 | −49.84% | +85.97 pp |
| Q4 2020 | 2020-12-31 | −53.74% | −34.07 pp |
| Q3 2020 | 2020-09-30 | −36.57% | −62.12 pp |
| Q2 2020 | 2020-06-30 | −184.16% | −209.76 pp |
| Q1 2020 | 2020-03-31 | −135.81% | −81.39 pp |
| Q4 2019 | 2019-12-31 | −19.67% | +4.04 pp |
| Q3 2019 | 2019-09-30 | 25.54% | +11.60 pp |
| Q2 2019 | 2019-06-30 | 25.60% | −94.29 pp |
| Q1 2019 | 2019-03-31 | −54.43% | −33.52 pp |
| Q3 2018 | 2018-09-30 | −23.70% | +5.22 pp |
| Q2 2018 | 2018-06-30 | 13.95% | +135.99 pp |
| Q1 2018 | 2018-03-31 | 119.90% | +75.32 pp |
| Q4 2017 | 2017-12-31 | −20.91% | +53.95 pp |
| Q3 2017 | 2017-09-30 | −28.92% | −23.91 pp |
| Q2 2017 | 2017-06-30 | −122.04% | −54.59 pp |
| Q1 2017 | 2017-03-31 | 44.58% | +412.72 pp |
| Q4 2016 | 2016-12-31 | −74.86% | +91.59 pp |
| Q3 2016 | 2016-09-30 | −5.01% | −13.66 pp |
| Q2 2016 | 2016-06-30 | −67.45% | −57.59 pp |
| Q1 2016 | 2016-03-31 | −368.14% | −353.27 pp |
| Q4 2015 | 2015-12-31 | −166.45% | −260.19 pp |
| Q3 2015 | 2015-09-30 | 8.65% | −49.04 pp |
| Q2 2015 | 2015-06-30 | −9.86% | −27.89 pp |
| Q1 2015 | 2015-03-31 | −14.88% | −35.21 pp |
| Q4 2014 | 2014-12-31 | 93.73% | +87.41 pp |
| Q3 2014 | 2014-09-30 | 57.69% | +35.27 pp |
| Q2 2014 | 2014-06-30 | 18.03% | −7.76 pp |
| Q1 2014 | 2014-03-31 | 20.33% | +10.79 pp |
| Q4 2013 | 2013-12-31 | 6.33% | +25.64 pp |
| Q3 2013 | 2013-09-30 | 22.42% | +33.73 pp |
| Q2 2013 | 2013-06-30 | 25.79% | +8.58 pp |
| Q1 2013 | 2013-03-31 | 9.54% | −5.36 pp |
| Q4 2012 | 2012-12-31 | −19.31% | +28.15 pp |
| Q3 2012 | 2012-09-30 | −11.30% | −81.57 pp |
| Q2 2012 | 2012-06-30 | 17.21% | −38.82 pp |
| Q1 2012 | 2012-03-31 | 14.90% | +21.23 pp |
| Q4 2011 | 2011-12-31 | −47.46% | −68.94 pp |
| Q3 2011 | 2011-09-30 | 70.26% | +56.57 pp |
| Q2 2011 | 2011-06-30 | 56.03% | +38.65 pp |
| Q1 2011 | 2011-03-31 | −6.33% | −64.02 pp |
| Q4 2010 | 2010-12-31 | 21.48% | +21.23 pp |
| Q3 2010 | 2010-09-30 | 13.69% | +16.54 pp |
| Q2 2010 | 2010-06-30 | 17.38% | — |
| Q1 2010 | 2010-03-31 | 57.69% | — |
| Q3 2009 | 2009-09-30 | 0.25% | — |
| Q2 2009 | 2009-06-30 | −2.86% | — |
SM Energy operating margin trends
Over the last five reported fiscal years, SM Energy's operating margin increased from −94.92% to 31.87%, a change of +126.78 percentage points. The latest reported quarter, Q2 2026, shows 69.39%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review SM Energy filings at SEC.gov ↗