SM Energy (SM) Cost of Revenue (2017 - 2026)
SM Energy's Cost of Revenue came in at $556 million for Q2 2026, up 148.2% from $224 million a year earlier and up 29.9% from the prior quarter.
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Analysis
SM Energy (SM) Cost of Revenue (2017 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, SM Energy reported Cost of Revenue of $1.42 billion, up 74.9% year-over-year; for FY2025, it was $885 million, up 38.9% from FY2024.
- Cost of Revenue carries a five-year compound annual growth rate of 17.7% (FY2020 to FY2025).
- Going back by year, Cost of Revenue was $637 million in FY2024 (+12.9%), $564 million in FY2023 (-9.2%), $620.91 million in FY2022 (+22.9%) and $505.42 million in FY2021 (+29.2%).
- The Q2 2026 figure represents the highest quarterly Cost of Revenue in data going back to Q3 2017.
- Year-over-year, Cost of Revenue increased in seven of the last eight quarters, with growth averaging 60.0%.
- The fastest year-over-year change in Cost of Revenue over five years came in Q2 2026 (growth of 148.2%), and the weakest in Q3 2023 (a decline of 13.6%).
- Business Quant data shows SM's Cost of Revenue at $428 million (Q1 2026), $206.88 million (Q4 2025) and $229.04 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 674.90 Bn | 638.12 Bn | - | - |
| 2 | Shell | 547.48 Bn | 458.03 Bn | 30.13 Bn | 64.53 Bn |
| 3 | Chevron | 408.53 Bn | 386.32 Bn | 33.45 Bn | 36.61 Bn |
| 4 | TotalEnergies SE | 186.30 Bn | 69.43 Bn | - | - |
| 5 | Eni Spa | 172.32 Bn | 121.84 Bn | - | - |
| 6 | Conocophillips | 152.28 Bn | 124.99 Bn | 12.81 Bn | 6.71 Bn |
| 7 | Equinor Asa | 106.44 Bn | 52.50 Bn | - | - |
| 8 | Phillips 66 | 105.58 Bn | 94.57 Bn | 8.38 Bn | 43.66 Bn |
| 9 | Canadian Natural Resources | 100.85 Bn | 97.81 Bn | - | - |
| 10 | SM Energy | 8.37 Bn | 6.77 Bn | 1.94 Bn | 556.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 556.00 Mn |
| Mar 31, 2026 | 428.00 Mn |
| Dec 31, 2025 | 206.88 Mn |
| Sep 30, 2025 | 229.04 Mn |
| Jun 30, 2025 | 224.00 Mn |
| Mar 31, 2025 | 225.00 Mn |
| Dec 31, 2024 | 214.62 Mn |
| Sep 30, 2024 | 148.38 Mn |
| Jun 30, 2024 | 136.62 Mn |
| Mar 31, 2024 | 137.38 Mn |
| Dec 31, 2023 | 137.80 Mn |
| Sep 30, 2023 | 138.26 Mn |
| Jun 30, 2023 | 145.59 Mn |
| Mar 31, 2023 | 142.35 Mn |
| Dec 31, 2022 | 150.67 Mn |
| Sep 30, 2022 | 159.96 Mn |
| Jun 30, 2022 | 165.59 Mn |
| Mar 31, 2022 | 144.69 Mn |
| Dec 31, 2021 | 143.29 Mn |
| Sep 30, 2021 | 135.75 Mn |
API Access
SM Energy Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();