SM Energy (SM) Gross Margin (2009 - 2026)
SM Energy (SM) posted quarterly Gross Margin of 71.06% for Q1 2026, down 231.0% year-over-year from 54.25% in Q1 2025, and little changed quarter-over-quarter from 71.2% in Q4 2025.
SM Energy (SM) Gross Margin (2009 - 2026) Analysis & Trends
SM Energy (SM) has reported Gross Margin for 18 consecutive years, with 71.06% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 231.0% year-over-year to 71.06%; the TTM figure through Mar 2026 stood at 71.38% (down 408.0% YoY), while the FY2025 annual figure was 71.94%, down 421.0% from the prior year.
- Gross Margin was little changed at 71.06% in Q1 2026 per SM's latest filing, from 71.2% in the prior quarter.
- Across five years, Gross Margin topped out at 83.28% in Q2 2022 and bottomed at 71.06% in Q1 2026.
- Historically, Gross Margin has averaged 76.05% across 5 years, with a median of 75.45% in 2024.
- Annual changes were most pronounced in 2022 — Gross Margin soared 591 bps — and 2023, when it plunged 971 bps.
- SM Energy's Gross Margin stood at 77.49% in 2022, then retreated by 1 bps to 76.99% in 2023, then slipped by 4 bps to 74.23% in 2024, then dropped by 4 bps to 71.2% in 2025, then decreased by 0 bps to 71.06% in 2026.
- Business Quant data shows SM's Gross Margin at 71.06% in Q1 2026, 71.2% in Q4 2025, and 71.78% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 164.28 Bn | 156.59 Bn | 12.81 Bn | 65.62% |
| 2 | Canadian Natural Resources | 106.54 Bn | 104.64 Bn | 10.66 Bn | 85.63% |
| 3 | Eog Resources | 80.44 Bn | 75.53 Bn | - | - |
| 4 | Diamondback Energy | 59.59 Bn | 59.13 Bn | 5.55 Bn | 99.84% |
| 5 | Devon Energy | 46.33 Bn | 45.32 Bn | 6.02 Bn | 81.22% |
| 6 | Woodside Energy | 46.14 Bn | 40.20 Bn | 6.02 Bn | 91.41% |
| 7 | Occidental Petroleum | 39.37 Bn | 35.22 Bn | 7.73 Bn | 95.88% |
| 8 | Eqt | 34.03 Bn | 33.92 Bn | 1.42 Bn | 78.73% |
| 9 | Texas Pacific Land | 26.40 Bn | 26.16 Bn | - | - |
| 10 | SM Energy | 8.98 Bn | 8.21 Bn | 1.94 Bn | 77.76% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 77.76% |
| Mar 31, 2026 | 71.06% |
| Dec 31, 2025 | 71.20% |
| Sep 30, 2025 | 71.78% |
| Jun 30, 2025 | 71.75% |
| Mar 31, 2025 | 73.37% |
| Dec 31, 2024 | 74.23% |
| Sep 30, 2024 | 76.90% |
| Jun 30, 2024 | 78.43% |
| Mar 31, 2024 | 75.45% |
| Dec 31, 2023 | 76.99% |
| Sep 30, 2023 | 78.39% |
| Jun 30, 2023 | 73.57% |
| Mar 31, 2023 | 75.06% |
| Dec 31, 2022 | 77.49% |
| Sep 30, 2022 | 80.67% |
| Jun 30, 2022 | 83.28% |
| Mar 31, 2022 | 83.17% |
| Dec 31, 2021 | 83.67% |
| Sep 30, 2021 | 82.13% |