SM Energy (SM) Gross Margin (2017 - 2026)
SM Energy (SM) reported Gross Margin of 77.76% for Q2 2026, up 6.01 percentage points from 71.75% a year earlier and up 6.70 percentage points from the prior quarter.
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Analysis
SM Energy (SM) Gross Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, SM Energy's Gross Margin came in at 74.16%, up 0.08 percentage points year-over-year; for FY2025, it came in at 71.94%, down 4.38 percentage points from FY2024.
- Gross Margin has a five-year change of +6.66 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 76.32% in FY2024 (+0.08 pp), 76.24% in FY2023 (-5.27 pp), 81.51% in FY2022 (+0.78 pp) and 80.73% in FY2021 (+15.45 pp).
- The Q2 2026 figure ranks as the highest quarterly Gross Margin since Q2 2024.
- Year over year, Gross Margin gained in 1 of the last eight quarters, with an average year-over-year change of -2.31 percentage points.
- The high point for year-over-year Gross Margin in five years was Q3 2021 (a gain of 15.92 percentage points); the low point was Q2 2023 (a drop of 9.74 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 71.06% (Q1 2026), 70.65% (Q4 2025) and 71.78% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Shell | 548.90 Bn | 459.45 Bn | 30.13 Bn | 31.83% |
| 2 | Chevron | 407.58 Bn | 385.38 Bn | 33.45 Bn | 47.75% |
| 3 | TotalEnergies SE | 199.37 Bn | 82.49 Bn | - | - |
| 4 | Eni Spa | 174.90 Bn | 124.42 Bn | - | - |
| 5 | Conocophillips | 151.32 Bn | 124.03 Bn | 12.81 Bn | 65.62% |
| 6 | Equinor Asa | 105.71 Bn | 51.77 Bn | - | - |
| 7 | Phillips 66 | 101.18 Bn | 90.17 Bn | 8.38 Bn | 16.10% |
| 8 | Canadian Natural Resources | 99.04 Bn | 95.99 Bn | - | - |
| 9 | Suncor Energy | 82.08 Bn | 67.87 Bn | - | - |
| 10 | SM Energy | 7.97 Bn | 6.37 Bn | 1.94 Bn | 77.76% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 77.76% |
| Mar 31, 2026 | 71.06% |
| Dec 31, 2025 | 70.65% |
| Sep 30, 2025 | 71.78% |
| Jun 30, 2025 | 71.75% |
| Mar 31, 2025 | 73.37% |
| Dec 31, 2024 | 74.81% |
| Sep 30, 2024 | 76.95% |
| Jun 30, 2024 | 78.47% |
| Mar 31, 2024 | 75.46% |
| Dec 31, 2023 | 77.37% |
| Sep 30, 2023 | 78.43% |
| Jun 30, 2023 | 73.57% |
| Mar 31, 2023 | 75.18% |
| Dec 31, 2022 | 77.56% |
| Sep 30, 2022 | 80.85% |
| Jun 30, 2022 | 83.31% |
| Mar 31, 2022 | 83.17% |
| Dec 31, 2021 | 83.24% |
| Sep 30, 2021 | 82.14% |
API Access
SM Energy Gross Margin 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=gross-margin&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();