SM Energy (SM) Gross Margin (2009 - 2026)
SM Energy (SM) reported Gross Margin of 73.55% for Q3 2026, up 1.75 percentage points from 71.80% a year earlier but down 4.21 percentage points from the prior quarter.
Powered by 
Analysis
SM Energy (SM) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, SM Energy's Gross Margin came in at 74.25%, up 1.28 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).
- Five-year quarterly Gross Margin spans a low of 70.64% in Q4 2025 and a high of 83.31% in Q2 2022.
- Year over year, Gross Margin gained in two of the last eight quarters, with an average year-over-year change of -1.90 percentage points.
- The high point for year-over-year Gross Margin in five years was Q4 2021 (a gain of 13.20 percentage points); the low point was Q2 2023 (a drop of 9.74 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 77.76% (Q2 2026), 71.06% (Q1 2026) and 70.64% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 696.20 Bn | 661.07 Bn | 47.44 Bn | 41.92% |
| 2 | Shell | 563.81 Bn | 425.16 Bn | - | - |
| 3 | Chevron | 432.14 Bn | 404.83 Bn | 31.26 Bn | 46.11% |
| 4 | TotalEnergies SE | 200.31 Bn | 75.66 Bn | 31.61 Bn | 47.31% |
| 5 | Eni Spa | 181.16 Bn | 124.34 Bn | - | - |
| 6 | Conocophillips | 168.32 Bn | 137.35 Bn | 12.63 Bn | 62.99% |
| 7 | Equinor Asa | 107.41 Bn | 20.34 Bn | 4.49 Bn | 13.53% |
| 8 | Canadian Natural Resources | 103.54 Bn | 97.44 Bn | 9.35 Bn | 83.69% |
| 9 | Phillips 66 | 103.32 Bn | 88.28 Bn | 10.69 Bn | 20.76% |
| 10 | SM Energy | 7.71 Bn | 5.83 Bn | 1.60 Bn | 73.55% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 73.55% |
| Jun 30, 2026 | 77.76% |
| Mar 31, 2026 | 71.06% |
| Dec 31, 2025 | 70.64% |
| Sep 30, 2025 | 71.80% |
| 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% |
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();