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SM Energy (SM) Operating Expenses (2016 - 2025)

SM Energy (SM) has disclosed Operating Expenses for 17 consecutive years, with $522.6 million as the latest value for Q4 2025.

  • On a quarterly basis, Operating Expenses fell 7.62% to $522.6 million in Q4 2025 year-over-year; TTM through Dec 2025 was $2.2 billion, a 33.37% increase, with the full-year FY2025 number at $2.2 billion, up 33.37% from a year prior.
  • Operating Expenses was $522.6 million for Q4 2025 at SM Energy, down from $565.1 million in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of $758.0 million in Q1 2022 to a low of $213.2 million in Q3 2022.
  • A 5-year average of $467.4 million and a median of $462.3 million in 2022 define the central range for Operating Expenses.
  • Peak YoY movement for Operating Expenses: crashed 66.38% in 2022, then surged 108.9% in 2023.
  • SM Energy's Operating Expenses stood at $380.5 million in 2021, then dropped by 13.64% to $328.7 million in 2022, then dropped by 9.07% to $298.8 million in 2023, then surged by 89.3% to $565.7 million in 2024, then dropped by 7.62% to $522.6 million in 2025.
  • Per Business Quant, the three most recent readings for SM's Operating Expenses are $522.6 million (Q4 2025), $565.1 million (Q3 2025), and $498.0 million (Q2 2025).