SM Energy (SM) Operating Expenses (2009 - 2026)
SM Energy (SM) reported Operating Expenses of $1 billion for Q2 2026, up 101.6% from $498 million a year earlier but down 43.5% from the prior quarter.
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Analysis
SM Energy (SM) Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, SM Energy's Operating Expenses came in at $3.87 billion, up 99.0% year-over-year; for FY2025, it came in at $2.15 billion, up 33.4% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of -0.4% (FY2020 to FY2025).
- By year, Operating Expenses came in at $1.62 billion in FY2024 (+16.4%), $1.39 billion in FY2023 (-22.0%), $1.78 billion in FY2022 (-26.3%) and $2.41 billion in FY2021 (+9.9%).
- Five-year quarterly Operating Expenses spans a low of $213.17 million in Q3 2022 and a high of $1.78 billion in Q1 2026.
- Year over year, Operating Expenses gained in six of the last eight quarters, with growth averaging 67.0%.
- The high point for year-over-year Operating Expenses in five years was Q1 2026 (growth of 212.9%); the low point was Q3 2022 (a decline of 66.4%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $1.78 billion (Q1 2026), $522.6 million (Q4 2025) and $565.11 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Shell | 548.90 Bn | 459.45 Bn | 30.13 Bn | 3.19 Bn |
| 2 | Chevron | 407.58 Bn | 385.38 Bn | 33.45 Bn | 53.37 Bn |
| 3 | TotalEnergies SE | 199.37 Bn | 82.49 Bn | - | 46.44 Bn |
| 4 | Eni Spa | 174.90 Bn | 124.42 Bn | - | - |
| 5 | Conocophillips | 151.32 Bn | 124.03 Bn | 12.81 Bn | 2.43 Bn |
| 6 | Equinor Asa | 105.71 Bn | 51.77 Bn | - | -22.18 Bn |
| 7 | Phillips 66 | 101.18 Bn | 90.17 Bn | 8.38 Bn | 47.07 Bn |
| 8 | Canadian Natural Resources | 99.04 Bn | 95.99 Bn | - | 114.95 Mn |
| 9 | Suncor Energy | 82.08 Bn | 67.87 Bn | - | 17.00 Mn |
| 10 | SM Energy | 7.97 Bn | 6.37 Bn | 1.94 Bn | 1.00 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.00 Bn |
| Mar 31, 2026 | 1.78 Bn |
| Dec 31, 2025 | 522.60 Mn |
| Sep 30, 2025 | 565.11 Mn |
| Jun 30, 2025 | 498.00 Mn |
| Mar 31, 2025 | 568.00 Mn |
| Dec 31, 2024 | 565.69 Mn |
| Sep 30, 2024 | 312.66 Mn |
| Jun 30, 2024 | 355.18 Mn |
| Mar 31, 2024 | 381.48 Mn |
| Dec 31, 2023 | 298.84 Mn |
| Sep 30, 2023 | 445.30 Mn |
| Jun 30, 2023 | 341.40 Mn |
| Mar 31, 2023 | 301.46 Mn |
| Dec 31, 2022 | 328.66 Mn |
| Sep 30, 2022 | 213.17 Mn |
| Jun 30, 2022 | 479.30 Mn |
| Mar 31, 2022 | 758.04 Mn |
| Dec 31, 2021 | 380.55 Mn |
| Sep 30, 2021 | 633.98 Mn |
API Access
SM Energy Operating Expenses 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=operating-expenses&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();