SM Energy (SM) Operating Expenses (2009 - 2026)
SM Energy (SM) posted quarterly Operating Expenses of $1.8 billion for Q1 2026, up 212.85% year-over-year from $568.0 million in Q1 2025, and up 240.03% quarter-over-quarter from $522.6 million in Q4 2025.
SM Energy (SM) Operating Expenses (2009 - 2026) Analysis & Trends
SM Energy (SM) has reported Operating Expenses for 18 consecutive years, with $1.8 billion the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses rose 212.85% year-over-year to $1.8 billion; the TTM figure through Mar 2026 stood at $3.4 billion (up 86.66% YoY), while the FY2025 annual figure was $2.2 billion, up 33.37% from the prior year.
- Operating Expenses rose to $1.8 billion in Q1 2026 per SM's latest filing, from $522.6 million in the prior quarter.
- Across five years, Operating Expenses topped out at $1.8 billion in Q1 2026 and bottomed at $213.2 million in Q3 2022.
- Historically, Operating Expenses has averaged $512.5 million across 5 years, with a median of $445.3 million in 2023.
- Annual changes were most pronounced in 2022 — Operating Expenses slumped 66.38% — and 2026, when it jumped 212.85%.
- SM Energy's Operating Expenses stood at $328.7 million in 2022, then retreated 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, then surged by 240.03% to $1.8 billion in 2026.
- Business Quant data shows SM's Operating Expenses at $1.8 billion in Q1 2026, $522.6 million in Q4 2025, and $565.1 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 163.55 Bn | 155.86 Bn | 12.81 Bn | 2.43 Bn |
| 2 | Canadian Natural Resources | 106.27 Bn | 104.37 Bn | 10.66 Bn | 114.95 Mn |
| 3 | Eog Resources | 80.09 Bn | 75.19 Bn | - | 5.09 Bn |
| 4 | Diamondback Energy | 59.30 Bn | 58.83 Bn | 5.55 Bn | 3.05 Bn |
| 5 | Devon Energy | 46.23 Bn | 45.22 Bn | 6.02 Bn | 5.03 Bn |
| 6 | Woodside Energy | 45.77 Bn | 39.83 Bn | 6.02 Bn | - |
| 7 | Occidental Petroleum | 39.39 Bn | 35.24 Bn | 7.73 Bn | 4.55 Bn |
| 8 | Eqt | 33.71 Bn | 33.60 Bn | 1.42 Bn | 1.42 Bn |
| 9 | Texas Pacific Land | 25.43 Bn | 25.18 Bn | - | 54.24 Mn |
| 10 | SM Energy | 8.96 Bn | 8.19 Bn | 1.94 Bn | 1.00 Bn |
Historic Data
Download 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 | 498.04 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 |