SM Energy (SM) Operating Margin (2009 - 2026)

SM Energy (SM) has 18 years of Operating Margin data on file, last reported at 20.15% in Q1 2026.

• On a quarterly basis, Operating Margin fell 5281.0% year-over-year to 20.15% in Q1 2026; TTM through Mar 2026 was 11.2%, a 2853.0% decrease from a year earlier, with the FY2025 full-year figure at 31.71%, down 858.0% from the prior year.
• Operating Margin for Q1 2026 stood at 20.15%, down from 25.38% in the prior quarter.
• Over the last five years, Operating Margin for SM reached as high as 75.19% in Q3 2022 and fell as low as 20.15% in Q1 2026.
• Historically, Operating Margin has averaged 36.79% across 5 years, with a median of 37.19% in 2025.
• Across the five-year window, Operating Margin jumped 8389 bps in 2022 and plunged 5281 bps in 2026, its largest moves.
• Year by year, Operating Margin stood at 51.2% in 2022, then advanced by 1 bps to 51.77% in 2023, then plunged by 33 bps to 34.49% in 2024, then decreased by 26 bps to 25.38% in 2025, then tumbled by 179 bps to 20.15% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 20.15% in Q1 2026, 25.38% in Q4 2025, and 30.37% in Q3 2025.