SM Energy (SM) Operating Margin (2009 - 2026)
SM Energy (SM) reported Operating Margin of 59.84% for Q2 2026, up 22.64 percentage points from 37.20% a year earlier and up 79.99 percentage points from the prior quarter.
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Analysis
SM Energy (SM) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, SM Energy's Operating Margin came in at 29.60%, down 8.35 percentage points year-over-year; for FY2025, it was 31.71%, down 8.29 percentage points from FY2024.
- Operating Margin has declined for three consecutive years, though with a five-year change of +126.58 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 40.00% in FY2024 (-1.58 pp), 41.58% in FY2023 (-5.45 pp), 47.03% in FY2022 (+39.05 pp) and 7.97% in FY2021 (+102.85 pp).
- The Q2 2026 figure ranks as the highest quarterly Operating Margin since Q3 2022.
- Year over year, Operating Margin gained in three of the last eight quarters, with an average year-over-year change of -7.68 percentage points.
- The high point for year-over-year Operating Margin in five years was Q4 2021 (a gain of 109.20 percentage points); the low point was Q1 2026 (a drop of 52.81 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at -20.15% (Q1 2026), 25.86% (Q4 2025) and 30.37% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Shell | 541.34 Bn | 451.89 Bn | 30.13 Bn | 28.46% |
| 2 | Chevron | 403.85 Bn | 381.64 Bn | 33.45 Bn | -28.44% |
| 3 | TotalEnergies SE | 193.34 Bn | 76.47 Bn | - | - |
| 4 | Eni Spa | 172.00 Bn | 121.52 Bn | - | 5.19% |
| 5 | Conocophillips | 150.68 Bn | 123.39 Bn | 12.81 Bn | 53.17% |
| 6 | Equinor Asa | 103.39 Bn | 49.45 Bn | - | 36.94% |
| 7 | Phillips 66 | 100.64 Bn | 89.62 Bn | 8.38 Bn | -74.35% |
| 8 | Canadian Natural Resources | 98.19 Bn | 95.14 Bn | - | - |
| 9 | Suncor Energy | 80.57 Bn | 66.37 Bn | - | 30.46% |
| 10 | SM Energy | 7.86 Bn | 6.26 Bn | 1.94 Bn | 59.84% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 59.84% |
| Mar 31, 2026 | -20.15% |
| Dec 31, 2025 | 25.86% |
| Sep 30, 2025 | 30.37% |
| Jun 30, 2025 | 37.20% |
| Mar 31, 2025 | 32.66% |
| Dec 31, 2024 | 33.72% |
| Sep 30, 2024 | 51.42% |
| Jun 30, 2024 | 44.03% |
| Mar 31, 2024 | 31.86% |
| Dec 31, 2023 | 50.92% |
| Sep 30, 2023 | 30.52% |
| Jun 30, 2023 | 38.01% |
| Mar 31, 2023 | 47.44% |
| Dec 31, 2022 | 51.04% |
| Sep 30, 2022 | 74.48% |
| Jun 30, 2022 | 51.69% |
| Mar 31, 2022 | 11.83% |
| Dec 31, 2021 | 55.49% |
| Sep 30, 2021 | 16.61% |
API Access
SM Energy Operating 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=operating-margin&ticker=SM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=SM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();