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AI brief of an SEC Form 8-K · SM Energy (SM)

SM Energy: Q4 2025 net income falls to $109 million; full-year record cash flow

Mixed Impact 3 of 5 earnings Written later

SM Energy reported fourth-quarter and full-year 2025 results and said its board increased the fixed dividend policy, declaring a $0.22 per share dividend. Full-year total revenue rose to $3.15 billion from $2.69 billion, but full-year net income fell to $648 million from $770 million, and fourth-quarter net income fell to $109 million from $188 million. The 2026 outlook is in a separate press release (Exhibit 99.2) that is not included in the text provided.

Key points

  • Q4 2025 net income was $109 million, or $0.95 per diluted share, versus $188 million, or $1.64, a year earlier; Q4 total revenue was $705 million versus $852 million.
  • Full-year 2025 net income was $648 million, or $5.64 per diluted share, versus $770 million, or $6.67, in 2024; full-year total revenue was $3.15 billion versus $2.69 billion.
  • Full-year 2025 Adjusted EBITDAX was $2.26 billion, 13% higher than 2024, according to the company.
  • The board approved a $0.22 per share dividend payable March 23, 2026, to stockholders of record at the close of business on March 9, 2026.

The filing

CompanySM Energy (SM)
Form8-K, current report
Filed with the SECFeb 25, 2026, 4:14 PM ET
Accession number0000893538-26-000029

Items reported: 2.02 Results of Operations8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 25, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.