SM Energy Co (SM) Form 8-K — Nov 3, 2026
SM Energy reported Q3 2026 adjusted net income of $465 million ($1.95 per diluted share) versus GAAP net income of $93 million ($0.39), with the gap driven by a $477 million non-cash derivative fair-value loss. The company generated $1.1 billion of operating cash flow and $397 million of adjusted free cash flow, redeeming all $417 million of its 6.625% Senior Notes due 2027 at par and returning $133 million to stockholders via $81 million of buybacks and a $0.22 dividend. Net debt fell to $6.0 billion from $7.4 billion at March 31, 2026.
Key figures
- Eps
- $0.39 diluted (GAAP); $1.95 adjusted per diluted share
- Revenue
- $2,170 million total operating revenues (Q3 2026)
- Guidance
- FY2026 capital ~$2.75 billion; total production 420-422 MBoe/d; oil 220-222 MBbl/d (lowered 1%); Q4 production 435-445 MBoe/d with ~$610 million capex; cash taxes $100-120 million
- Net Income
- $93 million GAAP; $465 million adjusted
- Total Debt
- $6,456 million principal senior notes
- Cash Position
- $442 million
- Net debt
- $6.0 billion (down from $7.4 billion at March 31, 2026)
- Production
- 433 MBoe/d including 230 MBbl/d oil
- Debt redemption
- $417 million of 6.625% Senior Notes due 2027 at par
- Adjusted ebitdax
- $1.3 billion
- Merger synergies
- ~$400 million run-rate vs $200 million original target; NPV-10 raised to $2.0 billion from $1.8 billion
- Dividend per share
- $0.22 quarterly
- Operating cash flow
- $1.1 billion
- Share repurchases q3
- $81 million (2.3 million shares)
- Adjusted free cash flow
- $397 million
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