SM Energy Q3 net income $155.1M, production up 26% YoY, adjusted FCF +80% to $234.3M

SM Energy Co

2025-Q3 EPS reported $4.69 vs consensus $1.33 ▲ beat (+253.8%)

Net income $155.1M ($1.35 diluted EPS); adjusted net income $153.7M ($1.33 diluted).
Production 19.7 MMBoe (213.8 MBoe/d), oil up 47% YoY to 113.9 MBbl/d.
Adjusted free cash flow $234.3M, up 80% YoY; returned $35.1M to stockholders via dividends and buybacks.
Full-year capex guidance raised to $1.375-$1.395B due to working interest acquisitions; production narrowed to 207-208 MBoe/d.
Net debt-to-Adjusted EBITDAX reduced to 1.1x; CEO succession to Beth McDonald next quarter.

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