---
schema_version: "secwatch.filing_event.v1"
accession: "0000893538-26-000029"
form_type: "8-K"
ticker: "SM"
cik: "0000893538"
company_name: "SM Energy Co"
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:35:55.619579+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# SM Energy Q4/FY2025: record production 75.5 MMBoe, record OCF $2.01B, raises dividend 10%

## Summary
- Full-year 2025 net income $648M ($5.64 diluted EPS); adjusted net income $623M ($5.42). Record production 75.5 MMBoe (+21% YoY), 53% oil.
- Record adjusted EBITDAX $2.26B (+13% YoY); record operating cash flow $2.01B. Adjusted free cash flow $620M (+28% YoY).
- Net debt reduced $437M to 1.05x leverage. Announced $950M South Texas asset sale post-year-end, aiming to cut debt further.
- Dividend increased 10% to $0.22/share quarterly ($0.88 annual), payable March 23, 2026. New return framework: 20% buybacks, 80% debt reduction.
- 2026 guidance: capex $2.65-$2.85B (net of synergies), production 146-153 MMBoe (54% oil). 11 operated rigs, down from 15, to improve free cash flow.

## SEC filing metadata
- accession: 0000893538-26-000029
- form_type: 8-K
- ticker: SM
- cik: 0000893538
- company_name: SM Energy Co
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/0000893538-26-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/893538/000089353826000029/sm-20260225.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000893538-26-000029
- JSON: https://secwatch.observer/filing/0000893538-26-000029.json
- Plain text: https://secwatch.observer/filing/0000893538-26-000029.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.