SM Energy

Q2 FY2026 EarningsQ2 FY26 results significantly beat consensus across key top and bottom-line metrics, driven by the strategic integration of Civitas assets. Revenue reached $2,500M, exceeding expectations by 22.07%, while GAAP EPS of $4.46 tripled the consensus estimate of $1.88. The Permian Basin now accounts for over 51% of production following the merger, while the South Texas Divestiture provided $896M in net proceeds to accelerate debt reduction. Management's 2026 capital program of $2.65B–$2.85B remains intact, supported by enhanced scale and free cash flow generation.