{
  "url": "https://struct.news/briefs/sm-energy-doubled-its-business-its-share-count-nearly-did-too",
  "title": "SM Energy doubled its business. Its share count nearly did too.",
  "summary": "Net income climbed to $1.1 billion, but diluted shares rose 109% after the merger.",
  "published_at": "2026-08-06T13:00:49.091571+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "SM Energy Company",
    "ticker": "SM",
    "cik": "893538",
    "sector": "Energy",
    "industry": "Oil & Gas E&P"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-06",
    "accession": "0000893538-26-000121",
    "url": "https://www.sec.gov/Archives/edgar/data/893538/000089353826000121/sm-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-08-01",
    "url": "https://www.sec.gov/Archives/edgar/data/893538/000089353825000113/sm-20250630.htm"
  },
  "reported_figures": [
    {
      "group": "The filing in three numbers",
      "label": "Revenue",
      "value": 3154000000,
      "display": "$3.2B",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "sec_filing",
        "label": "Filed company results",
        "form": "10-Q",
        "accession": "0000893538-26-000121",
        "filing_date": "2026-08-06"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Revenue YoY",
      "value": 17.249070631970255,
      "display": "+17.2%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0000893538-26-000121",
        "filing_date": "2026-08-06"
      }
    },
    {
      "group": "The filing in three numbers",
      "label": "Operating margin",
      "value": 31.705770450221944,
      "display": "+31.7%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0000893538-26-000121",
        "filing_date": "2026-08-06"
      }
    }
  ],
  "watch_next": [
    {
      "type": "interest_rates",
      "statement": "Interest expense increased after SM assumed Civitas Senior Notes in the merger.",
      "importance": "medium",
      "evidence": "Interest expense increased 157 percent YTD 2026-over-YTD 2025 primarily driven by interest expense attributable to our Civitas Senior Notes assumed in connection with the Merger.",
      "source_date": "2026-08-06"
    },
    {
      "type": "capital_investment",
      "statement": "Capital expenditures increased after the merger, while investing cash use was partly offset by South Texas divestiture proceeds.",
      "importance": "medium",
      "evidence": "Net cash used in investing activities decreased for the six months ended June 30, 2026, compared with the same period in 2025, primarily as a result of net cash proceeds of $896 million from the South Texas Divestiture, partially offset by a $485 million increase in capital expenditures and $49 million of cash paid in connection with the Merger, net of cash acquired.",
      "source_date": "2026-08-06"
    }
  ],
  "related_tickers": [
    "SM"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}