SM Energy Co (SM) · Nov 3, 2026 · Earnings

SM Energy earnings miss slightly as oil guidance is cut

Miss — Adjusted EPS $1.95 vs ~$1.98–$2.03 consensus

SM Energy’s third-quarter earnings beat revenue expectations and exceeded merger-synergy targets, but adjusted EPS missed slightly as oil guidance fell.

SM Energy entered the quarter as a newly scaled four-basin operator integrating the Civitas acquisition and trying to prove that the merger can translate into lower costs, stronger cash generation, and faster deleveraging. Its prior full-year framework called for 410–430 MBoe/d of production, 222–228 MBbl/d of oil, and $2.65–$2.85 billion of capital spending.

The underlying integration story is ahead of plan. SM says it has actioned roughly $400 million of merger run-rate synergies, above both the original $200 million target and the revised $375 million target, while raising the estimated NPV-10 of those synergies to $2.0 billion. That is the clearest positive in the filing: the Civitas deal is producing more identified savings than investors were previously being promised, and integration is moving toward continuous improvement rather than remaining a one-time restructuring project.

But the quarter itself came in slightly below the earnings bar. Adjusted diluted EPS was $1.95, versus published consensus estimates around $1.98–$2.03, even though revenue of $2.16 billion exceeded the roughly $2.04 billion consensus. The company’s $477 million mark-to-market derivative loss depressed GAAP earnings, but the adjusted figure already removes that effect, so the modest EPS miss is not explained away by hedging noise.

The operational setback is small but matters because oil volumes are the core value driver. Third-quarter production was 433 MBoe/d, including 230 MBbl/d of oil, but Permian downtime and Uinta takeaway constraints reduced oil output; management cut full-year oil guidance 1% to 220–222 MBbl/d while retaining total production guidance at 420–422 MBoe/d. 〔0〕〔1〕 The company describes the issues as temporary, with Uinta constraints expected to clear in early 2027, but the guidance cut still marks a weaker near-term oil profile than the market had been carrying.

Capital discipline and balance-sheet progress keep this from being a clean negative. Adjusted free cash flow rose to $397 million from $234 million a year earlier, the company redeemed $417 million of debt, and full-year capital spending is now expected at approximately $2.75 billion—the midpoint of the prior range rather than an escalation despite service-cost inflation. Those figures support the claim that synergy capture is helping protect investment economics, although net debt remains substantial at $6.014 billion.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Adjusted diluted EPS (Reconciliation of Net Income)	$1.95	$1.33	$1.98–$2.03
Production revenue (Statements of Operations)	$2.160B	$0.811B	~$2.04B
Adjusted free cash flow (Reconciliation of Adjusted Free Cash Flow)	$397M	$234M
Full-year oil production (Guidance)	220–222 MBbl/d		222–228 MBbl/d
Full-year capital expenditures (Guidance)	~$2.75B		$2.65–$2.85B
Merger run-rate synergies (Operating update)	$400M		$375M target

Bottom line: SM Energy is executing the merger better than expected on synergies and cash generation, but the quarter missed the adjusted-EPS bar and oil guidance was trimmed. The business story is still advancing, just with a modest near-term operational blemish rather than a clean beat.

What to watch next

November 4 earnings call; early-2027 Uinta takeaway resolution

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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SM Energy earnings miss slightly as oil guidance is cut

What to watch next

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