Cash Flow Statement

Operating Cash Flow

+19%

+154%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	22	19	22	28	58	72	78	96	84	82	91	93	106	123	127	152	167	169	198	190	180	199	200	187	242	215	245	87	(95)	(136)	(228)	(99)	114	141	161	197	52	159	373	215	260	161	(108)	(54)	(64)	(12)	97	171	220	203	341	666	547	430	224	(448)	(742)	(853)	(897)	(758)	(336)	(287)	(336)	(161)	82	219	173	508	13	47	225	(187)	(421)	(561)	(702)	(765)	(604)	(738)	(554)	36	336	883	1 278	1 112	1 262	1 088	829	818	750	811	829	770	821	813	727	648
Depreciation & Amortization	53	53	53	54	60	69	77	82	84	83	84	92	102	115	130	133	137	139	142	155	169	188	207	228	249	271	284	314	336	330	324	304	290	300	316	336	364	399	439	511	575	622	691	728	757	821	825	823	801	764	751	768	808	840	900	921	918	909	859	791	714	657	597	557	550	548	615	665	713	767	777	824	880	854	825	785	719	742	763	774	767	717	660	604	599	602	645	690	702	724	738	809	913	1 026	1 149	1 207
Change in Deffered Taxes	18	18	15	15	20	20	20	22	25	27	34	40	45	46	25	6	6	19	57	75	82	93	90	91	120	94	112	38	(67)	(80)	(130)	(40)	80	102	115	115	32	88	193	124	157	102	(33)	(30)	(35)	(4)	62	106	134	123	205	398	326	239	119	(277)	(438)	(483)	(511)	(449)	(220)	(188)	(201)	(192)	(127)	(64)	(64)	142	(4)	11	67	(42)	(94)	(145)	(187)	(193)	(93)	(56)	(34)	10	22	103	213	269	307	270	109	88	66	65	162	175	174	174	204	178
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	3	6	9	11	11	11	11	10	10	11	12	15	15	15	17	19	21	23	26	27	27	27	26	27	26	27	29	30	34	36	34	32	31	29	31	33	32	32	29	27	28	28	27	27	25	23	23	23	23	24	24	24	24	25	25	24	24	24	21	15	15	13	14	19	17	18	18	19	19	19	19	20	21	23	23	25	27	27	29	0
Other Non-Cash Items	11	12	8	12	5	6	17	8	14	18	21	31	39	48	96	129	133	137	83	55	63	42	37	76	83	184	161	294	473	425	465	255	95	45	43	(145)	144	80	(35)	(49)	83	107	297	268	322	323	290	224	222	355	148	(407)	(349)	(273)	(163)	720	1 055	1 109	1 164	989	388	300	392	242	(10)	(139)	(63)	(609)	(33)	(94)	(338)	212	541	691	876	952	679	812	707	222	241	(37)	(376)	(226)	(531)	(477)	(81)	(18)	76	59	(85)	17	4	(25)	45	(36)
Cash Taxes Paid	(1)	(8)	11	(1)	8	(1)	12	29	40	46	15	15	11	29	42	66	70	73	59	26	14	(3)	(5)	(1)	3	16	19	17	4	(12)	(12)	(10)	(3)	(2)	(25)	(26)	(25)	(26)	(3)	(4)	3	(4)	(3)	1	(2)	5	3	0	0	0	3	2	2	2	0	2	6	6	(3)	(5)	(9)	(1)	3	6	6	(2)	12	3	0	0	(5)	6	0	0	0	(7)	0	0	0	(1)	0	0	0	11	0	6	6	9	12	10	10	27	24	25	26	0
Cash Interest Paid	1	1	1	3	6	7	9	8	8	7	9	7	7	6	7	9	9	8	9	10	15	18	15	23	17	23	24	22	20	19	19	18	19	17	16	13	12	12	28	22	33	46	39	51	15	57	70	71	133	82	90	89	85	107	99	127	117	126	126	130	148	150	166	164	161	158	164	151	151	141	139	142	149	157	151	141	146	133	145	137	147	153	136	134	104	86	86	87	86	86	93	88	138	132	170	166
Change in Working Capital	16	29	25	33	(0)	(10)	(5)	(3)	(5)	4	(18)	(18)	(2)	(8)	4	(10)	4	(23)	(55)	(6)	(29)	13	91	50	(45)	(97)	(75)	(54)	15	66	32	16	(115)	(124)	(134)	(6)	(91)	(129)	(402)	(41)	(284)	(190)	78	11	36	(20)	(4)	15	(21)	13	(32)	32	109	55	86	62	20	4	(7)	(21)	23	58	56	70	26	20	26	14	10	57	29	17	19	(62)	(35)	12	(21)	100	104	117	31	(23)	52	(72)	40	33	(116)	(5)	(76)	(48)	37	11	77	96	12	14
Cash from Operating Activities	121 N/A	131 +8%	122 -7%	142 +16%	142 +0%	156 +10%	186 +19%	204 +10%	202 -1%	213 +6%	211 -1%	237 +13%	289 +22%	323 +12%	382 +18%	409 +7%	447 +9%	440 -1%	425 -3%	468 +10%	465 -1%	534 +15%	624 +17%	632 +1%	649 +3%	666 +3%	727 +9%	679 -7%	662 -3%	605 -9%	464 -23%	436 -6%	465 +7%	465 0%	501 +8%	497 -1%	500 +1%	597 +19%	568 -5%	761 +34%	792 +4%	801 +1%	924 +15%	922 0%	1 016 +10%	1 108 +9%	1 269 +15%	1 339 +5%	1 356 +1%	1 457 +7%	1 413 -3%	1 457 +3%	1 441 -1%	1 291 -10%	1 166 -10%	978 -16%	813 -17%	686 -16%	609 -11%	553 -9%	570 +3%	538 -6%	508 -6%	515 +1%	521 +1%	585 +12%	686 +17%	721 +5%	699 -3%	788 +13%	761 -3%	824 +8%	923 +12%	778 -16%	776 0%	791 +2%	678 -14%	860 +27%	987 +15%	1 160 +18%	1 396 +20%	1 643 +18%	1 828 +11%	1 686 -8%	1 676 -1%	1 517 -10%	1 386 -9%	1 574 +14%	1 519 -4%	1 612 +6%	1 681 +4%	1 783 +6%	1 989 +12%	2 084 +5%	2 137 +3%	2 011 -6%
Investing Cash Flow
Capital Expenditures	(122)	(111)	(97)	(97)	(92)	(100)	(113)	(124)	(145)	(160)	(170)	(199)	(220)	(253)	(277)	(271)	(295)	(318)	(360)	(455)	(503)	(553)	(661)	(639)	(665)	(690)	(634)	(747)	(719)	(633)	(544)	(379)	(378)	(468)	(576)	(668)	(846)	(1 026)	(1 261)	(1 633)	(1 658)	(1 676)	(1 678)	(1 508)	(1 554)	(1 536)	(1 502)	(1 554)	(1 524)	(1 697)	(2 209)	(2 519)	(2 723)	(2 623)	(2 011)	(1 502)	(1 138)	(884)	(747)	(2 814)	(2 852)	(2 905)	(3 012)	(978)	(1 050)	(1 271)	(1 323)	(1 336)	(1 284)	(1 165)	(1 070)	(1 026)	(916)	(761)	(662)	(556)	(564)	(616)	(682)	(678)	(681)	(674)	(716)	(880)	(971)	(1 153)	(1 164)	(1 099)	(1 191)	(1 115)	(1 181)	(3 414)	(3 511)	(3 598)	(3 700)	(1 472)
Other Items	(43)	(59)	(63)	(84)	(147)	(137)	(127)	(73)	1	21	18	(48)	(80)	(102)	(134)	(69)	(38)	(38)	(9)	(270)	(270)	(288)	(301)	(166)	(98)	(86)	(64)	73	11	33	43	75	266	281	296	307	147	180	379	368	335	283	87	51	50	(4)	(38)	361	365	449	447	41	55	330	334	357	339	35	176	946	1 688	1 703	1 572	777	523	750	742	749	264	19	18	13	7	0	1	0	0	0	9	11	11	11	2	(0)	0	0	1	1	0	0	0	7	7	7	7	4
Cash from Investing Activities	(165) N/A	(170) -3%	(160) +5%	(181) -13%	(239) -32%	(237) +1%	(241) -2%	(197) +18%	(144) +27%	(139) +4%	(152) -10%	(247) -62%	(300) -21%	(355) -18%	(411) -16%	(340) +17%	(333) +2%	(356) -7%	(369) -4%	(725) -96%	(773) -7%	(841) -9%	(963) -14%	(805) +16%	(763) +5%	(776) -2%	(698) +10%	(674) +3%	(708) -5%	(600) +15%	(501) +16%	(304) +39%	(112) +63%	(187) -68%	(280) -49%	(362) -29%	(699) -93%	(846) -21%	(882) -4%	(1 265) -43%	(1 324) -5%	(1 393) -5%	(1 592) -14%	(1 457) +8%	(1 504) -3%	(1 540) -2%	(1 540) 0%	(1 193) +23%	(1 160) +3%	(1 248) -8%	(1 763) -41%	(2 479) -41%	(2 668) -8%	(2 293) +14%	(1 678) +27%	(1 145) +32%	(799) +30%	(849) -6%	(572) +33%	(1 868) -227%	(1 164) +38%	(1 202) -3%	(1 440) -20%	(202) +86%	(527) -162%	(522) +1%	(582) -11%	(588) -1%	(1 020) -74%	(1 146) -12%	(1 053) +8%	(1 013) +4%	(910) +10%	(760) +16%	(661) +13%	(556) +16%	(564) -1%	(616) -9%	(674) -9%	(667) +1%	(670) 0%	(663) +1%	(715) -8%	(880) -23%	(971) -10%	(1 153) -19%	(1 163) -1%	(1 099) +6%	(1 191) -8%	(1 115) +6%	(1 181) -6%	(3 407) -188%	(3 504) -3%	(3 591) -2%	(3 693) -3%	(1 468) +60%
Financing Cash Flow
Net Issuance of Common Stock	(9)	(0)	2	2	3	4	3	4	(13)	(11)	(25)	(22)	(3)	(31)	(16)	(18)	(19)	(102)	(105)	(105)	(107)	6	(18)	(16)	(94)	(88)	(62)	(65)	12	2	2	3	3	5	5	6	10	8	(1)	7	5	5	(7)	(16)	(16)	(15)	(9)	(9)	0	(11)	(5)	(6)	0	(5)	(3)	(4)	0	(5)	532	936	0	935	407	1	0	2	2	3	0	3	3	3	0	2	2	2	0	2	2	3	0	3	(17)	(54)	(94)	(163)	(239)	(225)	(218)	(200)	(104)	(83)	(50)	1	(12)	(10)
Net Issuance of Debt	117	83	82	47	51	43	12	(4)	(41)	(44)	(13)	26	16	50	51	(37)	(47)	1	15	339	350	326	370	227	207	199	15	15	23	(20)	65	(112)	(299)	(275)	(233)	(140)	341	341	339	636	367	509	676	445	511	458	290	150	60	(29)	362	756	1 007	854	525	177	(2)	178	445	426	353	326	(3)	(2)	0	0	(353)	(353)	(306)	(235)	129	123	(3)	(7)	(99)	(220)	(99)	(240)	(278)	(151)	(298)	(704)	(585)	(585)	(480)	0	0	0	0	0	1 128	1 196	1 165	1 128	(0)	(68)
Cash Paid for Dividends	0	(3)	(3)	(3)	0	(3)	(3)	(3)	0	(3)	(3)	(3)	0	(4)	(4)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(6)	0	(6)	(6)	(7)	(7)	(7)	(7)	(7)	0	(7)	(7)	(7)	0	(7)	(7)	(7)	0	(7)	(7)	(8)	0	(10)	(10)	(11)	0	(11)	(11)	(11)	0	(11)	(11)	(11)	0	(7)	(7)	(2)	0	(2)	(2)	(2)	0	(2)	(2)	(20)	(38)	(55)	(73)	(72)	(74)	(77)	(80)	(85)	(87)	(89)	(92)	(92)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	2	14	14	16	15	6	9	10	10	16	13	14	0	(7)	(8)	(12)	(13)	(1)	(1)	(1)	5	(4)	5	(19)	(25)	(16)	(25)	(0)	0	(4)	(4)	(3)	(3)	0	0	(4)	(4)	(4)	(4)	(0)	(0)	(3)	(27)	(27)	(28)	(24)	(2)	(0)	0	(0)	(7)	(8)	(8)	(9)	(3)	(3)	(3)	(13)	(15)	(15)	(15)	(4)	(5)	(9)	(9)	(9)	(40)	(35)	(35)	(35)	(8)	(8)	(8)	(8)	(9)	(20)	(20)	(20)	(16)	(5)
Cash from Financing Activities	105 N/A	80 -23%	81 +1%	46 -43%	51 +10%	44 -14%	12 -72%	(4) N/A	(57) -1 443%	(58) -2%	(41) +30%	1 N/A	10 +621%	15 +47%	31 +109%	(61) N/A	(70) -14%	(93) -33%	(81) +13%	244 N/A	252 +4%	332 +31%	355 +7%	215 -39%	117 -45%	120 +3%	(41) N/A	(43) -5%	41 N/A	(31) N/A	53 N/A	(128) N/A	(315) -147%	(277) +12%	(235) +15%	(141) +40%	350 N/A	340 -3%	337 -1%	619 +84%	341 -45%	492 +44%	638 +30%	422 -34%	488 +16%	432 -12%	271 -37%	131 -52%	40 -69%	(46) N/A	350 N/A	740 +112%	990 +34%	838 -15%	511 -39%	166 -67%	(13) N/A	163 N/A	944 +477%	1 327 +41%	1 254 -6%	1 227 -2%	392 -68%	(12) N/A	(10) +20%	(10) N/A	(369) -3 666%	(369) +0%	(322) +13%	(252) +22%	118 N/A	112 -6%	(14) N/A	(24) -77%	(118) -395%	(235) -99%	(115) +51%	(245) -114%	(284) -16%	(160) +44%	(307) -92%	(712) -132%	(644) +10%	(694) -8%	(648) +7%	(253) +61%	(320) -26%	(305) +5%	(300) +2%	(285) +5%	935 N/A	1 008 +8%	1 008 0%	1 019 +1%	(119) N/A	(175) -47%
Change in Cash
Net Change in Cash	60 N/A	42 -31%	43 +3%	7 -83%	(46) N/A	(37) +20%	(42) -14%	4 N/A	1 -86%	17 +3 240%	18 +5%	(8) N/A	(0) +96%	(17) -5 533%	2 N/A	9 +347%	44 +412%	(9) N/A	(26) -193%	(13) +47%	(56) -319%	24 N/A	16 -33%	42 +158%	3 -93%	11 +286%	(12) N/A	(37) -217%	(5) +86%	(27) -400%	15 N/A	5 -70%	38 +747%	(0) N/A	(14) -13 400%	(6) +59%	151 N/A	91 -40%	23 -75%	114 +400%	(191) N/A	(101) +47%	(30) +71%	(113) -281%	(0) +100%	0 N/A	0 N/A	276 +276 200%	236 -14%	164 -31%	0 N/A	(282) N/A	(237) +16%	(164) +31%	0 N/A	0 N/A	0 N/A	0 N/A	981 N/A	12 -99%	660 +5 219%	563 -15%	(539) N/A	302 N/A	(16) N/A	53 N/A	(265) N/A	(236) +11%	(643) -173%	(610) +5%	(173) +72%	(78) +55%	0 N/A	(6) N/A	(4) +44%	(0) +97%	(0) N/A	(0) -100%	30 N/A	333 +1 024%	420 +26%	267 -36%	469 +75%	112 -76%	58 -49%	111 +92%	(97) N/A	171 N/A	28 -83%	212 +644%	1 435 +578%	(616) N/A	(506) +18%	(488) +4%	(1 675) -243%	368 N/A
Free Cash Flow
Free Cash Flow	(2) N/A	20 N/A	25 +26%	44 +79%	51 +14%	56 +11%	73 +30%	81 +10%	57 -30%	53 -6%	41 -24%	38 -7%	69 +83%	71 +2%	105 +49%	139 +32%	152 +9%	123 -19%	65 -47%	13 -81%	(38) N/A	(19) +51%	(37) -96%	(7) +81%	(17) -141%	(23) -41%	93 N/A	(67) N/A	(57) +15%	(28) +51%	(80) -185%	57 N/A	87 +53%	(4) N/A	(74) -1 958%	(171) -131%	(346) -102%	(429) -24%	(693) -61%	(873) -26%	(867) +1%	(875) -1%	(754) +14%	(586) +22%	(538) +8%	(428) +20%	(233) +46%	(215) +8%	(168) +22%	(239) -42%	(797) -233%	(1 063) -33%	(1 282) -21%	(1 332) -4%	(845) +37%	(523) +38%	(325) +38%	(198) +39%	(139) +30%	(2 261) -1 531%	(2 282) -1%	(2 367) -4%	(2 503) -6%	(463) +82%	(530) -14%	(686) -30%	(637) +7%	(616) +3%	(585) +5%	(377) +36%	(309) +18%	(203) +34%	7 N/A	17 +153%	114 +563%	235 +106%	114 -51%	245 +114%	305 +24%	482 +58%	716 +49%	969 +35%	1 111 +15%	806 -27%	705 -13%	364 -48%	222 -39%	475 +114%	328 -31%	496 +51%	500 +1%	(1 632) N/A	(1 521) +7%	(1 514) +0%	(1 563) -3%	539 N/A

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SM Energy Co
F:SJL

Cash Flow Statement

Cash Flow Statement
SM Energy Co

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SM Energy Co F:SJL

Cash Flow Statement

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SM Energy Co
F:SJL

Cash Flow Statement
SM Energy Co