SMC · Summit Midstream Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $139.14M | - | $146.88M | $101.31M | $118.87M | - | $102.42M | - |
| Cost of Revenue | $39.37M | - | $38.14M | $35.91M | $30.18M | - | $28.25M | - |
| Gross Profit | $99.77M | - | $108.75M | $65.40M | $88.69M | - | $74.17M | - |
| R&D | - | - | - | - | - | - | - | - |
| SG&A | $17.87M | - | $13.16M | $14.16M | $14.79M | - | $12.42M | - |
| Total Operating Expenses | $122.79M | - | $121.72M | $94.47M | $173.57M | - | $95.42M | - |
| D&A | $26.71M | - | $28.86M | $30.05M | $27.87M | - | $23.54M | - |
| Operating Income | ($4.17M) | - | $5.54M | ($4.98M) | $133.14M | - | ($6.26M) | - |
| Interest Expense | $25.01M | - | $24.19M | $31.46M | $37.85M | - | $25.71M | - |
| Income Tax | ($1.00M) | - | $537.0K | ($752.0K) | $210.0K | - | $72.0K | - |
| Net Income | ($5.29M) | - | ($1.58M) | ($8.03M) | $129.16M | - | ($201.55M) | - |
| EPS - Basic | ($0.43) | - | ($0.13) | ($2.91) | $12.05 | - | ($0.27) | - |
| EPS - Diluted | ($0.43) | - | ($0.13) | ($2.91) | $11.47 | - | ($19.25) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.39M | $9.27M | $24.63M | $20.90M | $26.23M | $22.82M | $14.04M | - |
| Accounts Receivable | $74.19M | $69.75M | $80.10M | $84.58M | $83.92M | $77.06M | $60.57M | - |
| Inventory | - | - | - | - | - | - | - | - |
| Accounts Payable | $27.59M | $31.65M | $36.26M | $30.88M | $31.93M | $25.16M | $12.93M | - |
| Current Assets | $129.97M | $96.92M | $112.15M | $116.07M | $119.76M | $118.27M | $214.01M | - |
| Total Assets | $2.41B | $2.39B | $2.41B | $2.42B | $2.43B | $2.36B | $2.00B | - |
| Current Liabilities | $108.20M | $176.79M | $147.45M | $157.39M | $150.61M | $174.80M | $230.97M | - |
| Long-term Debt | $1.26B | $1.02B | $1.07B | $1.06B | $1.07B | $977.00M | $1.46B | - |
| Total Liabilities | $1.49B | $1.30B | $1.32B | $1.33B | $1.33B | $1.26B | $1.22B | - |
| Stockholders' Equity | $595.82M | $546.18M | $551.87M | $551.96M | $558.14M | $467.79M | $651.48M | $718.56M |
| Retained Earnings | ($208.20M) | ($202.90M) | ($194.83M) | ($193.25M) | ($185.22M) | ($183.33M) | ($157.80M) | $0 |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.87M | - | - | - | $43.62M | - | - | - |
| Investing Cash Flow | ($19.36M) | - | - | - | $608.63M | - | - | - |
| Financing Cash Flow | $42.34M | - | - | - | ($320.85M) | - | - | - |
| CapEx | $19.28M | - | - | - | $16.40M | - | - | - |
| Free Cash Flow | ($12.41M) | - | - | - | $27.22M | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||
| Gross margin | 71.7% | - | 74.0% | 64.6% | 74.6% | - | 72.4% | - |
| Operating margin | -3.0% | - | 3.8% | -4.9% | 112.0% | - | -6.1% | - |
| EBITDA margin | 16.2% | - | 23.4% | 24.7% | 135.4% | - | 16.9% | - |
| Net margin | -3.8% | - | -1.1% | -7.9% | 108.7% | - | -196.8% | - |
| Free cash flow margin | -8.9% | - | - | - | 22.9% | - | - | - |
| FCF / Net income | 2.34 | - | - | - | 0.21 | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 12.8% | - | 9.0% | 14.0% | 12.4% | - | 12.1% | - |
| Effective tax rate | - | - | - | - | 0.2% | - | - | - |
| Return on assets | -0.2% | - | -0.1% | -0.3% | 5.3% | - | -10.1% | - |
| Return on equity | -0.9% | - | -0.3% | -1.5% | 23.1% | - | -30.9% | - |
| Return on invested capital | -0.2% | - | 0.3% | -0.2% | 8.2% | - | -0.2% | - |
| Liquidity | ||||||||
| Current ratio | 1.20 | 0.55 | 0.76 | 0.74 | 0.80 | 0.68 | 0.93 | - |
| Quick ratio | 1.20 | 0.55 | 0.76 | 0.74 | 0.80 | 0.68 | 0.93 | - |
| Cash ratio | 0.40 | 0.05 | 0.17 | 0.13 | 0.17 | 0.13 | 0.06 | - |
| Leverage | ||||||||
| Debt / Equity | 2.12 | 1.88 | 1.93 | 1.92 | 1.91 | 2.09 | 2.23 | - |
| Debt / Assets | 0.53 | 0.43 | 0.44 | 0.44 | 0.44 | 0.41 | 0.73 | - |
| Debt / EBITDA | 56.12 | - | 30.97 | 42.22 | 6.63 | - | 84.24 | - |
| Interest coverage | -0.2x | - | 0.2x | -0.2x | 3.5x | - | -0.2x | - |
| Equity multiplier | 4.04 | 4.37 | 4.37 | 4.39 | 4.36 | 5.04 | 3.07 | - |
| Liabilities / Assets | 0.62 | 0.54 | 0.55 | 0.55 | 0.55 | 0.53 | 0.61 | - |
| Efficiency | ||||||||
| Asset turnover | 0.06 | - | 0.06 | 0.04 | 0.05 | - | 0.05 | - |
| Inventory turnover | - | - | - | - | - | - | - | - |
| Days sales outstanding | 195d | - | 199d | 305d | 258d | - | 216d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - |
| Days payable outstanding | 256d | - | 347d | 314d | 386d | - | 167d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - |
| Valuation | ||||||||
| P / E | - | - | - | - | 3.0x | - | - | - |
| P / B | 0.6x | - | 0.5x | 0.5x | 0.7x | - | 0.6x | - |
| P / S | 2.7x | - | 1.7x | 2.6x | 3.1x | - | 3.6x | - |
| EV / EBITDA | 70.7x | - | 37.6x | 51.8x | 8.8x | - | 105.0x | - |
| Growth | ||||||||
| Revenue growth (YoY) | 17.1% | - | 43.4% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 12.5% | - | 46.6% | - | - | - | - | - |
| Operating income growth (YoY) | - | - | - | - | - | - | - | - |
| Net income growth (YoY) | - | - | 99.2% | - | - | - | - | - |
| EPS growth (YoY) | - | - | 99.3% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 6.7% | 16.8% | -15.3% | - | - | -34.9% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$562.09M totalRockies Segment$329.35M · 58.6%
Mid Con Barnett Shale Segment$159.23M · 28.3%
Piceance Basin Segment$69.87M · 12.4%
Permian Basin Segment$3.64M · 0.6%
Product / service
$891.44M totalOil And Condensate$265.06M · 29.7%
Natural Gas Gathering Transportation Marketing And Processing$255.68M · 28.7%
Natural Gas NGLAnd Condensate Sales$244.48M · 27.4%
Gathering Servicesand Related Fees$62.76M · 7.0%
Product And Service Other$41.35M · 4.6%
Other Products And Services$22.11M · 2.5%
Peer comparison
Same SIC group: Natural Gas Transmission
Comparing Summit Midstream Corp against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Feb 6, 2020 | $1.8750 |
| Nov 6, 2019 | $4.3200 |
| Aug 6, 2019 | $4.3200 |
| May 7, 2019 | $4.3200 |
| Feb 6, 2019 | $8.6250 |
| Nov 6, 2018 | $8.6250 |
| Aug 6, 2018 | $8.6250 |
| May 7, 2018 | $8.6250 |
| Feb 6, 2018 | $8.6250 |
| Nov 6, 2017 | $8.6250 |
| Aug 3, 2017 | $8.6250 |
| May 4, 2017 | $8.6250 |
| Feb 3, 2017 | $8.6250 |
| Nov 3, 2016 | $8.6250 |
| Aug 3, 2016 | $8.6250 |
| May 4, 2016 | $8.6250 |
| Feb 3, 2016 | $8.6250 |
| Nov 4, 2015 | $8.6250 |
| Aug 5, 2015 | $8.5500 |
| May 6, 2015 | $8.4750 |
| Feb 4, 2015 | $8.4000 |
| Nov 5, 2014 | $8.1000 |
| Aug 5, 2014 | $7.8000 |
| May 6, 2014 | $7.5000 |