Revenue growth remains highly inconsistent, oscillating between a 15.9% contraction in 2024Q4 and a 43.4% expansion in 2025Q3, while gross margins have largely stagnated near the 25% level.
| Sales/Revenue | 568.54M | 562.09M | 429.62M | 458.9M | 369.59M | 401.56M | 383.47M | 444.75M |
| Revenue Growth % | 28.21% | 30.83% | -6.38% | 24.16% | -7.96% | 4.72% | -13.78% | - |
| Cost of Goods Sold | 353.69M | 412.44M | 316.61M | 335.97M | 280.03M | 156.15M | 240.81M | 162.16M |
| COGS % of Revenue | - | 73.38% | 73.7% | 73.21% | 75.77% | 38.89% | 62.8% | 36.46% |
| Gross Profit | 214.85M | 149.65M | 113.01M | 122.94M | 89.56M | 245.41M | 142.66M | 282.59M |
| Gross Margin % | 37.79% | 26.62% | 26.3% | 26.79% | 24.23% | 61.11% | 37.2% | 63.54% |
| Gross Profit Growth % | - | 32.43% | -8.08% | 37.27% | -63.51% | 72.03% | -49.52% | - |
| Operating Expenses | 131.06M | 61.02M | 55.56M | 42.13M | 44.94M | 59.17M | 73.44M | 583.12M |
| OpEx % of Revenue | - | 10.86% | 12.93% | 9.18% | 12.16% | 14.73% | 19.15% | 131.11% |
| Selling, General & Admin | 62.29M | 61.02M | 55.56M | 42.13M | 44.94M | 59.17M | 73.44M | 50.99M |
| SG&A % of Revenue | - | 10.86% | 12.93% | 9.18% | 12.16% | 14.73% | 19.15% | 11.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 83.78M | 88.64M | 57.45M | 80.8M | 44.62M | 186.24M | 69.22M | 120.02M |
| Operating Margin % | 14.74% | 15.77% | 13.37% | 17.61% | 12.07% | 46.38% | 18.05% | 26.99% |
| Operating Income Growth % | - | 54.29% | -28.9% | 81.1% | -76.04% | 169.06% | -42.33% | - |
| EBITDA | 197.07M | 203.73M | 159.03M | 204.5M | 164.61M | 306.24M | 188.29M | 231.6M |
| EBITDA Margin % | 34.66% | 36.25% | 37.02% | 44.56% | 44.54% | 76.26% | 49.1% | 52.07% |
| EBITDA Growth % | 25.3% | 28.11% | -22.23% | 24.23% | -46.25% | 62.64% | -18.7% | - |
| D&A (Non-Cash Add-back) | 113.29M | 115.1M | 101.59M | 123.7M | 119.99M | 120M | 119.07M | 111.57M |
| EBIT | 81.83M | 88.64M | 148.95M | 102.16M | -38.82M | 67.23M | 256.56M | 37.32M |
| Net Interest Income | -97.21M | -94.74M | -115.45M | -140.78M | -102.46M | -66.16M | -78.89M | -91.97M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 97.21M | 94.74M | 115.45M | 140.78M | 102.46M | 66.16M | 78.89M | 91.97M |
| Other Income/Expense | -95.29M | -91.04M | -23.94M | -119.43M | -185.9M | -205.87M | 119.71M | -507.56M |
| Pretax Income | -11.51M | -2.41M | 33.5M | -38.63M | -141.28M | -19.62M | 188.93M | -392.5M |
| Pretax Margin % | -2.02% | -0.43% | 7.8% | -8.42% | -38.22% | -4.89% | 49.27% | -88.25% |
| Income Tax | -1.8M | -501K | 146.68M | 322K | 325K | 327K | -146K | 1.23M |
| Effective Tax Rate % | 15.64% | 20.81% | 437.81% | -0.83% | -0.23% | -1.67% | -0.08% | -0.31% |
| Net Income | -7.78M | -1.91M | -113.17M | -38.95M | -123.46M | -19.95M | 192.35M | -213.01M |
| Net Margin % | -1.37% | -0.34% | -26.34% | -8.49% | -33.4% | -4.97% | 50.16% | -47.89% |
| Net Income Growth % | 96.76% | 98.32% | -190.59% | 68.45% | -518.88% | -110.37% | 190.3% | - |
| Net Income (Continuing) | -9.71M | -1.91M | -113.17M | -38.95M | -141.6M | -19.95M | 189.08M | -393.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.29M |
| Minority Interest | 319.18M | 400.38M | 497.33M | 124.65M | 118.58M | 106.33M | 0 | 186.07M |
| EPS (Diluted) | -0.63 | -1.61 | -12.78 | -6.11 | -12.71 | -6.57 | 55.84 | -38.79 |
| EPS Growth % | 92.39% | 87.4% | -109.17% | 51.93% | -93.46% | -111.77% | 243.95% | - |
| EPS (Basic) | - | -1.61 | -12.78 | -6.11 | -12.71 | -6.57 | 73.22 | -38.79 |
| Diluted Shares Outstanding | 12.33M | 12.13M | 10.6M | 10.33M | 10.05M | 6.74M | 4.71M | 5.49M |
| Basic Shares Outstanding | 12.33M | 12.13M | 10.6M | 10.33M | 10.05M | 6.74M | 3.59M | 5.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Net Income Volatility
According to recent financial disclosures, SMC's revenue growth has exhibited significant volatility, oscillating between a 15.9% contraction in 2024Q4 and a 43.4% expansion in 2025Q3, suggesting that top-line performance remains highly sensitive to asset divestitures and the timing of throughput volume recognition across its core basins.
The erratic revenue trajectory appears to reflect the company's strategic pivot toward geographic concentration in the Rockies and Permian. Investors should monitor whether the recent growth spikes are sustainable or merely artifacts of non-recurring shortfall payments that mask underlying volume trends in mature gathering systems.
As reported in quarterly filings, SMC's gross margin has largely stagnated near the 25% level, with the notable exception of 2025Q3, indicating that the company's gathering and boosting operations face persistent cost pressures that limit the scalability of its fee-based revenue model in mature unconventional basins.
The disparity between the 25% gross margin and the 72.9% outlier in 2025Q3 warrants further investigation into potential accounting adjustments or one-time revenue recognition events. The inability to consistently expand margins suggests that inflationary field costs and maintenance requirements continue to offset the benefits of fixed-fee contracts.
Based on the provided income statement data, SMC's net income has frequently dipped into negative territory, with net margins fluctuating wildly from a 111.8% gain in 2024Q1 to a 192.9% loss in 2024Q3, highlighting a disconnect between operational cash generation and reported bottom-line profitability.
The frequent divergence between operating income and net income suggests that non-operating items, such as interest expenses or impairment charges, are significantly distorting the company's true earnings power. Analysts should be wary of relying on EPS as a performance metric given the recurring impact of these non-cash or non-operating drags.
Financial statements indicate that despite achieving positive operating income in every reported quarter, SMC has struggled to maintain consistent net profitability, which may suggest to skeptics that the current capital structure and interest burden are fundamentally incompatible with the company's existing operational margin profile.
Short-sellers may focus on the persistent negative net income figures as evidence that the company's debt-heavy model is failing to translate operational throughput into shareholder value. The reliance on non-core asset sales to manage leverage may eventually reach a point of diminishing returns, leaving the company vulnerable to further earnings erosion.
Quick answers to the most common questions about buying SMC stock.
For fiscal year 2025, Summit Midstream Corp. (SMC) reported total revenue of $562.1M. This represents a 26.4% increase compared to $444.7M in 2019.
Summit Midstream Corp. (SMC) reported a net loss of $1.9M for the fiscal year ending 2025.
Summit Midstream Corp. (SMC) reported an operating income of $88.6M, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Summit Midstream Corp. (SMC) generated $149.7M in gross profit for the year, representing a gross profit margin of 26.6%. This demonstrates the company's core pricing power and production efficiency.