Summit Midstream Corp
SMC NYSE Natural Gas Transmission Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$562M
30.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$5.9M
Free cash flow
Cash from operations minus capital spending.
$44.6M
446.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.11 EPS (TTM)
What Summit Midstream Corp does
No business description yet.
- Legal name
- Summit Midstream Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0002024218-26-000017
0002024218
Revenue and margins
Summit Midstream Corp had $562M of revenue in fiscal 2025, up 30.8% on the year before.
FY23
Revenue $459M
FY24
Revenue $430M
FY25
Revenue $562M
Q3 '23
Revenue $121M
Q4 '23
Revenue $127M
Q1 '24
Revenue $119M
Q2 '24
Revenue $101M
Q3 '24
Revenue $102M
Q4 '24
Revenue $107M
Q1 '25
Revenue $133M
Q2 '25
Revenue $140M
Q3 '25
Revenue $147M
Q4 '25
Revenue $142M
Q1 '26
Revenue $139M
Q2 '26
Revenue $155M
FY23
Gross 75.5%
Operating —
Net −11.2%
FCF 12.6%
FY24
Gross 73.2%
Operating —
Net −28.4%
FCF 1.9%
FY25
Gross 73.5%
Operating —
Net −1.1%
FCF 7.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 77.6%
Operating —
Net 0.2%
FCF —
Q4 '23
Gross 72.9%
Operating —
Net −14.8%
FCF −2.3%
Q1 '24
Gross 74.6%
Operating —
Net 108.7%
FCF 22.9%
Q2 '24
Gross 70.8%
Operating —
Net −30.6%
FCF −22.9%
Q3 '24
Gross 72.4%
Operating —
Net −200.1%
FCF −1.7%
Q4 '24
Gross 74.8%
Operating —
Net −11.4%
FCF 5.5%
Q1 '25
Gross 73.3%
Operating —
Net −1.4%
FCF −3.4%
Q2 '25
Gross 74.4%
Operating —
Net −5.7%
FCF 7.7%
Q3 '25
Gross 74.0%
Operating —
Net −1.1%
FCF 2.6%
Q4 '25
Gross 72.1%
Operating —
Net 3.9%
FCF 24.3%
Q1 '26
Gross 71.7%
Operating —
Net −3.8%
FCF −8.9%
Q2 '26
Gross 68.3%
Operating —
Net 1.0%
FCF 12.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$51.5M
FY24
Net income −$122M
FY25
Net income −$5.9M
Q3 '23
Net income $0.3M
Q4 '23
Net income −$18.8M
Q1 '24
Net income $129M
Q2 '24
Net income −$31.0M
Q3 '24
Net income −$205M
Q4 '24
Net income −$12.2M
Q1 '25
Net income −$1.9M
Q2 '25
Net income −$8.0M
Q3 '25
Net income −$1.6M
Q4 '25
Net income $5.6M
Q1 '26
Net income −$5.3M
Q2 '26
Net income $1.6M
FY23
Diluted EPS −$6.11
FY24
Diluted EPS −$12.78
FY25
Diluted EPS −$1.61
Q3 '23
Diluted EPS −$0.27
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS $11.47
Q2 '24
Diluted EPS −$2.91
Q3 '24
Diluted EPS −$19.25
Q4 '24
Diluted EPS −$2.09
Q1 '25
Diluted EPS −$0.16
Q2 '25
Diluted EPS −$0.66
Q3 '25
Diluted EPS −$0.13
Q4 '25
Diluted EPS −$0.66
Q1 '26
Diluted EPS −$0.43
Q2 '26
Diluted EPS $0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity −7.2%
Return on assets −2.1%
FY24
Return on capital —
Return on equity −20.6%
Return on assets −5.0%
FY25
Return on capital —
Return on equity −1.2%
Return on assets −0.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $44.6M in fiscal 2025, 7.9% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $58.0M
FY24
Free cash flow $8.2M
FY25
Free cash flow $44.6M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow −$2.9M
Q1 '24
Free cash flow $27.2M
Q2 '24
Free cash flow −$23.2M
Q3 '24
Free cash flow −$1.8M
Q4 '24
Free cash flow $5.9M
Q1 '25
Free cash flow −$4.6M
Q2 '25
Free cash flow $10.8M
Q3 '25
Free cash flow $3.8M
Q4 '25
Free cash flow $34.5M
Q1 '26
Free cash flow −$12.4M
Q2 '26
Free cash flow $18.9M
FY23
Cash from operations $127M
Capital spending $68.9M
FY24
Cash from operations $61.8M
Capital spending $53.6M
FY25
Cash from operations $134M
Capital spending $89.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations —
Capital spending —
Q4 '23
Cash from operations $16.1M
Capital spending $19.0M
Q1 '24
Cash from operations $43.6M
Capital spending $16.4M
Q2 '24
Cash from operations −$12.6M
Capital spending $10.5M
Q3 '24
Cash from operations $9.2M
Capital spending $10.9M
Q4 '24
Cash from operations $21.6M
Capital spending $15.8M
Q1 '25
Cash from operations $16.0M
Capital spending $20.6M
Q2 '25
Cash from operations $37.2M
Capital spending $26.4M
Q3 '25
Cash from operations $26.7M
Capital spending $22.9M
Q4 '25
Cash from operations $53.7M
Capital spending $19.1M
Q1 '26
Cash from operations $6.9M
Capital spending $19.3M
Q2 '26
Cash from operations $43.9M
Capital spending $25.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Summit Midstream Corp returned — to shareholders in fiscal 2025. The diluted share count rose 14.5%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Summit Midstream Corp can carry it.
FY23
Cash $14.0M
Debt $1.5B
FY24
Cash $22.8M
Debt $994M
FY25
Cash $9.3M
Debt $1.0B
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $14.0M | $22.8M | $9.3M |
| Debt incl. finance leases | $1.5B | $994M | $1.0B |
| Debt / equity | 2.0x | 2.1x | 1.9x |
| Current ratio | 0.7x | 0.7x | 0.5x |
| Quick ratio | 0.7x | 0.7x | 0.5x |
| Total assets | $2.5B | $2.4B | $2.4B |
| Total liabilities | $1.7B | $1.3B | $1.3B |
| Shareholders' equity | $719M | $468M | $546M |
| Net debt (− = net cash) | $1.5B | $971M | $1.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 3 | 3 / 9 | 5 / 9 |
| Accruals ratio | −7.2% | −7.6% | −5.9% |
| Altman Z'' | — | — | — |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $459M | $430M | $562M |
| Gross profit | $346M | $315M | $413M |
| Interest expense | $141M | $115M | $94.7M |
| Pretax income | −$38.6M | $33.5M | −$2.4M |
| Income tax | $0.3M | $147M | −$0.5M |
| Net income | −$51.5M | −$122M | −$5.9M |
| Diluted EPS | −$6.11 | −$12.78 | −$1.61 |
| Diluted shares | 0.01B | 0.01B | 0.01B |
| Cash flow | |||
| Cash from operations | $127M | $61.8M | $134M |
| Capital expenditure | $68.9M | $53.6M | $89.0M |
| Free cash flow | $58.0M | $8.2M | $44.6M |
| Depreciation and amortization | $123M | $101M | $114M |
| Stock-based compensation | $6.6M | $8.6M | $7.8M |
| Acquisitions | $0.0M | $154M | — |
| Balance sheet | |||
| Cash and short-term investments | $14.0M | $22.8M | $9.3M |
| Total debt | $1.5B | $994M | $1.0B |
| Current assets | $98.4M | $118M | $96.9M |
| Current liabilities | $134M | $175M | $177M |
| Property and equipment, net | $1.7B | $1.8B | $1.8B |
| Intangible assets | $176M | $154M | $154M |
| Total assets | $2.5B | $2.4B | $2.4B |
| Total liabilities | $1.7B | $1.3B | $1.3B |
| Shareholders' equity | $719M | $468M | $546M |
| Margins | |||
| Gross margin | 75.5% | 73.2% | 73.5% |
| Net margin | −11.2% | −28.4% | −1.1% |
| FCF margin | 12.6% | 1.9% | 7.9% |
| Returns | |||
| Return on equity | −7.2% | −20.6% | −1.2% |
| Return on assets | −2.1% | −5.0% | −0.3% |
| Return on tangible equity | −9.5% | −39.0% | −1.5% |
| Growth | |||
| Revenue growth | — | −6.4% | 30.8% |
| FCF growth | — | −85.9% | 446.0% |
| Share count change | — | 2.6% | 14.5% |
| Financial health | |||
| Debt / equity | 2.0x | 2.1x | 1.9x |
| Current ratio | 0.7x | 0.7x | 0.5x |
| Quick ratio | 0.7x | 0.7x | 0.5x |
| Capital allocation | |||
| Capex / revenue | 15.0% | 12.5% | 15.8% |
| Stock comp / revenue | 1.4% | 2.0% | 1.4% |
| Quality scores | |||
| Piotroski F-score | — | 3.0 | 5.0 |
| Accruals ratio | −7.2% | −7.6% | −5.9% |
Source: SEC EDGAR XBRL filings (CIK 0002024218). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.