1.Sales and profit
See section β- Summit Midstream Corp had $562M of revenue in fiscal 2025, up 30.8% on the year before.
- Summit Midstream Corp lost $5.9M in fiscal 2025.
Summit Midstream Corp
SMC NYSE Natural Gas Transmission Financials FY2023βFY2025
Summit Midstream Corp had $562M of revenue in fiscal 2025, up 30.8% on the year before.
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3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$31.21
2.7%KIRAβs summary AI analyst
Hi! I read Summit Midstream Corpβs latest annual report (fiscal 2025). Here is what stands out:
2 strengths 1 to watch
2.Cash and shareholders
See section β- Free cash flow was $44.6M in fiscal 2025, 7.9% of revenue.
- In the last 12 months, insiders bought $37.9M and sold $0.5M of shares on the open market.
3.Financial health
See section β- Summit Midstream Corp owes $1.0B more than it holds in cash.
- Summit Midstream Corp passes 5 of 9 financial health tests (Piotroski F-score).
Summit Midstream Corp in 30 seconds
Good So-so Weak
Good
Are sales growing?
+30.8%
Yes. Sales grew 30.8% last year.
Weak
Does it make a profit?
β1.1%
No. It lost money last year.
So-so
Does profit turn into cash?
7.9%
Partly. 7.9% of sales ends up as free cash.
So-so
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$438M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$1.11 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Summit Midstream Corp did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
- Time
- Time not announced
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $0.34
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 10, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 11, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 16, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 10, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 11, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 7, 2025 | Q1 '25 | Time not announced | 8-K β |
| Mar 10, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 12, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Summit Midstream Corp had $562M of revenue in fiscal 2025, up 30.8% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY23
Revenue $459M
FY24
Revenue $430M
FY25
Revenue $562M
Revenue
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
Margins, % of revenue
FY23
Gross 75.5%
Operating β
Net β11.2%
FCF 12.6%
FY24
Gross 73.2%
Operating β
Net β28.4%
FCF 1.9%
FY25
Gross 73.5%
Operating β
Net β1.1%
FCF 7.9%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross 77.6%
Operating β
Net 0.2%
FCF β
Q4 '23
Gross 72.9%
Operating β
Net β14.8%
FCF β2.3%
Q1 '24
Gross 74.6%
Operating β
Net 108.7%
FCF 22.9%
Q2 '24
Gross 70.8%
Operating β
Net β30.6%
FCF β22.9%
Q3 '24
Gross 72.4%
Operating β
Net β200.1%
FCF β1.7%
Q4 '24
Gross 74.8%
Operating β
Net β11.4%
FCF 5.5%
Q1 '25
Gross 73.3%
Operating β
Net β1.4%
FCF β3.4%
Q2 '25
Gross 74.4%
Operating β
Net β5.7%
FCF 7.7%
Q3 '25
Gross 74.0%
Operating β
Net β1.1%
FCF 2.6%
Q4 '25
Gross 72.1%
Operating β
Net 3.9%
FCF 24.3%
Q1 '26
Gross 71.7%
Operating β
Net β3.8%
FCF β8.9%
Q2 '26
Gross 68.3%
Operating β
Net 1.0%
FCF 12.2%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Summit Midstream Corp lost $5.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY23
Net income β$51.5M
FY24
Net income β$122M
FY25
Net income β$5.9M
Net income
Q3 '23
Net income $0.3M
Q4 '23
Net income β$18.8M
Q1 '24
Net income $129M
Q2 '24
Net income β$31.0M
Q3 '24
Net income β$205M
Q4 '24
Net income β$12.2M
Q1 '25
Net income β$1.9M
Q2 '25
Net income β$8.0M
Q3 '25
Net income β$1.6M
Q4 '25
Net income $5.6M
Q1 '26
Net income β$5.3M
Q2 '26
Net income $1.6M
Diluted EPS
FY23
Diluted EPS β$6.11
FY24
Diluted EPS β$12.78
FY25
Diluted EPS β$1.61
Diluted EPS
Q3 '23
Diluted EPS β$0.27
Q4 '23
Diluted EPS β
Q1 '24
Diluted EPS $11.47
Q2 '24
Diluted EPS β$2.91
Q3 '24
Diluted EPS β$19.25
Q4 '24
Diluted EPS β$2.09
Q1 '25
Diluted EPS β$0.16
Q2 '25
Diluted EPS β$0.66
Q3 '25
Diluted EPS β$0.13
Q4 '25
Diluted EPS β$0.66
Q1 '26
Diluted EPS β$0.43
Q2 '26
Diluted EPS $0.11
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was $44.6M in fiscal 2025, 7.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY23
Free cash flow $58.0M
FY24
Free cash flow $8.2M
FY25
Free cash flow $44.6M
Free cash flow
Q3 '23
Free cash flow β
Q4 '23
Free cash flow β$2.9M
Q1 '24
Free cash flow $27.2M
Q2 '24
Free cash flow β$23.2M
Q3 '24
Free cash flow β$1.8M
Q4 '24
Free cash flow $5.9M
Q1 '25
Free cash flow β$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 β$12.4M
Q2 '26
Free cash flow $18.9M
Cash from operations vs capital spending
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
Cash from operations vs capital spending
Q3 '23
Cash from operations β
Capital spending β
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 β$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
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Insider trades
KIRA Β· In the last 12 months, insiders bought $37.9M and sold $0.5M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$37.9M
1 insider
Sold, 12 months
$0.5M
2 insiders
Of sales under plans
33%
$0.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | James David JohnstonExecutive VP, GC, CCO and Secy | Sold plan | 2,600 | $30.51 | $0.1M | Form 4 |
| Jul 2, 2026 | James David JohnstonExecutive VP, GC, CCO and Secy | Sold plan | 2,600 | $29.72 | $0.1M | Form 4 |
| May 19, 2026 | Jerry L PetersDirector | Sold | 10,000 | $32.00 | $0.3M | Form 4 |
| Mar 31, 2026 | Edward HerringDirector, 10% owner | Bought | 1,220,918 | $31.08 | $37.9M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Summit Midstream Corp owes $1.0B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Summit Midstream Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
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 (β = net cash) | $1.5B | $971M | $1.0B |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY23
Return on capital β
Return on equity β7.2%
Return on assets β2.1%
FY24
Return on capital β
Return on equity β20.6%
Return on assets β5.0%
FY25
Return on capital β
Return on equity β1.2%
Return on assets β0.3%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Summit Midstream Corp passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | 3 / 9 | 5 / 9 |
| Accruals ratio | β7.2% | β7.6% | β5.9% |
| Altman Z'' | β | β | β |
All figures
Every number, year by year.
3 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $459M | $430M | $562M |
| Gross profit | $346M | $315M | $413M |
| Interest expense | $141M | $115M | $94.7M |
| Pretax income | β$38.6M | $33.5M | β$2.4M |
| Income tax | $0.3M | $147M | β$0.5M |
| Net income | β$51.5M | β$122M | β$5.9M |
| Diluted EPS | β$6.11 | β$12.78 | β$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 | β |
| 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 | β11.2% | β28.4% | β1.1% |
| FCF margin | 12.6% | 1.9% | 7.9% |
| Returns | |||
| Return on equity | β7.2% | β20.6% | β1.2% |
| Return on assets | β2.1% | β5.0% | β0.3% |
| Return on tangible equity | β9.5% | β39.0% | β1.5% |
| Growth | |||
| Revenue growth | β | β6.4% | 30.8% |
| FCF growth | β | β85.9% | 446.0% |
| Share count change | β | 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 | β | 3.0 | 5.0 |
| Accruals ratio | β7.2% | β7.6% | β5.9% |
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 β not investment advice. Check the original filings before relying on any figure.