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SMC

Summit Midstream Corp.

SMC

Summit Midstream Corp. • NYSE
$25.04 ▼ -0.67% (-0.17)
Market Cap $307.01 M
52w High $45.89
52w Low $19.13
Dividend Yield 0%
P/E -7.5
Volume 21.59K
Outstanding Shares 12.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $146.883M ▲ $81.933M ▲ $5.556M ▲ 3.783% ▲ $-0.13 ▲ $58.818M ▲
Q2-2025 $140.217M ▲ $15.516M ▼ $-1.248M ▼ -0.89% ▼ $-0.66 ▼ $49.173M ▼
Q1-2025 $132.697M ▲ $16.6M ▲ $5.623M ▲ 4.237% ▲ $-0.16 ▲ $56.219M ▲
Q4-2024 $107.018M ▲ $14.194M ▲ $-24.783M ▲ -23.158% ▲ $-2.4 ▲ $25.755M ▲
Q3-2024 $102.415M $12.419M $-197.541M -192.883% $-19.25 $-5.482M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.446M ▲ $2.414B ▼ $1.316B ▼ $690.967M ▲
Q2-2025 $20.901M ▼ $2.423B ▼ $1.464B ▲ $551.955M ▼
Q1-2025 $29.604M ▲ $2.434B ▲ $1.331B ▼ $693.052M ▲
Q4-2024 $22.822M ▲ $2.359B ▲ $1.394B ▲ $467.792M ▼
Q3-2024 $17.842M $1.999B $1.216B $651.484M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.556M ▲ $26.677M ▼ $-23.667M ▲ $-68K ▲ $2.942M ▲ $3.763M ▼
Q2-2025 $-4.228M ▼ $37.213M ▲ $-26.965M ▲ $-14.348M ▼ $-4.1M ▼ $10.823M ▲
Q1-2025 $4.634M ▲ $16.03M ▼ $-93.091M ▲ $81.466M ▲ $4.405M ▲ $-4.576M ▼
Q4-2024 $-24.783M ▲ $21.647M ▲ $-172.353M ▼ $31.539M ▲ $-119.167M ▼ $5.897M ▲
Q3-2024 $-197.541M $9.151M $-12.626M $-12.375M $-15.85M $-1.79M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Gathering Services And Related Fees
Gathering Services And Related Fees
 $40.00M ▲$60.00M ▲$60.00M ▲$70.00M ▲
Natural Gas N G L And Condensate Sales
Natural Gas N G L And Condensate Sales
 $50.00M ▲$60.00M ▲$70.00M ▲$70.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Summit Midstream shows fairly steady revenue with modest growth over time, and its core operations appear to generate reasonable profitability before interest and other non‑operating items. However, the company has struggled to turn that operating strength into consistent bottom‑line profits. Net results have swung between profit and loss, with the most recent years showing losses again despite healthier operating metrics. This suggests that items like interest expense, depreciation, and possibly one‑off charges are weighing on reported earnings. Overall, the business engine works, but the final earnings picture is still choppy and not yet reliably positive.

Balance Sheet

Balance Sheet The balance sheet looks stable in terms of overall asset base, which has held roughly steady over several years. Debt has come down meaningfully from earlier levels, which is a positive sign for financial risk and future interest burden. On the other hand, equity has been drifting lower, reflecting accumulated losses and past restructuring impacts. Cash on hand is quite thin relative to the size of the business, which makes access to credit lines or external financing important. In short, the company has a solid set of assets and has made progress on reducing leverage, but it operates with a fairly tight financial cushion.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, which is a key strength for a capital‑intensive midstream operator. Free cash flow has also been positive for several years, even after funding ongoing capital projects, although both operating and free cash flow have eased back from their earlier highs. Capital spending appears disciplined and manageable rather than aggressive. The picture is of a business that can fund itself and service its obligations, but with less excess cash than in prior years and limited room for large, self‑funded expansions without careful planning.

Competitive Edge

Competitive Edge Summit Midstream’s main advantage comes from where its assets sit and how they are contracted rather than from flashy technology. Its pipelines and related infrastructure are located in key shale basins that remain important production areas, which makes its systems hard to bypass. The business is anchored by long‑term, fee‑based contracts that help cushion it from swings in commodity prices and provide relatively predictable cash flows. High costs and regulatory hurdles to build new pipelines protect incumbents like Summit. The flip side is that the company is not the largest player in the space, so it must compete on reliability, service quality, and careful capital allocation rather than sheer scale.

Innovation and R&D

Innovation and R&D Innovation at Summit is practical and operations‑focused. The company uses real‑time monitoring, sensors, and predictive analytics to keep its systems running with high uptime and fewer unplanned outages. It has robust safety and integrity programs around its pipelines and is investing in environmental improvements, including efforts to reduce emissions and improve energy efficiency. Rather than developing unique, proprietary technologies, Summit is applying proven digital tools and process improvements to run its assets more safely, efficiently, and with a lighter environmental footprint. Future innovation is likely to center on further digitalization, incremental capacity expansions, and projects aligned with its emissions and ESG goals.

Summary

Summit Midstream is a mid‑sized midstream operator with strategically located assets and a contract structure that supports relatively stable cash flows. Its operations appear sound and increasingly efficient, with consistent positive cash flow and improving leverage compared with prior years. At the same time, the company’s accounting profits remain uneven, equity has been eroded by past losses, and its cash balance is slim, leaving less margin for error. The long‑term story depends on how well it can keep strengthening its balance sheet, maintain and grow throughput on its systems, and execute on selective expansions and portfolio moves in its core basins, all while managing environmental and regulatory expectations. Overall, it looks like a business with solid industrial foundations but still in the process of fully stabilizing its financial profile.

NEWS

November 10, 2025 · 4:15 PM UTC

Summit Midstream Corporation Reports Third Quarter 2025 Financial and Operating Results

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October 28, 2025 · 4:30 PM UTC

Summit Midstream Corporation Schedules Third Quarter 2025 Earnings Call

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