SM Energy Co (SM)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	914,202	945,718	1,369,973	1,588,203	1,395,770	1,507,373	992,308	358,955	46,167	-587,370	-794,185	-696,965	-956,705	-887,862	-708,256	-518,341	-231,044	290,477	59,461	11,779
Revenue (ttm)	US$ in thousands	2,373,886	2,436,478	2,631,028	3,072,376	3,358,647	3,542,289	3,467,077	3,038,824	2,622,894	2,088,226	1,609,002	1,214,785	1,126,673	1,258,067	1,367,369	1,604,909	1,590,105	1,532,611	1,601,663	1,638,407
Pretax margin		38.51%	38.81%	52.07%	51.69%	41.56%	42.55%	28.62%	11.81%	1.76%	-28.13%	-49.36%	-57.37%	-84.91%	-70.57%	-51.80%	-32.30%	-14.53%	18.95%	3.71%	0.72%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $914,202K ÷ $2,373,886K
= 38.51%

SM Energy Co's pretax margin has shown fluctuations over the past eight quarters. In Q4 2023, the pretax margin was 38.51%, slightly lower than the previous quarter at 38.81%. However, looking back over the year, Q2 2023 and Q1 2023 had significantly higher pretax margins of 52.07% and 51.69%, respectively.

Comparing to the previous year, Q4 2023 pretax margin of 38.51% is slightly higher than the same period in 2022 at 41.56%. Notably, Q2 2022 had a low pretax margin of 28.62% compared to the other quarters in 2022.

Overall, the pretax margin performance of SM Energy Co has experienced variations in recent quarters. It will be important to monitor future trends to assess the company's ability to maintain profitability before taxes.