• SM Energy average pre-tax profit margin for 2023 was 45.26%, a 45.25% decline from 2022.
• SM Energy average pre-tax profit margin for 2022 was 31.16%, a 193.69% increase from 2021.
• SM Energy average pre-tax profit margin for 2021 was -33.26%, a 44.48% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.