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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Summit Midstream
Summit Midstream (SMC) investor relations material
Summit Midstream Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q3 revenue was $183.0 million and net income was $15.9 million; Adjusted EBITDA was $70.7 million, up 16% QoQ and from $65.5 million YoY.
Distributable Cash Flow was $32.6 million and Free Cash Flow was $5.2 million; average gas throughput rose 5.9% QoQ to 952 MMcf/d and liquids throughput rose 39.7% to 95 Mbbl/d.
Customer development and organic projects are driving growth expectations; management raised FY2026 Adjusted EBITDA guidance and expects 200–250 well connections in 2027.
Financial highlights
Q3 revenue increased to $183.0 million from $146.9 million YoY; net income rose to $15.9 million from $5.0 million, and diluted EPS was $0.58 versus a $0.13 loss.
Q3 DCF was $32.6 million versus $36.7 million YoY; FCF was $5.2 million versus $16.7 million. Operating cash flow was $5.5 million versus $26.7 million.
Q3 capital expenditures were $21.2 million, including $4.7 million of maintenance CapEx; nine-month cash CapEx was $65.5 million, including $12.5 million of maintenance.
Natural gas, NGL and condensate sales rose to $98.1 million from $71.1 million; gathering fees were $75.9 million versus $65.4 million.
Outlook and guidance
FY2026 Adjusted EBITDA guidance rose to $250 million–$260 million from $235 million–$255 million; CapEx guidance remains $100 million–$120 million, with spending expected near the high end.
Year-end 2026 net leverage is expected to be ~3.6x at the guidance midpoint; management expects 200–250 well connections in 2027 and meaningful YoY volume and EBITDA growth.
Several-year Adjusted EBITDA growth could reach a mid-to-high-teens CAGR; excluding organic projects, management cited high-single-digit to low-double-digit growth.
Double E’s compression expansion reached FID, is targeted online by year-end 2028 and is expected to increase capacity ~50%, from ~1.6 Bcf/d to ~2.4 Bcf/d.
Available liquidity, internal cash flows and credit facilities are expected to fund operations for the next 12 months and, based on current expectations, the long term.
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Latest events from Summit Midstream
- FY adjusted EBITDA reached $266.8 million; 2024 guidance is $260–$300 million amid strategic review.SMC
Q4 2023 - Positioned for $100MM+ EBITDA growth by 2030, with high FCF yield and discounted valuation.SMCInvestor presentation
- Q2 2026 net income was $4.6M, Adjusted EBITDA rose 12% to $60.7M, and guidance was tightened.SMCQ2 2026
- Positioned for $100MM+ EBITDA growth by 2030, with strong cash flow and discounted valuation.SMC2026 TD Cowen Energy presentation
- Shareholders to vote on major issuance to Tall Oak, expanding board and projecting financial synergies.SMCProxy filing
- Acquisition of Tall Oak Midstream expands scale, reduces leverage, and strengthens governance.SMCProxy filing
- Shareholders to vote on major equity issuance for Tall Oak acquisition, reshaping ownership and board.SMCProxy filing
- Shareholders to vote on a $425M Tall Oak acquisition, reshaping ownership and governance.SMCProxy filing
- Strong Q4 results, new contracts, refinancing, and 2026 growth outlook led by Permian and Rockies.SMCQ4 2025
Next Summit Midstream earnings date
Q4 202616 Mar, 2027
Summit Midstream
Next Summit Midstream earnings date
Q4 202616 Mar, 2027
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Frequently asked questions
Summit Midstream Partners, LP is a midstream energy company that provides natural gas, crude oil, and produced water gathering, processing, and transportation services. The company operates a network of pipelines and facilities across key energy-producing regions in the United States, including the Appalachian, Williston, and Permian basins. Summit Midstream Partners serves energy producers by enabling the efficient movement of resources from production sites to downstream markets and processing facilities. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.