How often does Summit Midstream move more than the options market prices?

1 of the last 8 reports moved at least as far as the implied move.

SMCNYSENatural Gas Transmission

Summit Midstream Corp (SMC) earnings date, market-implied expected move, and options open interest by expiry

28.33

−0.59 · −2.04%

Regular session12:30 ET

Open28.01Volume169,148Mkt cap$406.2MEPS-1.10

Day28.01 – 28.4081%52-wk20.80 – 36.4748%

SMC

Summit Midstream Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

No implied move.

Expected move

Inputs

Next report

Nov 9

after close · in 4 days

confirmedQ3 FY26

Calendar

Next report

Last report

+8.92%

vs ±13.0% implied · ×0.69

shaded = implied · ▲▼ = realized

Aug 10 '26 · confirmed

Implied vs realized

Largest filed tie

29.00%

of SMC revenue · Undisclosed customer (Counterparty B)

customerSMC 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

+4.96%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

74 managers

Top fund weight

0.01%

SMC weight · IWM

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Summit Midstream (SMC) reports on Nov 9 after close (confirmed date).

Implied vs realized

8 reports

1 of 8≥ implied

avg implied: ±9.9%
avg realized: ±4.3%

Nov 12 '24Nov 12 '24confirmed±6.3%▼−0.75%×0.12

Mar 10 '25Mar 10 '25confirmed±9.9%▼−2.66%×0.27

May 8 '25May 8 '25confirmed±11.9%▲+2.46%×0.21

Aug 12 '25Aug 12 '25confirmed±6.4%▼−16.63%×2.59

Q3 FY25Nov 10 '25confirmed±15.3%▼−0.09%×0.01

Q1 FY26Mar 16 '26confirmed±8.2%▲+2.13%×0.26

May 11 '26May 11 '26confirmed±8.4%▼−0.57%×0.07

Q2 FY26Aug 10 '26confirmed±13.0%▲+8.92%×0.69

quarterimplied−20%0+20%realized×

Q2 FY26±13.0%▲+8.92%×0.69

May '26±8.4%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 3 close

0.28OI · 3 expiries · Nov 3 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

350%Nov 2015d1230%

110%Dec 1843d0.002,3510%0.00

280%Mar 19134d0.055630%0.05

ExpiryPutsCallsP/C

Nov 2015d350%1230%0.28

Dec 1843d110%2,3510%0.00

Mar 19134d280%5630%0.05

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No implied move.

Linked exposure

Revenue flow

as filedQ2 FY26

2.94%as filednet margin · revenue +11.41% QoQ · +10.55% YoY

Revenue

$155M+11.41% QoQ

Gross profit

$66M+7.40% QoQ

42.65% margin

Operating income

$25M+58.44% QoQ

16.11% margin

Pre-tax income

$6M+235.15% QoQ

Net income

$5M+244.19% QoQ

2.94% margin

Cost of revenue

$89M+14.58% QoQ

Operating expenses

$41M−10.16% QoQ

Depreciation $27M

SG&A $14M

Other operating $608,000

Other expense

$19M

Tax

$1M+206.59% QoQ

Revenue$155M+11.41%

Gross profit

$66M+7.40%

42.65% margin

Operating income

$25M+58.44%

16.11% margin

Pre-tax income

$6M+235.15%

Net income

$5M+244.19%

2.94% margin

Cost of revenue

$89M+14.58%

Operating expenses

$41M−10.16%

Depreciation $27M

SG&A $14M

Other operating $608,000

Other expense

$19M

Tax$1M+206.59%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Hatch = extended hours · ▯ up · ▮ downSource: market data · 12:30 ET

Intraday

Event sensitivity

PCE ×1.28· ±2.4% vs ±1.9% · 19 releases

eventrelease day|move|up · n×base

PCEpersonal income & outlays±2.4%8 of 19×1.28

CPROFcorporate profits±1.9%6 of 12×1.03

GDPgross domestic product±1.8%10 of 19×0.99

NFPjobs report±1.6%3 of 10×0.86

FOMCrate decision±1.4%10 of 17×0.78

PPIproducer prices±1.0%6 of 10×0.55

CPIconsumer prices±0.7%5 of 10×0.37

Bar = avg |move| to ±3% · tick = ±1.9% avg day · ×base = |move| ÷ ±1.9% · min 6 releases

Earnings history

EPS 0.11 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 10 '26 · confirmed	0.11	—
Q1 FY26	Mar 16 '26 · confirmed	-0.43	—
Q3 FY25	Nov 10 '25 · confirmed	-0.13	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod