This work was completed to determine productive energy value of soybean meal (SBM). The current methodology of estimating SBM energy value using NRC (2012) ME values as a reference and adjusting for chemical composition of samples collected from batches of soybean meal prior to initiation of the study using published prediction equations (Noblet and Perez, 1993) suggested SBM ME would be 94.1% relative to corn ME. Four different levels of SBM inclusion were evaluated over 2 different growing periods with diets formulated to constant SID Lys:ME using an assumption of 94.1% SBM ME relative to corn ME. In both periods, ADG and ADFI were similar between treatments but feed efficiency improved linearly as SBM level increased. The linear improvements in feed efficiency suggested a SBM ME value relative to corn of 101.7% and 104.7% in the early and late feeding periods, respectively, which were both higher than the assumed 94.1% SBM ME value relative to corn ME. These results suggest that U.S. swine producers have opportunities to revise formulation assumptions to better capture the full value of SBM.