Soybean meal (SBM) is the primary source of protein and energy used in formulation of diets for swine in the United States, and the net energy (NE) of SBM has been reported as 2,087 kcal/kg. However, results of recent research indicated that the concentration of NE in SBM is greater than previously thought. Therefore, the objective of this research was to test the hypothesis that the energy value for SBM fed to pigs is greater than current book values. Four diets based on corn, soy protein concentrate, and synthetic cellulose containing 0, 2, 4, or 6% soybean oil (SBO) were formulated. An additional diet contained corn, soy protein concentrate, and 12% SBM, but no synthetic cellulose or SBO. A total of 120 pigs with an initial weight of 24.7 ± 3.06 kg were allotted to the 5 diets, with 2 pigs per pen. Pigs were fed the diets for four weeks. Average daily gain, average daily feed intake, and gain-to-feed ratio (G:F) were calculated for each diet. Linear and quadratic effects of increasing SBO in diets were determined. Regression of G:F for pigs fed the diet containing no SBM against the increasing levels of SBO was performed, and an equation was generated. Results demonstrated that the overall G:F of pigs was increased (linear, P < 0.05) by increasing SBO in diets containing no SBM. From the prediction equation, it was calculated that the G:F of pigs fed the diet containing 12% SBM corresponded to the inclusion of 4.70% SBO in the diet. Assuming there is 7,545 kcal NE in SBO, this corresponds to an NE value of 2,939 kcal/kg for SBM. The hypothesis that there is more NE in SBM than indicated in current book values, therefore, was confirmed. In conclusion, the improvement in G:F obtained by adding SBM to the diets was not different from the improvement in G:F obtained by adding 4.70% SBO to the diets, which indicates that SBM provides more NE to pigs than previously thought.