Expand Energy Corp (EXE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.12	$1.33	+18.7%	—	$3B	—
Q1 26	$3.63	$3.83	+5.5%	—	$4.4B	—
Q4 25	$1.89	$2	+5.8%	—	$3.3B	—
Q3 25	$0.85	$0.97	+14.1%	—	$3B	—
Q2 25	$1.15	$1.1	-4.3%	—	$3.7B	—
Q1 25	$1.87	$2.02	+8.0%	—	$2.2B	—
Q4 24	$0.47	$0.55	+17.0%	—	$2B	—
Q3 24	-$0.06	$0.16	+366.7%	—	$646M	—
Q2 24	-$0.02	$0.01	+150.0%	—	$503M	—
Q1 24	$0.61	$0.56	-8.2%	—	$1.1B	—
Q4 23	$0.7	$1.31	+87.1%	—	$1.8B	—
Q3 23	$0.59	$1.09	+84.7%	—	$1.5B	—
Q2 23	$0.39	$0.64	+64.1%	—	$1.4B	—
Q1 23	$1.69	$1.87	+10.7%	—	$3B	—
Q4 22	$2.89	$4.22	+46.0%	—	$4.1B	—
Q3 22	$4.48	$5.06	+12.9%	—	$3.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.67	—	—	$12.2B	—
FY24	—	-$4.55	—	—	$4.2B	—
FY23	—	$18.2	—	—	$7.8B	—
FY22	—	$38.7	—	—	$11.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY22	FY23	FY24	FY25
Revenue	$12.8B	$7.9B	$9.5B	$10.2B	$8.5B	$5.2B	$11.4B	$7.8B	$4.2B	$12.2B
YoY change	-44.8%	-38.3%	+20.6%	+7.74%	-17%	-38.6%	—	-32.1%	-45.7%	+188.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY22	FY23	FY24	FY25
Revenue	12.8B	7.9B	9.5B	10.2B	8.5B	5.2B	11.4B	7.8B	4.2B	12.2B
Cost of revenue	12.7B	8.5B	8.4B	9B	8.1B	4.6B	3.5B	2.9B	3.1B	6B
Gross profit	105M	-658M	1.1B	1.3B	396M	620M	7.9B	4.9B	1.1B	6.2B
Gross margin	0.82%	-8.36%	11.4%	12.5%	4.66%	11.9%	69.2%	62.7%	27%	50.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	235M	240M	333M	335M	315M	380M	4.4B	2.6B	1.5B	3.3B
Operating expenses	588M	728M	879M	460M	447M	887M	4.4B	2.7B	1.8B	3.4B
Operating income	-483M	-1.4B	200M	815M	-51M	-267M	3.5B	2.2B	-697M	2.8B
Operating margin	-3.78%	-17.6%	2.11%	7.97%	-0.6%	-5.12%	30.5%	28.3%	-16.5%	22.7%
Non-operating income, net	-18.3B	-2.9B	-100M	36M	63M	-9B	326M	1B	-21M	-254M
Pretax income	-19.1B	-4.6B	-500M	218M	-639M	-9.8B	3.7B	3.1B	-841M	2.3B
Income tax	-4.5B	-190M	2M	-10M	-331M	-19M	-1.3B	698M	-127M	463M
Net income	-14.6B	-4.4B	-502M	228M	-308M	-9.8B	4.9B	2.4B	-714M	1.8B
Net margin	-114.7%	-55.9%	-5.29%	2.23%	-3.63%	-187.1%	43.1%	31.1%	-16.9%	14.9%
EBITDA	1.8B	-260M	2B	2.6B	2.2B	826M	5.3B	3.8B	1.1B	5.8B
EPS	-4.5K	-1.3K	180	170	-50	-998.3	38.7	18.2	-4.55	7.67
Diluted EPS	-4.5K	-1.3K	180	170	-50	-998.3	33.4	16.9	-4.55	7.57

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	1.8B	1.1B	503M	646M	2B	2.2B	3.7B	3B	3.3B	4.4B	3B
Cost of revenue	674M	663M	660M	710M	537M	1.4B	1.4B	2.3B	1.5B	1.6B	1.6B	2.2B
Gross profit	838M	1.1B	413M	-207M	109M	638M	775M	1.4B	1.4B	1.8B	2.8B	787M
Gross margin	55.4%	63.3%	38.5%	-41.2%	16.9%	31.9%	35.3%	38.3%	48.8%	53%	63.9%	26.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	752M	546M	370M	47M	231M	707M	966M	40M	704M	840M	1.2B	50M
Operating expenses	759M	557M	389M	66M	255M	987M	995M	98M	670M	873M	1.2B	66M
Operating income	79M	589M	24M	-273M	-146M	-349M	-220M	1.3B	779M	898M	1.6B	721M
Operating margin	5.22%	32.6%	2.24%	-54.3%	-22.6%	-17.5%	-10%	35.6%	26.3%	26.9%	36.4%	24.4%
Non-operating income, net	15M	168M	28M	-2M	8M	-8M	-40M	-26M	-36M	-152M	-53M	-6M
Pretax income	71M	735M	33M	-295M	-158M	-421M	-319M	1.2B	686M	687M	1.5B	672M
Income tax	1M	166M	7M	-68M	-44M	-22M	-70M	260M	139M	134M	330M	150M
Net income	70M	569M	26M	-227M	-114M	-399M	-249M	968M	547M	553M	1.2B	522M
Net margin	4.63%	31.5%	2.42%	-45.1%	-17.6%	-20%	-11.3%	26.3%	18.4%	16.6%	26.4%	17.6%
EBITDA	478M	1B	445M	99M	209M	325M	499M	2.1B	1.5B	1.7B	2.3B	1.5B
EPS	0.53	4.34	0.2	-1.73	-0.85	-1.72	-1.06	4.07	2.3	2.32	4.83	2.19
Diluted EPS	0.49	4.02	0.18	-1.73	-0.85	-1.72	-1.06	4.02	2.28	2.3	4.81	2.19

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	10.2B	—	—	19.7B
Enterprise value	—	—	—	—	—	—	—	11.3B	—	—	23.2B
Shares outstanding	3.8M	4.5M	4.5M	8.3M	9.8M	—	125.8M	132.8M	157M	237.3M	237.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	4.23	—	—	7.49
P/S	—	—	—	—	—	—	—	1.31	—	—	1.59
P/B	—	—	—	—	—	—	—	0.95	—	—	1.05
EV/EBITDA	—	—	—	—	—	—	—	2.95	—	—	3.45
EV/Sales	—	—	—	—	—	—	—	1.45	—	—	1.83
Earnings yield	—	—	—	—	—	—	—	23.7%	—	—	13.4%
FCF yield	—	—	—	—	—	—	—	5.39%	—	—	7.42%
PEG	—	—	—	—	—	—	—	—	—	—	-0.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-8.36%	11.4%	12.5%	4.66%	11.9%	—	69.2%	62.7%	27%	50.8%	26.6%
Operating margin	-17.6%	2.11%	7.97%	-0.6%	-5.12%	—	30.5%	28.3%	-16.5%	22.7%	26.3%
Net margin	-55.9%	-5.29%	2.23%	-3.63%	-187.1%	—	43.1%	31.1%	-16.9%	14.9%	22%
ROE	365.7%	134.9%	10.7%	-7%	182.6%	—	54.1%	22.5%	-4.06%	9.79%	14.9%
ROA	-33.8%	-4.04%	1.79%	-1.9%	-148.1%	—	31.9%	16.8%	-2.56%	6.43%	8.49%
ROIC	-16.6%	2.08%	8.27%	-0.37%	7.28%	—	28.6%	14.5%	-3.03%	9.59%	14%
Return on tangible assets	-33.8%	-4.04%	1.79%	-1.9%	-148.1%	—	31.9%	16.8%	-2.56%	6.43%	9.92%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.59	0.65	0.55	0.52	0.36	—	1	1.99	0.64	1.01	0.96
Quick ratio	0.59	0.65	0.55	0.52	0.36	—	1	1.99	0.64	1.01	0.96
Debt / equity	-8.68	-26.8	3.62	2.15	-0.37	—	0.35	0.2	0.33	0.27	0.19
Debt / assets	0.8	0.8	0.61	0.58	0.3	—	0.21	0.15	0.21	0.18	0.13
Net debt / EBITDA	-36.8	4.88	2.95	4.34	2.03	—	0.58	0.27	4.83	0.77	0.44
Interest coverage	-14.5	0.32	1.34	0.02	-19.5	—	23.8	28.6	-5.47	10.7	17.2
Effective tax rate	0%	0%	0%	0%	0%	—	0%	22.4%	0%	20.3%	21.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.1K	2.1K	2.3K	1K	533.1	—	91	58.5	26.9	51.4	53
EPS (basic)	-1.3K	180	170	-50	-998.3	—	38.7	18.2	-4.55	7.67	7.67
EPS (diluted)	-1.3K	180	170	-50	-998.3	—	33.4	16.9	-4.55	7.57	11.6
Book value per share	-314.9	-82.1	469.3	528.6	-546.5	—	72.5	80.8	111.9	78.3	82.8
FCF per share	-269.4	80.8	347.9	-76.9	2.25	—	18.3	4.15	0.05	6.93	10.4
Cash per share	230.9	1.1	0.88	0.72	28.5	—	1.03	8.12	2.02	2.6	2.86
Capex per share	186.4	263.8	490.4	16.3	15.3	—	3.24	19.1	0.13	11.5	12.5

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.04%	12.6%	21.8%	1.6%	2.88%	—	3.56%	32.6%	0.5%	22.4%	21.8%
Capex / operating cash flow	-22.9%	103.4%	136.2%	5.75%	-2.06%	—	21.8%	53%	1.13%	59.8%	52.6%
Payout ratio	0%	-36.5%	40.4%	-29.5%	-0.23%	—	24.6%	20.1%	-54.3%	42.1%	27.5%
Dividend yield	—	—	—	—	—	—	—	4.76%	—	—	2.7%

Yield

2.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.575

ex-dividend Aug 13, 2026

Payout ratio

28%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.575
May 14, 2026	$0.575
Mar 5, 2026	$0.575
Nov 13, 2025	$0.575
Aug 14, 2025	$1.465
May 15, 2025	$0.575
Mar 11, 2025	$0.575
Nov 14, 2024	$0.575

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	$1.8B	$1.1B	$503M	$646M	$2B	$2.2B	$3.7B	$3B	$3.3B	$4.4B	$3B
YoY change	-52.2%	-56.1%	-64.6%	-64.6%	-57.3%	+10.5%	+104.7%	+632.8%	+359.3%	+67.1%	+100.3%	-19.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	882M	5M	4M	6M	279M	905M	130M	1.1B	317M	616M
Receivables	840M	959M	976M	737M	589M	922M	1.2B	406M	1B	1.4B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.1B	1.5B	1.6B	1.3B	1.1B	2.1B	2.7B	2.6B	2B	2.9B
Property, plant & equipment	-60.6B	-62.8B	-17.2B	-19.2B	-23.1B	-740M	-2.3B	-3.5B	-5B	-7.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	13B	12.4B	12.7B	16.2B	6.6B	11B	15.5B	14.4B	27.9B	28.3B
Accounts payable	672M	654M	763M	498M	346M	308M	603M	425M	777M	753M
Short-term debt	503M	52M	381M	394M	2B	29M	86M	84M	460M	51M
Total current liabilities	3.6B	2.4B	2.9B	2.4B	3.1B	2.4B	2.7B	1.3B	3.1B	2.9B
Long-term debt	9.9B	9.9B	7.3B	9.1B	—	2.3B	3.1B	2B	5.3B	5B
Total liabilities	14.2B	12.8B	10.6B	11.8B	11.9B	5.3B	6.3B	3.6B	10.3B	9.7B
Shareholders' equity	-1.2B	-372M	2.1B	4.4B	-5.3B	5.7B	9.1B	10.7B	17.6B	18.6B
Total debt	10.4B	10B	7.7B	9.5B	2B	2.3B	3.2B	2.1B	5.8B	5.1B
Net debt	9.6B	10B	7.7B	9.5B	1.7B	1.4B	3B	1B	5.4B	4.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	713M	1.1B	1.2B	1B	1B	317M	349M	731M	613M	616M	2.2B	663M
Receivables	483M	406M	165M	226M	155M	1B	1.1B	837M	743M	1.4B	957M	857M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	2.6B	2.4B	2B	1.8B	2B	2.1B	2.3B	2.2B	2.9B	4.4B	2.8B
Property, plant & equipment	-2.8B	-3.5B	-3.6B	-3.9B	-4.2B	-5B	-5.4B	-6.1B	-6.9B	-7.9B	-8.4B	-9.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	14.2B	14.4B	14B	13.6B	13.4B	27.9B	27.9B	27.8B	27.6B	28.3B	29.5B	28B
Accounts payable	540M	425M	317M	274M	264M	777M	654M	747M	830M	753M	881M	942M
Short-term debt	75M	84M	61M	48M	30M	460M	71M	67M	63M	51M	926M	43M
Total current liabilities	1.6B	1.3B	1B	931M	899M	3.1B	3.6B	2.9B	2.8B	2.9B	4B	3B
Long-term debt	2B	2B	2B	2B	2B	5.3B	5.2B	5.1B	5B	5B	4.1B	3.7B
Total liabilities	4B	3.6B	3.3B	3.2B	3.2B	10.3B	10.7B	9.8B	9.5B	9.7B	10B	8.6B
Shareholders' equity	10.3B	10.7B	10.7B	10.4B	10.2B	17.6B	17.2B	17.9B	18.1B	18.6B	19.5B	19.4B
Total debt	2.1B	2.1B	2.1B	2.1B	2B	5.8B	5.3B	5.2B	5.1B	5.1B	5.1B	3.7B
Net debt	1.4B	1B	907M	1.1B	1B	5.4B	5B	4.5B	4.5B	4.4B	2.8B	3.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY22	FY23	FY24	FY25
Net income	-14.6B	-4.4B	-502M	228M	-308M	-9.8B	4.9B	2.4B	-714M	1.8B
Depreciation & amortization	2.2B	1.1B	1.7B	1.7B	2.3B	1.1B	1.8B	1.5B	1.7B	3B
Stock-based compensation	78M	52M	49M	32M	30M	21M	22M	33M	38M	46M
Change in working capital	1.2B	-4M	-163M	16M	376M	303M	—	—	—	—
Operating cash flow	-14.2B	-3.1B	1.2B	1.6B	2.4B	-7.3B	1.9B	4.8B	1.9B	4.6B
Capital expenditure	-398M	712M	1.2B	2.2B	136M	150M	407M	2.5B	21M	-2.7B
Investing cash flow	-3.5B	-660M	-918M	455M	-2.4B	-961M	-1.6B	2.3B	-347M	-2.6B
Dividends paid	-289M	0	-183M	-92M	-91M	-22M	-1.2B	-487M	-388M	-765M
Share repurchases	—	0	—	—	—	0	-1.1B	-355M	0	-100M
Financing cash flow	-1.1B	-4.2B	-7.4B	-14.2B	-9.3B	-3.2B	-423M	-1.9B	-422M	-1.5B
Net change in cash	-18.7B	-8B	-7.2B	-12.2B	-9.4B	-11.5B	-138M	5.2B	1.1B	402M
Free cash flow	558M	-1B	366M	1.6B	-640M	22M	2.3B	551M	8M	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	70M	569M	26M	-227M	-114M	-399M	-249M	968M	547M	553M	1.2B	522M
Depreciation & amortization	382M	—	—	—	—	—	—	—	741M	759M	711M	722M
Stock-based compensation	9M	—	—	—	—	—	—	—	12M	12M	10M	12M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	603M	569M	26M	-227M	-114M	-399M	-249M	968M	1.2B	956M	2.4B	1.1B
Capital expenditure	4M	—	—	—	—	—	—	—	-775M	-741M	-707M	-753M
Investing cash flow	-57M	—	—	—	—	—	—	—	-780M	-741M	-638M	-697M
Dividends paid	-77M	—	—	—	—	—	—	—	-349M	-137M	-141M	-138M
Share repurchases	-132M	—	—	—	—	—	—	—	-1M	0	-66M	-514M
Financing cash flow	835M	—	—	—	—	—	—	—	-471M	-137M	-207M	-652M
Net change in cash	1.4B	569M	26M	-227M	-114M	-399M	-249M	968M	-50M	78M	1.6B	-253M
Free cash flow	83M	—	—	—	—	—	—	—	357M	89M	1.7B	340M

Expand Energy Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement