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Expand Energy

EXE Nasdaq Oil & Gas Exploration & Production Financials FY2015–FY2025

Expand Energy's revenue rose 186.3% to $12.1 billion in fiscal 2025. Its operating margin was 20.4%, up from −19.0% a year earlier. Free cash flow was $1.8 billion, up 22887.5%. It paid out $865 million in dividends and buybacks, 47% of free cash flow. The diluted share count rose 53.1%.

Last close · Oct 23, 2026

$93.23

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$12.1B
186.3% vs prior year
Operating margin Operating income as a share of revenue.
20.4%
39.3 pts
Net income Profit after all expenses, interest and tax.
$1.8B
Free cash flow Cash from operations minus capital spending.
$1.8B
22,887.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.6%
12.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$22.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
8.1x
On $11.58 EPS (TTM)

About these figures. For 2017 to 2019, capital spending is the company's (then Chesapeake Energy's) drilling and completion spending, its largest capital line; its smaller spending on property acquisitions and other equipment in those years has no total in the SEC's structured data. The company emerged from bankruptcy in February 2021, so 2021 is split into two periods with no full-year figures and is not shown.

What Expand Energy does

No business description yet.

Legal name
EXPAND ENERGY Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000895126-26-000011
0000895126

Revenue and margins

Expand Energy had $12.1B of revenue in fiscal 2025, up 186.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.8B in fiscal 2025, 15.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Expand Energy returned $865M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count rose 53.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Expand Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.4B and divides by 240.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 8.1x · peers 20.7x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Expand Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY20FY22FY23FY24FY25
Cash and short-term investments $279M$130M$1.1B$317M$616M
Debt incl. finance leases $1.9B$3.0B$2.0B$5.7B$5.0B
Net debt / EBITDA —0.5x0.2x5.8x0.8x
Debt / equity —0.3x0.2x0.3x0.3x
Interest coverage −26.3x23.6x30.2x−6.5x10.5x
Current ratio 0.4x1.0x2.0x0.6x1.0x
Quick ratio 0.4x1.0x2.0x0.6x1.0x
Total assets $6.6B$15.5B$14.4B$27.9B$28.3B
Total liabilities $11.9B$6.3B$3.6B$10.3B$9.7B
Shareholders' equity −$5.3B$9.1B$10.7B$17.6B$18.6B
Net debt (− = net cash) $1.7B$2.9B$949M$5.4B$4.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.9M

3 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 12, 2026 Michael WichterichInterim President and CEO, Director Bought 1,000 $88.90 $0.1M Form 4
Jun 4, 2026 Marcel TeunissenEVP & CFO Bought 2,000 $92.88 $0.2M Form 4
Jun 4, 2026 Michael WichterichInterim President and CEO, Director Bought 1,000 $93.36 $0.1M Form 4
May 7, 2026 Marcel TeunissenEVP & CFO Bought 2,000 $96.43 $0.2M Form 4
Mar 6, 2026 Michael WichterichInterim President and CEO, Director Bought 2,000 $107.50 $0.2M Form 4
Feb 19, 2026 Matthew GallagherDirector Bought 1,000 $100.66 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets — ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets — ✕ ✓
F-score — / 92 / 87 / 8
Accruals ratio 0.3%−10.8%−9.8%
Altman Z'' 6.281.783.16

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Expand Energy EXE $22.2B 186.3% 20.4% 15.2% 8.6% 8.1x 7
Woodside Energy WDS $45.3B −1.5% 30.0% — 7.1% — 4 Compare →
Diamondback Energy FANG $57.9B 35.8% 8.4% — 1.9% 39.1x 4 Compare →
Ovintiv OVV $20.4B −2.7% 12.7% 16.9% 7.1% 20.7x 8 Compare →
EQT EQT $35.0B 63.9% 37.6% 32.8% 7.4% 12.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY15FY16FY17FY18FY19FY20FY22FY23FY24FY25
Income statement
Revenue $12.8B $7.9B $10.0B $10.0B $8.5B $5.2B $11.7B $8.7B $4.2B $12.1B
Operating income −$18.9B −$4.4B −$138M $382M −$31.0M −$8.7B $3.8B $3.1B −$803M $2.5B
Interest expense $317M $296M $601M $633M $651M $331M $160M $104M $123M $235M
Pretax income −$19.1B −$4.6B −$500M $218M −$639M −$9.8B $3.7B $3.1B −$841M $2.3B
Income tax −$4.5B −$190M $2.0M −$10.0M −$331M −$19.0M −$1.3B $698M −$127M $463M
Net income −$14.6B −$4.4B −$505M $226M −$308M −$9.7B $4.9B $2.4B −$714M $1.8B
Diluted EPS −$22.26 −$6.43 −$0.70 $29.26 −$49.97 −$998.26 $33.36 $16.92 −$4.55 $7.57
Diluted shares 0.66B 0.76B 0.91B 0.00B 0.01B 0.01B 0.15B 0.14B 0.16B 0.24B
Cash flow
Cash from operations $1.2B −$204M $475M $1.7B $1.6B $1.2B $4.1B $2.4B $1.6B $4.6B
Capital expenditure $3.6B $1.4B $2.1B $1.8B $2.3B $1.1B $1.8B $1.8B $1.6B $2.7B
Free cash flow −$2.4B −$1.7B −$1.6B −$118M −$640M $22.0M $2.3B $551M $8.0M $1.8B
Depreciation and amortization $2.2B $1.1B $1.7B $1.7B $2.3B $1.1B $1.8B $1.5B $1.7B $3.0B
Stock-based compensation $78.0M $52.0M $49.0M $32.0M $30.0M $21.0M $22.0M $33.0M $38.0M $46.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $353M $0.0M $2.0B $0.0M $459M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.1B $355M $0.0M $100M
Dividends paid $118M $0.0M $0.0M $0.0M $0.0M $0.0M $1.2B $487M $388M $765M
Dividends and buybacks $118M $0.0M $0.0M $0.0M $0.0M $0.0M $2.3B $842M $388M $865M
Balance sheet
Cash and short-term investments $825M $882M $5.0M $4.0M $6.0M $279M $130M $1.1B $317M $616M
Total debt $10.7B $10.4B $10.0B $7.7B $9.5B $1.9B $3.0B $2.0B $5.7B $5.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $18.0M $9.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.5B $2.1B $1.5B $1.6B $1.3B $1.1B $2.7B $2.6B $2.0B $2.9B
Current liabilities $3.7B $3.6B $2.4B $2.9B $2.4B $3.1B $2.7B $1.3B $3.1B $2.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $14.3B $10.6B $10.7B $10.8B $14.8B $5.2B $11.2B $10.1B $24.3B $24.4B
Total assets $17.3B $13.0B $12.4B $12.7B $16.2B $6.6B $15.5B $14.4B $27.9B $28.3B
Total liabilities $14.9B $14.2B $10.5B $10.6B $11.8B $11.9B $6.3B $3.6B $10.3B $9.7B
Shareholders' equity $2.1B −$1.3B −$496M $2.1B $4.4B −$5.3B $9.1B $10.7B $17.6B $18.6B
Margins
Operating margin −148.2% −56.0% −1.4% 3.8% −0.4% −166.1% 32.2% 36.0% −19.0% 20.4%
EBITDA margin −130.8% −42.0% 15.5% 21.1% 26.2% −145.2% 47.1% 53.5% 21.9% 45.0%
Net margin −114.1% −55.8% −5.0% 2.3% −3.6% −185.8% 42.0% 27.7% −16.9% 15.0%
FCF margin −18.7% −21.0% −16.3% −1.2% −7.5% 0.4% 19.6% 6.3% 0.2% 15.2%
Returns
Return on capital −78.9% −33.8% −1.1% 3.5% −0.2% −135.0% — 20.6% −3.7% 8.6%
Return on capital employed −77.8% −38.3% −1.4% 3.8% −0.3% −100.7% — 24.3% −4.2% 9.9%
Return on equity −153.0% — — 28.3% −9.5% — — 24.4% −5.1% 10.1%
Return on assets −50.3% −28.9% −4.0% 1.8% −2.1% −85.5% — 16.2% −3.4% 6.5%
Growth
Revenue growth −44.8% −38.3% 27.5% −0.1% −14.9% −38.6% — −25.7% −51.4% 186.3%
Net income growth −859.9% — — — −236.3% — — −51.0% −129.5% —
EPS growth −1,290.4% — — — −270.8% — — −49.3% −126.9% —
FCF growth — — — — — — — −76.1% −98.6% 22,887.5%
Share count change −14.3% 15.4% 18.6% −99.5% 83.1% 17.4% — −2.1% 9.8% 53.1%
Financial health
Net debt / EBITDA — — 6.4x 3.6x 4.2x — 0.5x 0.2x 5.8x 0.8x
Debt / equity 5.0x — — 3.7x 2.2x — 0.3x 0.2x 0.3x 0.3x
Interest coverage −59.7x −14.9x −0.2x 0.6x −0.1x −26.3x 23.6x 30.2x −6.5x 10.5x
Current ratio 0.7x 0.6x 0.7x 0.6x 0.5x 0.4x 1.0x 2.0x 0.6x 1.0x
Quick ratio 0.7x 0.6x 0.7x 0.6x 0.5x 0.4x 1.0x 2.0x 0.6x 1.0x
Capital allocation
Capex / revenue 28.3% 18.4% 21.1% 18.4% 26.5% 21.8% 15.5% 21.0% 36.8% 22.6%
Stock comp / revenue 0.6% 0.7% 0.5% 0.3% 0.4% 0.4% 0.2% 0.4% 0.9% 0.4%
Payouts / FCF — — — — — 0.0% 99.3% 152.8% 4,850.0% 47.0%
Quality scores
Piotroski F-score 3.0 3.0 5.0 7.0 2.0 3.0 — — 2.0 7.0
Altman Z'' −10.1 −7.5 −4.7 −3.8 −3.0 −23.2 3.9 6.3 1.8 3.2
Accruals ratio −54.5% −27.6% −7.7% −12.0% −13.4% −95.7% — 0.3% −10.8% −9.8%

Source: SEC EDGAR XBRL filings (CIK 0000895126). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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