Expand Energy
EXE · NasdaqCrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Expand Energy reported revenue of $12.1B in the fiscal year ended Dec 2025, up 186.3% from the year before. Operating income was $2.5B, an operating margin of 20.4%, and net income was $1.8B. Operating cash flow of $4.6B less capital expenditure of $2.7B left free cash flow of $1.8B. Net debt was $4.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $11.7B | $8.7B | $4.2B | $12.1B |
| Operating income | −$8.7B | $3.8B | $3.1B | −$803M | $2.5B |
| Interest expense | $331M | $160M | $104M | $123M | $235M |
| Pre-tax income | −$9.8B | $3.7B | $3.1B | −$841M | $2.3B |
| Income tax | −$19M | −$1.3B | $698M | −$127M | $463M |
| Net income | −$9.7B | $4.9B | $2.4B | −$714M | $1.8B |
| Diluted EPS | −998.26 | 33.36 | 16.92 | −4.55 | 7.57 |
| Diluted shares | 10M | 146M | 143M | 157M | 240M |
Balance sheet
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $279M | $130M | $1.1B | $317M | $616M |
| Receivables | $746M | $1.4B | $593M | $1.2B | $1.6B |
| Current assets | $1.1B | $2.7B | $2.6B | $2B | $2.9B |
| Net PP&E | $5.2B | $11.2B | $10.1B | $24.3B | $24.4B |
| Total assets | $6.6B | $15.5B | $14.4B | $27.9B | $28.3B |
| Payables | $346M | $603M | $425M | $777M | $753M |
| Deferred revenue | $8M | – | – | – | – |
| Current liabilities | $3.1B | $2.7B | $1.3B | $3.1B | $2.9B |
| Short-term debt | $1.9B | – | $0 | $389M | $0 |
| Long-term debt | $0 | $3.1B | $2B | $5.3B | $5B |
| Total liabilities | $11.9B | $6.3B | $3.6B | $10.3B | $9.7B |
| Shareholders' equity | −$5.3B | $9.1B | $10.7B | $17.6B | $18.6B |
Cash flow
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $4.1B | $2.4B | $1.6B | $4.6B |
| Capital expenditure | $1.1B | $1.8B | $1.8B | $1.6B | $2.7B |
| Free cash flow | $22M | $2.3B | $551M | $8M | $1.8B |
| Depreciation & amortisation | $1.1B | $1.8B | $1.5B | $1.7B | $3B |
| Stock-based compensation | $21M | $22M | $33M | $38M | $46M |
| Acquisitions | $0 | $2B | $0 | $459M | $0 |
| Share buybacks | $0 | $1.1B | $355M | $0 | $100M |
| Dividends paid | $0 | $1.2B | $487M | $388M | $765M |
Key ratios
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 124.1% | −25.7% | −51.4% | 186.3% |
| Operating income growth (YoY) | – | – | −16.9% | −125.6% | – |
| EPS growth (YoY) | – | – | −49.3% | −126.9% | – |
| Operating margin | −166.1% | 32.2% | 36.0% | −19.0% | 20.4% |
| Net margin | −185.8% | 42.0% | 27.7% | −16.9% | 15.0% |
| Return on equityBlank when equity is negative | – | 54.1% | 22.5% | −4.1% | 9.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −249.4% | 29.6% | 24.1% | −3.2% | 9.7% |
| Free cash flow margin | 0.4% | 19.6% | 6.3% | 0.2% | 15.2% |
| Cash conversion (CFO ÷ net income) | −0.12x | 0.84x | 0.98x | −2.19x | 2.52x |
| Receivable days | 52 | 45 | 25 | 106 | 48 |
| Interest cover | −26.3x | 23.6x | 30.2x | −6.53x | 10.5x |
| Debt ÷ equity | – | 0.34x | 0.19x | 0.32x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.7B | $3B | $949M | $5.4B | $4.4B |
| Current ratio | 0.36x | 1.00x | 1.99x | 0.64x | 1.01x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.