Expand Energy Financials

EXE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Expand Energy (EXE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 73/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Expand Energy has an operating margin of 20.4%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from -19.0% the prior year.

Growth

100

Expand Energy's revenue surged 186.3% year-over-year to $12.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Expand Energy carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Expand Energy's current ratio of 1.01 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

Expand Energy converts 15.2% of revenue into free cash flow ($1.8B). This strong cash generation earns a score of 76/100.

Returns

Expand Energy's ROE of 9.8% shows moderate profitability relative to equity, earning a score of 39/100.

Altman Z-Score Grey Zone

2.49

Expand Energy scores 2.49, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($24.7B) relative to total liabilities ($9.7B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

7/9

Expand Energy passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.52x

For every $1 of reported earnings, Expand Energy generates $2.52 in operating cash flow ($4.6B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

10.5x

Expand Energy earns $10.5 in operating income for every $1 of interest expense ($2.5B vs $235.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Revenue

$12.1B

YoY+186.3%

5Y CAGR+18.3%

10Y CAGR-0.5%

Expand Energy generated $12.1B in revenue in fiscal year 2025. This represents an increase of 186.3% from the prior year.

EBITDA

$5.5B

YoY+488.7%

Expand Energy's EBITDA was $5.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 488.7% from the prior year.

Free Cash Flow

$1.8B

YoY+22887.5%

5Y CAGR+142.3%

Expand Energy generated $1.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22887.5% from the prior year.

Net Income

$1.8B

YoY+354.8%

Expand Energy reported $1.8B in net income in fiscal year 2025. This represents an increase of 354.8% from the prior year.

EPS (Diluted)

$7.57

YoY+266.4%

Expand Energy earned $7.57 per diluted share (EPS) in fiscal year 2025. This represents an increase of 266.4% from the prior year.

Cash & Debt

$616.0M

YoY+94.3%

5Y CAGR+17.2%

10Y CAGR-2.9%

Expand Energy held $616.0M in cash against $5.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.57

10Y CAGR+20.7%

Expand Energy paid $0.57 per share in dividends in fiscal year 2025.

Shares Outstanding

240M

10Y CAGR-9.7%

Expand Energy had 240M shares outstanding in fiscal year 2025.

Gross Margin

N/A

Operating Margin

20.4%

YoY+39.3pp

5Y CAGR+186.5pp

10Y CAGR+168.6pp

Expand Energy's operating margin was 20.4% in fiscal year 2025, reflecting core business profitability. This is up 39.3 percentage points from the prior year.

Net Margin

15.0%

YoY+31.9pp

5Y CAGR+200.8pp

10Y CAGR+129.1pp

Expand Energy's net profit margin was 15.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 31.9 percentage points from the prior year.

Return on Equity

9.8%

Expand Energy's ROE was 9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

$100.0M

Expand Energy spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$2.7B

YoY+75.7%

5Y CAGR+19.1%

10Y CAGR-2.7%

Expand Energy invested $2.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 75.7% from the prior year.

EXE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$12.1B+186.3%	$4.2B-51.4%	$8.7B-25.7%	$11.7B+111.6%	$5.5B+5.9%	$5.2B
Cost of Revenue	$3K	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$181.0M-2.7%	$186.0M+46.5%	$127.0M-10.6%	$142.0M+46.4%	$97.0M-63.7%	$267.0M
Operating Income	$2.5B+407.7%	-$803.0M-125.6%	$3.1B-16.9%	$3.8B+303.0%	$938.0M+110.8%	-$8.7B
Interest Expense	$235.0M+91.1%	$123.0M+18.3%	$104.0M-35.0%	$160.0M+119.2%	$73.0M-77.9%	$331.0M
Income Tax	$463.0M+464.6%	-$127.0M-118.2%	$698.0M+154.3%	-$1.3B-2522.4%	-$49.0M-157.9%	-$19.0M
Net Income	$1.8B+354.8%	-$714.0M-129.5%	$2.4B-51.0%	$4.9B+422.3%	$945.0M+109.7%	-$9.7B
EPS (Diluted)	$7.57+266.4%	$-4.55-126.9%	$16.92-49.3%	$33.36+310.8%	$8.12+100.8%	$-998.26

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Revenue	$3.3B+10.3%	$3.0B-19.6%	$3.7B+68.0%	$2.2B+9.7%	$2.0B+2.7%	$1.9B+28.8%	$1.5B-20.0%	$1.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.0M+8.9%	$45.0M+12.5%	$40.0M-14.9%	$47.0M-11.3%	$53.0M+65.6%	$32.0M+10.3%	$29.0M-6.5%	$31.0M
Operating Income	$745.0M+2.8%	$725.0M-42.9%	$1.3B+573.5%	-$268.0M+30.6%	-$386.0M-153.2%	$726.0M+819.0%	$79.0M-84.7%	$517.0M
Interest Expense	$59.0M+3.5%	$57.0M-5.0%	$60.0M+1.7%	$59.0M-7.8%	$64.0M+190.9%	$22.0M-4.3%	$23.0M+4.5%	$22.0M
Income Tax	$134.0M-3.6%	$139.0M-46.5%	$260.0M+471.4%	-$70.0M-218.2%	-$22.0M-113.3%	$166.0M+16500.0%	$1.0M-99.2%	$127.0M
Net Income	$553.0M+1.1%	$547.0M-43.5%	$968.0M+488.8%	-$249.0M+37.6%	-$399.0M-170.1%	$569.0M+712.9%	$70.0M-82.1%	$391.0M
EPS (Diluted)	$2.33+2.2%	$2.28-43.3%	$4.02+479.2%	$-1.06+50.7%	$-2.15-152.4%	$4.10+736.7%	$0.49-82.1%	$2.73

EXE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$28.3B+1.4%	$27.9B+94.0%	$14.4B-7.1%	$15.5B+40.5%	$11.0B+67.2%	$6.6B
Current Assets	$2.9B+46.0%	$2.0B-23.5%	$2.6B-3.3%	$2.7B+28.3%	$2.1B+89.8%	$1.1B
Cash & Equivalents	$616.0M+94.3%	$317.0M-70.6%	$1.1B+730.0%	$130.0M-85.6%	$905.0M+224.4%	$279.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.6B+30.4%	$1.2B+106.7%	$593.0M-58.8%	$1.4B+29.0%	$1.1B+49.5%	$746.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.7B-6.0%	$10.3B+183.2%	$3.6B-42.5%	$6.3B+18.8%	$5.3B-55.2%	$11.9B
Current Liabilities	$2.9B-7.1%	$3.1B+137.7%	$1.3B-51.4%	$2.7B+10.5%	$2.4B-20.9%	$3.1B
Long-Term Debt	$5.0B-5.3%	$5.3B+160.9%	$2.0B-34.4%	$3.1B+35.8%	$2.3B	$0
Total Equity	$18.6B+5.8%	$17.6B+63.7%	$10.7B+17.6%	$9.1B+60.9%	$5.7B+206.2%	-$5.3B
Retained Earnings	$4.8B+24.6%	$3.9B-22.1%	$5.0B+46.3%	$3.4B+312.0%	$825.0M+103.4%	-$24.0B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Total Assets	$28.3B+2.5%	$27.6B-0.6%	$27.8B-0.6%	$27.9B+0.1%	$27.9B+94.0%	$14.4B+0.9%	$14.2B-1.3%	$14.4B
Current Assets	$2.9B+30.1%	$2.2B-1.4%	$2.3B+7.5%	$2.1B+5.8%	$2.0B-23.5%	$2.6B+3.7%	$2.5B+13.3%	$2.2B
Cash & Equivalents	$616.0M+0.5%	$613.0M-16.1%	$731.0M+109.5%	$349.0M+10.1%	$317.0M-70.6%	$1.1B+51.3%	$713.0M-21.0%	$903.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.6B+55.8%	$1.0B-4.5%	$1.1B-21.1%	$1.4B+11.0%	$1.2B+106.7%	$593.0M-13.4%	$685.0M+2.1%	$671.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.7B+2.7%	$9.5B-3.8%	$9.8B-8.5%	$10.7B+4.0%	$10.3B+183.2%	$3.6B-8.4%	$4.0B-1.3%	$4.0B
Current Liabilities	$2.9B+4.9%	$2.8B-5.4%	$2.9B-18.5%	$3.6B+14.9%	$3.1B+137.7%	$1.3B-18.6%	$1.6B-2.2%	$1.7B
Long-Term Debt	$5.0B0.0%	$5.0B-2.2%	$5.1B-2.3%	$5.2B-0.9%	$5.3B+160.9%	$2.0B-0.2%	$2.0B-0.2%	$2.0B
Total Equity	$18.6B+2.4%	$18.1B+1.2%	$17.9B+4.3%	$17.2B-2.1%	$17.6B+63.7%	$10.7B+4.5%	$10.3B-1.2%	$10.4B
Retained Earnings	$4.8B+9.4%	$4.4B+4.6%	$4.2B+20.9%	$3.5B-10.0%	$3.9B-22.1%	$5.0B+9.8%	$4.5B-2.9%	$4.7B

EXE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.6B+192.3%	$1.6B-34.2%	$2.4B-42.3%	$4.1B+128.0%	$1.8B+55.4%	$1.2B
Capital Expenditures	$2.7B+75.7%	$1.6B-14.9%	$1.8B+0.3%	$1.8B+172.5%	$669.0M-41.4%	$1.1B
Free Cash Flow	$1.8B+22887.5%	$8.0M-98.5%	$551.0M-76.1%	$2.3B+101.9%	$1.1B+5081.8%	$22.0M
Investing Cash Flow	-$2.8B-44.9%	-$1.9B-502.5%	$473.0M+113.9%	-$3.4B-300.1%	-$850.0M+14.3%	-$992.0M
Financing Cash Flow	-$1.5B-261.6%	-$419.0M+77.9%	-$1.9B-30.8%	-$1.4B-745.6%	-$171.0M-269.3%	$101.0M
Dividends Paid	$765.0M+97.2%	$388.0M-20.3%	$487.0M-59.8%	$1.2B+918.5%	$119.0M	$0
Share Buybacks	$100.0M	$0-100.0%	$355.0M-66.9%	$1.1B	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Operating Cash Flow	$956.0M-20.4%	$1.2B-9.2%	$1.3B+20.6%	$1.1B+186.9%	$382.0M-18.7%	$470.0M-7.1%	$506.0M-1.7%	$515.0M
Capital Expenditures	$741.0M-4.4%	$775.0M+18.0%	$657.0M+16.7%	$563.0M+5.0%	$536.0M+41.4%	$379.0M-10.4%	$423.0M-20.2%	$530.0M
Free Cash Flow	$215.0M-49.5%	$426.0M-35.9%	$665.0M+24.8%	$533.0M+446.1%	-$154.0M-269.2%	$91.0M+9.6%	$83.0M+653.3%	-$15.0M
Investing Cash Flow	-$816.0M+3.4%	-$845.0M-43.0%	-$591.0M-16.6%	-$507.0M+46.3%	-$945.0M-1000.0%	$105.0M+121.9%	-$480.0M-206.0%	$453.0M
Financing Cash Flow	-$135.0M+71.3%	-$471.0M-33.8%	-$352.0M+36.8%	-$557.0M-243.8%	-$162.0M+22.1%	-$208.0M+3.3%	-$215.0M-13.2%	-$190.0M
Dividends Paid	$137.0M-60.7%	$349.0M+154.7%	$137.0M-3.5%	$142.0M+6.0%	$134.0M+78.7%	$75.0M-2.6%	$77.0M-51.9%	$160.0M
Share Buybacks	$0-100.0%	$1.0M	$0	$0	$0-100.0%	$42.0M-68.2%	$132.0M+3.9%	$127.0M

EXE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.4%+39.3pp	-19.0%-55.0pp	36.0%+3.8pp	32.2%+15.3pp	16.9%+183.0pp	-166.1%
Net Margin	15.0%+31.9pp	-16.9%-44.6pp	27.7%-14.3pp	42.0%+25.0pp	17.0%+202.8pp	-185.8%
Return on Equity	9.8%	N/A	22.6%-31.6pp	54.1%+37.4pp	16.7%	N/A
Return on Assets	6.4%+9.0pp	-2.6%-19.4pp	16.8%-15.1pp	31.9%+23.3pp	8.6%+156.4pp	-147.8%
Current Ratio	1.01+0.4	0.64-1.3	1.99+1.0	1.00+0.1	0.86+0.5	0.36
Debt-to-Equity	0.27-0.0	0.30+0.1	0.19-0.2	0.34-0.1	0.40+0.4	0.00
FCF Margin	15.2%+15.0pp	0.2%-6.1pp	6.3%-13.3pp	19.6%-0.9pp	20.5%+20.1pp	0.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q4'23	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.8%-1.7pp	24.4%-9.9pp	34.4%+46.6pp	-12.2%+7.1pp	-19.3%-56.6pp	37.3%+32.0pp	5.2%-22.1pp	27.3%
Net Margin	16.9%-1.5pp	18.4%-7.8pp	26.2%+37.6pp	-11.3%+8.6pp	-19.9%-49.2pp	29.2%+24.6pp	4.6%-16.1pp	20.7%
Return on Equity	3.0%-0.0pp	3.0%-2.4pp	5.4%+5.2pp	0.2%	N/A	5.3%+4.6pp	0.7%-3.1pp	3.8%
Return on Assets	1.9%-0.0pp	2.0%-1.5pp	3.5%+4.4pp	-0.9%+0.5pp	-1.4%-5.4pp	4.0%+3.5pp	0.5%-2.2pp	2.7%
Current Ratio	1.01+0.2	0.81+0.0	0.78+0.2	0.59-0.1	0.64-1.3	1.99+0.4	1.56+0.2	1.34
Debt-to-Equity	0.270.0	0.280.0	0.29-0.0	0.300.0	0.30+0.1	0.190.0	0.200.0	0.20
FCF Margin	6.6%-7.8pp	14.4%-3.7pp	18.0%-6.3pp	24.3%+32.0pp	-7.7%-12.4pp	4.7%-0.8pp	5.5%+6.3pp	-0.8%

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Frequently Asked Questions

What is Expand Energy's annual revenue?

Expand Energy (EXE) reported $12.1B in total revenue for fiscal year 2025. This represents a 186.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Expand Energy's revenue growing?

Expand Energy (EXE) revenue grew by 186.3% year-over-year, from $4.2B to $12.1B in fiscal year 2025.

Is Expand Energy profitable?

Yes, Expand Energy (EXE) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 15.0%.

What is Expand Energy's earnings per share (EPS)?

Expand Energy (EXE) reported diluted earnings per share of $7.57 for fiscal year 2025. This represents a 266.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Expand Energy's EBITDA?

Expand Energy (EXE) had EBITDA of $5.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Expand Energy have?

As of fiscal year 2025, Expand Energy (EXE) had $616.0M in cash and equivalents against $5.0B in long-term debt.

What is Expand Energy's operating margin?

Expand Energy (EXE) had an operating margin of 20.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Expand Energy's net profit margin?

Expand Energy (EXE) had a net profit margin of 15.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Expand Energy pay dividends?

Yes, Expand Energy (EXE) paid $0.57 per share in dividends during fiscal year 2025.

What is Expand Energy's return on equity (ROE)?

Expand Energy (EXE) has a return on equity of 9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Expand Energy's free cash flow?

Expand Energy (EXE) generated $1.8B in free cash flow during fiscal year 2025. This represents a 22887.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Expand Energy's operating cash flow?

Expand Energy (EXE) generated $4.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Expand Energy's total assets?

Expand Energy (EXE) had $28.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Expand Energy's capital expenditures?

Expand Energy (EXE) invested $2.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Expand Energy buy back shares?

Yes, Expand Energy (EXE) spent $100.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Expand Energy have outstanding?

Expand Energy (EXE) had 240M shares outstanding as of fiscal year 2025.

What is Expand Energy's current ratio?

Expand Energy (EXE) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.

What is Expand Energy's debt-to-equity ratio?

Expand Energy (EXE) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Expand Energy's return on assets (ROA)?

Expand Energy (EXE) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Expand Energy's Altman Z-Score?

Expand Energy (EXE) has an Altman Z-Score of 2.49, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Expand Energy's Piotroski F-Score?

Expand Energy (EXE) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Expand Energy's earnings high quality?

Expand Energy (EXE) has an earnings quality ratio of 2.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Expand Energy cover its interest payments?

Expand Energy (EXE) has an interest coverage ratio of 10.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Expand Energy?

Expand Energy (EXE) scores 73 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.