Expand Energy (EXE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EXE SEC filings page.
Expand Energy (EXE) reported $14.3B in revenue over the twelve months to Mar 31, 2026, up 167.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
A cyclical earnings model rebounded sharply, but heavy depreciation and reinvestment keep reported cash economics distinct from net income.
In FY2025, operating cash flow of$4.6B was more than twice net income of$1.8B , making cash generation materially stronger than accounting profit. With depreciation and amortization at$3.0B and free cash flow at$1.8B , large noncash charges were offset substantially by capital spending rather than flowing entirely to owners.
The move from a FY2024 operating loss to a FY2025 operating margin of
At FY2025, total assets of
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Expand Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Expand Energy has an operating margin of 20.4%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 41/100, indicating healthy but not exceptional operating efficiency. This is up from -19.0% the prior year.
Expand Energy's revenue surged 186.3% year-over-year to $12.1B, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Expand Energy has a moderate D/E ratio of 0.27. This balance of debt and equity financing earns a leverage score of 52/100.
Expand Energy's current ratio of 1.01 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Expand Energy converts 15.2% of revenue into free cash flow ($1.8B). This strong cash generation earns a score of 69/100.
Expand Energy's ROE of 9.8% shows moderate profitability relative to equity, earning a score of 53/100. This is up from -4.1% the prior year.
Expand Energy scores 2.37, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($22.9B) relative to total liabilities ($9.7B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Expand Energy passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
Expand Energy earns $10.51 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
Earnings & Revenue
Expand Energy generated $4.4B in revenue in Q1 2026. This represents an increase of 100.2% from the same quarter a year earlier. Against the prior quarter it is up 34.4%.
Expand Energy's EBITDA was $2.2B in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 406.1% from the same quarter a year earlier. Against the prior quarter it is up 49.1%.
Expand Energy reported $1.2B in net income in Q1 2026. This represents an increase of 565.5% from the same quarter a year earlier. Against the prior quarter it is up 109.6%.
Expand Energy earned $4.81 per diluted share (EPS) in Q1 2026. This represents an increase of 553.8% from the same quarter a year earlier. Against the prior quarter it is up 109.1%.
Cash & Balance Sheet
Expand Energy generated $1.7B in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 218.0% from the same quarter a year earlier. Against the prior quarter it is up 688.4%.
Expand Energy held $2.2B in cash against $4.1B in long-term debt as of Q1 2026.
Expand Energy paid $0.57 per share in dividends in Q1 2026. That is unchanged from the same quarter a year earlier.
Margins & Returns
Expand Energy's operating margin was 34.8% in Q1 2026, reflecting core business profitability. This is up 47.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.0 percentage points.
Expand Energy's net profit margin was 26.4% in Q1 2026, showing the share of revenue converted to profit. This is up 37.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.5 percentage points.
Expand Energy's ROE was 5.9% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.
Not reported for Q1 2026.
Capital Allocation
Expand Energy spent $66.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding.
Expand Energy invested $707.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 25.6% from the same quarter a year earlier. Against the prior quarter it is down 4.6%.
Not reported for Q1 2026.
EXE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4B+100.2% | $3.3B+63.5% | $3.0B+357.7% | $3.7B+630.7% | $2.2B+103.1% | $2.0B+2.7% | $648.0M-57.1% | $505.0M-73.3% |
| SG&A Expenses | $63.0M+34.0% | $49.0M-7.5% | $45.0M+15.4% | $40.0M-14.9% | $47.0M0.0% | $53.0M+65.6% | $39.0M+34.5% | $47.0M+51.6% |
| Operating Income | $1.5B+671.3% | $745.0M+293.0% | $725.0M+567.7% | $1.3B+531.6% | -$268.0M-937.5% | -$386.0M-153.2% | -$155.0M-296.2% | -$294.0M-156.9% |
| EBITDA | $2.2B+406.1% | $1.5B+476.2% | $1.5B+714.4% | $2.0B+3674.1% | $443.0M+2.8% | $261.0M-76.4% | $180.0M-61.0% | $54.0M-94.0% |
| Interest Expense | $59.0M0.0% | $59.0M-7.8% | $57.0M+185.0% | $60.0M+200.0% | $59.0M+210.5% | $64.0M+190.9% | $20.0M-13.0% | $20.0M-9.1% |
| Income Tax | $330.0M+571.4% | $134.0M+709.1% | $139.0M+415.9% | $260.0M+482.4% | -$70.0M-1100.0% | -$22.0M-113.3% | -$44.0M-4500.0% | -$68.0M-153.5% |
| Net Income | $1.2B+565.5% | $553.0M+238.6% | $547.0M+579.8% | $968.0M+526.4% | -$249.0M-1057.7% | -$399.0M-170.1% | -$114.0M-262.9% | -$227.0M-158.1% |
| EPS (Basic) | $4.83+555.7% | $2.33+207.9% | $2.30+370.6% | $4.07+335.3% | -$1.06-630.0% | -$2.16-149.7% | -$0.85-260.4% | -$1.73-159.0% |
| EPS (Diluted) | $4.81+553.8% | $2.30+206.5% | $2.28 | $4.02 | -$1.06 | -$2.16-153.7% | -$0.85-273.5% | -$1.73-163.4% |
| Diluted Shares (Avg) | 241M+2.7% | N/A | 240M | 241M | 234M | N/A | 134M-6.0% | 131M-8.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
EXE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.5B+5.7% | $28.3B+1.4% | $27.6B+106.1% | $27.8B+104.1% | $27.9B+99.3% | $27.9B+94.0% | $13.4B-6.0% | $13.6B-5.7% |
| Current Assets | $4.4B+107.6% | $2.9B+46.0% | $2.2B+24.7% | $2.3B+12.9% | $2.1B-11.1% | $2.0B-23.5% | $1.8B-28.5% | $2.0B-9.3% |
| Cash & Equivalents | $2.2B+536.1% | $616.0M+94.3% | $613.0M-41.3% | $731.0M-28.3% | $349.0M-70.4% | $317.0M-70.6% | $1.0B+46.4% | $1.0B+12.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $1.3B-5.2% | $1.6B+30.4% | $1.0B+293.1% | $1.1B+206.9% | $1.4B+333.4% | $1.2B+106.7% | $261.0M-61.9% | $350.0M-47.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $10.0B-7.1% | $9.7B-6.0% | $9.5B+195.1% | $9.8B+203.6% | $10.7B+222.0% | $10.3B+183.2% | $3.2B-19.5% | $3.2B-19.7% |
| Current Liabilities | $4.0B+10.1% | $2.9B-7.1% | $2.8B+207.7% | $2.9B+214.1% | $3.6B+251.9% | $3.1B+137.7% | $899.0M-44.3% | $931.0M-43.6% |
| Non-Current Liabilities | $6.0B-15.8% | $6.8B-5.5% | $6.7B+190.2% | $6.9B+199.4% | $7.2B+208.9% | $7.2B+208.9% | $2.3B-2.6% | $2.3B-3.1% |
| Long-Term Debt | $4.1B-21.2% | $5.0B-5.3% | $5.0B+148.4% | $5.1B+153.4% | $5.2B+158.9% | $5.3B+160.9% | $2.0B-0.7% | $2.0B-0.7% |
| Total Equity | $19.5B+13.7% | $18.6B+5.8% | $18.1B+78.2% | $17.9B+73.0% | $17.2B+60.9% | $17.6B+63.7% | $10.2B-0.8% | $10.4B-0.3% |
| Retained Earnings | $5.8B+65.8% | $4.8B+24.6% | $4.4B+0.1% | $4.2B-8.3% | $3.5B-29.1% | $3.9B-22.1% | $4.4B-2.7% | $4.6B-1.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
EXE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.4B+119.2% | $956.0M+150.3% | $1.2B+184.6% | $1.3B+532.5% | $1.1B+98.6% | $382.0M-18.7% | $422.0M-16.6% | $209.0M-59.4% |
| Depreciation & Amortization | $711.0M0.0% | $759.0M+17.3% | $741.0M+121.2% | $769.0M+121.0% | $711.0M+78.2% | $647.0M+70.7% | $335.0M-12.3% | $348.0M-7.4% |
| Stock-Based Compensation | $10.0M+11.1% | N/A | $17.0M+54.5% | $16.0M-23.8% | $9.0M0.0% | N/A | $11.0M+10.0% | $21.0M+90.9% |
| Capital Expenditures | $707.0M+25.6% | $741.0M+38.2% | $775.0M+160.1% | $657.0M+117.5% | $563.0M+33.7% | $536.0M+41.4% | $298.0M-29.6% | $302.0M-43.0% |
| Free Cash Flow | $1.7B+218.0% | $215.0M+239.6% | $426.0M+243.5% | $665.0M+815.1% | $533.0M+306.9% | -$154.0M-269.2% | $124.0M+49.4% | -$93.0M-520.0% |
| Investing Cash Flow | -$601.0M-18.5% | -$816.0M+13.7% | -$845.0M-164.9% | -$591.0M-122.2% | -$507.0M-35.6% | -$945.0M-1000.0% | -$319.0M+33.5% | -$266.0M-158.7% |
| Financing Cash Flow | -$192.0M+65.5% | -$135.0M+16.7% | -$471.0M-503.8% | -$352.0M-245.1% | -$557.0M-623.4% | -$162.0M+22.1% | -$78.0M+63.7% | -$102.0M+46.3% |
| Dividends Paid | $141.0M-0.7% | $137.0M+2.2% | $349.0M+347.4% | $137.0M+44.2% | $142.0M+84.4% | $134.0M+78.7% | $78.0M+1.3% | $95.0M-40.6% |
| Share Buybacks | $66.0M | $0 | $1.0M | $99.0M | $0 | $0-100.0% | $0-100.0% | $0-100.0% |
EXE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 34.8%+47.0pp | 22.8%+42.1pp | 24.4%+48.4pp | 34.4%+92.6pp | -12.2%-15.2pp | -19.3%-56.6pp | -23.9%-29.1pp | -58.2%-85.6pp |
| Net Margin | 26.4%+37.7pp | 16.9%+36.8pp | 18.4%+36.0pp | 26.2%+71.2pp | -11.3%-13.8pp | -19.9%-49.2pp | -17.6%-22.2pp | -45.0%-65.6pp |
| Return on Equity | 5.9%+7.4pp | 3.0%+5.3pp | 3.0%+4.1pp | 5.4%+7.6pp | -1.5%-1.7pp | -2.3%-7.6pp | -1.1%-1.8pp | -2.2%-5.9pp |
| Return on Assets | 3.9%+4.8pp | 1.9%+3.4pp | 2.0%+2.8pp | 3.5%+5.2pp | -0.9%-1.1pp | -1.4%-5.4pp | -0.9%-1.3pp | -1.7%-4.4pp |
| Current Ratio | 1.11+0.5x | 1.01+0.4x | 0.81-1.2x | 0.78-1.4x | 0.59-1.7x | 0.64-1.3x | 2.00+0.4x | 2.16+0.8x |
| Debt-to-Equity | 0.21-0.1x | 0.270.0x | 0.28+0.1x | 0.29+0.1x | 0.30+0.1x | 0.30+0.1x | 0.200.0x | 0.190.0x |
| Asset Turnover | 0.15+0.1x | 0.120.0x | 0.11+0.1x | 0.13+0.1x | 0.080.0x | 0.07-0.1x | 0.05-0.1x | 0.04-0.1x |
| FCF Margin | 38.6%+14.3pp | 6.6%+14.3pp | 14.4%-4.8pp | 18.0%+36.4pp | 24.3%+12.2pp | -7.7%-12.4pp | 19.1%+13.6pp | -18.4%-17.6pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Expand Energy EXE | FY2025 | $12.1B | $1.8B | 15.0% | $22.9B | 55/100 |
| Devon Energy Corp DVN | FY2025 | $17.2B | $2.6B | 15.4% | $53.9B | 40/100 |
| Texas Pacific Ld TPL | FY2025 | $798.2M | $481.4M | 60.3% | $25.3B | 73/100 |
| Eqt Corp EQT | FY2025 | $8.6B | $2.0B | 23.6% | $34.8B | 53/100 |
| Coterra Energy Inc CTRA | FY2025 | $7.6B | $1.7B | 22.5% | $24.7B | 53/100 |
| Woodside Ltd WDS | FY2025 | $13.0B | $2.7B | 21.1% | $45.3B | 30/100 |
Where Expand Energy Ranks
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 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.
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.
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 P/E ratio?
Expand Energy (EXE) trades at 7.1x earnings, its market capitalization divided by net income of $3.2B net income, trailing 12 months to March 31, 2026. The market capitalization is $22.9B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Expand Energy's price-to-sales ratio?
Expand Energy (EXE) trades at 1.6x sales, its market capitalization divided by revenue of $14.3B revenue, trailing 12 months to March 31, 2026. The market capitalization is $22.9B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Expand Energy's Altman Z-Score?
Expand Energy (EXE) has an Altman Z-Score of 2.37, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 10.51x, 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 55 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.