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Expand Energy Corporation

EXE Energy Oil & Gas E&P

Expand Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $12.1 billion, up 186.3% from fiscal 2024.

Revenue
+10.8%
EPS
−2.61%
Free cash flow
+2.49%
Total debt
−7.54%

Quarter to September 2026, against a year earlier

85.55 1.76 −2.02%
Market cap
$19.7B
P/E
7.4×
Fwd P/E
7.9×
Dividend yield
0.00%
F-score
8/9
Altman Z
2.57
Beneish M
−1.94
Dividend safety
61/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2014

  • Marketing Revenue from Contracts with Customers
  • Natural gas, oil and NGL
  • Other, not broken out

Every year since 2008 →

Insider Decisions last twelve months

Bought, $m 0.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 1 — 1 3 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.84%

Capital & Financial Ratios $m

Size
Market Cap 19,710.00
Revenue ttm 13,915.00
Net income ttm 2,753.00
Free cash flow ttm 2,584.00
Net debt Q 4,411.00
Valuation
P/E 7.39
Forward P/E 7.85
Price / sales 1.42
Forward P/S Powerpack
Price / FCF 7.67
Price / book 1.02
Financial health
Current ratio Q 0.90 (below 1: weak)
Debt / equity Q 0.24 (at or below 0.5: strong)
Interest coverage Q 14.55
Growth
Revenue growth Q +10.79% (above 0%: growing)
Operating income growth Q −11.72% (below 0%: shrinking)
EPS, this year +42.08% (at or above 15%: strong)
EPS, next year A −5.11% (below 0%: weak)
Revenue, next year A −43.08% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +19.74% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.8×; over the ten years it ranged from 0.9× in 2023 to 6.1× in 2025.
P/E against its own 10 years 47.95%
10-year low 10-year high
P/S against its own 10 years 42.23%
10-year low 10-year high
P/B against its own 10 years 13.35%
10-year low 10-year high
EV/Sales against its own 10 years 48.68%
10-year low 10-year high
EV/FCF against its own 10 years 58.11%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
0.00%
Growth, 2021–25
−100.0%/yr
  1. 1.13 ’21
  2. 9.59 ’22 +752
  3. 3.62 ’23 −62
  4. 1.86 ’24 −48
  5. 0.00 ’25 −100
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,153 395 696 221
Receivables 593 1,226 1,599 1,389
Inventory — — — —
Other 863 376 621 1,486
2,609 1,997 2,916 3,096
2023 2024 2025 Q'26
Payables 425 777 753 1,179
ST’ Debt — 389 — —
Other 850 1,857 2,048 2,217
1,314 3,123 2,901 3,426

Compound Annual Growth %

10y 5y 3y
Sales (0.51%) 18.27% 1.07%
Cash Flow 14.00% 31.49% 3.51%
Earnings 0.00% 0.00% (27.98%)
Book Value 22.73% 0.00% 26.75%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.28 Actual 1.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.89 2.00 Beat by 0.11
Q1 FY26 3.69 3.83 Beat by 0.14
Q2 FY26 1.22 1.33 Beat by 0.11
Q3 FY26 1.28 1.46 Beat by 0.18
Q4 FY26 2.07 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.81 2.19 2.24 — —
’25 (1.06) 4.02 2.28 2.30 7.57
’24 0.18 (1.73) (0.85) (1.80) (4.55)
’23 9.60 2.73 0.49 4.02 16.92
’22 (6.32) 8.27 6.12 24.00 33.36
’21 52.99 (4.48) (3.51) 11.13 54.39
’20 (852.35) (28.22) (76.18) (42.54) (998.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,397 2,960 3,286 — —
’25 2,196 3,690 2,966 3,272 12,124
’24 1,081 505 648 2,001 4,235
’23 3,370 1,891 1,512 1,948 8,721
’22 935 3,520 3,162 4,126 11,743
’21 1,140 693 890 3,086 5,809
’20 2,525 507 960 1,248 5,240
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,402 1,096 1,177 — —
’25 1,096 1,322 1,201 956 4,575
’24 552 209 422 382 1,565
’23 889 515 506 470 2,380
’22 853 909 1,313 1,050 4,125
’21 388 394 443 563 1,788
’20 397 376 382 9 1,164
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,732 342 370 — —
’25 533 680 361 140 1,714
’24 137 (87) 129 (150) 29
’23 1,323 1,017 87 657 3,084
’22 912 494 779 524 2,709
’21 249 247 268 302 1,066
’20 (114) 31 280 (25) 172
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −4.0% a year for ten years. It grew 3.5% a year over the last ten.

Implied
−4.0%
10 years, reported
3.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,872 9,496 10,231 8,532 5,240 5,809 11,743 8,721 4,235 12,124 13,915 +4.9% 6,901 7,215 9,512 (7.8%)
Gross margin, % 67.42 79.06 81.70 81.22 72.23 79.15 86.94 90.22 75.56 80.40 80.61 +13.0 pt
EBT (4,589) (500) 218 (639) (9,769) 6,222 3,651 3,117 (841) 2,282 3,456 n/m
EBT margin, % (58.30) (5.27) 2.13 (7.49) (186.43) 107.11 31.09 35.74 (19.86) 18.82 24.84 +77.1 pt
Net income (4,399) (502) 228 (308) (9,750) 6,328 4,936 2,419 (714) 1,819 2,753 n/m
Per share, $
Per share, $ Revenue 10.30 10.48 2,250.55 1,024.86 536.17 57.09 93.36 65.65 26.98 51.09 60.09 +19.5%
Earnings (6.43) (0.70) 29.26 (49.97) (998.26) 61.56 38.71 18.21 (4.55) 7.67 11.58 n/m
Cash flow (0.27) 0.52 380.55 194.96 119.10 17.57 32.79 17.92 9.97 19.28 24.32 n/m
Capex 0.93 1.32 490.32 (255.50) (101.50) (7.10) (11.26) 5.30 (9.78) (12.06) (13.16) n/m
Free cash flow 0.66 1.84 870.88 (60.54) 17.60 10.48 21.54 23.22 0.18 7.22 11.16 +30.3%
Book value (1.57) (0.41) 469.20 528.65 (546.51) 55.73 72.54 80.77 111.89 78.29 84.21 n/m
Shares, m 764 906 5 8 10 102 126 133 157 237 237 (12.2%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 1.03 2.34 4.25 0.00 14.46 7.39 2.2
P/S 0.08 0.08 0.08 0.08 0.08 1.13 0.92 1.17 3.69 2.16 1.42 0.9
P/B 0.00 0.00 0.00 0.00 0.00 1.16 1.19 0.95 0.89 1.41 1.02 0.6
EV/Sales 2.15 2.15 2.15 2.15 2.15 1.37 1.18 1.28 4.94 2.55 1.80 2.2
EV/FCF 65.42 65.42 65.42 65.42 65.42 7.47 5.10 3.62 721.15 18.02 9.71 108.2
Cash, $m
Cash, $m Operating cash flow (204) 475 1,730 1,623 1,164 1,788 4,125 2,380 1,565 4,575 5,631 n/m
Capex 712 1,195 2,229 (2,127) (992) (722) (1,416) 704 (1,536) (2,861) (3,047) n/m
Free cash flow 508 1,670 3,959 (504) 172 1,066 2,709 3,084 29 1,714 2,584 +14.5%
Balance, $m
Balance, $m Working capital (1,506) (831) (1,289) (1,141) (1,986) (344) (6) 1,295 (1,126) 15 (330) n/m
Net debt 9,559 9,968 7,718 9,452 1,650 1,393 2,987 875 5,285 4,313 4,411 (8.5%)
Shareholders’ equity (1,203) (372) 2,133 4,401 (5,341) 5,671 9,124 10,729 17,565 18,578 19,500 n/m
Returns, %
Returns, % ROA (32.40) (4.96) 1.06 (2.88) (85.67) 71.94 36.78 16.21 (3.38) 6.48 9.60 +38.9 pt
ROIC (32.99) (0.90) 2.42 (0.14) 0.00 6.23 19.51 16.92 (2.20) 6.75 9.35 +39.7 pt
ROE 270.13 25.15 (16.82) (25.74) 464.35 (972.79) 65.82 24.37 (5.05) 10.07 14.62 (260.1) pt
People
People Employees 3,300 3,200 2,350 2,300 1,300 1,300 1,200 1,000 1,700 1,600 — (7.7%)
Revenue/emp, $m 2.39 2.97 4.35 3.71 4.03 4.47 9.79 8.72 2.49 7.58 — +13.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Expand Energy produces and sells natural gas, oil and natural gas liquids, or NGLs. NGLs are hydrocarbons separated from natural gas. The company develops underground resources by drilling and completing wells, then sells the production to buyers through contracts linked to market prices.

Its wells are in the Haynesville and Bossier shales of Louisiana and Texas and in Appalachian shale formations in Pennsylvania, Ohio and West Virginia. Expand held working interests in approximately 6,600 gross wells at December 31, 2025. A working interest gives it a share of a well’s production and costs; substantially all those wells were classified as productive natural gas wells.

Where the money comes from and where it goes Fiscal 2014

Fiscal 2014: revenue by products and services, and margins
Marketing Revenue from Contracts with Customers 12,225 52.86%
Natural gas, oil and NGL 10,354 44.77%
Other, not broken out 546 2.36%
Gross margin 83.51%
Operating margin 15.04%
Pre-tax margin 13.84%

Revenue by segment since 2008

Expand Energy Corporation vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DVN Devon Energy Corporation $47.2B 10.2× 9.6× +73.13% (above 0%: growing) +43.66% (above 0%: growing) −130.16% (below 0%: shrinking) 81.22% 32.14% Compare
WDS Woodside Energy Group Ltd $40.7B 3.3× 12.0× +196.99% (above 0%: growing) +178.60% (above 0%: growing) −173.74% (below 0%: shrinking) 42.87% 0.00% Compare
EQT EQT Corporation $31.7B 12.0× 14.3× −9.61% (below 0%: shrinking) −16.67% (below 0%: shrinking) +12.15% (above 0%: growing) 73.39% 25.95% Compare
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48%
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00% Compare
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
APA APA Corporation $15.2B 7.1× 7.7× +39.35% (above 0%: growing) +252.63% (above 0%: growing) +81.05% (above 0%: growing) 0.00% 42.67% Compare
RRC Range Resources Corporation $11.7B 13.3× 13.3× +12.60% (above 0%: growing) +22.95% (above 0%: growing) +59.63% (above 0%: growing) 93.57% 29.00% Compare
AR Antero Resources Corporation $11.2B 8.2× 8.7× +28.74% (above 0%: growing) +377.72% (above 0%: growing) −55.76% (below 0%: shrinking) 45.18% 25.07% Compare
Median of peers $18.3B 10.6× 11.6× +36.99% +111.13% −21.80% 59.29% 30.57%

All 74 Oil & Gas E&P stocks →

From the latest earnings call

Updated

  • Mike Wisterich said the announced Twin Eagle purchase is intended to expand Expand Energy’s marketing and commercial strategy, with more than $200 million of first-year EBITDA expected.
  • Josh Viets said Expand Energy expected a modest fourth-quarter production ramp above 7.6 Bcf per day while retaining flexibility to align volumes with price.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.06%
Held by the ten largest 47.04%
Holder Shares Stake Change
Vanguard 29.97m 12.95% +636.83k
BlackRock 19.50m 8.42% +860.32k
State Street 15.62m 6.75% +1.12m
Capital Group 9.94m 4.29% −3.08m
Geode Capital Management 6.73m 2.91% +110.47k
Invesco 6.06m 2.62% +1.14m
Victory Capital 5.40m 2.33% +635.68k
AQR Capital Management 5.37m 2.32% +1.53m
OAKTREE CAPITAL MANAGEMENT LP 5.24m 2.26% 0.00
UBS 5.06m 2.19% +922.99k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Expand Energy Corporation (EXE) Latest News

5 Nov

Impact 3 · · Trefis

30 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

29 Oct

Impact 4 · · Zacks
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Impact 4 · · Simply Wall St. earnings

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Simply Wall St.
Impact 4 · · Moby
Impact 3 · · Associated Press
Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · Oilprice.com
Impact 4 · · Investing.com earnings
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · StockStory earnings
Impact 3 · · StockStory

26 Oct

Impact 4 · · Trefis
Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · GlobeNewswire

15 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Barchart

6 Oct

Impact 4 · · Zacks

5 Oct

Impact 4 · · PR Newswire

25 Sep

Impact 3 · · Barchart

19 Sep

Impact 3 · · marketwatch.com

17 Sep

Impact 3 ·

EXE metrics, ten years each

stockrow.com/EXE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com