FirmAtlas
Company handbook · EXE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
EXE · CIK 895126 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
EXPAND ENERGY CORPORATION
$93.41
+2.61 (+2.87%)
Close, Oct 16, 2026 · 52-week $83–127
Last fiscal year
EXPAND ENERGY CORPORATION reported revenue of $12.1B for the year ended Dec 31, 2025 (FY25), up 186.3% from FY24. Net income was $1.8B, operating cash flow $4.6B and free cash flow $1.8B. Source: 10-K filed Feb 18, 2026.
Market cap
$22.5B
P/E
8.1
EV/EBITDA
4.9x
P/B
1.2
Div yield
2.46%
ROIC
8.5%
Revenue 1Y
186.3%/yr
EPS 1Y
n/m
Shares 1Y
+2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichael Wichterich (interim)
HQSpring, TX
AuditorPricewaterhouseCoopers LLP
Employees1,600
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
8.3%
1.6%
−5.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.0B deployed
Capex
$4.3B
71.5%
Acquisitions
$459M
7.6%
Dividends
$1.2B
19.2%
Buybacks
$100M
1.7%
Operating cash flow over the period: $6.1B. Total debt changed by −$1.1B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY24).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,235
12,124+186.3%
13,595
YoY
+186.3%
Operating income
(803)
2,471n/m
3,662
Operating margin
−19.0%
20.4%+39.3 pp
—
EBITDA
926
5,451+488.7%
—
EBITDA margin
21.9%
45.0%+23.1 pp
—
Interest expense
123
235+91.1%
—
Interest coverage
7.53x
23.20x+15.67x
—
Net income
(714)
1,819n/m
2,781
YoY
n/m
Net margin
−16.9%
15.0%+31.9 pp
—
EPS (diluted, $)
−3.03
7.57n/m
11.58
YoY
n/m
Balance sheet
Total assets
27,894
28,287+1.4%
28,030
Cash & short-term investments
395
696+76.2%
—
Accounts receivable
1,226
1,599+30.4%
—
Net PP&E
24,282
24,355+0.3%
—
Other assets
1,991
1,637−17.8%
—
Total liabilities
10,329
9,709−6.0%
8,620
Accounts payable
777
753−3.1%
—
Total debt
6,069
5,009−17.5%
3,685
Other liabilities
3,483
3,947+13.3%
—
Shareholders’ equity
17,565
18,578+5.8%
19,410
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,565
4,575+192.3%
5,655
Net income
(714)
1,819n/m
—
Depreciation & amortization
1,729
2,980+72.4%
—
Stock-based compensation
38
46+21.1%
—
Working capital & other
512
(270)−152.7%
—
Cash from investing
(1,904)
(2,759)n/m
—
Capex
(1,557)
(2,736)n/m
—
PP&E sold
21
70+233.3%
—
Acquisitions
(459)
0n/m
—
Investments bought
(75)
(14)n/m
—
Other investing
166
(79)−147.6%
—
Cash from financing
(419)
(1,515)n/m
—
Debt raised
747
0−100.0%
—
Debt repaid
(767)
(663)n/m
—
Dividends
(388)
(765)n/m
—
Buybacks
0
(100)n/m
—
Other financing
(11)
13n/m
—
Net change in cash
(758)
301n/m
—
Free cash flow (OCF − capex)
8
1,839+22887.5%
2,679
Where the cash went
Operating cash flow
1,565
4,575+192.3%
5,655
Reinvested in the business
2,016
2,736+35.7%
—
% of operating cash flow
128.8%
59.8%
Capex
1,557
2,736+75.7%
2,976
Acquisitions
459
0−100.0%
—
Free cash flow
8
1,839+22887.5%
2,679
YoY
+22887.5%
Returned to shareholders
388
865+122.9%
—
% of free cash flow
4850.0%
47.0%
Dividends
388
765+97.2%
—
Buybacks
0
100n/m
—
Change in total debt
—
(1,060)
—
Cash left over
—
(86)
—
FCF conversion (FCF ÷ net income)
—
101.1%
—
Owner earnings
—
1,666
—
Owner earnings margin
—
13.7%
—
Buyback yield
—
0.4%
—
Returns & ratios
ROIC (all capital)
−2.9%
8.5%+11.5 pp
—
ROIC (operating)
−2.8%
7.9%+10.6 pp
—
Net debt / EBITDA
6.13x
0.79x−5.34x
—
Debt / equity
0.35x
0.27x−0.08x
—
ROE
−4.1%
9.8%+13.9 pp
—
ROA
−2.6%
6.4%+9.0 pp
—
ROCE
−3.2%
9.7%+13.0 pp
—
NOPAT
(682)
1,970n/m
—
Invested capital (operating)
24,731
25,201+1.9%
—
Invested capital (all)
23,239
22,891−1.5%
—
Reinvestment rate
—
23.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,966
3,272
4,397
2,960
vs year-ago quarter
Operating income
725
745
1,531
661
Net income
547
553
1,159
522
vs year-ago quarter
Net margin
18.4%
16.9%
26.4%
17.6%
EPS (diluted, $)
2.28
2.30
4.81
2.19
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
27,606
28,287
29,521
28,030
Cash & equivalents
691
696
2,305
764
Total debt
5,010
5,009
5,883
3,685
Shareholders’ equity
18,150
18,578
19,546
19,410
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,201
956
2,402
1,096
Capex
775
741
707
753
Free cash flow
426
215
1,695
343
vs year-ago quarter