Expand Energy Corp. (EXE)
Expand Energy produces natural gas, oil and NGL in the United States, and the filing describes it as the largest independent natural gas producer in the country on net daily production. It is run from Oklahoma City. The company took its present shape on 1 October 2024, when it completed its merger with Southwestern, and it joined the S&P 500 index in 2025. Production in 2025 was 2,622 Bcfe, made up of 2,409 Bcf of natural gas, 5.9 MMBbl of oil and 29.6 MMBbl of NGL, against 1,375 Bcfe in 2024. It had about 1,600 employees at the end of 2025.
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Latest results
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The years before, in words
Expand Energy (EXE) reported revenue of $12.1 billion for fiscal 2025, the year ended 31 December 2025, up 186.3% on the year before. Net income was $1.8 billion and diluted earnings per share $7.57. Revenue was $4.2 billion in fiscal 2024, $8.7 billion in fiscal 2023, $11.7 billion in fiscal 2022 and $5.8 billion in fiscal 2021. Net income in the same years was a loss of $714 million, $2.4 billion, $4.9 billion and $6.3 billion. Over the twelve months to 30 September 2026, Expand Energy reported revenue of $13.9 billion and net income of $2.8 billion. Revenue grew 18.3% a year, compounded, over the five years to fiscal 2025. Expand Energy declared $2.30 a share in dividends over the last four quarters and had 231 million shares outstanding at the latest filed count. At 30 September 2026 it carried $4.6 billion of debt and $118 million of cash. At the close of 6 November 2026 the market cap of Expand Energy was $19.5 billion, 7.3 times its earnings over the last twelve months.Ratios
From the filings
ROE14.1%
ROCE14.8%
Operating margin25.7%
Net margin19.8%
FCF margin18.6%
Interest cover17.4x
Debt to equity0.24x
Cash conversion2.05x
Share count, last 12 months-3.0%
Sales CAGR, 3 years1.1%
Profit CAGR, 3 years-28.3%
EPS, TTM$11.54
At the close of 6 November 2026
Price$84.61
Market cap$19.5 billion
Stock P/E7.3x
Price to book1.0x
EV / EBITDA3.7x
Dividend yield2.7%
Market cap / sales1.4x
52-week high$122.89
52-week low$84.08
Price, 1 year-23.5%
Price CAGR, 3 years0.8%
Price CAGR, 5 years5.2%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Expand Energy Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.EXEgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,086 | 935 | 3,520 | 3,162 | 4,126 | 3,370 | 1,891 | 1,512 | 1,948 | 1,081 | 505 | 648 | 2,001 | 2,196 | 3,690 | 2,966 | 3,272 | 4,397 | 2,960 | 3,286 |
| Operating income | 1,421 | -794 | 1,341 | 1,005 | 2,228 | 1,820 | 517 | 79.0 | 726 | 32.0 | -294 | -155 | -386 | -268 | 1,269 | 725 | 745 | 1,531 | 661 | 640 |
| Operating margin | 46% | -85% | 38% | 32% | 54% | 54% | 27% | 5% | 37% | 3% | -58% | -24% | -19% | -12% | 34% | 24% | 23% | 35% | 22% | 19% |
| Interest expense | 26.0 | 32.0 | 36.0 | 52.0 | 40.0 | 37.0 | 22.0 | 23.0 | 22.0 | 19.0 | 20.0 | 20.0 | 64.0 | 59.0 | 60.0 | 57.0 | 59.0 | 59.0 | 43.0 | 44.0 |
| Pre-tax income | 1,395 | -810 | 1,314 | 957 | 2,190 | 1,793 | 518 | 71.0 | 735 | 33.0 | -295 | -158 | -421 | -319 | 1,228 | 686 | 687 | 1,489 | 672 | 608 |
| Tax rate | -3% | n/a | 6% | 8% | -63% | 23% | 25% | 1% | 23% | 21% | n/a | n/a | n/a | n/a | 21% | 20% | 20% | 22% | 22% | 15% |
| Net income | 1,434 | -764 | 1,237 | 883 | 3,580 | 1,389 | 391 | 70.0 | 569 | 26.0 | -227 | -114 | -399 | -249 | 968 | 547 | 553 | 1,159 | 522 | 519 |
| Net margin | 46% | -82% | 35% | 28% | 87% | 41% | 21% | 5% | 29% | 2% | -45% | -18% | -20% | -11% | 26% | 18% | 17% | 26% | 18% | 16% |
| Diluted EPS | n/a | -$6.32 | $8.27 | $6.12 | $24.00 | $9.60 | $2.73 | $0.49 | $4.02 | $0.18 | -$1.73 | -$0.85 | -$1.72 | -$1.06 | $4.02 | $2.28 | $2.30 | $4.81 | $2.19 | $2.24 |
| Operating cash flow | 563 | 853 | 909 | 1,313 | 1,050 | 889 | 515 | 506 | 470 | 552 | 209 | 422 | 382 | 1,096 | 1,322 | 1,201 | 956 | 2,402 | 1,096 | 1,177 |
| Capital expenditure | 265 | 344 | 415 | 540 | 524 | 497 | 530 | 423 | 379 | 421 | 302 | 298 | 536 | 563 | 657 | 775 | 741 | 707 | 753 | 838 |
| Free cash flow | 298 | 509 | 494 | 773 | 526 | 392 | -15.0 | 83.0 | 91.0 | 131 | -93.0 | 124 | -154 | 533 | 665 | 426 | 215 | 1,695 | 343 | 339 |
| Buybacks | 0.0 | 83.0 | 475 | 109 | 406 | 54.0 | 127 | 132 | 42.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 99.0 | 1.0 | 0.0 | 66.0 | 514 | 320 |
| Dividends paid | 52.0 | 210 | 298 | 280 | 424 | 175 | 160 | 77.0 | 75.0 | 77.0 | 99.0 | 78.0 | 134 | 142 | 137 | 349 | 137 | 141 | 138 | 132 |
| Shares outstanding | 119m | 127m | 121m | 134m | 135m | 134m | 132m | 131m | 131m | 131m | 131m | 231m | 233m | 238m | 238m | 238m | 240m | 239m | 232m | 231m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 83 peers in Petroleum and Natural Gas (16.0% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 63 peers in Petroleum and Natural Gas (11.7). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 † | FY2021 ‡ | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,800 | 11,629 | 7,702 | 9,366 | 11,635 | 12,316 | 19,080 | 23,125 | 12,764 | 8,705 | 10,039 | 10,030 | 8,532 | 5,240 | 5,809 | 11,743 | 8,721 | 4,235 | 12,124 | 13,915 |
| Operating income | 2,650 | 1,457 | -8,945 | 2,805 | 2,921 | -1,694 | 2,069 | 3,477 | -18,919 | -3,256 | -138 | 382 | -31.0 | -8,703 | 704 | 3,780 | 3,142 | -803 | 2,471 | 3,577 |
| Operating margin | 34.0% | 12.5% | -116.1% | 29.9% | 25.1% | -13.8% | 10.8% | 15.0% | -148.2% | -37.4% | -1.4% | 3.8% | -0.4% | -166.1% | 12.1% | 32.2% | 36.0% | -19.0% | 20.4% | 25.7% |
| Interest expense | 401 | 271 | 113 | 19.0 | 44.0 | 77.0 | 227 | 89.0 | 317 | 528 | 601 | 633 | 651 | 331 | 84.0 | 160 | 104 | 123 | 235 | 205 |
| Pre-tax income | 2,347 | 991 | -9,288 | 2,884 | 2,880 | -974 | 1,442 | 3,200 | -19,098 | -3,680 | -500 | 218 | -639 | -9,769 | 6,222 | 3,651 | 3,117 | -841 | 2,282 | 3,456 |
| Income tax | 892 | 387 | -3,483 | 1,110 | 1,123 | -380 | 548 | 1,144 | -4,463 | -190 | 2.0 | -10.0 | -331 | -19.0 | -106 | -1,285 | 698 | -127 | 463 | 703 |
| Effective tax rate | 38.0% | 39.1% | n/a | 38.5% | 39.0% | n/a | 38.0% | 35.8% | n/a | n/a | n/a | -4.6% | n/a | n/a | -1.7% | -35.2% | 22.4% | n/a | 20.3% | 20.3% |
| Net income | 1,455 | 604 | -5,830 | 1,774 | 1,742 | -769 | 724 | 1,917 | -14,567 | -3,493 | -505 | 226 | -308 | -9,734 | 6,328 | 4,936 | 2,419 | -714 | 1,819 | 2,753 |
| Net margin | 18.7% | 5.2% | -75.7% | 18.9% | 15.0% | -6.2% | 3.8% | 8.3% | -114.1% | -40.1% | -5.0% | 2.3% | -3.6% | -185.8% | 108.9% | 42.0% | 27.7% | -16.9% | 15.0% | 19.8% |
| Diluted EPS | $2.63 | $0.93 | -$9.57 | $2.51 | $2.32 | -$1.46 | $0.73 | $1.87 | -$22.26 | -$6.45 | $0.90 | $0.85 | -$0.25 | -$998.26 | n/a | $33.36 | $16.92 | -$4.55 | $7.57 | $11.54 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 8-K | 8-K | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed. ‡ Filed in two parts, up to 9 February 2021 and after it, on the old and the new accounting basis; shown added together, with per-share figures left blank.Revenue by product or service FY2018 to FY2024, 2 years left out
| FY2018 | FY2019 | FY2020 | FY2023 | FY2024 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|
| Natural Gas | n/a | n/a | n/a | 2,853 | 2,686 | 63.1% |
| Natural Gas | n/a | n/a | n/a | 989 | 1,095 | 25.7% |
| NGL | n/a | n/a | n/a | n/a | 214 | 5.0% |
| Oil | n/a | n/a | n/a | 1,332 | 116 | 2.7% |
| NGL | n/a | n/a | n/a | n/a | 79 | 1.9% |
| Oil | n/a | n/a | n/a | n/a | 69 | 1.6% |
| Losses on marketing derivatives | n/a | -4 | n/a | n/a | n/a | n/a |
| Marketing | 5,076 | n/a | 1,869 | n/a | n/a | n/a |
| Marketing | 4,390 | n/a | n/a | n/a | n/a | n/a |
| Marketing Revenue from Contracts with Customers | n/a | 3,619 | n/a | n/a | n/a | n/a |
| Natural gas, oil and NGL | n/a | 4,517 | 3,341 | 3,547 | n/a | n/a |
| Other | n/a | n/a | 56 | n/a | n/a | n/a |
| Other marketing revenue | n/a | 352 | n/a | n/a | n/a | n/a |
| Not assigned to a part in the filing | 564 | n/a | n/a | n/a | n/a | n/a |
Natural Gas FY2023 to FY2024Natural Gas FY2023 to FY2024NGL FY2024Oil FY2023 to FY2024NGL FY2024Oil FY2024Natural gas, oil and NGL FY2019 to FY2023Marketing FY2018 to FY2020Other FY2020Marketing Revenue from Contracts with Customers FY2019Other marketing revenue FY2019Marketing FY2018
$ million; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart. Losses on marketing derivatives is below zero in FY2019 as the 10-K filed it, so it has no share or block for that year.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 83 peers in Petroleum and Natural Gas (16.0% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 † | FY2021 ‡ | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 4,974 | 5,357 | 4,356 | 5,117 | 5,903 | 2,837 | 4,614 | 4,634 | 1,234 | -980 | 475 | 1,730 | 1,623 | 1,164 | 1,788 | 4,125 | 2,380 | 1,565 | 4,575 | 5,631 |
| Capital expenditure | 1,439 | 9,652 | 6,093 | 1,326 | 2,009 | 14,108 | 7,190 | 6,667 | 3,614 | 1,446 | 21.0 | 21.0 | 48.0 | 1,142 | 735 | 1,823 | 1,829 | 1,557 | 2,736 | 3,039 |
| Free cash flow | 3,535 | -4,295 | -1,737 | 3,791 | 3,894 | -11,271 | -2,576 | -2,033 | -2,380 | -2,426 | 454 | 1,709 | 1,575 | 22.0 | 1,053 | 2,302 | 551 | 8.0 | 1,839 | 2,592 |
| Free cash flow margin | 45.3% | -36.9% | -22.6% | 40.5% | 33.5% | -91.5% | -13.5% | -8.8% | -18.6% | -27.9% | 4.5% | 17.0% | 18.5% | 0.4% | 18.1% | 19.6% | 6.3% | 0.2% | 15.2% | 18.6% |
| Cash from investing | -7,964 | -9,965 | -5,462 | -8,503 | -5,812 | -4,984 | -2,967 | 454 | -3,451 | 116 | -918 | 455 | -2,480 | -992 | -916 | -3,401 | 473 | -1,904 | -2,759 | -4,273 |
| Cash from financing | 2,988 | 6,356 | -336 | 3,181 | 158 | 2,083 | -1,097 | -1,817 | -1,066 | 921 | -434 | -2,186 | 859 | 101 | -237 | -1,446 | -1,892 | -419 | -1,515 | -1,828 |
| Depreciation and amortisation | 1,988 | 2,144 | 1,615 | 1,614 | 1,923 | 2,811 | 2,903 | 2,915 | 2,229 | 1,698 | 1,697 | 1,737 | 2,264 | 1,097 | 991 | 1,753 | 1,527 | 1,729 | 2,980 | 2,942 |
| Share-based compensation | 84.0 | 132 | 140 | 147 | 153 | 120 | 98.0 | 59.0 | 78.0 | 52.0 | 49.0 | 32.0 | 30.0 | 21.0 | 12.0 | 22.0 | 33.0 | 38.0 | 46.0 | 51.0 |
| Buybacks | 0.0 | 5.0 | 7.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 0.0 | 1,073 | 355 | 0.0 | 100 | 900 |
| Dividends paid | 115 | 148 | 181 | 189 | 207 | 227 | 233 | 234 | 118 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 119 | 1,212 | 487 | 388 | 765 | 548 |
| Dividend per share | $0.26 | $0.29 | $0.30 | $0.30 | $0.34 | $0.35 | $0.35 | $0.35 | $0.09 | $0.00 | $0.00 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Diluted shares, weighted | 487m | 545m | 612m | 706m | 752m | 643m | 653m | 772m | 662m | 764m | 906m | 909m | 1,665m | 10m | n/a | 146m | 143m | 157m | 240m | 232m |
| Shares outstanding at period end | n/a | n/a | 649m | 655m | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 231m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 8-K | 8-K | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 † | FY2020 † | FY2021 ‡ | FY2022 | FY2023 † | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||||||||||
| Shareholders' equity | 12,624 | 17,017 | 11,444 | 15,264 | 16,624 | 15,569 | 15,995 | 16,903 | 2,138 | -1,331 | 1,899 | 2,092 | 4,364 | -5,341 | 5,671 | 9,124 | 10,729 | 17,565 | 18,578 | 19,500 |
| Non-controlling interest | n/a | 0.0 | 897 | n/a | 1,337 | 2,327 | 2,145 | 1,302 | 259 | 128 | 44.0 | 41.0 | 37.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a |
| Debt | n/a | 13,175 | 12,295 | 12,640 | 10,626 | 12,620 | 12,886 | 11,535 | 10,692 | 10,441 | 9,973 | 7,722 | 9,458 | 1,929 | 2,278 | 3,093 | 2,028 | 5,680 | 5,009 | 4,632 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 16.0 | 2.0 | 9.0 | 33.0 | 15.0 | 74.0 | 48.0 | n/a |
| Finance lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 9.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a |
| Other liabilities | n/a | 8,401 | 5,278 | 9,275 | 13,248 | 11,095 | 10,756 | 10,915 | 4,225 | 3,790 | 3,009 | 2,880 | 2,309 | 9,994 | 3,051 | 3,218 | 1,604 | 4,575 | 4,652 | 5,610 |
| Total liabilities and equity | n/a | 38,593 | 29,914 | 37,179 | 41,835 | 41,611 | 41,782 | 40,655 | 17,314 | 13,028 | 14,925 | 12,735 | 16,193 | 6,584 | 11,009 | 15,468 | 14,376 | 27,894 | 28,287 | 29,742 |
| Owned | ||||||||||||||||||||
| Fixed assets | n/a | 33,308 | 26,710 | 32,378 | 36,739 | 37,167 | 37,134 | 32,515 | 14,298 | 10,609 | 13,179 | 10,818 | 14,756 | 5,242 | 8,802 | 11,187 | 10,097 | 24,282 | 24,355 | 24,482 |
| Goodwill | n/a | n/a | n/a | n/a | n/a | 43.0 | 43.0 | 15.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 349 |
| Intangible assets | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 1,082 |
| Investments | n/a | 444 | 404 | 1,208 | 1,531 | 728 | 477 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Cash and equivalents | 1.0 | 1,749 | 307 | 102 | 351 | 287 | 837 | 4,108 | 825 | 882 | 5.0 | 4.0 | 6.0 | 279 | 905 | 130 | 1,079 | 317 | 616 | 118 |
| Receivables | n/a | 1,324 | 1,325 | 1,974 | 2,505 | 2,245 | 2,222 | 2,236 | 1,129 | 1,057 | 1,322 | 1,247 | 990 | 746 | 1,115 | 1,438 | 593 | 1,226 | 1,599 | 1,389 |
| Inventory | n/a | 58.0 | 25.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 19.0 | 169 |
| Other assets | n/a | 1,710 | 1,143 | 1,517 | 709 | 1,141 | 1,069 | 1,781 | 1,062 | 480 | 419 | 666 | 441 | 317 | 187 | 2,713 | 2,607 | 2,069 | 1,698 | 2,153 |
| Total assets | n/a | 38,593 | 29,914 | 37,179 | 41,835 | 41,611 | 41,782 | 40,655 | 17,314 | 13,028 | 14,925 | 12,735 | 16,193 | 6,584 | 11,009 | 15,468 | 14,376 | 27,894 | 28,287 | 29,742 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 8-K | 8-K | 8-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | -0.5% | 18.3% | 1.1% | 28.2% |
| Profit growth, compounded | n/a | n/a | -28.3% | 217.5% |
| Return on equity, average | n/a | 38.8% | 9.4% | 9.8% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Expand Energy's revenue in fiscal 2025?
Expand Energy (EXE) reported revenue of $12.1 billion for fiscal 2025, the year ended 31 December 2025, up 186.3% on the year before.
How much did Expand Energy earn in fiscal 2025?
Net income was $1.8 billion for fiscal 2025, and diluted earnings per share $7.57.
What is Expand Energy's P/E ratio?
At the close of 6 November 2026, Expand Energy traded at 7.3 times its earnings over the twelve months to 30 September 2026.
What is Expand Energy's market cap?
The market cap of Expand Energy was $19.5 billion at the close of 6 November 2026.
Does Expand Energy pay a dividend?
Yes. Expand Energy declared $2.30 a share in dividends over the four quarters to 30 September 2026.
Peers: Petroleum and Natural Gas
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Shell plc SHEL * | $281.9 billion | 16.52 | 10.2% | n/a | -6.1% | 0.43 | 3.0% |
| TotalEnergies SE TTE * | $193.8 billion | 15.20 | 11.4% | n/a | -6.2% | 0.53 | 4.2% |
| Petróleo Brasileiro S.A. (Petrobras) PBR * | $119.3 billion | 6.09 | 26.0% | 29.3% | -2.4% | 0.35 | 6.8% |
| Canadian Natural Resources Limited CNQ * | $101.0 billion | 13.13 | 24.4% | n/a | 8.7% | 0.37 | 3.5% |
| Eni S.p.A. E * | $82.0 billion | 31.82 | 5.4% | 6.1% | -7.5% | 0.59 | 4.2% |
| EOG Resources Inc. EOG | $76.3 billion | 9.51 | 24.7% | 35.8% | 31.7% | 0.24 | 2.8% |
| Occidental Petroleum Corp. OXY | $56.4 billion | n/a | n/a | n/a | n/a | 0.31 | 1.8% |
| Diamondback Energy, Inc. FANG | $50.0 billion | 24.48 | 5.3% | 12.6% | 21.1% | 0.34 | 2.4% |
| Devon Energy Corp. DVN | $48.1 billion | 10.55 | 8.6% | 16.2% | 27.1% | 0.25 | 2.7% |
| Woodside Energy Group Ltd. WDS * | $40.0 billion | 14.81 | 7.6% | 30.0% | -1.5% | 0.33 | 5.0% |
| EQT Corp. EQT | $30.9 billion | 11.71 | 10.4% | 41.8% | 18.6% | 0.22 | 1.3% |
| Expand Energy Corp. EXE | $19.5 billion | 7.33 | 14.1% | 25.7% | 28.2% | 0.24 | 2.7% |
All 98 in Petroleum and Natural Gas
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| ExxonMobil Holdings Corp. XOM | $676.6 billion | 17.03 | 15.3% | 14.0% | 19.0% | 0.13 | 2.5% |
| Chevron Corp. CVX | $417.9 billion | 15.56 | 13.9% | 16.7% | 20.0% | 0.17 | 3.3% |
| Shell plc SHEL * | $281.9 billion | 16.52 | 10.2% | n/a | -6.1% | 0.43 | 3.0% |
| TotalEnergies SE TTE * | $193.8 billion | 15.20 | 11.4% | n/a | -6.2% | 0.53 | 4.2% |
| ConocoPhillips COP | $161.2 billion | 14.32 | 17.5% | n/a | 13.3% | 0.35 | 2.5% |
| BP plc BP * | $122.4 billion | n/a | 0.1% | 6.6% | -1.1% | 1.09 | 4.1% |
| Petróleo Brasileiro S.A. (Petrobras) PBR * | $119.3 billion | 6.09 | 26.0% | 29.3% | -2.4% | 0.35 | 6.8% |
| Equinor ASA EQNR * | $105.0 billion | 21.64 | 12.5% | 23.8% | 2.6% | 0.69 | 0.3% |
| Marathon Petroleum Corp. MPC | $101.5 billion | 7.28 | 63.0% | 12.5% | 31.2% | 1.42 | 1.1% |
| Canadian Natural Resources Limited CNQ * | $101.0 billion | 13.13 | 24.4% | n/a | 8.7% | 0.37 | 3.5% |
| Valero Energy Corp. VLO | $96.6 billion | 7.79 | 46.3% | 11.5% | 24.6% | 0.39 | 1.4% |
| Phillips 66 PSX | $95.8 billion | 7.85 | 36.6% | n/a | 27.5% | 0.54 | 2.0% |
| Suncor Energy Inc. SU * | $82.0 billion | 19.78 | 13.1% | n/a | -4.6% | 0.22 | 2.5% |
| Eni S.p.A. E * | $82.0 billion | 31.82 | 5.4% | 6.1% | -7.5% | 0.59 | 4.2% |
| EOG Resources Inc. EOG | $76.3 billion | 9.51 | 24.7% | 35.8% | 31.7% | 0.24 | 2.8% |
| SLB Limited SLB | $73.7 billion | 24.23 | 11.9% | n/a | 4.6% | 0.49 | 2.3% |
| Imperial Oil Ltd. IMO | $59.0 billion | 9.94 | 24.8% | 14.2% | 15.7% | 0.14 | 2.3% |
| Occidental Petroleum Corp. OXY | $56.4 billion | n/a | n/a | n/a | n/a | 0.31 | 1.8% |
| Diamondback Energy, Inc. FANG | $50.0 billion | 24.48 | 5.3% | 12.6% | 21.1% | 0.34 | 2.4% |
| Devon Energy Corp. DVN | $48.1 billion | 10.55 | 8.6% | 16.2% | 27.1% | 0.25 | 2.7% |
| Woodside Energy Group Ltd. WDS * | $40.0 billion | 14.81 | 7.6% | 30.0% | -1.5% | 0.33 | 5.0% |
| EQT Corp. EQT | $30.9 billion | 11.71 | 10.4% | 41.8% | 18.6% | 0.22 | 1.3% |
| Halliburton Co. HAL | $26.3 billion | 13.32 | 18.0% | 12.6% | 1.5% | 0.64 | 2.1% |
| Expand Energy Corp. EXE | $19.5 billion | 7.33 | 14.1% | 25.7% | 28.2% | 0.24 | 2.7% |
| Permian Resources Corp. PR | $18.3 billion | 11.36 | 13.0% | 40.1% | 22.8% | 0.25 | 2.8% |
| Ovintiv Inc. OVV | $16.4 billion | 12.20 | 11.4% | 15.1% | 15.0% | 0.31 | 2.0% |
| APA Corp. APA | $15.0 billion | 7.24 | 30.2% | 46.4% | -3.5% | 0.46 | 2.2% |
| Viper Energy, Inc. VNOM | $14.7 billion | 29.65 | 5.4% | 36.2% | n/a | 0.47 | 6.0% |
| Range Resources Corp. RRC | $11.4 billion | 12.92 | 18.3% | 32.4% | 20.8% | 0.16 | 0.8% |
| Antero Resources Corp. AR | $11.1 billion | 8.14 | 15.9% | 27.6% | 28.7% | 0.32 | n/a |
| PBF Energy Inc. PBF | $8.2 billion | 3.00 | 34.1% | 9.8% | 31.5% | 0.27 | 1.6% |
| Chord Energy Corp. CHRD | $7.3 billion | 8.55 | 10.9% | 22.8% | 30.1% | 0.18 | 3.8% |
| SM Energy Co. SM | $7.0 billion | 7.26 | 12.1% | 23.6% | 107.6% | 0.85 | 2.9% |
| Noble Corp. plc NE | $6.5 billion | 123.88 | 1.3% | 12.0% | -13.0% | 0.44 | 4.9% |
| Magnolia Oil & Gas Corp. MGY | $6.3 billion | 10.61 | 10.1% | 36.9% | 26.3% | 0.46 | 2.8% |
| Matador Resources Co. MTDR | $6.2 billion | 8.69 | 11.9% | 31.6% | 1.3% | 0.82 | 3.0% |
| Transocean Ltd. RIG | $5.8 billion | 37.36 | 3.5% | 20.4% | 3.9% | 0.59 | n/a |
| Valaris Ltd. VAL | $5.5 billion | 7.00 | 24.4% | 9.0% | -11.6% | 0.33 | n/a |
| Murphy Oil Corp. MUR | $5.2 billion | 11.21 | 8.7% | 25.7% | 13.7% | 0.29 | 3.8% |
| CNX Resources Corp. CNX | $5.0 billion | 5.92 | 18.9% | 42.7% | 47.0% | 0.47 | 0.0% |
| Crescent Energy Co. CRGY | $4.7 billion | n/a | 1.2% | 27.8% | 33.5% | 0.92 | 4.3% |
| Valvoline Inc. VVV | $4.4 billion | 43.48 | 24.4% | 15.3% | 16.1% | 3.84 | n/a |
| California Resources Corp. CRC | $4.1 billion | n/a | -16.5% | -20.3% | -23.8% | 0.42 | 3.5% |
| Comstock Resources Inc. CRK | $3.9 billion | 9.18 | 16.1% | 28.4% | 17.5% | 1.29 | 0.0% |
| Delek US Holdings, Inc. DK | $3.9 billion | 3.40 | 70.8% | 13.3% | 27.1% | 2.03 | 1.6% |
| Hess Midstream LP HESM | $3.8 billion | 10.26 | n/a | 62.7% | -0.6% | n/a | n/a |
| CVR Energy Inc. CVI | $3.8 billion | 14.50 | 24.4% | 5.7% | 34.4% | 1.63 | n/a |
| Patterson-UTI Energy, Inc. PTEN | $3.8 billion | n/a | -0.8% | 0.9% | 0.0% | 0.40 | 3.8% |
| Icahn Enterprises L.P. IEP | $3.6 billion | n/a | n/a | -9.9% | 16.0% | n/a | n/a |
| Helmerich & Payne, Inc. HP | $3.5 billion | n/a | -5.1% | 2.3% | 16.6% | 0.70 | 0.7% |
| Calumet, Inc. CLMT | $3.5 billion | n/a | n/a | 3.4% | 28.4% | n/a | n/a |
| Par Pacific Holdings, Inc. PARR | $3.4 billion | 3.59 | 40.7% | 13.2% | 29.1% | 0.21 | n/a |
| Oceaneering International Inc. OII | $3.4 billion | 10.44 | 27.1% | 10.4% | 3.0% | 0.40 | n/a |
| WaterBridge Infrastructure LLC WBI | $3.1 billion | 179.56 | 1.3% | 15.5% | n/a | 2.37 | n/a |
| Gulfport Energy Corp. GPOR | $2.6 billion | 5.77 | 25.5% | 44.3% | 20.3% | 0.56 | n/a |
| Seadrill Ltd. SDRL | $2.6 billion | n/a | -0.6% | 8.6% | 17.1% | 0.26 | n/a |
| Quaker Chemical Corp. KWR | $2.6 billion | 26.83 | 6.9% | 7.6% | 8.7% | 0.63 | 1.4% |
| Talos Energy Inc. TALO | $2.5 billion | n/a | -20.2% | -0.4% | 13.5% | 0.72 | n/a |
| Northern Oil & Gas, Inc. NOG | $2.4 billion | n/a | -25.7% | -24.2% | -28.3% | 1.43 | 7.9% |
| Select Water Solutions, Inc. WTTR | $2.2 billion | 57.86 | 3.0% | 3.5% | -2.0% | 0.25 | n/a |
| National Energy Services Reunited Corp. NESR | $2.0 billion | n/a | n/a | n/a | n/a | 0.26 | n/a |
| Liberty Energy Inc. LBRT | $2.0 billion | 49.81 | 2.1% | 1.7% | 13.6% | 0.67 | 3.0% |
| BKV Corp. BKV | $1.9 billion | 8.31 | 9.8% | 28.1% | 34.2% | 0.89 | n/a |
| Mach Natural Resources LP MNR | $1.5 billion | 10.02 | n/a | 17.9% | 36.7% | n/a | n/a |
| Dorchester Minerals, L.P. DMLP | $1.4 billion | 13.27 | n/a | 49.8% | 38.2% | n/a | n/a |
| Kosmos Energy Ltd. KOS | $1.3 billion | n/a | -68.9% | -21.9% | 20.9% | 3.87 | n/a |
| Nabors Industries Ltd. NBR | $1.2 billion | n/a | -6.8% | 14.0% | 4.8% | 3.57 | n/a |
| RPC Inc. RES | $1.2 billion | n/a | -3.0% | -2.2% | 17.8% | 0.03 | 3.0% |
| Tamboran Resources Corp. TBN | $1.0 billion | n/a | -3.3% | n/a | n/a | 0.07 | n/a |
| Riley Exploration Permian, Inc. REPX | $911 million | 8.88 | 16.0% | 45.6% | 45.5% | 0.38 | 3.9% |
| HighPeak Energy, Inc. HPK | $903 million | n/a | n/a | n/a | n/a | 0.77 | 2.2% |
| Diversified Energy Co. DEC | $898 million | 15.88 | 11.0% | 14.7% | n/a | 4.29 | 9.1% |
| Tetra Technologies Inc. TTI | $889 million | 99.83 | 2.1% | 6.9% | 6.1% | 0.46 | n/a |
| Infinity Natural Resources, Inc. INR | $811 million | 4.96 | 15.1% | 40.9% | 75.4% | 1.35 | n/a |
| ProPetro Holding Corp. PUMP | $785 million | n/a | 0.2% | 0.5% | -6.0% | 0.86 | n/a |
| Hornbeck Offshore Services, Inc. HOS | $783 million | 19.67 | 2.5% | 5.6% | 2.0% | 0.19 | n/a |
| TXO Partners, L.P. TXO | $729 million | n/a | n/a | -23.7% | -1.2% | n/a | n/a |
| Granite Ridge Resources, Inc. GRNT | $698 million | n/a | -9.7% | 13.7% | 24.2% | 0.85 | 8.3% |
| Atlas Energy Solutions Inc. AESI | $676 million | n/a | -13.0% | -10.2% | -3.7% | 0.92 | 13.9% |
| Vitesse Energy, Inc. VTS | $622 million | n/a | -8.1% | 12.0% | 10.6% | 0.33 | 12.7% |
| Vaalco Energy Inc. EGY | $565 million | n/a | -28.6% | -10.4% | -25.5% | 0.47 | 4.7% |
| ProFrac Holding Corp. ACDC | $546 million | n/a | -76.9% | -12.0% | -3.3% | 2.01 | n/a |
| W&T Offshore Inc. WTI | $477 million | n/a | n/a | 5.0% | 20.3% | n/a | 1.3% |
| Sandridge Energy Inc. SD | $464 million | 4.75 | 17.1% | 38.4% | 24.9% | 0.00 | 4.6% |
| Core Laboratories Inc. CLB | $404 million | 22.64 | 5.6% | 7.5% | -0.1% | 0.41 | 0.5% |
| Natural Gas Services Group Inc. NGS | $357 million | 17.17 | 7.0% | 21.6% | 15.4% | 1.11 | 1.7% |
| Gran Tierra Energy Inc. GTE | $334 million | n/a | -308.1% | -54.4% | 6.2% | 6.53 | n/a |
| Sable Offshore Corp. SOC | $298 million | n/a | -109.8% | -292.8% | n/a | 2.45 | n/a |
| Ranger Energy Services, Inc. RNGR | $293 million | 20.88 | 4.7% | 3.7% | 6.1% | 0.05 | 0.5% |
| Ring Energy, Inc. REI | $287 million | n/a | -25.1% | -20.5% | 7.4% | 0.47 | n/a |
| Pedevco Corp. PED | $198 million | n/a | n/a | 14.0% | 229.4% | 0.00 | n/a |
| Epsilon Energy Ltd. EPSN | $157 million | n/a | -2.7% | 1.0% | 53.7% | 0.31 | n/a |
| Mammoth Energy Services, Inc. TUSK | $150 million | 10.76 | 5.1% | -10.6% | -10.4% | 0.00 | n/a |
| Amplify Energy Corp. AMPY | $138 million | 7.42 | 5.2% | 19.9% | -23.7% | 0.00 | n/a |
| Evolution Petroleum Corp. EPM | $125 million | n/a | -4.0% | 4.0% | 0.6% | 0.94 | 13.8% |
| Nine Energy Service, Inc. NINE | $104 million | n/a | 52.4% | -4.0% | -7.2% | 0.76 | n/a |
| Empire Petroleum Corp. EP | $103 million | n/a | -974.5% | -224.1% | -20.8% | 2.07 | n/a |
| BIG SKY Industrial Inc. BSIN | $71 million | n/a | -28.8% | -153.7% | -48.7% | 0.12 | n/a |
56 companies share its SEC industry code (Crude Petroleum & Natural Gas); the rest are the names nearest in size in its wider industry, Petroleum and Natural Gas, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on EXE
| Dividends | $2.30 a share over the four quarters to 30 September 2026, a 2.72% yield |
| Filings | 26 in twelve months: 17 current reports (8-K), about 8 regulation FD disclosure; 7 officer or director change; 4 results of operations; 4 other events; 3 material agreement |
| Planned insider sales | 7 Form 144 notices in twelve months, $3.1 million; latest 19 March 2026 |
| Options tape | put/call 1.52 by open interest at the 6 November 2026 close; the straddle prices a 4.0% move to 13 November 2026 |
| 13F holders | 857 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 0 sales and 7 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 11.2 million shares short, 3.90 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 September 2026 | 27 October 2026 | EDGAR |
| 10-Q | 30 June 2026 | 28 July 2026 | EDGAR |
| 10-Q | 31 March 2026 | 28 April 2026 | EDGAR |
| 10-K | 31 December 2025 | 18 February 2026 | EDGAR |
| 10-Q | 30 September 2025 | 28 October 2025 | EDGAR |
| 10-Q | 30 June 2025 | 29 July 2025 | EDGAR |
| 10-Q | 31 March 2025 | 29 April 2025 | EDGAR |
| 10-K | 31 December 2024 | 26 February 2025 | EDGAR |
| 10-Q | 30 September 2024 | 29 October 2024 | EDGAR |
| 10-Q | 30 June 2024 | 29 July 2024 | EDGAR |
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