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Expand Energy (EXE) FY2025 results: revenue $12.1 billion, up 186.3% on the year

Expand Energy Corp. (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. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$12.1 billion
+186.3% on the year
FY2018FY2025
Operating margin
20.4%
-19.0% a year earlier
FY2018FY2025
Net income
$1.8 billion
FY2018FY2025
Diluted EPS
$7.57
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 new, 2 kept.

  • Quarterly net income and diluted EPS: Fourth-quarter net income was $553 million, or $2.30 per diluted share. Adjusted net income was $481 million, or $2.00 per diluted share.
  • Adjusted EBITDAX rose sharply: Adjusted EBITDAX was $1,425 million in the fourth quarter against $964 million a year earlier, and $5,078 million for 2025 against $2,195 million.
  • Production up 15% on the year: Net production averaged about 7.40 Bcfe/d, 92% natural gas, in the fourth quarter. Full-year production averaged 7.18 Bcfe/d.
  • Free cash flow reached $1.84 billion: Free cash flow was $215 million in the fourth quarter and $1,839 million for 2025, after cash capital expenditures of $2,736 million.
  • Gross debt down about $660 million: Gross debt fell by about $660 million in 2025 and about $1.25 billion since the merger closed. Net debt was $4,409 million at December 31, 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

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.

Expand Energy Corp., the 10-K for 2025

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.

Three operating areas

Haynesville covers the Haynesville and Bossier Shales in Louisiana and Texas, and produced 1,095 Bcfe in 2025. Northeast Appalachia is the Marcellus Shale in Pennsylvania, at 958 Bcf of natural gas and nothing else. Southwest Appalachia is the Marcellus and Utica Shales in Ohio and West Virginia, and is the only area that yields liquids, at 356 Bcf of gas plus 5.9 MMBbl of oil and 29.6 MMBbl of NGL for 569 Bcfe.

Wells and acreage

The company held a working interest in about 6,600 gross wells at the end of 2025, 4,600 of them net, substantially all classified as productive natural gas wells. It operated 5,800 of those gross wells and held a non-operating interest in 800, and it operates about 99 percent of current daily production volumes. It also holds an overriding or royalty interest in about 3,300 wells where it has no working interest. Leasehold runs to 4,228 thousand gross acres, 3,541 thousand net, of which 1,968 thousand gross acres are developed. Of the undeveloped total, 1.2 million net acres are the deep rights retained when the Devonian Shale assets were sold in 2016, covering everything below the base of the Kope formation.

Drilling

In 2025 the company completed 311 gross development wells, 203 net, with no dry holes and no exploratory wells at all, against 87 gross in 2024. By area that was 139 gross wells in Haynesville, 112 in Northeast Appalachia and 60 in Southwest Appalachia. Another 115 gross wells, 88 net, were being drilled or completed at the end of 2025. Expand Energy also runs its own drilling rigs and supplies certain oilfield products and services to its own exploration and production work.

Reserves

Total proved reserves at the end of 2025 were 25,880 Bcfe: 22,575 Bcf of natural gas, 58.8 MMBbl of oil and 491.9 MMBbl of NGL. Of that, 18,576 Bcfe was proved developed and 7,304 Bcfe proved undeveloped. All of the estimated reserves are in the United States.

Selling the gas

The marketing operation handles commodity price structuring, negotiates gathering, hauling, storage, processing and transportation services, and runs contract administration and nomination for the company and for other interest owners in wells it operates. It aggregates volumes sold into intermediary markets, end markets and pipelines, which the filing says allows the company to attract larger and more creditworthy customers. In 2025 one purchaser took 11 percent of what the company sold before the effects of hedging, and no other took more than 10 percent. In 2024 no single purchaser reached 10 percent.

From Expand Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue12,1244,2358,721+186.3%
Operating income2,471-8033,142
Operating margin20.4%-19.0%36.0%
Interest expense235123104+91.1%
Pre-tax income2,282-8413,117
Income tax463-127698
Effective tax rate20.3%n/a22.4%
Net income1,819-7142,419
Net margin15.0%-16.9%27.7%
Diluted EPS$7.57-$4.55$16.92
$ million except per share.
Read moreFree 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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,5751,5652,380+192.3%
Capital expenditure2,7361,5571,829+75.7%
Free cash flow1,8398.0551+22,887.5%
Free cash flow margin15.2%0.2%6.3%
Cash from investing-2,759-1,904473
Cash from financing-1,515-419-1,892
Depreciation and amortisation2,9801,7291,527+72.4%
Share-based compensation46.038.033.0+21.1%
Buybacks1000.0355
Dividends paid765388487+97.2%
Diluted shares, weighted240m157m143m+53.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity18,57817,56510,729+5.8%
Debt5,0095,6802,028-11.8%
Operating lease liabilities48.074.015.0-35.1%
Other liabilities4,6524,5751,604+1.7%
Total liabilities and equity28,28727,89414,376+1.4%
Fixed assets24,35524,28210,097+0.3%
Goodwill0.0n/an/a
Intangible assets0.0n/an/a
Cash and equivalents6163171,079+94.3%
Receivables1,5991,226593+30.4%
Inventory19.0n/an/a
Other assets1,6982,0692,607-17.9%
Total assets28,28727,89414,376+1.4%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.