Expand Energy Corp (EXE) financial statements: income statement, balance sheet and cash flow
Expand Energy Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Expand Energy Corp reported revenue of $12.1B (+186.3% year on year) and net income of $1.8B (+354.8% year on year).
Income statement
Expand Energy Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$11.6B
$4.3B
$6.0B
$14.1B
Gain (loss) on derivatives
$550.0M
($38.0M)
$1.7B
($2.7B)
Gains (losses) on sales of assets
($65.0M)
$14.0M
$946.0M
$300.0M
Total revenues and other
$12.1B
$4.2B
$8.7B
$11.7B
Production
$635.0M
$316.0M
$356.0M
$475.0M
Gathering, processing and transportation
$2.4B
$1.0B
$853.0M
$1.1B
Severance and ad valorem taxes
$193.0M
$97.0M
$167.0M
$242.0M
Exploration
$46.0M
$10.0M
$27.0M
$23.0M
Marketing
$3.2B
$1.3B
$2.5B
$4.2B
General and administrative
$181.0M
$186.0M
$127.0M
$142.0M
Separation and other termination costs
$5.0M
$23.0M
$5.0M
$5.0M
Depreciation, depletion and amortization
$3.0B
$1.7B
$1.5B
$1.8B
Impairments
$37.0M
—
$0
$0
Other operating expense, net
$40.0M
$332.0M
$18.0M
$49.0M
Total operating expenses
$9.7B
$5.0B
$5.6B
$8.0B
Income (loss) from operations
$2.5B
($803.0M)
$3.1B
$3.8B
Interest expense
($235.0M)
($123.0M)
($104.0M)
($160.0M)
Gains (losses) on purchases, exchanges or extinguishments of debt
$4.0M
—
—
($5.0M)
Other income, net
$42.0M
$86.0M
$79.0M
$36.0M
Total other income (expense)
($189.0M)
($38.0M)
($25.0M)
($129.0M)
Income (loss) before income taxes
$2.3B
($841.0M)
$3.1B
$3.7B
Income tax expense (benefit)
$463.0M
($127.0M)
$698.0M
($1.3B)
Net income (loss)
$1.8B
($714.0M)
$2.4B
$4.9B
Basic (in dollars per share)
$7.67
-$4.55
$18.21
$38.71
Diluted (in dollars per share)
$7.57
-$4.55
$16.92
$33.36
Basic (in shares)
237.3M
157.0M
132.8M
125.8M
Diluted (in shares)
240.4M
157.0M
143.0M
146.0M
Expand Energy Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$2.5B
$4.5B
$2.5B
$2.8B
Gains (losses) on derivatives
$449.0M
($129.0M)
$451.0M
$877.0M
Gains (losses) on sales of assets
$0
($1.0M)
($1.0M)
$4.0M
Total revenues and other
$3.0B
$4.4B
$3.0B
$3.7B
Production
$168.0M
$185.0M
$169.0M
$151.0M
Gathering, processing and transportation
$634.0M
$690.0M
$608.0M
$563.0M
Severance and ad valorem taxes
$60.0M
$60.0M
$48.0M
$49.0M
Exploration
$16.0M
$14.0M
$3.0M
$20.0M
Marketing
$649.0M
$1.1B
$659.0M
$791.0M
General and administrative
$50.0M
$63.0M
$45.0M
$40.0M
Separation and other termination costs
$0
$9.0M
$5.0M
$0
Depreciation, depletion and amortization
$722.0M
$711.0M
$741.0M
$769.0M
Other operating expense, net
$0
$13.0M
($37.0M)
$38.0M
Total operating expenses
$2.3B
$2.9B
$2.2B
$2.4B
Income from operations
$661.0M
$1.5B
$725.0M
$1.3B
Interest expense
($43.0M)
($59.0M)
($57.0M)
($60.0M)
Gains on purchases, exchanges or extinguishments of debt
$37.0M
—
$1.0M
$3.0M
Other income, net
$17.0M
$17.0M
$17.0M
$16.0M
Total other income (expense)
$11.0M
($42.0M)
($39.0M)
($41.0M)
Income before income taxes
$672.0M
$1.5B
$686.0M
$1.2B
Income tax expense
$150.0M
$330.0M
$139.0M
$260.0M
Net income
$522.0M
$1.2B
—
—
Basic (in dollars per share)
$2.19
$4.83
$2.30
$4.07
Diluted (in dollars per share)
$2.19
$4.81
$2.28
$4.02
Basic (in shares)
238.2M
239.9M
238.2M
238.0M
Diluted (in shares)
238.4M
240.8M
239.9M
240.6M
Balance sheet
Expand Energy Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$616.0M
$317.0M
$1.1B
$130.0M
Restricted cash
$80.0M
$78.0M
$74.0M
$62.0M
Accounts receivable, net
$1.6B
$1.2B
$593.0M
$1.4B
Derivative assets
$264.0M
$84.0M
$637.0M
$34.0M
Other current assets
$357.0M
$292.0M
$226.0M
$215.0M
Total current assets
$2.9B
$2.0B
$2.6B
$2.7B
Proved natural gas and oil properties
$26.6B
$23.1B
$11.5B
$11.1B
Unproved properties
$5.5B
$5.9B
$1.8B
$2.0B
Other property and equipment
$509.0M
$654.0M
$497.0M
$500.0M
Total property and equipment
$32.6B
$29.6B
$13.8B
$13.6B
Less: accumulated depreciation, depletion and amortization
($8.3B)
($5.4B)
($3.7B)
($2.4B)
Property and equipment held for sale, net
$40.0M
—
—
$0
Total property and equipment, net
$24.4B
$24.3B
$10.1B
$11.2B
Long-term derivative assets
$47.0M
$1.0M
$74.0M
$47.0M
Deferred income tax assets
$168.0M
$589.0M
$933.0M
$1.4B
Other long-term assets
$801.0M
$1.0B
$663.0M
$185.0M
Total assets
$28.3B
$27.9B
$14.4B
$15.5B
Accounts payable
$753.0M
$777.0M
$425.0M
$603.0M
Current maturities of long-term debt, net
$0
$389.0M
—
—
Accrued interest
$100.0M
$100.0M
$39.0M
$42.0M
Derivative liabilities
$3.0M
$71.0M
$3.0M
$432.0M
Other current liabilities
$2.0B
$1.8B
$847.0M
$1.6B
Total current liabilities
$2.9B
$3.1B
$1.3B
$2.7B
Long-term debt, net
$5.0B
$5.3B
$2.0B
$3.1B
Long-term derivative liabilities
$1.0M
$68.0M
$9.0M
$174.0M
Asset retirement obligations, net of current portion
$688.0M
$499.0M
$265.0M
$323.0M
Long-term contract liabilities
$975.0M
$1.2B
—
—
Other long-term liabilities
$135.0M
$121.0M
$31.0M
$50.0M
Total liabilities
$9.7B
$10.3B
$3.6B
$6.3B
Common stock, $0.01 par value, 450,000,000 shares authorized: 239,249,874 and 231,769,886 shares issued
2.0M
2.0M
1.0M
1.0M
Additional paid-in capital
$13.7B
$13.7B
$5.8B
$5.7B
Retained earnings
$4.8B
$3.9B
$5.0B
$3.4B
Total stockholders' equity
$18.6B
$17.6B
$10.7B
$9.1B
Total liabilities and stockholders' equity
$28.3B
$27.9B
$14.4B
$15.5B
Expand Energy Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$663.0M
$2.2B
$613.0M
$731.0M
Restricted cash
$101.0M
$85.0M
$78.0M
$75.0M
Accounts receivable, net
$1.1B
$1.3B
$1.0B
$1.1B
Derivative assets
$602.0M
$429.0M
$157.0M
$46.0M
Other current assets
$378.0M
$363.0M
$367.0M
$346.0M
Total current assets
$2.8B
$4.4B
$2.2B
$2.3B
Proved natural gas and oil properties
$28.1B
$27.3B
$25.6B
$24.8B
Unproved properties
$5.5B
$5.4B
$5.5B
$5.6B
Other property and equipment
$547.0M
$528.0M
$702.0M
$679.0M
Total property and equipment
$34.1B
$33.3B
$31.8B
$31.0B
Less: accumulated depreciation, depletion and amortization
($9.7B)
($9.0B)
($7.6B)
($6.8B)
Property and equipment held for sale, net
$0
$0
—
—
Total property and equipment, net
$24.4B
$24.3B
$24.2B
$24.2B
Long-term derivative assets
$113.0M
$127.0M
$10.0M
$13.0M
Deferred income tax assets
$0
$0
$273.0M
$457.0M
Other long-term assets
$625.0M
$692.0M
$846.0M
$854.0M
Total assets
$28.0B
$29.5B
$27.6B
$27.8B
Accounts payable
$942.0M
$881.0M
$830.0M
$747.0M
Accrued interest
$78.0M
$59.0M
$57.0M
$107.0M
Derivative liabilities
$1.0M
$0
$12.0M
$155.0M
Other current liabilities
$1.9B
$2.1B
$1.9B
$1.9B
Total current liabilities
$3.0B
$4.0B
$2.8B
$2.9B
Long-term debt, net
$3.7B
$4.1B
$5.0B
$5.1B
Long-term derivative liabilities
$0
$0
$27.0M
$85.0M
Asset retirement obligations, net of current portion
$723.0M
$703.0M
$525.0M
$513.0M
Long-term contract liabilities
$835.0M
$911.0M
$1.0B
$1.1B
Other long-term liabilities
$412.0M
$278.0M
$101.0M
$104.0M
Total liabilities
$8.6B
$10.0B
$9.5B
$9.8B
Common stock, $0.01 par value, 450,000,000 shares authorized: 234,349,727 and 239,249,874 shares issued
2.0M
2.0M
2.0M
2.0M
Additional paid-in capital
$13.8B
$13.8B
$13.7B
$13.7B
Retained earnings
$5.6B
$5.8B
$4.4B
$4.2B
Total stockholders' equity
$19.4B
$19.5B
$18.1B
$17.9B
Total liabilities and stockholders' equity
$28.0B
$29.5B
$27.6B
$27.8B
Cash flow statement
Expand Energy Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$1.8B
($714.0M)
$2.4B
$4.9B
Depreciation, depletion and amortization
$3.0B
$1.7B
$1.5B
$1.8B
Deferred income tax expense (benefit)
$448.0M
($123.0M)
$428.0M
($1.3B)
Derivative (gains) losses, net
($550.0M)
$38.0M
($1.7B)
$2.7B
Cash receipts on derivative settlements, net
$189.0M
$947.0M
—
—
Share-based compensation
$46.0M
$38.0M
$33.0M
$22.0M
(Gains) losses on sales of assets
$65.0M
($14.0M)
($946.0M)
($300.0M)
Contract amortization
($203.0M)
($57.0M)
—
—
(Gains) losses on purchases, exchanges or extinguishments of debt
($4.0M)
$1.0M
$0
$5.0M
Other
$70.0M
$35.0M
$6.0M
$31.0M
Changes in assets and liabilities
($285.0M)
($315.0M)
$275.0M
($123.0M)
Net cash provided by operating activities
$4.6B
$1.6B
$2.4B
$4.1B
Capital expenditures
($2.7B)
($1.6B)
($1.8B)
($1.8B)
Property acquisitions
($195.0M)
—
—
—
Receipts of deferred consideration
$116.0M
$166.0M
—
—
Business combination, net
$0
($459.0M)
$0
($2.0B)
Contributions to investments
($14.0M)
($75.0M)
($231.0M)
($18.0M)
Proceeds from divestitures of property and equipment
$70.0M
$21.0M
$2.5B
$407.0M
Net cash provided by (used in) investing activities
($2.8B)
($1.9B)
$473.0M
($3.4B)
Proceeds from Prior Credit Facility
$990.0M
$0
$0
$9.6B
Payments on Prior Credit Facility
($990.0M)
$0
$0
($9.8B)
Proceeds from issuance of senior notes, net
$0
$747.0M
$0
$0
Proceeds from warrant exercise
$24.0M
$3.0M
$0
$27.0M
Debt issuance and other financing costs
($11.0M)
($11.0M)
$0
($17.0M)
Cash paid to repurchase and retire common stock
($100.0M)
$0
($355.0M)
($1.1B)
Cash paid to purchase debt
($663.0M)
($767.0M)
—
$0
Cash paid for common stock dividends
($765.0M)
($388.0M)
($487.0M)
($1.2B)
Other
$0
($3.0M)
$0
$0
Net cash used in financing activities
($1.5B)
($419.0M)
($1.9B)
($1.4B)
Net increase (decrease) in cash, cash equivalents and restricted cash
$301.0M
($758.0M)
$961.0M
($722.0M)
Cash, cash equivalents and restricted cash, beginning of period
$395.0M
$1.2B
$192.0M
$914.0M
Cash, cash equivalents and restricted cash, end of period
$696.0M
$395.0M
$1.2B
$192.0M
Expand Energy Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$1.7B
$1.2B
$1.3B
$719.0M
Depreciation, depletion and amortization
$1.4B
$711.0M
$2.2B
$1.5B
Deferred income tax expense
$465.0M
$319.0M
$320.0M
$134.0M
Derivative (gains) losses, net
($320.0M)
$129.0M
($314.0M)
$137.0M
Cash payments on derivative settlements, net
($92.0M)
($386.0M)
—
($29.0M)
Share-based compensation
$22.0M
$10.0M
$34.0M
$22.0M
(Gains) losses on sales of assets
$1.0M
$1.0M
($3.0M)
($4.0M)
Contract amortization
($98.0M)
($30.0M)
($171.0M)
($124.0M)
Gains on purchases, exchanges or extinguishments of debt
($37.0M)
—
($4.0M)
($3.0M)
Other
$34.0M
$35.0M
$26.0M
$16.0M
Changes in assets and liabilities
$409.0M
$454.0M
$142.0M
$70.0M
Net cash provided by operating activities
$3.5B
$2.4B
$3.6B
$2.4B
Capital expenditures
($1.5B)
($707.0M)
($2.0B)
($1.2B)
Property acquisitions
($7.0M)
($4.0M)
($69.0M)
—
Receipts of deferred consideration
$116.0M
$60.0M
$116.0M
$116.0M
Contributions to investments
($1.0M)
($1.0M)
($14.0M)
($9.0M)
Distributions from investments
$10.0M
$10.0M
—
—
Proceeds from divestitures of property and equipment
$43.0M
$41.0M
$19.0M
$15.0M
Net cash used in investing activities
($1.3B)
($601.0M)
($1.9B)
($1.1B)
Proceeds from credit facility
$0
$0
$825.0M
$825.0M
Payments on credit facility
$0
$0
($825.0M)
($825.0M)
Proceeds from warrant exercise
$15.0M
$15.0M
$22.0M
$22.0M
Cash paid to repurchase and retire common stock
($580.0M)
($66.0M)
($100.0M)
($99.0M)
Cash paid to purchase debt
($1.3B)
$0
($663.0M)
($553.0M)
Cash paid for common stock dividends
($279.0M)
($141.0M)
($628.0M)
($279.0M)
Net cash used in financing activities
($2.1B)
($192.0M)
($1.4B)
($909.0M)
Net increase in cash, cash equivalents and restricted cash
$68.0M
$1.6B
$296.0M
$411.0M
Cash, cash equivalents and restricted cash, beginning of period
$696.0M
$696.0M
$395.0M
$395.0M
Cash, cash equivalents and restricted cash, end of period