Expand Energy (EXE) financial statements
Expand Energy reported revenue of $12.1B in fiscal 2025, down 0.6% a year over 9 years.
Net income was $1.8B and the operating margin 20.4%, against -148.2% in 2015.
Free cash flow was $1.8B, and the company returned $765M in dividends and $100M in net buybacks.
The diluted share count fell 64% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Expand Energy's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.8B | $7.9B | $10.0B | $5.2B | $8.5B | $5.2B | $11.7B | $8.7B | $4.2B | $12.1B |
| Selling, general and admin | $235M | $240M | $333M | $335M | $315M | $267M | $142M | $127M | $186M | $181M |
| Operating income | -$18.9B | -$4.4B | -$138M | $382M | -$31M | -$8.7B | $3.8B | $3.1B | -$803M | $2.5B |
| Interest expense | $317M | $296M | $601M | $633M | $651M | $331M | $160M | $104M | $123M | $235M |
| Pre-tax income | -$19.1B | -$4.6B | -$500M | $218M | -$639M | -$9.8B | $3.7B | $3.1B | -$841M | $2.3B |
| Income tax | -$4.5B | -$190M | $2M | -$10M | -$331M | -$19M | -$1.3B | $698M | -$127M | $463M |
| Net income | -$14.6B | -$4.4B | -$505M | $226M | -$308M | -$9.7B | $4.9B | $2.4B | -$714M | $1.8B |
| EPS (diluted) | -$22.26 | -$6.43 | -$0.70 | $29.26 | -$49.97 | -$998.26 | $33.36 | $16.92 | -$4.55 | $7.57 |
| Diluted shares | 662M | 764M | 906M | 5M | 8M | 10M | 146M | 143M | 157M | 240M |
| Operating margin | -148.2% | -56.0% | -1.4% | 7.4% | -0.4% | -166.1% | 32.2% | 36.0% | -19.0% | 20.4% |
| Net margin | -114.1% | -55.8% | -5.0% | 4.4% | -3.6% | -185.8% | 42.0% | 27.7% | -16.9% | 15.0% |
Balance sheet
Fiscal years, from Expand Energy's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $825M | $882M | $5M | $4M | $6M | $279M | $130M | $1.1B | $317M | $616M |
| Receivables | $1.1B | $1.1B | $1.3B | $1.2B | $990M | $746M | $1.4B | $593M | $1.2B | $1.6B |
| Total current assets | $2.5B | $2.1B | $1.5B | $1.6B | $1.3B | $1.1B | $2.7B | $2.6B | $2.0B | $2.9B |
| Property, plant and equipment | $14.3B | $10.6B | $10.7B | $10.8B | $14.8B | $5.2B | $11.2B | $10.1B | $24.3B | $24.4B |
| Total assets | $17.3B | $13.0B | $12.4B | $12.7B | $16.2B | $6.6B | $15.5B | $14.4B | $27.9B | $28.3B |
| Total current liabilities | $3.7B | $3.6B | $2.4B | $2.9B | $2.4B | $3.1B | $2.7B | $1.3B | $3.1B | $2.9B |
| Long-term debt | $10.3B | $9.9B | $9.9B | $7.3B | $9.1B | $0 | $3.1B | $2.0B | $5.3B | $5.0B |
| Total liabilities | $14.9B | $14.2B | $10.5B | $10.6B | $11.8B | $11.9B | $6.3B | $3.6B | $10.3B | $9.7B |
| Shareholders' equity | $2.1B | -$1.3B | -$496M | $2.1B | $4.4B | -$5.3B | $9.1B | $10.7B | $17.6B | $18.6B |
| Net debt | $9.9B | $9.6B | $10.0B | $7.7B | $9.5B | $1.6B | $3.0B | $949M | $5.4B | $4.4B |
Cash flow
Fiscal years, from Expand Energy's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | -$204M | $475M | $1.7B | $1.6B | $1.2B | $4.1B | $2.4B | $1.6B | $4.6B |
| Capital spending | $3.6B | $1.4B | — | — | — | $1.1B | $1.8B | $1.8B | $1.6B | $2.7B |
| Free cash flow | -$2.4B | -$1.6B | — | — | — | $22M | $2.3B | $551M | $8M | $1.8B |
| Stock-based compensation | $78M | $52M | $49M | $32M | $30M | $21M | $22M | $33M | $38M | $46M |
| Dividends paid | $118M | $0 | $0 | — | $0 | $0 | $1.2B | $487M | $388M | $765M |
| Share buybacks (net) | — | — | — | — | — | $0 | -$1.1B | -$355M | $0 | -$100M |
| Net borrowing | $0 | $2.2B | $1.6B | $1.2B | $1.5B | -$94M | $0 | $0 | -$767M | -$663M |
| Free cash flow margin | -18.6% | -21.0% | — | — | — | 0.4% | 19.6% | 6.3% | 0.2% | 15.2% |
| Dividends per share | $0.18 | — | — | — | — | — | $8.30 | $3.41 | $2.47 | $3.18 |
Questions
What was Expand Energy's revenue in 2025?
$12.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Expand Energy generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From Expand Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.