Company file · EXE
Expand Energy
Expand Energy's revenue rose 186.3% in FY2025, to $12.1B, and net income turned positive at $1.8B, from a net loss of $714M in FY2024
Revenue rose 186.3% to $12.1B in FY2025, from $4.2B in FY2024. Net income was $1.8B, against a net loss of $714M a year earlier.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Expand Energy (Nasdaq: EXE) took in $12.1B of revenue (up 186.3% on fiscal 2024); net income was $1.8B (compared with −$714M). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.3B, up 10.8% year over year, with net income of $519M. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026
How it makes money
Expand Energy reported revenue of $12.1B for FY2025, and net income of $1.8B.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Expand Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026
The bull case and the bear case
The bull case
- Revenue rose 186.3% in FY2025 to $12.1B, from $4.2B a year earlier. 10-K, FY2025
- Net income was $1.8B in FY2025, against a net loss of $714M in FY2024. 10-K, FY2025
- Operating cash flow rose 192.3% in FY2025 to $4.6B. 10-K, FY2025
- Total debt fell 11.8% in FY2025 to $5.0B. 10-K, FY2025
The bear case
- Diluted shares rose 53.1% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $519M, down 5.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Expand Energy is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.
The full description of Expand Energy's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of Expand Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesOil, gas and refined-product prices drive revenue and spending.
- Operations and safetyAccidents, outages and weather can halt production or shipping.
- Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
- DemandEconomic activity and changes in fuel use affect volumes.
- Capital spendingProjects need large investment that may not earn what was planned.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $8.7B | $4.2B | $12.1B |
| Net income | $2.4B | −$714M | $1.8B |
| Operating cash flow | $2.4B | $1.6B | $4.6B |
| Cash & equivalents (year end) | $1.1B | $317M | $616M |
| Total debt (year end) | $2.0B | $5.7B | $5.0B |
| Diluted shares | 143M | 157M | 240M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Segment reporting
- MD&A: management's discussion and analysis
- The auditor's report
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 27, 2026 | Sep 30, 2026 |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 |
| 10-Q | Apr 28, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 24, 2026 | Jun 4, 2026 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Expand Energy
How does Expand Energy make money?
In fiscal 2025, revenue totaled $12.1B. Expand Energy reported revenue of $12.1B for FY2025, and net income of $1.8B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Expand Energy's revenue in fiscal 2025?
Revenue came to $12.1B in the year ended Dec 31, 2025. Going back two years, it was $8.7B in fiscal 2023 and $4.2B in fiscal 2024, so the latest year was up 186.3%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Expand Energy profitable?
Yes, by US accounting rules (GAAP): net income was $1.8B in fiscal 2025, compared with −$714M from −$714M a year earlier. For the quarter ended Sep 30, 2026, net income was $519M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Expand Energy report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.3B, against $3.0B in the same quarter a year before (up 10.8%), and net income of $519M, against $547M (down 5.1%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.
How much cash and debt does Expand Energy have?
On Sep 30, 2026, cash and cash equivalents stood at $118M and total debt at $4.6B. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.
What are the main risks Expand Energy faces?
Expand Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.
Where do these Expand Energy numbers come from?
Two filings Expand Energy made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Expand Energy
- Oaktree Capital Management: 5,237,477 shares, reported value $477.6M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 756,643 shares, reported value $69.0M at Jun 30, 2026 (−54.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 622,041 shares, reported value $56.7M at Jun 30, 2026 (−58.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 447,886 shares, reported value $40.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 62,810 shares, reported value $5.7M at Jun 30, 2026 (−78.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 22,662 shares, reported value $2.1M at Jun 30, 2026 (−93.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in EXE
- The editor holds no position in Expand Energy (EXE). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell EXE from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold EXE, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Expand EnergyEXE | FY2025 | $12.1B | +186.3% | $1.8B |
| ConocoPhillipsCOP | FY2025 | $58.9B | +7.7% | $8.0B |
| EOG ResourcesEOG | FY2025 | $22.6B | −4.5% | $5.0B |
| Occidental PetroleumOXY | FY2025 | $21.6B | −1.9% | $2.4B |
| Diamondback EnergyFANG | FY2025 | $15.0B | +35.8% | $1.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.