NASDAQ: EXE
Expand Energy
Energy · Crude Petroleum & Natural Gas
52-week range
$83.25$126.62
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$19.4B
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| Period | Market cap |
|---|---|
| FY2015, ended Dec 31, 2015 | — |
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2022, ended Dec 31, 2022 | $12.7B |
| FY2023, ended Dec 31, 2023 | $10.1B |
| FY2024, ended Dec 31, 2024 | $23.2B |
| FY2025, ended Dec 31, 2025 | $26.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $19.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.9B
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| Period | Revenue |
|---|---|
| FY2015, ended Dec 31, 2015 | $12.8B |
| FY2016, ended Dec 31, 2016 | $7.87B |
| FY2017, ended Dec 31, 2017 | $10.0B |
| FY2018, ended Dec 31, 2018 | $10.0B |
| FY2019, ended Dec 31, 2019 | $8.53B |
| FY2020, ended Dec 31, 2020 | $5.24B |
| FY2022, ended Dec 31, 2022 | $11.7B |
| FY2023, ended Dec 31, 2023 | $8.72B |
| FY2024, ended Dec 31, 2024 | $4.24B |
| FY2025, ended Dec 31, 2025 | $12.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2015, ended Dec 31, 2015 | −$14.6B | −$2.38B |
| FY2016, ended Dec 31, 2016 | −$4.39B | −$1.65B |
| FY2017, ended Dec 31, 2017 | −$505M | $454M |
| FY2018, ended Dec 31, 2018 | $226M | $1.71B |
| FY2019, ended Dec 31, 2019 | −$308M | $1.57B |
| FY2020, ended Dec 31, 2020 | −$9.73B | $22.0M |
| FY2022, ended Dec 31, 2022 | $4.94B | $2.30B |
| FY2023, ended Dec 31, 2023 | $2.42B | $551M |
| FY2024, ended Dec 31, 2024 | −$714M | $8.00M |
| FY2025, ended Dec 31, 2025 | $1.82B | $1.84B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.75B | $2.59B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$118M
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| Period | Cash and cash equivalents |
|---|---|
| FY2015, ended Dec 31, 2015 | $825M |
| FY2016, ended Dec 31, 2016 | $882M |
| FY2017, ended Dec 31, 2017 | $5.00M |
| FY2018, ended Dec 31, 2018 | $4.00M |
| FY2019, ended Dec 31, 2019 | $6.00M |
| FY2020, ended Dec 31, 2020 | $279M |
| FY2022, ended Dec 31, 2022 | $130M |
| FY2023, ended Dec 31, 2023 | $1.08B |
| FY2024, ended Dec 31, 2024 | $317M |
| FY2025, ended Dec 31, 2025 | $616M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $118M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.63B
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| Period | Total debt |
|---|---|
| FY2015, ended Dec 31, 2015 | $10.7B |
| FY2016, ended Dec 31, 2016 | $10.4B |
| FY2017, ended Dec 31, 2017 | $9.97B |
| FY2018, ended Dec 31, 2018 | $7.72B |
| FY2019, ended Dec 31, 2019 | $9.46B |
| FY2020, ended Dec 31, 2020 | $1.93B |
| FY2022, ended Dec 31, 2022 | $3.00B |
| FY2023, ended Dec 31, 2023 | $2.03B |
| FY2024, ended Dec 31, 2024 | $5.68B |
| FY2025, ended Dec 31, 2025 | $5.01B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.63B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 65.3% since 2015.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.231M
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| Period | Shares outstanding |
|---|---|
| FY2015, ended Dec 31, 2015 | 665M |
| FY2016, ended Dec 31, 2016 | 907M |
| FY2017, ended Dec 31, 2017 | 909M |
| FY2018, ended Dec 31, 2018 | 1.63B |
| FY2019, ended Dec 31, 2019 | 1.95B |
| FY2020, ended Dec 31, 2020 | 97.9M |
| FY2022, ended Dec 31, 2022 | 135M |
| FY2023, ended Dec 31, 2023 | 131M |
| FY2024, ended Dec 31, 2024 | 233M |
| FY2025, ended Dec 31, 2025 | 240M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 231M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $855M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2015, ended Dec 31, 2015 | — | $78.0M | — | — |
| FY2016, ended Dec 31, 2016 | — | $52.0M | — | — |
| FY2017, ended Dec 31, 2017 | — | $49.0M | — | — |
| FY2018, ended Dec 31, 2018 | — | $32.0M | — | — |
| FY2019, ended Dec 31, 2019 | — | $30.0M | $0 | $2.04B |
| FY2020, ended Dec 31, 2020 | $0 | $21.0M | $0 | — |
| FY2022, ended Dec 31, 2022 | $1.07B | $22.0M | $0 | $764M |
| FY2023, ended Dec 31, 2023 | $355M | $33.0M | $0 | — |
| FY2024, ended Dec 31, 2024 | $0 | $38.0M | — | $7.89B |
| FY2025, ended Dec 31, 2025 | $100M | $46.0M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $900M | $45.0M | — | — |
Revenue (TTM)
$13.9B
+28.2% YoY
Net income (TTM)
$2.75B
+218% YoY
Cash
$118M
−80.8% YoY
Total debt
$4.63B
−7.5% YoY
Valuation
At current price- Market Cap
- $20.9B
- P/E
- 7.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.5×
- Price / Book
- 1.1×
- EV / EBITDA
- 3.9×
Growth
Trailing 12 months- Revenue (TTM)
- $13.9B
- Revenue Growth YoY
- 28.2%
- Revenue CAGR 3Y
- 1.1%
- Revenue CAGR 5Y
- 18.3%
- EPS Growth YoY
- 273%
- Net Income Growth YoY
- 218%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 25.7%
- Net Margin
- 19.8%
- FCF Margin
- 18.6%
- Return on Equity
- 14.6%
Earnings
Trailing 12 months- Net Income
- $2.75B
- EPS (diluted)
- $11.59
- EBITDA
- $6.52B
- Operating Income
- $3.58B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $118M
- Total Debt
- $4.63B
- Net Debt
- $4.51B
- Total Assets
- $29.7B
- Total Liabilities
- $10.2B
- Shareholders' Equity
- $19.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.63B
- Capital Expenditure
- $3.04B
- Free Cash Flow
- $2.59B
Dividends and risk
Last 12 months- Dividend Yield
- 2.5%
- Dividend / Share
- $2.30
- Beta (5Y)
- 0.41
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 28.2% over the last year, to $13.9B.
Strength
Operating margin widened 13.4 pts in a year, to 25.7%.
Note
Net debt of $4.51B is 0.7× EBITDA, a manageable load.
Strength
Turns 18.6% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K73Good news
73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Natural gas, oil and NGL sales rose $5.5 billion to $8.5 billion on a full year of Southwestern volumes and higher gas prices.
- The board replaced CEO Domenic Dell'Osso in February 2026 with the chairman as interim; the filing is also signed by an interim CFO.
- Operating cash flow nearly tripled to $4.58 billion, funding $663 million of debt purchases, $765 million of dividends and $100 million of buybacks.
- The credit facility grew to $3.5 billion and was extended to 2030; 2026 capital spending is planned at $2.75–$2.95 billion.
Business momentum
Strong improvement
“Natural gas, oil and NGL sales in 2025 increased $5,507 million compared to 2024.”
Outlook
Positive
“Domestically, the natural gas market balance has tightened through 2027 as robust demand, primarily driven by seasonal weather-driven consumption patterns and increasing structural demand gains from LNG, power generation, and industrials”
Financial stress
Low
“As of December 31, 2025, we had $4.1 billion of liquidity available, including $616 million of cash on hand and $3.5 billion of aggregate unused borrowing capacity available under the 2025 Credit Facility.”
Tone against the previous report
More positive
Red flags
- Medium
Other
“On February 6, 2026, the Board of Directors of the Company appointed Mr. Wichterich, Chairman of the Board, as Interim President and Chief Executive Officer, replacing Domenic J. Dell’Osso, Jr., effective immediately.”
Positives
Operating cash flow nearly tripled on higher volumes and gas prices
“Cash provided by operating activities was $4.58 billion, $1.57 billion and $2.38 billion during the years ended December 31, 2025, 2024 and 2023, respectively.”
Investment grade ratings now held from all three major agencies
“Moody’s upgraded the rating on our senior unsecured notes from Ba1 to Baa3, with a stable outlook.”
Larger, longer credit line with nothing borrowed
“As of December 31, 2025, we had no outstanding borrowings under our 2025 Credit Facility.”
Concerns
Results remain highly sensitive to natural gas prices
“Based on production, natural gas, oil and NGL revenue for the year ended December 31, 2025 would have increased or decreased by approximately $743 million, $32 million, and $72 million, respectively, for each 10% increase or decrease in prices.”
Gathering and transport costs rose, including per unit of production
“Gathering, processing and transportation expenses in 2025 increased $1,341 million compared to 2024.”
Large long-term pipeline commitments must be paid regardless of conditions
“The estimated gross undiscounted future commitments under these agreements were approximately $9.6 billion as of December 31, 2025.”
New risks since the previous report
Leadership transition after sudden CEO replacement
“Such changes may also give rise to uncertainty among our customers, investors, vendors, employees and others concerning our future direction and performance.”
Reliance on the newly opened NG3 pipeline for Haynesville gas
“We have a gathering agreement in which approximately 900 MMcf per day, on average, of natural gas are to be gathered and processed by the NG3 pipeline over the course of the next 12 years.”
Steel tariffs could affect costs and business partners
“We continue to monitor factors impacting commodity supply and demand situations, including tariffs on steel, and assess their impact on our business, including business partners and customers.”
Company expects to pay the 15% corporate minimum tax
“Based on our book income for the past three years, we believe we are subject to the CAMT and will remain subject to the CAMT for the foreseeable future.”
Biggest risks named
- Prolonged low or volatile natural gas prices
- CEO and CFO transition under interim leadership
- Dependence on pipelines, including the new NG3 line
- Weakness in the US LNG export market
- Failure to replace reserves or drill profitably
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 26, 2025 | 48 | Sharp deterioration | None | |
| 10-K | Feb 21, 2024 | 41 | Sharp deterioration | None | |
| 10-K | Feb 22, 2023 | 68 | Strong improvement | None | |
| 10-K | Feb 24, 2022 | 74 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2021 | 0 | Sharp deterioration | 2 serious1 medium1 minor | |
| 10-K | Feb 27, 2020 | 28 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 27, 2019 | 48 | Mixed | 1 medium | |
| 10-K | Feb 22, 2018 | 65 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 27, 2026. View filings on SEC EDGAR