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EXE

Expand Energy Corporation

EXE

Expand Energy Corporation • NASDAQ
$121.93 ▲ 2.66% (+3.16)
Market Cap $29.04 B
52w High $123.34
52w Low $91.02
Dividend Yield 3.19%
P/E 39.21
Volume 1.10M
Outstanding Shares 238.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.966B ▼ $1.633B ▲ $547M ▼ 18.442% ▼ $2.3 ▼ $1.484B ▼
Q2-2025 $3.686B ▲ $143M ▼ $968M ▲ 26.262% ▲ $4.07 ▲ $2.057B ▲
Q1-2025 $2.196B ▲ $1.043B ▲ $-249M ▲ -11.339% ▲ $-1.06 ▲ $451M ▲
Q4-2024 $1.999B ▲ $1.024B ▲ $-399M ▼ -19.96% ▼ $-1.72 ▼ $289M ▲
Q3-2024 $646M $264M $-114M -17.647% $-0.85 $200M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $848M ▼ $27.606B ▼ $9.456B ▼ $18.15B ▲
Q2-2025 $852M ▲ $27.768B ▼ $9.831B ▼ $17.937B ▲
Q1-2025 $349M ▲ $27.934B ▲ $10.743B ▲ $17.191B ▼
Q4-2024 $317M ▼ $27.894B ▲ $10.329B ▲ $17.565B ▲
Q3-2024 $1.044B $13.392B $3.204B $10.188B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $547M ▼ $1.201B ▼ $-845M ▼ $-471M ▼ $-115M ▼ $426M ▼
Q2-2025 $968M ▲ $1.322B ▲ $-591M ▼ $-352M ▲ $379M ▲ $665M ▲
Q1-2025 $-249M ▲ $1.096B ▲ $-507M ▲ $-557M ▼ $32M ▲ $533M ▲
Q4-2024 $-399M ▼ $382M ▼ $-945M ▼ $-162M ▼ $-725M ▼ $-154M ▼
Q3-2024 $-114M $418M $-319M $-74M $25M $120M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Natural Gas Liquids Sales
Natural Gas Liquids Sales
 $0 ▲$0 ▲$0 ▲$180.00M ▲
Natural Gas Sales
Natural Gas Sales
 $380.00M ▲$410.00M ▲$1.31Bn ▲$1.76Bn ▲
Natural Gas Gathering Transportation Marketing and Processing
Natural Gas Gathering Transportation Marketing and Processing
 $140.00M ▲$190.00M ▲$650.00M ▲$790.00M ▲
Oil and Gas
Oil and Gas
 $380.00M ▲$410.00M ▲$1.59Bn ▲$2.02Bn ▲
Oil Sales
Oil Sales
 $0 ▲$0 ▲$0 ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew strongly after 2020 but appears to have already passed a peak, with sales and profits stepping down from 2022 to 2023 and then weakening further in 2024. Profitability was very strong in the early post‑IPO years, then compressed sharply, ending in a net loss in 2024. This points to a business that can earn attractive profits in favorable gas markets but is still highly exposed to commodity price swings and cost inflation. The move from strong earnings to a loss also suggests that merger integration costs, weaker pricing, or both are weighing on current results.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting the scale of the combined company after the merger. Equity is now firmly positive and has grown from deeply negative levels a few years ago, showing a repaired capital base. Debt has risen but remains modest relative to total assets, suggesting some financial flexibility, though not without leverage risk in a downturn. Cash on hand is quite limited compared with the size of the business, implying reliance on ongoing cash generation and credit access rather than large cash reserves as a safety cushion.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive, even during weaker profit years, which is a key strength. However, the company spends heavily on capital projects, so free cash flow after investment is thin and sometimes barely positive. This pattern fits a capital‑intensive shale producer: steady reinvestment is needed to sustain and grow output. It also means that maintaining dividends, buybacks, or rapid debt reduction could become challenging if gas prices stay low or costs rise further.

Competitive Edge

Competitive Edge EXE has a strong strategic position: it is now the largest independent natural gas producer in the U.S., with scale advantages and high‑quality acreage in top shale basins. Its proximity to both LNG export hubs on the Gulf Coast and large power and heating markets in the Northeast gives it valuable market access and pricing options. Expected merger synergies, if delivered, could further lower costs and reinforce its low‑cost producer profile. The flip side is that its fortunes are tightly linked to gas prices and LNG demand, and successful integration of the merger is critical to fully realizing its cost and scale advantages.

Innovation and R&D

Innovation and R&D The company leans heavily on operational innovation rather than traditional lab‑style R&D. It focuses on longer horizontal wells, improved fracking designs, and heavy use of data analytics and artificial intelligence to raise well productivity and cut costs. EXE is also differentiating itself with certified “responsibly sourced gas,” which could appeal to environmentally focused buyers, and is actively positioning around LNG contracts and potential future carbon‑capture projects. Many of these initiatives are promising but still evolving, so their long‑term payoff and competitive edge will depend on execution, regulations, and how buyers value lower‑carbon gas over time.

Summary

EXE is a large, scaled natural gas producer with valuable acreage, strong operational capabilities, and a clear push toward cost leadership and cleaner‑branded gas. Financially, it shows the classic profile of a cyclical energy company: periods of very high profitability followed by sharp reversals when market conditions weaken, as seen in the recent shift to losses despite solid cash generation. The balance sheet is stronger than a few years ago but still carries leverage and relatively low cash buffers, making sustained cash flow and synergy delivery especially important. Overall, the company’s opportunity lies in leveraging its size, asset quality, and LNG exposure, while its main risks stem from commodity price volatility, heavy capital needs, and the execution challenges of integrating a major merger and delivering on its innovation and ESG ambitions.

NEWS

October 28, 2025 · 4:01 PM UTC

Expand Energy Corporation Reports Third Quarter 2025 Results

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October 15, 2025 · 4:03 PM UTC

Expand Energy Provides 2025 Third Quarter Earnings Conference Call Information

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