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EXEEL

Expand Energy Corporation

EXEEL

Expand Energy Corporation • NASDAQ
$113.04 ▲ 2.06% (+2.29)
Market Cap $26.92 B
52w High $115.11
52w Low $74.10
Dividend Yield 0%
P/E 0
Volume 101
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% ▲ $6.17 ▲ $2.057B ▲
Q1-2025 $2.196B ▲ $1.043B ▲ $-249M ▲ -11.339% ▲ $-1.59 ▲ $451M ▲
Q4-2024 $1.999B ▲ $1.024B ▲ $-399M ▼ -19.96% ▼ $-2.54 ▼ $289M ▲
Q3-2024 $646M $264M $-114M -17.647% $-0.79 $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 $427M ▼ $27.934B ▲ $10.743B ▲ $17.191B ▼
Q4-2024 $479M ▼ $27.894B ▲ $10.329B ▲ $17.565B ▲
Q3-2024 $1.319B $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 ▼ $357M ▼
Q2-2025 $968M ▲ $1.322B ▲ $-591M ▼ $-352M ▲ $379M ▲ $665M ▲
Q1-2025 $-249M ▲ $1.096B ▲ $-507M ▲ $-557M ▼ $32M ▲ $533M ▲
Q4-2024 $-399M ▼ $375M ▼ $-945M ▼ $-155M ▼ $-725M ▼ $-161M ▼
Q3-2024 $-114M $422M $-319M $-78M $25M $124M

Revenue by Products

Product Q4-2023Q2-2024Q3-2024Q2-2025
Natural Gas Liquids Sales
Natural Gas Liquids Sales
 $0 ▲$0 ▲$0 ▲$180.00M ▲
Natural Gas Sales
Natural Gas Sales
 $0 ▲$0 ▲$0 ▲$1.76Bn ▲
Natural Gas Gathering Transportation Marketing and Processing
Natural Gas Gathering Transportation Marketing and Processing
 $510.00M ▲$140.00M ▼$190.00M ▲$790.00M ▲
Oil and Gas
Oil and Gas
 $760.00M ▲$380.00M ▼$410.00M ▲$2.02Bn ▲
Oil Sales
Oil Sales
 $0 ▲$0 ▲$0 ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have been highly volatile, swinging from deep losses to very strong profitability and back to a loss in the most recent year. The peak a couple of years ago likely reflected unusually strong natural gas prices, while the latest year shows that earnings can quickly compress when prices soften or costs rise. Gross profitability has improved versus the prior year, but higher operating costs, depreciation, and merger or integration expenses appear to have pushed operating income and net income into the red again. Overall, the income statement tells a story of a business with strong earning power in good commodity environments but significant sensitivity to gas prices and cost control.

Balance Sheet

Balance Sheet The balance sheet has been transformed from a weak position a few years ago to a much stronger footing today. Total assets have expanded significantly, aided by the merger, and shareholder equity has moved from negative territory to a solid positive base, indicating meaningful repair of past losses. Debt has increased with the growth in scale but still sits well below the overall asset base, suggesting leverage is present but not extreme. Cash on hand is relatively modest, so the company relies on ongoing cash generation and access to funding, but the overall capital structure appears far healthier than it was earlier in the decade.

Cash Flow

Cash Flow Despite earnings volatility, operating cash flow has been consistently positive over the past several years, including in periods when accounting profits were negative. That points to a core business that generally throws off cash. However, the company also spends heavily on drilling and development, so free cash flow moves up and down depending on investment intensity and gas prices. In the most recent year, free cash flow is close to breakeven again, reflecting a combination of softer cash generation and sustained capital spending. This pattern is typical of a growth-oriented upstream gas producer: cash is generated, then quickly reinvested back into the ground.

Competitive Edge

Competitive Edge Expand Energy sits in a strong strategic position as one of the largest independent natural gas producers in the United States, with major holdings in the Haynesville and Appalachian basins. Its scale, low‑cost resource base, and proximity to Gulf Coast liquefied natural gas export facilities give it advantages in both cost and market access. The merger with Southwestern Energy adds further scale, operating synergies, and a deeper inventory of drilling locations, which should help keep unit costs competitive. At the same time, the company remains exposed to intense commodity price cycles, regulatory and environmental pressures on fossil fuels, and competition from other large, efficient gas producers.

Innovation and R&D

Innovation and R&D The company appears to be an innovation leader among gas peers. It uses very long horizontal wells and advanced completion techniques to pull more gas from each location, and it applies artificial intelligence tools like Cortex AI to guide drilling and reduce downtime. Its focus on responsibly sourced gas and independent certification aims to differentiate its product for customers that care about emissions and ESG standards, potentially earning better terms. Investments in carbon capture and related ventures, combined with a stated net‑zero goal, show a strategic push to stay relevant in a lower‑carbon world. These initiatives could support lower costs, premium markets, and regulatory resilience, but they also require significant capital and execution discipline, and their long‑term financial payoff remains uncertain.

Summary

Expand Energy has evolved from a financially stressed producer into a large‑scale natural gas platform with a far stronger balance sheet and a modern operational toolkit. Financial results, however, still reflect the classic boom‑and‑bust pattern of an upstream gas business: cash‑generative operations and high profits in strong markets, followed by sharp earnings declines when conditions weaken. The enlarged asset base and equity cushion give the company more resilience than it had in the past, while its cost position, LNG‑linked footprint, and technology investments support a solid competitive stance. Looking ahead, outcomes will depend heavily on natural gas prices, the pace of LNG and data‑center‑driven demand growth, the realization of merger synergies, and the company’s ability to execute its decarbonization and innovation plans without overstretching its finances.