Expand Energy filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $13.9 billion, rising 28.2% on the year before. That growth rate was down 31.1 percentage points from the quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -51.4% | -19.0% | 0.2% |
| FY25 Q1 | -16.8% | -20.6% | 7.7% |
| FY25 Q2 | 69.1% | 5.4% | 13.7% |
| FY25 Q3 | 159.5% | 12.3% | 13.5% |
| FY25 Q4 | 186.3% | 20.4% | 15.2% |
| FY26 Q1 | 167.8% | 29.8% | 20.9% |
| FY26 Q2 | 59.3% | 26.9% | 19.7% |
| FY26 Q3 | 28.2% | 25.7% | 18.6% |
What stands out
Net income rose 217.5% over the year while free cash flow increased by 76.3%, indicating that reported profit and cash are moving at different speeds.
Profitability
Reported profit is running well ahead of the cash. The trailing operating margin was 25.7%, up 13.4 percentage points from a year earlier, while the trailing net margin stood at 19.8%. Net income over the twelve months was $2.8 billion, which rose 217.5% on the year before.
Cash flow
Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months was $5.6 billion, up 40.7% on the year before, with capital spending at $3.0 billion or 21.8% of revenue. Free cash flow, operating cash flow less capital spending, was $2.6 billion, up 76.3% on the year before. This represented a free-cash-flow margin of 18.6%, up 5.1 percentage points from a year earlier.
In context
Measured against its own history, today’s free-cash-flow margin of 18.6% is higher than 92% of the company’s own past quarterly readings, which have ranged from −91.5% to 23.5%. Today’s operating margin of 25.7% is higher than 85% of past readings (−165.7% to 45.1%). Today’s twelve-month revenue growth rate of 28.2% is higher than 76% of past readings (−61.6% to 186.3%).
Guidance
The company raised its full-year 2026 guidance for net production to a range of 7.4 to 7.6. It also provided 2026 guidance for rig count of 11 to 12 and capital investment of $2.75 billion to $2.95 billion.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 24.7%, while 5 percentage points higher would raise it by 31.5%. A free-cash-flow margin 1 percentage point lower would reduce the value by 5.2%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
