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Expand Energy (EXE) stock

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NASDAQ: EXE Nasdaq Oil & Gas Exploration & Production Next results ~February 16, 2027

C+ Fundamentals grade

Expand Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$58

Valuation models combined (2)

Base case. Range ~$54–$66. Weighted average of 2 models (proved-reserve net asset value, forward price-to-earnings vs peers), the proved-reserve net asset value counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Expand Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Expand Energy files

10-Q filed October 27: Expand Energy

Model value +47.8%

Revenue for the twelve months to September 2026 reached $13.9bn, a gain of 28.2% on the prior year. That pace has cooled from the 59.3% growth posted a quarter earlier. Margins told a stronger story. Free-cash-flow margin climbed to 18.6% from 13.5% a year ago, while operating margin widened to 25.7% from 12.3%. The fundamentals grade eases from B to C+. Even so, our model value rises from $245 to $362 a share, set against a current share price of $94.30. The rating remains Buy.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Expand Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.6bn, up 59.3% on a year earlier, slower than 167.8% a quarter earlier. Free-cash-flow margin rose to 19.7% from 13.7% a year earlier. Operating margin widened to 26.9% from 5.4%. The diluted share count is down 8.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $241 a share, against a share price of $92.48.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 16, 2027 (estimated)

Expand Energy's trailing-twelve-month revenue grew 28.2% year on year, with a free-cash-flow margin of 18.6%. Where it stands out: stock pay as % of revenue of 0.4% ranks 3 of 47 oil & gas exploration & production companies we cover. Where it lags: change in growth rate of -31.1pp ranks 54 of 57 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$180–$330 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 76.3% while net income grew 217.5%: a 141pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 28.2% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • High operating margin. 25.7% of revenue is left as operating profit, against a median of 19.9% for oil & gas exploration & production companies we cover.
  • Margins widening. Operating margin is up 13.4 points on a year ago.
  • Shrinking share count. Diluted shares fell 8.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth slowing. The growth rate is 31.1 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 4.8 points on a year ago.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$1.46 against an average estimate of $1.32: beat by 10.8%
Revenue
$3.29bn, up 10.8% on a year earlier
Share reaction
-2.6% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
capital investment guidance $3bn (full year 2026); rig count 11 to 12 (full year 2026)
Next report
October 27, 2026; average EPS estimate $1.87

Expand Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week-4.9%
  • 1 month+4.6%
  • This year-17.5%
  • 1 year-11.5%
  • 5 years+67.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.9B
Operating margin
25.7%
Net margin
19.8%
EPS (TTM, diluted)
$11.50

Growth

Revenue growth
+28.2%
Change in growth rate
−31.1 pts

Cash

Free cash flow (TTM)
$2.6B
FCF margin
18.6%
Stock pay % of revenue
0.4%

Earnings

Last results
October 27, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Leadership
  5. Leadership
  6. Agreement
  7. Agreement
  8. Product
  9. Leadership
  10. Agreement
  11. Financing
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Announcement
  17. Announcement
  18. Results
  19. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Expand Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Expand Energy's free cash flow after stock-based pay ( $2.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Expand Energy as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.57 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$54 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$180–$330 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$66 ~$51–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$700 ~$490–$1000 Left out: out of range vs price (7.82x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$490 ~$400–$630 Left out: out of range vs price (5.51x)
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$54–$66 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Expand Energy with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$83.56$71.21$94.84$108.45$89.46
Market value$12.2bn$10.2bn$14.9bn$26.1bn$21.4bn
+ Net debt (− = net cash)$3.0bn$949m$5.4bn$4.4bn$4.5bn
Enterprise value$15.2bn$11.1bn$20.3bn$30.5bn$25.9bn
Multiples
Price / sales 1.0x1.2x3.5x2.2x1.5x
Price / earnings 2.5x4.2x—14.3x7.8x
Price / free cash flow 5.3x18.5xn/m14.2x8.3x
EV / EBITDA 2.7x2.4x21.9x5.6x4.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Moderate moat

How hard Expand Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 2.8% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.7%; its worst year was -153.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 8 of 10 years, at a median 12.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 73.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.58 +41% $9.1bn +8%
Next $8.92 +4% $10.2bn +12%

Next year's EPS estimate has moved +0.3% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.5% on 90 days ago. In the last 30 days, 2 analysts raised Expand Energy's forecast and 7 cut it.

Consensus EPS forecast Expand Energy, last 90 days
$8.50 $9.00 $9.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.99 Current fiscal year, 60 days ago: $8.83 Current fiscal year, 30 days ago: $9.36 Current fiscal year, 7 days ago: $8.88 Current fiscal year, Now: $8.58 $8.58 Next fiscal year, 90 days ago: $8.89 Next fiscal year, 60 days ago: $8.94 Next fiscal year, 30 days ago: $9.46 Next fiscal year, 7 days ago: $9.18 Next fiscal year, Now: $8.92 $8.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.99$8.89
60 days ago $8.83$8.94
30 days ago $9.36$9.46
7 days ago $8.88$9.18
Now $8.58$8.92

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.32 $1.46 +10.8%
Jun 2026 $1.12 $1.33 +19.1%
Mar 2026 $3.63 $3.83 +5.4%
Dec 2025 $1.89 $2.00 +5.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • capital investment guidance full year 2026 about $3bn Raised vs 2.75bn to 2.95bn
    “For the full year 2026, Expand Energy expects to run 11 - 12 rigs and has updated its capital investment guidance to approximately $3 billion.” source
  • rig count full year 2026 11 to 12 Maintained vs 11 to 12
    “For the full year 2026, Expand Energy expects to run 11 - 12 rigs and has updated its capital investment guidance to approximately $3 billion.” source
  • Average daily production full year 2026 7.45 to 7.55 Narrowed vs 7.4 to 7.6
    “Average daily production is expected to be approximately 7.45 - 7.55 Bcfe/d.” source
  • marketing EBITDA fourth quarter about $80m Non-GAAP
    “During the fourth quarter, the Company expects $80 million of marketing EBITDA, reflecting the impact of the Twin Eagle acquisition (the "Twin Eagle Acquisition"), which closed in September 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Expand Energy's revenue by +5.8% next year and +12.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.2%, weight 64%) and the company's own record (+12.2%, weight 36%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy2483%
Hold517%
Sell00%

Monthly trend

  1. Oct 2026618529
  2. Sep 2026518528
  3. Aug 2026516526
  4. Jul 2026317626

Counts of recommendations published by analysts covering Expand Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
2.97
at average volume
Short interest, 1 month
+16%
to September 30, 2026
Held by institutions
97%
of shares
Held by insiders
0.4%
of shares
Employees
1,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −11.5%

$101.03 on October 31, 2025 to $89.46

ThenNowEffect
Revenue (last 12 months) $8.5bn $13.6bn +59.3%
Net margin 2.4% 20.5% +747.5%
P/E multiple 90.7x 7.8x −91.4%
Share count 185m 241m −23.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
EXE+62%−15%+33%+14%−18%
Industry peers (median)+54%−8%+1%−15%+18%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
EXE67%33%75%50%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
EXE−28%−23%−23%−23%−25%
S&P 500−25%−10%−8%−19%−9%

Worst fall since February 10, 2021: 30% from December 3, 2025 to September 30, 2026. Getting back needed a 44% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$84.09 – $120.76
From 52-week high
−25.9%
vs 50-day average
−2.6%
vs 200-day average
−6.8%
Volatility (1 year)
30%
Beta vs S&P 500
-0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.2%
After a week
7 up, 4 down
typical move ±3.4%
After a month
7 up, 4 down
typical move ±7.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −2.6% +0.9% — —
July 28, 2026 +2.2% −1.3% +2.8% +7.3%
April 28, 2026 +4.9% −0.5% +3.6% −2.2%
February 17, 2026 −4.4% +0.7% −0.8% +2.0%
October 28, 2025 −3.3% +0.3% +5.9% +14.9%
July 29, 2025 +6.2% −0.4% +3.0% −1.4%
April 29, 2025 −3.0% +0.7% +1.3% +8.6%
February 26, 2025 −5.0% −1.5% −1.2% +7.2%
October 29, 2024 +4.0% −0.1% +1.7% +16.5%
July 29, 2024 −2.0% −0.4% −8.6% −5.4%
April 30, 2024 −6.8% −1.9% −4.7% −2.5%
February 20, 2024 +6.5% −0.5% +4.1% +10.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Expand Energy in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Expand Energy
$0 $5B $10B $15B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.7B Revenue (TTM), FY24 Q1: $6.4B Revenue (TTM), FY24 Q2: $5B Revenue (TTM), FY24 Q3: $4.2B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $8.5B Revenue (TTM), FY25 Q3: $10.9B Revenue (TTM), FY25 Q4: $12.1B Revenue (TTM), FY26 Q1: $14.3B Revenue (TTM), FY26 Q2: $13.6B Revenue (TTM), FY26 Q3: $13.9B $13.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.7B
FY24 Q1 $6.4B
FY24 Q2 $5B
FY24 Q3 $4.2B
FY24 Q4 $4.2B
FY25 Q1 $5.4B
FY25 Q2 $8.5B
FY25 Q3 $10.9B
FY25 Q4 $12.1B
FY26 Q1 $14.3B
FY26 Q2 $13.6B
FY26 Q3 $13.9B
Revenue growth, TTM YoY Expand Energy
-100% 0% 100% 200% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -25.7% Revenue growth, TTM YoY, FY24 Q1: -54.6% Revenue growth, TTM YoY, FY24 Q2: -59.8% Revenue growth, TTM YoY, FY24 Q3: -61.6% Revenue growth, TTM YoY, FY24 Q4: -51.4% Revenue growth, TTM YoY, FY25 Q1: -16.8% Revenue growth, TTM YoY, FY25 Q2: 69.1% Revenue growth, TTM YoY, FY25 Q3: 159.5% Revenue growth, TTM YoY, FY25 Q4: 186.3% Revenue growth, TTM YoY, FY26 Q1: 167.8% Revenue growth, TTM YoY, FY26 Q2: 59.3% Revenue growth, TTM YoY, FY26 Q3: 28.2% 28.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -25.7%
FY24 Q1 -54.6%
FY24 Q2 -59.8%
FY24 Q3 -61.6%
FY24 Q4 -51.4%
FY25 Q1 -16.8%
FY25 Q2 69.1%
FY25 Q3 159.5%
FY25 Q4 186.3%
FY26 Q1 167.8%
FY26 Q2 59.3%
FY26 Q3 28.2%
Operating margin (TTM) Expand Energy
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 36.0% Operating margin (TTM), FY24 Q1: 21.1% Operating margin (TTM), FY24 Q2: 10.8% Operating margin (TTM), FY24 Q3: 7.4% Operating margin (TTM), FY24 Q4: -19.0% Operating margin (TTM), FY25 Q1: -20.6% Operating margin (TTM), FY25 Q2: 5.4% Operating margin (TTM), FY25 Q3: 12.3% Operating margin (TTM), FY25 Q4: 20.4% Operating margin (TTM), FY26 Q1: 29.8% Operating margin (TTM), FY26 Q2: 26.9% Operating margin (TTM), FY26 Q3: 25.7% 25.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 36.0%
FY24 Q1 21.1%
FY24 Q2 10.8%
FY24 Q3 7.4%
FY24 Q4 -19.0%
FY25 Q1 -20.6%
FY25 Q2 5.4%
FY25 Q3 12.3%
FY25 Q4 20.4%
FY26 Q1 29.8%
FY26 Q2 26.9%
FY26 Q3 25.7%
FCF margin (TTM) Expand Energy
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.3% FCF margin (TTM), FY24 Q1: 4.5% FCF margin (TTM), FY24 Q2: 4.2% FCF margin (TTM), FY24 Q3: 6.0% FCF margin (TTM), FY24 Q4: 0.2% FCF margin (TTM), FY25 Q1: 7.7% FCF margin (TTM), FY25 Q2: 13.7% FCF margin (TTM), FY25 Q3: 13.5% FCF margin (TTM), FY25 Q4: 15.2% FCF margin (TTM), FY26 Q1: 20.9% FCF margin (TTM), FY26 Q2: 19.7% FCF margin (TTM), FY26 Q3: 18.6% 18.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.3%
FY24 Q1 4.5%
FY24 Q2 4.2%
FY24 Q3 6.0%
FY24 Q4 0.2%
FY25 Q1 7.7%
FY25 Q2 13.7%
FY25 Q3 13.5%
FY25 Q4 15.2%
FY26 Q1 20.9%
FY26 Q2 19.7%
FY26 Q3 18.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Expand Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $12.1B
  2. Selling, general and admin $181M · 1.5%
  3. Other operating costs $9.5B · 78.1%
  4. Operating income $2.5B · 20.4%
  5. Income tax $463M · 3.8%
  6. Interest and other $189M · 1.6%
  7. Net income $1.8B · 15.0%

Shares of revenue. Source: Expand Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 11.6 7.7 9.4 11.6 12.3 19.1 23.1 12.8 7.9 10.0 10.0 8.5 5.2 11.7 8.7 4.2 12.1 13.9
EBITDA 3.6 −7.3 4.4 4.8 1.1 5.0 6.4 −16.7 −3.3 1.6 2.1 2.2 −7.6 5.5 4.7 0.9 5.5 6.5
Operating income 1.5 −8.9 2.8 2.9 −1.7 2.1 3.5 −18.9 −4.4 −0.1 0.4 −0.0 −8.7 3.8 3.1 −0.8 2.5 3.6
Net income 0.6 −5.8 1.8 1.7 −0.8 0.7 1.9 −14.6 −4.4 −0.5 0.2 −0.3 −9.7 4.9 2.4 −0.7 1.8 2.8
Diluted EPS $0.06 −$0.64 $0.17 $0.15 −$0.10 $0.05 $0.12 −$1.48 −$0.43 −$0.05 $1.95 −$3.33 −$66.55 $33.36 $16.92 −$4.55 $7.57 $11.50
Growth (year on year)
Revenue +49.1% −33.8% +21.6% +24.2% +5.9% +54.9% +21.2% −44.8% −38.3% +27.5% −0.1% −14.9% −38.6% +124.1% −25.7% −51.4% +186.3% +28.2%
EBITDA −22.4% −303.6% — +9.6% −76.9% +345.1% +28.6% −361.1% — — +35.9% +5.4% −440.6% — −15.6% −80.2% +488.7% +54.9%
Operating income −45.0% −713.9% — +4.1% −158.0% — +68.1% −644.1% — — — −108.1% — — −16.9% −125.6% — +166.9%
Net income −58.5% <−999% — −1.8% −144.1% — +164.8% −859.9% — — — −236.3% — — −51.0% −129.5% — +217.5%
Diluted EPS −64.6% <−999% — −7.6% −162.9% — +156.2% <−999% — — — −270.8% — — −49.3% −126.9% — —
Margins
EBITDA margin 31.0% −95.2% 47.2% 41.6% 9.1% 26.1% 27.6% −130.8% −42.0% 15.5% 21.1% 26.2% −145.2% 47.1% 53.5% 21.9% 45.0% 46.8%
Operating margin 12.5% −116.1% 29.9% 25.1% −13.8% 10.8% 15.0% −148.2% −56.0% −1.4% 3.8% −0.4% −166.1% 32.2% 36.0% −19.0% 20.4% 25.7%
Net margin 5.2% −75.7% 18.9% 15.0% −6.2% 3.8% 8.3% −114.1% −55.8% −5.0% 2.3% −3.6% −185.8% 42.0% 27.7% −16.9% 15.0% 19.8%
Free-cash-flow margin −36.9% −22.6% −19.5% 8.0% −91.5% −13.5% −8.8% −18.6% −21.0% 3.9% 16.0% 18.6% 0.4% 19.6% 6.3% 0.2% 15.2% 18.6%
Cash flow
Cash from operations 5.4 4.4 5.1 5.9 2.8 4.6 4.6 1.2 −0.2 0.5 1.7 1.6 1.2 4.1 2.4 1.6 4.6 5.6
Capital spending 9.7 6.1 6.9 5.0 14.1 7.2 6.7 3.6 1.4 0.1 0.1 0.0 1.1 1.8 1.8 1.6 2.7 3.0
Free cash flow −4.3 −1.7 −1.8 0.9 −11.3 −2.6 −2.0 −2.4 −1.7 0.4 1.6 1.6 0.0 2.3 0.6 0.0 1.8 2.6
Stock-based pay 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Free cash flow after stock pay −4.4 −1.9 −2.0 0.8 −11.4 −2.7 −2.1 −2.5 −1.7 0.3 1.6 1.6 0.0 2.3 0.5 −0.0 1.8 2.5
Balance sheet
Cash 1.7 0.3 0.1 0.4 0.3 0.8 4.1 0.8 0.9 0.0 0.0 0.0 0.3 0.1 1.1 0.3 0.6 0.1
Total debt 13.2 12.3 12.6 10.6 12.6 12.9 11.5 10.7 10.4 10.0 7.7 9.5 9.1 3.1 2.0 5.7 5.0 4.6
Net debt (negative = net cash) 11.4 12.0 12.5 10.3 12.3 12.0 7.4 9.9 9.6 10.0 7.7 9.5 8.8 3.0 0.9 5.4 4.4 4.5
Diluted shares 8,175m 9,180m 10,590m 11,280m 9,645m 9,795m 11,580m 9,930m 11,460m 13,590m 68m 125m 147m 146m 143m 157m 240m 239m
Returned to shareholders
Dividends 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0 0.0 — 0.0 0.0 1.2 0.5 0.4 0.8 0.5
Buybacks 0.0 0.0 — — — — — — — — — — 0.0 1.1 0.4 0.0 0.1 0.9
Total returned 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0 0.0 — 0.0 0.0 2.3 0.8 0.4 0.9 1.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $29.7bn
Short-term assets $3.1bnLonger-term assets $26.6bn
What it owes, and who funded it · $29.7bn
Short-term liabilities $3.4bnLonger-term liabilities $6.8bnShareholders' equity $19.5bn
  • Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $3.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.1bn short-term assets against $6.8bn of longer-dated liabilities.
  • More cash than debt $118m of cash against $4.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 24% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 24% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.6bn of operating cash flow against $4.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.6bn against $205m of interest.

From Expand Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$900M
Dividends (TTM)
$548M
Returned to shareholders
56%
of free cash flow
Buybacks, last 3 fiscal years
$455M
Total shareholder yield
7.0%
dividends 2.6% + buybacks 4.3% of market value
Dividend payout ratio
20%
of net income paid out
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated EXE FANG DVN OVV EQT EOG Median
Revenue, last 12 months $13.9bn $17.1bn $19.7bn $9.8bn $9.3bn $27.0bn $1.4bn
Revenue growth, last 12 months 28.2% 21.4% 14.6% 6.0% 18.6% 19.1% 10.6%
Revenue growth, 3-year average 8.5% 27.2% 5.0% −6.2% 49.1% 1.4% 1.4%
Revenue growth, latest quarter 10.8% 51.2% 73.1% 30.0% −9.6% 57.4% 31.5%
Gross margin 25.1% — 63.5% — 83.5% — 75.2%
Operating margin 25.7% 6.3% 22.5% 9.7% 41.8% 32.9% 21.1%
Operating margin, 3-year average 15.1% 31.1% −48.4% 15.3% 30.3% 34.4% 16.5%
Net margin 19.8% 8.6% 16.7% 9.4% 28.4% 25.4% 10.1%
Cash from operations / revenue 40.5% 59.3% 43.5% 45.6% 67.5% 49.4% 42.4%
Free-cash-flow margin 18.6% 42.8% 23.9% 23.2% 40.7% 26.6% 19.3%
Free-cash-flow margin, 3-year average 12.7% 19.1% 20.7% 17.8% 27.0% 24.5% 19.1%
Stock pay / revenue 0.4% 0.8% 0.7% 0.6% 0.9% 0.9% 1.5%
Change in share count −8.5% 3.0% 9.9% 1.8% 3.0% −3.5% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 28.2% 10.6% 11 of 57
Change in growth rate Growth -31.1pp +4.9pp 54 of 57
Operating margin Profitability 25.7% 19.9% 18 of 42
Net margin Profitability 19.8% 10.1% 21 of 57
Free-cash-flow margin Cash generation 18.6% 23.2% 29 of 51
Stock pay as % of revenue Cash generation 0.4% 1.2% 3 of 47
Long-term debt as % of assets Balance sheet 15.6% 17.6% 17 of 43
Days sales outstanding Balance sheet 36 days 41 days 17 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Oil and Gas $8.5B ▲ 185.5%
Natural Gas Sales $7.4B ▲ 176.7%
Natural Gas Gathering Transportation Marketing and Processing $3.2B ▲ 145.2%
Natural Gas Marketing Sales $2.9B ▲ 163.8%
Natural Gas Liquids Sales $724M ▲ 238.3%
Oil Sales $319M ▲ 362.3%
Natural Gas Liquids Marketing Sales $142M ▲ 79.7%
Oil Marketing Sales $132M ▲ 13.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Expand Energy's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20.1B
Institutions reporting
846
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
100 / 145

Top buyers and sellers, Q2 2026: 461 institutions bought and 411 sold ; the biggest buyer was Assenagon Asset Management S.A (+2.2M shares) and the biggest seller Capital World Investors (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.8B 19.5M 8.8% ▲ 4.6%
Vanguard Capital Management LLC $1.4B 15.6M 7.1% ▲ 0.5%
State Street Corp $1.4B 15.6M 7.1% ▲ 7.8%
Vanguard Portfolio Management LLC $1.1B 11.8M 5.4% ▲ 4.2%
Geode Capital Management, LLC $612M 6.7M 3.0% ▲ 1.7%
Capital Research Global Investors $606M 6.6M 3.0% ▼ 2.3%
Invesco Ltd. $553M 6.1M 2.7% ▲ 23.2%
Victory Capital Management Inc $492M 5.4M 2.4% ▲ 13.4%
AQR Capital Management LLC $491M 5.4M 2.4% ▲ 39.7%
Oaktree Capital Management LP $478M 5.2M 2.4% 0.0%
Price T Rowe Associates Inc $324M 3.6M 1.6% ▼ 4.4%
Capital World Investors $300M 3.3M 1.5% ▼ 47.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Expand Energy's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $876,540 7 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $876,540 net buying
Insider Date Trade Shares Price Value
Wichterich Michael Interim President and CEO June 12, 2026 Buy 1,000 $88.90 $88,900
Teunissen Marcel EVP & CFO June 4, 2026 Buy 2,000 $92.88 $185,760
Wichterich Michael Interim President and CEO June 4, 2026 Buy 1,000 $93.36 $93,360
Teunissen Marcel EVP & CFO May 7, 2026 Buy 2,000 $96.43 $192,860
Wichterich Michael Interim President and CEO March 6, 2026 Buy 1,000 $108.00 $108,000
Wichterich Michael Interim President and CEO March 6, 2026 Buy 1,000 $107.00 $107,000
Gallagher Matthew Director February 19, 2026 Buy 1,000 $100.66 $100,660

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 2 sales of Expand Energy shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 17, 2026, filed March 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 17, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Expand Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Expand Energy in brief

What does Expand Energy do?
Expand Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Expand Energy's stock ticker?
Expand Energy trades under the ticker EXE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Expand Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Expand Energy reported revenue of $13.9B, 28.2% higher than a year earlier, according to its SEC filings.
What is Expand Energy's free cash flow?
Expand Energy's free-cash-flow margin is 18.6% of revenue over the trailing twelve months, ranking 29 of the 51 oil & gas exploration & production companies we cover.
Who are Expand Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Expand Energy's market cap?
On November 2, 2026, Expand Energy's market capitalisation was about $21.4B, with a price-to-earnings ratio of 7.8 and net debt of $4.5B. Market figures come from third-party market data and may be delayed.
Does Expand Energy pay a dividend?
Yes: Expand Energy paid $548M in dividends over the trailing twelve months, a dividend yield of 2.64% and a payout ratio of 19.9%.
How much debt does Expand Energy have?
Expand Energy's debt-to-equity ratio is 23.8%, from its latest balance sheet (51.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Expand Energy's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Expand Energy are Diamondback Energy, Devon Energy, Ovintiv Inc., EQT Corporation and EOG Resources. The side-by-side comparison below sets their revenue, margins and growth against Expand Energy's.
Are insiders buying or selling Expand Energy stock?
Over the last 12 months, Expand Energy's directors and officers reported 7 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Expand Energy's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Expand Energy announces its own schedule.