Revenue growth reached 100.2% in 2026Q1, though historical gross margins have exhibited extreme volatility, ranging from a negative 37.6% in 2024Q2 to a peak of 79.5% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 14.1B | 11.65B | 4.22B | 7.78B | 11.44B | 7.3B | 5.21B | 8.49B | 10.23B | 9.5B | 7.87B | 12.76B | 23.13B | 19.08B | 12.32B | 11.63B | 9.37B | 7.7B | 11.63B | 7.8B | 7.33B | 4.67B | 2.71B | 1.72B | 738.5M | 969.05M | 627.95M | 354.95M | 627.95M | 269.1M | 145.59M |
| Revenue Growth % | 163.77% | 175.95% | -45.71% | -32.05% | 56.73% | 40.13% | -38.63% | -17.03% | 7.74% | 20.63% | -38.33% | -44.8% | 21.2% | 54.92% | 5.85% | 24.23% | 21.6% | -33.77% | 49.09% | 6.47% | 57.04% | 72.19% | 57.75% | 132.56% | -23.79% | 54.32% | 76.91% | -43.48% | 133.35% | 84.83% | 121.2% |
| Cost of Goods Sold | 6.57B | 6.23B | 3.08B | 2.74B | 3.29B | 4.88B | 4.59B | 8.09B | 8.96B | 8.42B | 8.52B | 12.62B | 19.2B | 16.06B | 10.08B | 8.56B | 6.22B | 3.48B | 1.32B | 2.92B | 2.26B | 1.88B | 1.06B | 625.76M | 294.03M | 252.76M | 227.23M | 131.09M | 227.23M | 325.9M | 54.33M |
| COGS % of Revenue | - | 53.49% | 72.97% | 35.19% | 28.73% | 66.85% | 88.1% | 95.34% | 87.54% | 88.64% | 108.28% | 98.9% | 83.01% | 84.18% | 81.84% | 73.55% | 66.45% | 45.2% | 11.32% | 37.42% | 30.79% | 40.36% | 39.27% | 36.44% | 39.81% | 26.08% | 36.19% | 36.93% | 36.19% | 121.11% | 37.32% |
| Gross Profit | 7.53B | 5.42B | 1.14B | 5.04B | 8.16B | 2.42B | 620M | 396M | 1.27B | 1.08B | -652M | 141M | 3.93B | 3.02B | 2.24B | 3.08B | 3.14B | 4.22B | 10.31B | 4.88B | 5.07B | 2.78B | 1.65B | 1.09B | 444.47M | 716.29M | 400.72M | 223.85M | 400.72M | -56.8M | 91.26M |
| Gross Margin % | 53.38% | 46.51% | 27.03% | 64.81% | 71.28% | 33.15% | 11.9% | 4.66% | 12.46% | 11.36% | -8.28% | 1.1% | 16.99% | 15.82% | 18.16% | 26.45% | 33.55% | 54.8% | 88.68% | 62.58% | 69.21% | 59.64% | 60.72% | 63.56% | 60.19% | 73.92% | 63.81% | 63.07% | 63.81% | -21.11% | 62.68% |
| Gross Profit Growth % | - | 374.85% | -77.36% | -38.22% | 237.02% | 290.32% | 56.57% | -68.94% | 18.16% | 265.49% | -562.41% | -96.41% | 30.19% | 34.97% | -27.36% | -2.04% | -25.56% | -59.07% | 111.29% | -3.73% | 82.24% | 69.1% | 50.71% | 145.61% | -37.95% | 78.75% | 79.01% | -44.14% | 805.49% | -162.24% | 93.4% |
| Operating Expenses | 3.44B | 3.38B | 1.94B | 1.9B | 4.38B | 95M | 9.32B | 427M | 893M | 1.22B | 3.76B | 19.06B | 452M | 949M | 3.93B | 157M | 337M | 13.17B | 8.86B | 2.23B | 1.66B | 1.01B | 652.87M | 416.41M | 252.82M | 196.01M | 121.95M | 116.33M | 121.95M | 116.1M | 55.05M |
| OpEx % of Revenue | - | 29.03% | 46.06% | 24.4% | 38.24% | 1.3% | 178.94% | 5.03% | 8.73% | 12.82% | 47.75% | 149.33% | 1.95% | 4.97% | 31.91% | 1.35% | 3.6% | 170.94% | 76.15% | 28.62% | 22.62% | 21.63% | 24.1% | 24.25% | 34.23% | 20.23% | 19.42% | 32.77% | 19.42% | 43.14% | 37.81% |
| Selling, General & Admin | 1.7B | 3.34B | 1.5B | 2.63B | 4.36B | 118M | 380M | 315M | 335M | 333M | 240M | 235M | 322M | 457M | 535M | 548M | 453M | 349M | 3.88B | 243M | 194M | 64M | 37.05M | 23.75M | 17.62M | 14.45M | 13.18M | 13.48M | 13.18M | 8.8M | 4.83M |
| SG&A % of Revenue | - | 28.68% | 35.44% | 33.77% | 38.08% | 1.62% | 7.29% | 3.71% | 3.27% | 3.51% | 3.05% | 1.84% | 1.39% | 2.4% | 4.34% | 4.71% | 4.84% | 4.53% | 33.38% | 3.12% | 2.65% | 1.37% | 1.37% | 1.38% | 2.39% | 1.49% | 2.1% | 3.8% | 2.1% | 3.27% | 3.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 40M | 448M | -729M | 19M | -23M | 8.94B | 112M | 558M | 884M | 3.52B | 18.82B | 130M | 492M | 3.4B | -391M | -116M | 12.82B | 4.97B | 1.99B | 1.46B | 945M | 615.82M | 392.66M | 235.2M | 181.56M | 108.77M | 102.85M | 108.77M | 107.3M | 50.23M |
| Operating Income | 4.08B | 2.04B | -803M | 3.14B | 3.78B | 2.33B | -8.7B | -31M | 382M | -138M | -4.41B | -18.92B | 3.48B | 2.07B | -1.69B | 2.92B | 2.81B | -8.95B | 1.46B | 2.65B | 3.41B | 1.77B | 992.34M | 675.25M | 191.66M | 520.28M | 278.77M | 107.52M | 278.77M | -172.9M | 36.21M |
| Operating Margin % | 28.96% | 17.49% | -19.02% | 40.41% | 33.03% | 31.85% | -167.04% | -0.37% | 3.73% | -1.45% | -56.03% | -148.22% | 15.04% | 10.84% | -13.75% | 25.11% | 29.95% | -116.14% | 12.53% | 33.96% | 46.59% | 38.01% | 36.63% | 39.32% | 25.95% | 53.69% | 44.39% | 30.29% | 44.39% | -64.25% | 24.87% |
| Operating Income Growth % | - | 353.67% | -125.56% | -16.88% | 62.58% | 126.71% | -27974.19% | -108.12% | 376.81% | 96.87% | 76.68% | -644.12% | 68.05% | 222.14% | -157.99% | 4.14% | 131.36% | -713.93% | -45% | -22.38% | 92.5% | 78.67% | 46.96% | 252.32% | -63.16% | 86.63% | 159.27% | -61.43% | 261.23% | -577.51% | 101.61% |
| EBITDA | 7.06B | 5.02B | 926M | 4.67B | 5.53B | 3.32B | -7.61B | 2.23B | 2.12B | 1.56B | -3.3B | -16.69B | 6.39B | 4.97B | 1.12B | 4.84B | 4.42B | -7.33B | 3.6B | 4.62B | 4.86B | 2.71B | 1.6B | 1.06B | 421.89M | 697.82M | 383.87M | 207.04M | 383.87M | -65.6M | 88.98M |
| EBITDA Margin % | 50.1% | 43.07% | 21.94% | 60.05% | 48.35% | 45.47% | -145.99% | 26.3% | 20.71% | 16.42% | -41.97% | -130.76% | 27.64% | 26.06% | 9.07% | 41.63% | 47.18% | -95.17% | 30.97% | 59.23% | 66.37% | 58.07% | 58.98% | 61.56% | 57.13% | 72.01% | 61.13% | 58.33% | 61.13% | -24.38% | 61.11% |
| EBITDA Growth % | 652.88% | 441.79% | -80.17% | -15.62% | 66.66% | 143.65% | -440.62% | 5.38% | 35.92% | 147.19% | 80.2% | -361.11% | 28.56% | 345.12% | -76.94% | 9.62% | 160.29% | -303.55% | -22.06% | -4.98% | 79.48% | 69.53% | 51.14% | 150.6% | -39.54% | 81.79% | 85.41% | -46.07% | 685.17% | -173.73% | 99.55% |
| D&A (Non-Cash Add-back) | 2.98B | 2.98B | 1.73B | 1.53B | 1.75B | 995M | 1.1B | 2.26B | 1.74B | 1.7B | 1.11B | 2.23B | 2.92B | 2.9B | 2.81B | 1.92B | 1.61B | 1.61B | 2.14B | 1.97B | 1.45B | 936M | 605.59M | 382M | 230.24M | 177.54M | 105.1M | 99.52M | 105.1M | 107.3M | 52.77M |
| EBIT | 4.12B | 2.04B | -711M | 3.23B | 3.81B | 6.31B | -9.29B | 12M | 851M | 238M | -4.29B | -18.77B | 3.37B | 1.61B | -890M | 2.91B | 2.9B | -9.18B | 1.26B | 2.75B | 3.56B | 1.71B | 972.25M | 655.31M | 179.17M | 460.02M | 282.42M | 116.08M | 282.42M | -172.9M | 32.38M |
| Net Interest Income | -235M | -235M | -123M | -104M | -160M | -84M | -331M | -652M | -634M | -425M | -286M | -323M | -170M | -106M | -90M | -27M | -171M | -333M | -243M | -356M | -295.22M | -223.3M | -162.85M | -151.53M | -104.69M | -95.44M | -82.61M | -72.49M | -82.61M | 11.22M | 3.83M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 3M | 5M | 1M | 3M | 8M | 8M | 22M | 8M | 5.2M | 3M | 4.48M | 2.83M | 7.34M | 2.88M | 3.65M | 8.56M | 3.65M | 11.22M | 3.83M |
| Interest Expense | 235M | 235M | 123M | 104M | 160M | 84M | 331M | 652M | 634M | 425M | 286M | 329M | 173M | 111M | 91M | 30M | 179M | 341M | 265M | 364M | 300.42M | 226.3M | 167.33M | 154.36M | 112.03M | 98.32M | 86.26M | 81.05M | 86.26M | 0 | 0 |
| Other Income/Expense | 8M | 245M | -38M | -25M | -129M | 3.9B | -1.07B | -608M | -164M | -362M | -178M | -179M | -277M | -627M | 720M | -41M | 79M | -343M | -466M | -308M | -158M | -280M | -187.41M | -174.3M | -124.52M | -158.58M | -82.61M | -72.49M | -82.61M | -7.5M | 0 |
| Pretax Income | 4.09B | 2.28B | -841M | 3.12B | 3.65B | 6.22B | -9.77B | -639M | 218M | -500M | -4.59B | -19.1B | 3.2B | 1.44B | -974M | 2.88B | 2.88B | -9.29B | 991M | 2.34B | 3.25B | 1.49B | 804.93M | 500.95M | 67.14M | 361.7M | 196.16M | 35.03M | 196.16M | -180.4M | 36.21M |
| Pretax Margin % | 29.02% | 19.59% | -19.92% | 40.09% | 31.91% | 85.22% | -187.5% | -7.53% | 2.13% | -5.27% | -58.3% | -149.62% | 13.84% | 7.56% | -7.91% | 24.75% | 30.79% | -120.59% | 8.52% | 30.01% | 44.43% | 32% | 29.71% | 29.17% | 9.09% | 37.33% | 31.24% | 9.87% | 31.24% | -67.04% | 24.87% |
| Income Tax | 863M | 463M | -127M | 698M | -1.28B | -106M | -19M | -331M | -10M | 2M | -190M | -4.46B | 1.14B | 548M | -380M | 1.12B | 1.11B | -3.48B | 387M | 890M | 1.25B | 545M | 289.77M | 190.36M | 26.85M | 144.29M | -259.41M | 1.76M | -259.41M | -3.6M | 12.85M |
| Effective Tax Rate % | 21.1% | 20.29% | 15.1% | 22.39% | -35.2% | -1.7% | 0.19% | 51.8% | -4.59% | -0.4% | 4.14% | 23.37% | 35.75% | 38% | 39.01% | 38.99% | 38.49% | 37.5% | 39.05% | 38.02% | 38.46% | 36.5% | 36% | 38% | 40% | 39.89% | -132.24% | 5.04% | -132.24% | 2% | 35.5% |
| Net Income | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.73B | -308M | 226M | -505M | -4.39B | -14.57B | 1.92B | 724M | -769M | 1.74B | 1.77B | -5.83B | 604M | 1.45B | 2B | 948M | 515.15M | 312.98M | 40.29M | 217.41M | 455.57M | 33.27M | 455.57M | -183.4M | 23.36M |
| Net Margin % | 22.89% | 15.62% | -16.92% | 31.11% | 43.14% | 86.67% | -186.83% | -3.63% | 2.21% | -5.32% | -55.77% | -114.13% | 8.29% | 3.79% | -6.24% | 14.97% | 18.94% | -75.69% | 5.19% | 18.6% | 27.34% | 20.32% | 19.01% | 18.22% | 5.46% | 22.43% | 72.55% | 9.37% | 72.55% | -68.15% | 16.04% |
| Net Income Growth % | 426.29% | 354.76% | -129.52% | -50.99% | -22% | 165.01% | -3060.39% | -236.28% | 144.75% | 88.5% | 69.86% | -859.89% | 164.78% | 194.15% | -144.14% | -1.8% | 130.43% | -1065.23% | -58.37% | -27.56% | 111.29% | 84.02% | 64.6% | 676.9% | -81.47% | -52.28% | 1269.48% | -92.7% | 348.4% | -885.27% | 100.28% |
| Net Income (Continuing) | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.75B | -308M | 228M | -502M | -4.4B | -14.63B | 2.06B | 894M | -594M | 1.76B | 1.77B | -5.8B | 604M | 1.45B | 2B | 948M | 515.15M | 310.59M | 40.29M | 217.41M | 455.57M | 33.27M | 455.57M | -176.8M | 23.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37M | 41M | 124M | 128M | 259M | 1.3B | 2.15B | 2.33B | 1.34B | 0 | 897M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.40 | 7.57 | -4.55 | 16.92 | 33.36 | 53.66 | -998.26 | -49.97 | 29.26 | 180.00 | -1278.00 | -4486.00 | 374.00 | 146.00 | -292.00 | 464.00 | 502.00 | -1914.00 | 228.00 | 524.00 | 870.00 | 502.00 | 330.00 | 242.00 | 34.00 | 250.00 | 602.00 | 32.00 | 602.00 | -10.36 | 0.65 |
| EPS Growth % | 350% | 266.37% | -126.89% | -49.28% | -37.83% | 105.38% | -1897.72% | -270.78% | -83.74% | 114.08% | 71.51% | -1299.47% | 156.16% | 150% | -162.93% | -7.57% | 126.23% | -939.47% | -56.49% | -39.77% | 73.31% | 52.12% | 36.36% | 611.76% | -86.4% | -58.47% | 1781.25% | -94.68% | 5910.81% | -1693.85% | 195.45% |
| EPS (Basic) | - | 7.67 | -4.55 | 18.21 | 38.71 | 53.66 | -998.26 | -49.97 | 29.26 | 180.00 | -1278.00 | -4486.00 | 386.00 | 146.00 | -292.00 | 494.00 | 526.00 | -1914.00 | 232.00 | 538.00 | 956.00 | 546.00 | 376.00 | 276.00 | 36.00 | 266.00 | 704.00 | 34.00 | 704.00 | -10.40 | 0.65 |
| Diluted Shares Outstanding | 240.76M | 240.37M | 156.99M | 142.98M | 145.96M | 117.92M | 9.77M | 8.32M | 4.54M | 4.53M | 3.82M | 3.31M | 3.86M | 3.27M | 3.21M | 3.76M | 3.53M | 3.06M | 2.73M | 2.44M | 2.29M | 1.83M | 1.53M | 1.29M | 863.57K | 869.9K | 757.82K | 510.19K | 757.82K | 17.7M | 35.97M |
| Basic Shares Outstanding | 239.9M | 237.29M | 156.99M | 132.84M | 125.78M | 117.92M | 9.77M | 8.32M | 4.54M | 4.53M | 3.82M | 3.31M | 3.29M | 3.27M | 3.21M | 3.19M | 3.15M | 3.06M | 2.68M | 2.28M | 1.99M | 1.61M | 1.27M | 1.06M | 834.55K | 811.81K | 644.97K | 485.38K | 644.97K | 17.64M | 35.97M |
| Dividend Payout Ratio | - | 42.06% | - | 20.13% | 24.55% | 1.88% | - | - | 40.71% | - | - | - | 12.21% | 32.18% | - | 11.88% | 10.65% | - | 24.5% | 7.93% | 4.34% | 6.38% | 7.55% | 8.71% | 12.38% | - | 1.23% | - | 1.23% | - | - |
LNG Export Regulatory Exposure
As reported in recent financial statements, Expand Energy experienced a significant revenue surge of 100.2% in 2026Q1, reflecting the aggressive integration of Southwestern Energy assets, though this follows a period of extreme top-line volatility that saw quarterly revenue contract by over 60% during 2024.
The dramatic swings in revenue suggest that the company's top-line performance remains highly sensitive to commodity price cycles and the timing of large-scale asset acquisitions. Investors should monitor whether the current growth trajectory can stabilize as the company shifts from an acquisition-heavy phase to a focus on operational efficiency within its dual-basin footprint.
Based on the provided income statement data, gross margins have fluctuated wildly from a negative 37.6% in 2024Q2 to a peak of 79.5% in 2025Q3, indicating that the company's profitability is heavily dictated by regional basis differentials rather than consistent operational cost control.
The extreme variance in gross margins suggests that Expand Energy's profitability is highly susceptible to localized pipeline bottlenecks and regional natural gas pricing dynamics. While the 53.2% margin in 2026Q1 appears more normalized, the historical volatility warrants caution regarding the company's ability to maintain pricing power during periods of regional supply gluts.
According to the latest quarterly filings, Expand Energy demonstrated improved operating leverage in 2026Q1 with an operating margin of 34.8%, a notable recovery from the negative operating margins observed throughout 2024, suggesting that recent cost-rationalization efforts may finally be yielding meaningful bottom-line scalability.
The transition from operating losses to a 34.8% operating margin indicates that the company is successfully scaling its fixed-cost base relative to its expanded production capacity. However, the historical tendency for SG&A to spike suggests that management must maintain strict expense discipline to prevent overhead from eroding the gains achieved through production growth.
Based on the reported figures, net income has swung from a loss of $399 million in 2024Q4 to a profit of $1.2 billion in 2026Q1, highlighting that reported earnings are currently driven more by commodity price recovery and accounting adjustments than by stable, recurring operational cash flows.
The significant swings in net income suggest that investors should look past headline EPS to understand the underlying cash-generating capability of the business. The presence of non-operating items and potential purchase price accounting adjustments from the Southwestern merger may continue to distort the quality of reported earnings in the near term.
As noted in the financial data, the company's reliance on massive-scale acquisitions to drive growth creates significant execution risk, as evidenced by the erratic margin performance and the historical tendency for SG&A expenses to fluctuate sharply following major corporate restructuring events like the Southwestern merger.
Short-sellers may focus on the potential for 'acquisition creep,' where the company prioritizes scale over per-share returns, potentially masking underlying operational inefficiencies. If the promised synergies from the merger fail to materialize, the current valuation may be vulnerable to a downward re-rating as the market demands more consistent, organic cash flow growth.
Quick answers to the most common questions about buying EXE stock.
For fiscal year 2025, Expand Energy Corporation (EXE) reported total revenue of $11.65B. This represents a 7900.5% increase compared to $145.6M in 1995.
Expand Energy Corporation (EXE) is profitable, generating $1.82B in net income for the fiscal year ending 2025 with a net profit margin of 15.6%.
Expand Energy Corporation (EXE) reported an operating income of $2.04B, resulting in an operating profit margin of 17.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Expand Energy Corporation (EXE) generated $5.42B in gross profit for the year, representing a gross profit margin of 46.5%. This demonstrates the company's core pricing power and production efficiency.