Cash flow generation has improved markedly, with FCF margins recovering to 38.5% in 2026Q1 as the company successfully integrated its unconventional asset base.
| 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 |
|---|
| Cash from Operations | 5.88B | 4.58B | 1.56B | 2.38B | 4.13B | 1.79B | 1.16B | 1.62B | 1.73B | 745M | -204M | 726M | 4.63B | 4.61B | 2.84B | 5.9B | 5.12B | 4.36B | 5.24B | 4.93B | 4.84B | 2.41B |
| Operating CF Margin % | - | 37.74% | 37.08% | 30.61% | 36.05% | 24.49% | 25.23% | 18.99% | 16.75% | 8.2% | -2.33% | 6.13% | 20.96% | 26.89% | 24.89% | 54.31% | 64.23% | 73.28% | 48.3% | 72.01% | 66.12% | 47.89% |
| Operating CF Growth % | 991.23% | 192.33% | -34.24% | -42.3% | 130.7% | 53.61% | -28.28% | -6.19% | 132.21% | 465.2% | -128.1% | -84.33% | 0.43% | 62.64% | -51.94% | 15.36% | 17.47% | -16.81% | 6.16% | 1.83% | 101.23% | - |
| Net Income | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.75B | -308M | 225M | 939M | -4.39B | -14.69B | 1.44B | 645M | -769M | 1.74B | 1.77B | -5.83B | 656M | 1.32B | 1.99B | 921.43M |
| Depreciation & Amortization | 2.98B | 2.98B | 1.73B | 1.53B | 1.75B | 995M | 1.1B | 2.32B | 1.83B | 995M | 1.11B | 2.23B | 2.92B | 2.9B | 2.81B | 1.92B | 1.61B | 1.61B | 2.15B | 1.99B | 1.46B | 945M |
| Stock-Based Compensation | 47M | 46M | 38M | 33M | 22M | 0 | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 804M | 448M | -123M | 428M | -1.33B | -106M | -10M | -305M | -10M | 11M | -171M | -4.43B | 1.1B | 526M | -427M | 1.11B | 1.11B | -3.49B | 40M | 835M | 1.25B | 544.89M |
| Other Non-Cash Items | -639M | -433M | 950M | -2.3B | -1.13B | -6.24B | 8.89B | 169M | -409M | -729M | 4.01B | 18.64B | -310M | 882M | 2.44B | 534M | 50M | 12.04B | 2.33B | 460M | -662.16M | 14.41M |
| Working Capital Changes | 251M | -285M | -315M | 275M | -123M | 814M | 915M | -254M | 91M | -471M | -761M | -1.03B | -512M | -342M | -1.22B | 594M | 569M | 23M | 58M | 325M | 798.37M | -18.84M |
| Change in Receivables | 0 | 0 | -168M | 0 | 0 | 0 | 303M | 0 | 0 | 0 | 0 | 0 | 0 | 5M | -68M | -530M | -769M | 0 | -78M | -192M | -21.63M | -204.86M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -126.54M | -66.98M |
| Change in Payables | 0 | 0 | -62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -347M | -1.15B | 0 | 0 | 0 | 0 | 0 | 1.02B | 92.22M |
| Cash from Investing | -2.85B | -2.76B | -1.9B | 473M | -3.4B | -916M | -992M | -2.48B | 455M | -1.19B | -660M | -3.65B | 417M | -2.97B | -4.98B | -5.81B | -8.5B | -5.46B | -9.84B | -7.92B | -8.94B | -6.92B |
| Capital Expenditures | -2.95B | -2.74B | -1.56B | -1.83B | -1.82B | -735M | -31M | -2.26B | -2B | -2.49B | -2.12B | -3.77B | -6.62B | -7.61B | -14.74B | -14.45B | -13.51B | -7.52B | -17.65B | -6.74B | -4.77B | -6.82B |
| CapEx % of Revenue | 20.59% | 22.57% | 36.89% | 23.52% | 15.93% | 10.07% | 0.67% | 26.48% | 19.34% | 27.43% | 24.24% | 31.84% | 29.94% | 44.33% | 129.35% | 132.93% | 169.61% | 126.58% | 162.81% | 98.47% | 65.05% | 135.63% |
| Acquisitions | 4M | 0 | -438M | 0 | -1.97B | -181M | 0 | -217M | 2.38B | 1.3B | 1.54B | 135M | 6.82B | 4.39B | 8.38B | 8.62B | 883M | 176M | 219M | -2.37B | -3.76B | 9.77M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 103M | -9M | 166M | 2.53B | 407M | 0 | -961M | 0 | 0 | 0 | -77M | -9M | -3M | 181M | -223M | -87M | 4.26B | 1.93B | 6.08B | -15M | -21.56M | 20.42M |
| Cash from Financing | -1.15B | -1.51B | -419M | -1.89B | -1.45B | -237M | 101M | 859M | -2.19B | -434M | 921M | -415M | -1.82B | -1.1B | 2.08B | 158M | 3.18B | -336M | 6.36B | 2.99B | 4.04B | 4.57B |
| Debt Issued (Net) | 436M | -663M | 747M | -1.05B | 812M | -719M | 245M | 986M | -2.06B | -226M | 952M | 0 | 110M | 120M | 1.65B | -2.36B | 347M | -651M | 3.81B | 3.35B | 1.84B | 2.27B |
| Equity Issued (Net) | 0 | -76M | 3M | -355M | -1.05B | 602M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.56B | -3M | 2.52B | 15M | 2.3B | 2.34B |
| Dividends Paid | -764M | -765M | -388M | -487M | -1.21B | -119M | -22M | -91M | -92M | -183M | 0 | -289M | -405M | -404M | -398M | -379M | -281M | -204M | -183M | -210M | -175.43M | -92.01M |
| Share Repurchases | -166M | -100M | 0 | -355M | -1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -5M | 0 | -86.19M | -4M |
| Other Financing | -822M | -11M | -781M | 0 | 0 | -1M | -122M | -36M | -33M | -25M | -31M | -126M | -1.52B | -813M | 828M | 2.9B | 553M | 522M | 206M | -172M | 70.64M | 49.53M |
| Net Change in Cash | 1.88B | 301M | -758M | 961M | -722M | 635M | 273M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 2.93B | 1.84B | 8M | 551M | 2.3B | 1.05B | 22M | -640M | -267M | -1.75B | -2.32B | -3.04B | -1.98B | -2.99B | -2.98B | -1.08B | -3.15B | 375M | -6.31B | 3.49B | 3.86B | -2.04B |
| FCF Margin % | 20.47% | 15.17% | 0.19% | 7.09% | 20.12% | 14.42% | 0.48% | -7.49% | -2.59% | -19.23% | -26.57% | -25.71% | -8.97% | -17.45% | -26.1% | -9.94% | -39.59% | 6.31% | -58.2% | 51% | 52.65% | -40.55% |
| FCF Growth % | 627.54% | 22887.5% | -98.55% | -76.06% | 118.61% | 4686.36% | 103.44% | -139.7% | 84.72% | 24.83% | 23.68% | -53.48% | 33.73% | -0.64% | -175.46% | 65.76% | -941.07% | 105.94% | -280.62% | -9.44% | 289.28% | - |
| FCF per Share | 12178.15 | 7650.71 | 0.05 | 3.85 | 15.77 | 8.93 | 2.25 | -76.88 | -58.75 | -385.65 | -608.38 | -919.94 | -513.99 | -917.00 | -925.35 | -287.23 | -893.48 | 122.55 | -2315.23 | 1434.50 | 1682.11 | -1111.48 |
| FCF Conversion (FCF/Net Income) | 0.91x | 2.52x | -2.19x | 0.98x | 0.84x | 0.28x | -0.12x | -5.27x | 7.69x | 0.79x | 0.05x | -0.05x | 3.21x | 7.15x | -3.69x | 3.39x | 2.88x | -0.75x | 7.98x | 3.73x | 2.43x | 2.61x |
| Interest Paid | -91M | 230M | 0 | 117M | 146M | 0 | 224M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 66M | 0 | 132M | 193M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity Price Basis Volatility
As reported in recent financial statements, the OCF/NI ratio for Expand Energy has exhibited extreme volatility, ranging from a negative 4.40 in 2025Q1 to a positive 2.07 in 2026Q1, indicating that net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital adjustments are heavily influencing reported earnings. Investors should monitor whether this gap narrows as the post-merger integration stabilizes, as current figures imply that accounting accruals may be obscuring the underlying cash reality of the business.
Based on quarterly data, Expand Energy's FCF margin has shown a marked improvement, climbing from a negative 18.5% in 2024Q2 to a robust 38.5% in 2026Q1, reflecting the successful realization of operational efficiencies following the recent merger with Southwestern Energy.
The trajectory of free cash flow suggests that the company is successfully transitioning from a period of heavy capital investment to a more cash-generative phase. However, the sustainability of these margins remains contingent on the company's ability to maintain production levels without a corresponding surge in maintenance capital requirements.
According to historical cash flow filings, the company's CapEx/Revenue ratio has fluctuated significantly, peaking at 60.0% in 2024Q2 before moderating to 16.1% in 2026Q1, which highlights the high capital intensity required to sustain production across its massive unconventional asset base.
The reduction in capital intensity suggests that management is becoming more disciplined in its drilling program, yet the absolute level of capital expenditure remains substantial. This warrants further investigation into whether the current spending levels are sufficient to offset the natural decline rates of the company's 5,000+ well inventory.
As indicated by recent cash flow statements, Expand Energy has consistently returned capital to shareholders, with dividend payments reaching $141 million in 2026Q1, even as the company navigates the complex integration of its newly acquired assets and maintains a $616 million cash cushion.
The commitment to dividends and share repurchases suggests a management team focused on returning value to shareholders, though this strategy may limit the company's flexibility during periods of commodity price weakness. Investors should monitor if this capital allocation policy remains sustainable if natural gas prices experience a prolonged downturn.
Quick answers to the most common questions about buying EXEEL stock.
Expand Energy Corporation (EXEEL) generated $4.58B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expand Energy Corporation (EXEEL) generated $1.84B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Expand Energy Corporation (EXEEL) spent $2.74B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Expand Energy Corporation (EXEEL) returned $765.0M to shareholders via cash dividends and spent $100.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.