Revenue growth reached 100.2% in 2026Q1, though operating margins remain inconsistent, swinging from a negative 58.4% in 2024Q2 to 34.8% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 14.32B | 12.12B | 4.22B | 7.78B | 11.44B | 7.3B | 4.61B | 8.55B | 10.33B | 9.09B | 8.75B | 11.84B | 22.11B | 17.16B | 11.4B | 10.87B | 7.97B | 5.94B | 10.84B | 6.85B | 7.33B | 5.03B |
| Revenue Growth % | 167.98% | 187.23% | -45.71% | -32.05% | 56.73% | 58.24% | -46.02% | -17.24% | 13.68% | 3.86% | -26.15% | -46.42% | 28.82% | 50.57% | 4.85% | 36.44% | 34.03% | -45.17% | 58.27% | -6.51% | 45.76% | - |
| Cost of Goods Sold | 1.65B | 2.38B | 3.08B | 2.74B | 3.29B | 4.88B | 5.02B | 8.18B | 9.12B | 7.71B | 8.52B | 12.62B | 19.2B | 14.49B | 10.08B | 8.56B | 6.22B | 5.1B | 6.97B | 4.69B | 3.54B | 1.26B |
| COGS % of Revenue | - | 19.6% | 72.97% | 35.19% | 28.73% | 66.85% | 108.73% | 95.67% | 88.28% | 84.92% | 97.45% | 106.58% | 86.84% | 84.42% | 88.44% | 78.72% | 78.12% | 85.73% | 64.28% | 68.51% | 48.35% | 25.11% |
| Gross Profit | 12.68B | 9.75B | 1.14B | 5.04B | 8.16B | 2.42B | -403M | 370M | 1.21B | 1.37B | 223M | -779M | 2.91B | 2.67B | 1.32B | 2.31B | 1.74B | 848M | 3.87B | 2.16B | 3.78B | 3.76B |
| Gross Margin % | 88.54% | 80.4% | 27.03% | 64.81% | 71.28% | 33.15% | -8.73% | 4.33% | 11.72% | 15.08% | 2.55% | -6.58% | 13.16% | 15.58% | 11.56% | 21.28% | 21.88% | 14.27% | 35.72% | 31.49% | 51.65% | 74.89% |
| Gross Profit Growth % | - | 754.34% | -77.36% | -38.22% | 237.02% | 700.5% | -208.92% | -69.42% | -11.68% | 514.35% | 128.63% | -126.77% | 8.87% | 102.96% | -43.06% | 32.7% | 105.54% | -78.1% | 79.51% | -42.99% | 0.52% | - |
| Operating Expenses | 8.41B | 7.28B | 1.94B | 1.9B | 4.38B | 95M | 267M | 332M | 335M | 224M | 240M | 235M | 322M | 457M | 535M | 548M | 453M | 349M | 457M | 459M | 315.59M | 1.63B |
| OpEx % of Revenue | - | 60.02% | 46.06% | 24.4% | 38.24% | 1.3% | 5.79% | 3.88% | 3.24% | 2.47% | 2.74% | 1.98% | 1.46% | 2.66% | 4.69% | 5.04% | 5.69% | 5.87% | 4.22% | 6.7% | 4.31% | 32.44% |
| Selling, General & Admin | 2.87B | 3.34B | 1.5B | 2.63B | 4.36B | 118M | 267M | 315M | 335M | 262M | 240M | 235M | 322M | 457M | 535M | 548M | 453M | 349M | 457M | 243M | 139.15M | 1.42B |
| SG&A % of Revenue | - | 27.58% | 35.44% | 33.77% | 38.08% | 1.62% | 5.79% | 3.69% | 3.24% | 2.88% | 2.74% | 1.98% | 1.46% | 2.66% | 4.69% | 5.04% | 5.69% | 5.87% | 4.22% | 3.55% | 1.9% | 28.3% |
| Research & Development | 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 | 3.93B | 448M | -729M | 19M | -23M | 0 | 17M | 0 | -38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216M | 176.44M | 207.9M |
| Operating Income | 4.27B | 2.47B | -803M | 3.14B | 3.78B | 2.33B | -670M | 38M | 875M | 1.15B | -17M | -1.01B | 2.59B | 2.22B | 782M | 1.76B | 1.29B | 499M | 3.42B | 1.7B | 3.47B | 2.13B |
| Operating Margin % | 29.82% | 20.38% | -19.02% | 40.41% | 33.03% | 31.85% | -14.52% | 0.44% | 8.47% | 12.61% | -0.19% | -8.56% | 11.71% | 12.91% | 6.86% | 16.24% | 16.19% | 8.39% | 31.5% | 24.79% | 47.34% | 42.45% |
| Operating Income Growth % | - | 407.72% | -125.56% | -16.88% | 62.58% | 447.01% | -1863.16% | -95.66% | -23.65% | 6841.18% | 98.32% | -139.18% | 16.79% | 183.38% | -55.69% | 36.82% | 158.52% | -85.39% | 101.12% | -51.04% | 62.53% | - |
| EBITDA | 7.25B | 5.45B | 926M | 4.67B | 5.53B | 3.32B | 845M | 2.36B | 2.71B | 2.14B | 1.09B | 1.22B | 5.5B | 5.12B | 3.59B | 3.69B | 2.9B | 2.11B | 5.56B | 3.69B | 4.93B | 3.08B |
| EBITDA Margin % | 50.63% | 44.96% | 21.94% | 60.05% | 48.35% | 45.47% | 18.31% | 27.6% | 26.22% | 23.57% | 12.46% | 10.26% | 24.89% | 29.83% | 31.53% | 33.93% | 36.45% | 35.57% | 51.31% | 53.83% | 67.31% | 61.26% |
| EBITDA Growth % | 672.92% | 488.66% | -80.17% | -15.62% | 66.66% | 292.9% | -64.18% | -12.89% | 26.48% | 96.42% | -10.29% | -77.92% | 7.5% | 42.47% | -2.58% | 27% | 37.37% | -61.99% | 50.85% | -25.22% | 60.16% | - |
| D&A (Non-Cash Add-back) | 2.98B | 2.98B | 1.73B | 1.53B | 1.75B | 995M | 1.51B | 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 |
| EBIT | 260M | 2.52B | -711M | 3.23B | 3.81B | 6.31B | -9.44B | 13M | 852M | 1.38B | -4.3B | -18.77B | 3.37B | 1.55B | -883M | 2.91B | 3.06B | -8.95B | 1.45B | 2.71B | 3.56B | 1.72B |
| Net Interest Income | 59M | -235M | -123M | -104M | -160M | -84M | -331M | -652M | -634M | -425M | -286M | -323M | -170M | -106M | -90M | -27M | -171M | -333M | -243M | -356M | -295.22M | -223.3M |
| 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 |
| Interest Expense | -1M | 235M | 123M | 104M | 160M | 84M | 331M | 652M | 634M | 425M | 286M | 329M | 173M | 111M | 91M | 30M | 179M | 341M | 265M | 364M | 300.42M | 226.3M |
| Other Income/Expense | -180M | -189M | -38M | -25M | -129M | 3.9B | -9.1B | -677M | -657M | -191M | -4.57B | -18.08B | 612M | -774M | -1.76B | 1.11B | 1.59B | -9.79B | -2.23B | 643M | -212.62M | -640.31M |
| Pretax Income | 4.09B | 2.28B | -841M | 3.12B | 3.65B | 6.22B | -9.77B | -639M | 218M | 955M | -4.59B | -19.1B | 3.2B | 1.44B | -974M | 2.88B | 2.88B | -9.29B | 1.19B | 2.34B | 3.26B | 1.49B |
| Pretax Margin % | 28.56% | 18.82% | -19.92% | 40.09% | 31.91% | 85.22% | -211.73% | -7.48% | 2.11% | 10.51% | -52.46% | -161.25% | 14.48% | 8.4% | -8.55% | 26.49% | 36.2% | -156.26% | 10.94% | 34.18% | 44.44% | 29.71% |
| 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 | 463M | 890M | 1.25B | 545.09M |
| Effective Tax Rate % | 21.1% | 20.29% | 15.1% | 22.39% | -35.2% | -1.7% | 0.19% | 51.8% | -4.59% | 0.21% | 4.14% | 23.37% | 35.75% | 38% | 39.01% | 38.99% | 38.49% | 37.5% | 39.04% | 38.02% | 38.46% | 36.5% |
| Net Income | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.73B | -308M | 225M | 939M | -4.39B | -14.69B | 1.44B | 645M | -769M | 1.74B | 1.77B | -5.83B | 656M | 1.32B | 1.99B | 921.43M |
| Net Margin % | 22.53% | 15% | -16.92% | 31.11% | 43.14% | 86.67% | -210.97% | -3.6% | 2.18% | 10.34% | -50.19% | -123.99% | 6.53% | 3.76% | -6.75% | 16.03% | 22.27% | -98.08% | 6.05% | 19.32% | 27.2% | 18.33% |
| Net Income Growth % | 426.29% | 354.76% | -129.52% | -50.99% | -22% | 165.01% | -3060.39% | -236.89% | -76.04% | 121.39% | 70.11% | -1116.97% | 123.88% | 183.88% | -144.14% | -1.8% | 130.43% | -988.72% | -50.42% | -33.61% | 116.27% | - |
| Net Income (Continuing) | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.75B | -308M | 228M | 953M | -4.4B | -14.63B | 2.06B | 894M | -594M | 1.76B | 1.77B | -5.8B | 723M | 1.45B | 2B | 948.3M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 13403.44 | 7.57 | -4.55 | 16.92 | 33.36 | 53.66 | -996.01 | -37.00 | 49.50 | 180.00 | -1149.21 | -4436.56 | 374.00 | 197.55 | -239.19 | 464.00 | 502.00 | -1905.23 | 228.00 | 524.00 | 870.00 | 502.00 |
| EPS Growth % | 342.75% | 266.37% | -126.89% | -49.28% | -37.83% | 105.39% | -2591.92% | -174.75% | -72.5% | 115.66% | 74.1% | -1286.25% | 89.32% | 182.59% | -151.55% | -7.57% | 126.35% | -935.63% | -56.49% | -39.77% | 73.31% | - |
| EPS (Basic) | - | 7.67 | -4.55 | 18.21 | 38.71 | 53.66 | -996.01 | -37.00 | 49.50 | 180.00 | -1149.21 | -4436.56 | 386.00 | 197.55 | -239.19 | 494.00 | 526.00 | -1905.23 | 232.00 | 538.00 | 956.00 | 546.00 |
| Diluted Shares Outstanding | 240.76K | 240.37K | 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 |
| Basic Shares Outstanding | 239.9K | 237.29K | 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 |
| Dividend Payout Ratio | - | 42.06% | - | 20.13% | 24.55% | 1.88% | - | - | - | - | - | - | 16.2% | 36.12% | - | 11.88% | 10.65% | - | 22.56% | 8.69% | 4.37% | 6.57% |
Commodity Price Basis Volatility
According to recent financial disclosures, Expand Energy achieved a 100.2% year-over-year revenue growth in 2026Q1, a trajectory heavily influenced by the integration of Southwestern Energy assets rather than purely organic production gains, which warrants caution when evaluating the sustainability of this rapid top-line expansion.
The dramatic revenue acceleration appears to be a function of the recent merger, masking the underlying volatility inherent in natural gas production. Investors should monitor whether the company can maintain this scale without incurring significant diseconomies of scale as it integrates disparate well inventories.
As reported in quarterly filings, the company's gross margin fluctuated wildly from a negative 41.2% in 2024Q2 to a peak of 159.0% in 2025Q4, suggesting that derivative settlements and accounting adjustments are significantly distorting the core operational profitability of the firm's natural gas extraction activities.
The extreme variance in gross margins indicates that reported figures are not a reliable proxy for cash-on-cash lifting costs. Analysts should look past these accounting swings to assess the underlying cost-per-unit, which remains sensitive to regional basis differentials and midstream contract obligations.
Based on the income statement data, Expand Energy's operating margin reached 34.8% in 2026Q1, yet the historical inconsistency of these margins suggests that the company struggles to maintain consistent operating leverage amidst the heavy fixed-cost burden associated with its extensive gathering and transportation infrastructure.
The disparity between gross and operating margins implies that corporate overhead and midstream 'take-or-pay' commitments consume a substantial portion of gross profits. This structure suggests that the company may face significant margin compression if natural gas prices remain depressed for an extended period.
While the company touts its dual-basin dominance, the historical data indicates that Expand Energy's net income remains highly susceptible to non-operating items, with net margins swinging from -45.1% to 52.2% over the last ten quarters, highlighting the fragility of its earnings quality in a volatile commodity environment.
Short-term observers may focus on the potential for 'diseconomies of scale' where the complexity of managing 5,000+ wells leads to rising per-unit costs. The reliance on non-operating gains to bolster net income suggests that the core business may not yet be generating the consistent returns required to justify its current valuation.
Quick answers to the most common questions about buying EXEEL stock.
For fiscal year 2025, Expand Energy Corporation (EXEEL) reported total revenue of $12.12B. This represents a 141.2% increase compared to $5.03B in 2005.
Expand Energy Corporation (EXEEL) is profitable, generating $1.82B in net income for the fiscal year ending 2025 with a net profit margin of 15.0%.
Expand Energy Corporation (EXEEL) reported an operating income of $2.47B, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Expand Energy Corporation (EXEEL) generated $9.75B in gross profit for the year, representing a gross profit margin of 80.4%. This demonstrates the company's core pricing power and production efficiency.