Revenue growth reached 100.2% in 2026Q1, though gross margins remain highly sensitive to commodity cycles, swinging from a low of -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% | - | - |
Midstream contract liability exposure
As reported in recent financial filings, Expand Energy’s revenue growth has exhibited extreme volatility, reaching a 100.2% year-over-year increase in 2026Q1, which appears primarily driven by the consolidation of Southwestern Energy assets rather than organic production gains across its dual-basin portfolio in the Marcellus and Haynesville.
The erratic top-line performance suggests that investors should discount headline growth figures as they reflect structural perimeter changes rather than operational momentum. Future revenue durability remains tethered to Henry Hub spot price fluctuations and the company's ability to successfully integrate these large-scale acquisitions into its existing takeaway infrastructure.
Based on the company's reported figures, gross margins have fluctuated significantly from a low of -37.6% in 2024Q2 to a peak of 79.5% in 2025Q3, indicating that the firm's cost structure is highly sensitive to commodity price cycles and the integration of legacy midstream take-or-pay commitments.
The wide variance in gross profitability suggests that the company lacks the pricing power to fully insulate itself from regional basis differentials. Analysts should monitor whether the recent stabilization toward 53.2% in 2026Q1 represents a sustainable baseline or merely a temporary reprieve from volatile energy market conditions.
According to the income statement data, operating income has struggled to scale consistently with gross profit, as evidenced by the 2025Q1 period where a $775 million gross profit failed to prevent a $268 million operating loss due to elevated SG&A expenses and integration-related costs.
The lack of consistent operating leverage suggests that the company's massive scale has yet to yield the expected administrative efficiencies. Investors should investigate whether the high SG&A burden is a permanent feature of the post-merger entity or a transient cost of consolidating the Southwestern Energy operations.
As indicated by the historical income statement, the company's net income is frequently impacted by non-operating items, with net margins swinging from -45.1% in 2024Q2 to 26.4% in 2026Q1, suggesting that reported earnings may not accurately reflect the underlying cash-generating capability of the core business.
Short-sellers may focus on the reliance on derivative gains and the potential for underestimated Asset Retirement Obligations to mask true operational performance. The volatility in EPS, ranging from -1.73 to 4.81 over the observed period, warrants further investigation into the quality of earnings and the sustainability of current dividend or capital return models.
Quick answers to the most common questions about buying EXEEW stock.
For fiscal year 2025, Expand Energy Corporation (EXEEW) reported total revenue of $11.65B. This represents a 7900.5% increase compared to $145.6M in 1995.
Expand Energy Corporation (EXEEW) 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 (EXEEW) 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 (EXEEW) 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.