Revenue growth reached 37.0% in 2026Q1, supported by a recovery in operating margins to 34.8% following the integration of recent large-scale acquisitions.
| 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 | 14.15B | 12.12B | 4.25B | 6.04B | 14.12B | 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 % | 116.31% | 184.94% | -29.53% | -57.25% | 93.44% | 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 | 5.22B | 2.38B | 4.5B | 5.43B | 7.77B | 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% | 105.69% | 89.91% | 55% | 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 | 8.93B | 9.75B | -242M | 609M | 6.36B | 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 % | 63.11% | 80.4% | -5.69% | 10.09% | 45% | 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 % | - | 4128.1% | -139.74% | -90.42% | 162.64% | 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 | 4.66B | 7.28B | 518M | 145M | 191M | 95M | 267M | 332M | 335M | 224M | 240M | 235M | 322M | 457M | 535M | 548M | 453M | 349M | 457M | 459M | 315.59M | 1.63B |
| OpEx % of Revenue | - | 60.02% | 12.17% | 2.4% | 1.35% | 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 | 2.08B | 3.34B | 1.48B | 127M | 142M | 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% | 34.69% | 2.1% | 1.01% | 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 | -958M | 18M | 49M | -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 | -760M | 464M | 6.17B | 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 % | 30.17% | 20.38% | -17.86% | 7.68% | 43.65% | 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 % | - | 425.13% | -263.79% | -92.47% | 165.16% | 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 | 969M | 1.99B | 7.92B | 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 % | 51.23% | 44.96% | 22.77% | 32.97% | 56.06% | 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 % | 236.58% | 462.54% | -51.33% | -74.85% | 138.49% | 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 | 2.88B | 2.63B | -718M | 3.22B | 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 | -176M | -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 | 117M | 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 | -81M | 2.65B | -2.51B | 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 % | 28.9% | 18.82% | -19.77% | 51.62% | 25.85% | 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 % | 22.8% | 15% | -16.78% | 40.06% | 34.95% | 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 | 16.16 | 33.36 | 53.66 | -997.49 | -49.97 | 29.26 | 179.47 | -1286.65 | -4488.22 | 374.09 | 146.00 | -292.38 | 463.30 | 502.55 | -1912.75 | 228.62 | 524.02 | 869.69 | 501.48 |
| EPS Growth % | 310.52% | 266.37% | -128.16% | -51.56% | -37.83% | 105.38% | -1896.18% | -270.78% | -83.7% | 113.95% | 71.33% | -1299.77% | 156.23% | 149.94% | -163.11% | -7.81% | 126.27% | -936.65% | -56.37% | -39.75% | 73.42% | - |
| EPS (Basic) | - | 7.67 | -4.55 | 16.73 | 36.70 | 53.66 | -997.49 | -49.97 | 29.26 | 179.47 | -1286.65 | -4488.22 | 438.24 | 146.00 | -292.38 | 546.94 | 562.28 | -1912.75 | 232.46 | 559.65 | 1000.90 | 571.00 |
| Diluted Shares Outstanding | 240.76K | 240.37M | 156.99M | 149.67M | 145.54M | 117.92M | 9.78M | 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 | 237.29M | 156.99M | 144.57M | 134.51M | 117.92M | 9.78M | 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
As reported in recent financial statements, Expand Energy's revenue growth reached 37.0% in 2026Q1, though this figure is heavily distorted by the Southwestern Energy merger, masking the underlying organic production trends that investors must carefully disentangle from inorganic expansion effects to assess true operational durability.
The massive revenue swings observed over the last ten quarters suggest that top-line performance is currently more a function of corporate consolidation than organic volume growth. Analysts should view the 184.94% year-over-year growth as a non-recurring accounting artifact rather than a sustainable trajectory for future modeling.
Based on reported figures, the company's gross margin fluctuated significantly from a low of -38.7% in 2024Q2 to 84.3% in 2026Q1, highlighting the extreme sensitivity of the cost structure to commodity price cycles and the inherent difficulty in maintaining consistent profitability in a pure-play gas model.
The wide variance in gross margins suggests that the company's wellhead economics are highly susceptible to regional basis pricing and Henry Hub fluctuations. While the recent expansion to 84.3% indicates improved realization, investors should monitor whether this is a sustainable structural shift or merely a temporary benefit from favorable market conditions.
According to recent SEC filings, the company's operating margin reached 34.8% in 2026Q1, reflecting a significant recovery from the negative margins seen throughout 2024, which suggests that management is successfully scaling overhead costs relative to the expanded production base following the recent large-scale corporate integration.
The gap between gross and operating margins indicates that fixed costs and overhead remain substantial, requiring consistent production volume to achieve meaningful operating leverage. Future performance will likely depend on whether the company can maintain this efficiency as it integrates the Southwestern assets and manages potential inflationary pressures on field operations.
Based on the provided income statement data, net income has experienced extreme volatility, including a $249 million loss in 2025Q1 followed by a $1.2 billion profit in 2026Q1, which warrants further investigation into the impact of non-cash derivative mark-to-market adjustments on reported bottom-line results.
The disconnect between operating income and net income suggests that non-operating items, particularly hedge settlements, are significantly distorting the company's true earnings power. Investors should focus on cash-based metrics rather than headline EPS to gauge the actual economic viability of the current drilling program.
While the company reports a massive 5,000-well portfolio, the market may be underestimating the risk of inventory exhaustion, as the quality of remaining Tier 2 locations could lead to a future productivity cliff that is not currently reflected in the recent positive margin trends.
Short-sellers may focus on the potential for margin compression if the company is forced to drill less productive acreage to maintain output levels. The reliance on high-grading the portfolio suggests that long-term profitability may be at risk if the current inventory of Tier 1 locations is depleted faster than anticipated.
Quick answers to the most common questions about buying EXEEZ stock.
For fiscal year 2025, Expand Energy Corporation (EXEEZ) reported total revenue of $12.12B. This represents a 141.2% increase compared to $5.03B in 2005.
Expand Energy Corporation (EXEEZ) 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 (EXEEZ) 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 (EXEEZ) 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.