Expand Energy (EXE): financials, SEC filings and peers
Expand Energy (EXE) is an oil & gas exploration & production company in the Energy sector of the S&P 500, headquartered in Oklahoma City, Oklahoma.
It was founded in 1989 and joined the S&P 500 on March 24, 2025.
Its fiscal year ends in December, and its shares trade on the Nasdaq.
In its SEC filings it is classified as “Crude Petroleum & Natural Gas”.
Expand Energy at a glance
- Revenue (12 months)
- $13.9B
- Revenue growth
- +28.2%
- Operating margin
- 25.7%
- Net income (12 months)
- $2.8B
- Free cash flow (12 months)
- $2.6B
- Cash
- $118M
- Debt
- $4.6B
- Diluted EPS (12 months)
- $11.54
Twelve months to September 30, 2026, from the 10-Q filed October 27, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Expand Energy reported revenue of $13.9 billion, up a strong 28.2% from $10.9 billion a year earlier.
Its operating margin was 25.7%, up 13.4 percentage points from a year earlier: for every $100 of sales, about $26 was left as operating profit.
Net income was $2.8 billion (19.8% of revenue), 217.5% higher than a year earlier.
Operating cash flow was $5.6 billion and capital spending $3.0 billion, leaving free cash flow of $2.6 billion (18.6% of revenue). Capital spending equal to 22% of revenue is high; the company is investing heavily.
At the end of the period it held $118 million in cash and $4.6 billion in debt, a net debt position of $4.5 billion.
The diluted share count fell 3.4% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $8.5 billion in fiscal 2019 to $12.1 billion in fiscal 2025, about 7.3% a year.
- Operating margin widened from -0.4% to 20.4% over the same years.
- Free cash flow was positive in each of the last 5 fiscal years.
- Expand Energy reported a net loss in 3 of the last 6 fiscal years.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $11.7B | $8.7B | $4.2B | $12.1B |
| Revenue growth | -38.6% | 124.1% | -25.7% | -51.4% | 186.3% |
| Operating margin | -166.1% | 32.2% | 36.0% | -19.0% | 20.4% |
| Net income | −$9.7B | $4.9B | $2.4B | −$714M | $1.8B |
| Free cash flow | $22M | $2.3B | $551M | $8M | $1.8B |
| Diluted EPS | $-998.26 | $33.36 | $16.92 | $-4.55 | $7.57 |
Fiscal years as reported in Expand Energy’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed October 27, 2026 — quarterly report
- 8-K filed October 27, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed October 19, 2026 — Executive or director change; Regulation FD disclosure
- 8-K filed October 13, 2026 — Executive or director change
- 8-K filed October 6, 2026 — Material agreement; New debt obligation
- 8-K filed September 17, 2026 — Material agreement; New debt obligation
- 8-K filed September 16, 2026 — Executive or director change; Other event
- 8-K filed September 16, 2026 — Material agreement; Regulation FD disclosure
Companies like Expand Energy
Other S&P 500 companies in Oil & Gas Exploration & Production:
- APAAPA CorporationHouston, Texas
- COPConocoPhillipsHouston, Texas
- DVNDevon EnergyOklahoma City, Oklahoma
- EOGEOG ResourcesHouston, Texas
- EQTEQT CorporationPittsburgh, Pennsylvania
- FANGDiamondback EnergyMidland, Texas
- OXYOccidental PetroleumHouston, Texas
- TPLTexas Pacific Land CorporationDallas, Texas
More from Energy
Questions about Expand Energy
Is Expand Energy's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $13.9 billion, up 28.2% from a year earlier, according to its SEC filings.
Is Expand Energy profitable?
Yes. It earned $2.8 billion in net income over the twelve months to September 30, 2026, a net margin of 19.8%.
Does Expand Energy have more cash or more debt?
At September 30, 2026 it had $118 million in cash and $4.6 billion in debt, so more debt than cash.
When did Expand Energy last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 27, 2026.
Which companies are similar to Expand Energy?
In the S&P 500, Expand Energy is grouped in Oil & Gas Exploration & Production within the Energy sector. APA Corporation (APA), ConocoPhillips (COP), Devon Energy (DVN), EOG Resources (EOG), EQT Corporation (EQT) are in the same group.
Understand the numbers
Source: Expand Energy’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.