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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)
$13.6B
Revenue growth
+59.3%
Operating margin
26.9%
Net income (12 months)
$2.8B
Free cash flow (12 months)
$2.7B
Cash
$663M
Debt
$5.0B
Diluted EPS (12 months)
$11.58

Twelve months to June 30, 2026, from the 10-Q filed July 28, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Expand Energy reported revenue of $13.6 billion, up a strong 59.3% from $8.5 billion a year earlier.

Its operating margin was 26.9%, up 21.5 percentage points from a year earlier: for every $100 of sales, about $27 was left as operating profit.

Net income was $2.8 billion (20.5% of revenue), 1250.0% higher than a year earlier.

Operating cash flow was $5.7 billion and capital spending $3.0 billion, leaving free cash flow of $2.7 billion (19.7% of revenue). Capital spending equal to 22% of revenue is high; the company is investing heavily.

At the end of the period it held $663 million in cash and $5.0 billion in debt, a net debt position of $4.3 billion.

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 year20202022202320242025
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

  • 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
  • 8-K filed July 30, 2026 — Other event
  • 10-Q filed July 28, 2026 — quarterly report
  • 8-K filed July 28, 2026 — Earnings results; Regulation FD disclosure
  • 8-K filed July 27, 2026 — Regulation FD disclosure
  • 8-K filed June 26, 2026 — Executive or director change

All Expand Energy filings on SEC EDGAR

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Questions about Expand Energy

Is Expand Energy's revenue growing?

Yes. Revenue for the twelve months to June 30, 2026 was $13.6 billion, up 59.3% 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 June 30, 2026, a net margin of 20.5%.

Does Expand Energy have more cash or more debt?

At June 30, 2026 it had $663 million in cash and $5.0 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 July 28, 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 September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.