EXE

MKT CAP:$23B

Expand Energy Corporation

Market Cap

$23B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Exploration & Production·🇺🇸·NASDAQ

Stock Price

$95.47-$14.30 (-13.03%)

Apr 20, 2026

Company Details

Expand Energy Corporation operates as an independent exploration and production company in the United States. It engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from un...

CEO

Michael A. Wichterich

IPO Date

Feb 10, 2021

Website

www.expandenergy.com

Key Metrics TTM

Revenue

$11.9B

+181.8% YoY

Net Income

$1.8B

EPS (Diluted)

$7.53

Free Cash Flow

$1.7B

Revenue / Share

$49.50

Gross Margin

50.1%

Operating Margin

19.2%

Net Margin

15.3%

FCF Margin

14.3%

P/S

1.9x

P/E

12.7x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 18, 2026

$11.6B+176.0%EPS $7.57

Q4 2025

Feb 18, 2026

$3.0B+52.4%EPS $2.30

Q3 2025

Oct 28, 2025

$3.0B+359.1%EPS $2.27

Q2 2025

Jul 29, 2025

$3.7B+632.8%EPS $4.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$656M	-$1.0B	-$794M
Q2 22	$3.5B	$1.4B	$1.3B
Q3 22	$3.2B	$2.3B	$1.0B
Q4 22	$4.1B	$2.3B	$2.2B
Q1 23	$3.0B	$2.3B	$1.8B
Q2 23	$1.4B	$96M	$517M
Q3 23	$1.5B	$865M	$79M
Q4 23	$1.8B	$1.2B	$726M
Q1 24	$1.1B	$442M	$32M
Q2 24	$503M	-$189M	-$294M
Q3 24	$646M	$109M	-$155M
Q4 24	$2.0B	$638M	-$386M
Q1 25	$2.2B	$775M	-$268M
Q2 25	$3.7B	$1.4B	$1.3B
Q3 25	$3.0B	$2.4B	$725M
Q4 25	$3.0B	$1.4B	$557M

Valuation

Quarter	P/S	P/E
Q1 22	3.6x	—
Q2 22	2.5x	14.8x
Q3 22	2.0x	8.3x
Q4 22	2.0x	4.7x
Q1 23	1.7x	3.3x
Q2 23	2.0x	3.7x
Q3 23	2.3x	4.3x
Q4 23	3.0x	9.6x
Q1 24	4.0x	21.9x
Q2 24	4.7x	52.8x
Q3 24	5.7x	91.1x
Q4 24	5.5x	—
Q1 25	4.3x	—
Q2 25	2.7x	112.3x
Q3 25	2.1x	26.7x
Q4 25	1.9x	12.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$853M	$509M
Q2 22	$909M	$494M
Q3 22	$1.3B	$773M
Q4 22	$1.1B	$526M
Q1 23	$889M	$392M
Q2 23	$515M	-$15M
Q3 23	$506M	$83M
Q4 23	$470M	$91M
Q1 24	$552M	$131M
Q2 24	$209M	-$93M
Q3 24	$418M	$120M
Q4 24	$382M	-$154M
Q1 25	$1.1B	$533M
Q2 25	$1.3B	$665M
Q3 25	$1.2B	$426M
Q4 25	$945M	$78M

Capital Expenditures

Quarter	CapEx
Q1 22	$344M
Q2 22	$415M
Q3 22	$540M
Q4 22	$524M
Q1 23	$497M
Q2 23	$530M
Q3 23	$423M
Q4 23	$379M
Q1 24	$421M
Q2 24	$302M
Q3 24	$298M
Q4 24	$536M
Q1 25	$563M
Q2 25	$657M
Q3 25	$775M
Q4 25	$867M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-55.3%	+35.9%
Q2 22	+406.4%	+92.5%
Q3 22	+256.7%	+76.2%
Q4 22	-3.1%	+21.3%
Q1 23	+362.7%	-16.2%
Q2 23	-59.4%	-58.2%
Q3 23	-52.2%	-33.6%
Q4 23	-56.1%	-42.9%
Q1 24	-64.6%	-14.3%
Q2 24	-64.6%	-11.6%
Q3 24	-57.3%	-44.1%
Q4 24	+10.5%	+120.2%
Q1 25	+104.7%	+136.7%
Q2 25	+632.8%	+203.3%
Q3 25	+359.1%	+179.8%
Q4 25	+52.4%	+4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	0.6%
Q2 22	$6M	0.2%
Q3 22	$6M	0.2%
Q4 22	$6M	0.1%
Q1 23	$7M	0.2%
Q2 23	$9M	0.6%
Q3 23	-$16M	-1.1%
Q4 23	$8M	0.4%
Q1 24	$9M	0.8%
Q2 24	$10M	2.0%
Q3 24	$10M	1.5%
Q4 24	$9M	0.5%
Q1 25	$9M	0.4%
Q2 25	$13M	0.4%
Q3 25	$12M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$26M	—
Q2 22	$36M	—
Q3 22	$40M	$1.2B
Q4 22	$40M	—
Q1 23	$35M	$651M
Q2 23	$31M	—
Q3 23	$29M	$723M
Q4 23	$32M	$514M
Q1 24	$47M	$323M
Q2 24	$47M	—
Q3 24	$39M	$192M
Q4 24	$53M	$654M
Q1 25	$47M	$919M
Q2 25	$40M	—
Q3 25	$45M	$666M
Q4 25	$49M	$799M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$28M	$1M	$29M
Q2 22	$26M	$2M	$28M
Q3 22	$130M	$4M	$134M
Q4 22	$192M	$34M	$226M
Q1 23	$130M	$0	$130M
Q2 23	$903M	$0	$903M
Q3 23	$713M	$0	$713M
Q4 23	$1.1B	$0	$1.1B
Q1 24	$1.2B	$0	$1.2B
Q2 24	$1.0B	$0	$1.0B
Q3 24	$1.0B	$0	$1.0B
Q4 24	$317M	$0	$317M
Q1 25	$349M	$0	$349M
Q2 25	$806M	$46M	$852M
Q3 25	$691M	$157M	$848M
Q4 25	$696M	$264M	$960M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	121M	+2.4%	+23.4%
Q2 22	150M	+23.8%	+52.7%
Q3 22	144M	-3.4%	+47.0%
Q4 22	146M	+1.4%	+24.1%
Q1 23	145M	-1.1%	+19.8%
Q2 23	143M	-1.0%	-4.2%
Q3 23	142M	-0.6%	-1.4%
Q4 23	141M	-0.6%	-3.3%
Q1 24	142M	+0.2%	-2.1%
Q2 24	131M	-7.5%	-8.4%
Q3 24	134M	+2.0%	-6.0%
Q4 24	232M	+73.1%	+63.6%
Q1 25	234M	+1.3%	+65.4%
Q2 25	241M	+2.6%	+83.4%
Q3 25	241M	0.0%	+79.8%
Q4 25	240M	-0.1%	+3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$504.6K	1K
Q2 22	$3M	1K
Q3 22	$2M	1K
Q4 22	$3M	1K
Q1 23	$3M	1K
Q2 23	$1M	1K
Q3 23	$1M	1K
Q4 23	$2M	1K
Q1 24	$1M	1K
Q2 24	$503.0K	1K
Q3 24	$646.0K	1K
Q4 24	$1M	2K
Q1 25	$1M	2K
Q2 25	$2M	2K
Q3 25	$2M	2K
Q4 25	$2M	2K

Revenue / Employee