Expand Energy Corporation

EXE · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1996	FY1995	FY1994	FY1993	FY1992
Valuation
Market cap	$26,284	$23,006	$10,221	$11,870	$7,608	–	$356	$195	$194	$163	$142	$141	$140	$138	$136	$135	$131	$115	$98	$85	$69	$54	$45	$36	$35	$28	$21	$28	$755	$1,540	$2,247	$2,141	$4
Enterprise value	$30,464	$28,514	$11,269	$14,952	$9,019	–	$9,754	$7,954	$10,206	$9,850	$10,297	$8,917	$14,290	$14,915	$11,878	$11,726	$12,324	$11,468	$10,844	$7,233	$5,488	$3,071	$2,062	$1,439	$1,247	$973	$966	$942	$841	$1,678	$2,295	$2,181	$20
P/E (TTM) at period end	14.45×	–	4.23×	2.44×	1.20×	–	–	1.46×	–	–	–	0.11×	0.29×	–	0.09×	0.08×	–	0.23×	0.08×	0.04×	0.07×	0.11×	0.14×	0.89×	0.16×	0.06×	0.62×	0.06×	–	65.92×	192.72×	548.34×	–
P/S (TTM) at period end	2.17×	5.43×	1.17×	1.01×	1.04×	–	0.04×	0.02×	0.02×	0.02×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0.01×	0.01×	0.01×	0.01×	0.02×	0.03×	0.05×	0.04×	0.04×	0.06×	0.04×	2.81×	10.57×	34.14×	74.24×	0.25×
P/B at period end	1.41×	1.31×	0.95×	1.30×	1.34×	–	0.08×	0.09×	0.10×	–	0.07×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0.03×	0.04×	0.05×	0.09×	0.07×	–	1.56×	28.09×	60.25×	68.41×	0.14×
EV / EBITDA (TTM)	5.59×	30.79×	2.41×	2.70×	2.72×	–	4.37×	3.75×	6.55×	–	–	1.40×	2.87×	13.35×	2.45×	2.65×	–	3.18×	2.34×	1.48×	2.02×	1.92×	1.95×	3.41×	1.79×	2.54×	4.67×	2.45×	–	18.85×	50.25×	120.94×	3.58×
EV / Sales (TTM)	2.51×	6.73×	1.29×	1.27×	1.24×	–	1.14×	0.79×	1.02×	1.13×	0.81×	0.39×	0.75×	1.21×	1.02×	1.25×	1.60×	0.99×	1.39×	0.99×	1.18×	1.13×	1.20×	1.95×	1.29×	1.55×	2.72×	1.50×	3.13×	11.52×	34.86×	75.60×	1.19×
Returns
Return on equity	9.8%	(4.1%)	22.5%	53.4%	111.6%	–	(9.5%)	6.4%	(33.2%)	–	(689.3%)	7.5%	3.0%	(6.0%)	9.4%	10.9%	(51.1%)	3.0%	10.2%	17.8%	15.4%	16.3%	18.1%	4.4%	28.3%	145.4%	10.6%	–	(37.9%)	42.6%	31.3%	12.5%	(1.3%)
Return on invested capital	8.6%	(3.0%)	20.7%	31.0%	32.8%	–	(0.1%)	3.9%	(1.2%)	(25.5%)	(117.9%)	8.7%	4.2%	(3.4%)	6.3%	6.2%	(23.0%)	3.0%	7.0%	11.3%	9.7%	10.2%	11.2%	5.0%	15.8%	22.1%	8.1%	41.9%	(29.7%)	12.1%	13.8%	8.4%	1.7%
Dividend yield	2.9%	1.7%	4.8%	10.2%	1.6%	–	–	47.3%	–	–	83.3%	165.9%	166.7%	165.0%	151.9%	140.0%	138.2%	129.0%	117.8%	102.0%	87.8%	71.8%	60.3%	14.0%	–	20.3%	–	20.3%	–	–	–	–	–
Financial health
Current ratio	1.01×	0.64×	1.99×	1.00×	0.86×	0.36×	0.52×	0.55×	0.63×	0.59×	0.67×	1.32×	0.66×	0.47×	0.45×	0.73×	0.91×	1.19×	0.51×	0.61×	0.60×	0.59×	0.67×	1.64×	2.08×	1.03×	1.03×	0.90×	1.97×	0.94×	1.01×	1.06×	0.63×
Debt / equity	0.27×	0.32×	0.19×	0.34×	0.40×	(0.36×)	2.17×	3.69×	5.25×	(7.84×)	5.00×	0.68×	0.81×	0.81×	0.64×	0.84×	1.07×	0.77×	0.90×	0.66×	0.89×	0.97×	1.19×	1.82×	1.73×	3.02×	3.02×	(3.80×)	0.47×	3.05×	1.90×	1.77×	0.67×
Effective tax rate	20.3%	15.1%	22.4%	(35.2%)	(1.7%)	0.2%	51.8%	(4.6%)	(0.4%)	5.2%	23.4%	35.8%	38.0%	39.0%	39.0%	38.5%	37.5%	39.1%	38.0%	38.5%	36.5%	36.0%	38.0%	40.0%	39.9%	(132.2%)	5.0%	(132.2%)	2.0%	35.5%	35.1%	24.2%	20.0%
Share count
Diluted shares outstanding	240	157	143	146	116	10	8	5	5	764	662	772	653	643	752	706	612	545	487	2	2	2	1	1	1	1	1	1	18	36	53	50	0

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1996	FY1995	FY1994	FY1993	FY1992
Revenue and gross profit
Revenue	$13,595	$12,124	$4,235	$8,721	$11,743	$7,301	$5,240	$8,532	$10,030	$10,039	$8,705	$12,764	$23,125	$19,080	$12,316	$11,635	$9,366	$7,702	$11,629	$7,800	$7,326	$4,665	$2,709	$1,717	$739	$969	$628	$355	$628	$269	$146	$66	$29	$17
Cost of revenue	($4,931)	($6,230)	($3,080)	–	($3,287)	($4,881)	($4,590)	($8,093)	($8,956)	($8,417)	($8,524)	($12,623)	($19,196)	($16,062)	($10,080)	($8,557)	($6,224)	($3,481)	($1,316)	($2,919)	($2,256)	($1,883)	($1,064)	($626)	($294)	($253)	($227)	($131)	($227)	($326)	($54)	($19)	($9)	($6)
Gross profit	$8,439	$5,418	$1,141	–	$8,156	$2,420	$620	$396	$1,275	$1,079	($652)	$141	$3,929	$3,018	$2,236	$3,078	$3,142	$4,221	$10,313	$4,881	$5,070	$2,782	$1,645	$1,092	$444	$716	$401	$224	$401	($57)	$91	$47	$20	$11
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($207)	($181)	($186)	($127)	($142)	($118)	($267)	($315)	($335)	($333)	($322)	($235)	($322)	($457)	($535)	($548)	($453)	($349)	($377)	($243)	($194)	($64)	($37)	($24)	($18)	($14)	($13)	($13)	($13)	($9)	($5)	($4)	($3)	($5)
Total operating expenses	($4,777)	($2,947)	($1,944)	–	($4,376)	($95)	($9,323)	($427)	($893)	($1,217)	($2,604)	($19,060)	($452)	($949)	($3,930)	($157)	($337)	($13,166)	($8,856)	($2,231)	($1,657)	($1,009)	($653)	($416)	($253)	($196)	($122)	($116)	($122)	($116)	($55)	($29)	($12)	($10)
Total costs and expenses	($9,933)	($9,653)	($5,038)	($5,579)	($7,963)	($4,976)	($13,943)	($8,563)	($9,648)	($10,177)	($11,961)	($31,683)	($19,648)	($17,011)	($14,010)	($8,714)	($6,561)	($16,647)	($10,172)	($5,150)	($3,913)	($2,892)	($1,717)	($1,042)	($547)	($449)	($349)	($247)	($349)	($442)	($109)	($48)	($21)	($16)
Operating income	$3,662	$2,471	($803)	$3,142	$3,780	$2,325	($8,703)	($31)	$382	($138)	($3,256)	($18,919)	$3,477	$2,069	($1,694)	$2,921	$2,805	($8,945)	$1,457	$2,650	$3,413	$1,773	$992	$675	$192	$520	$279	$108	$279	($173)	$36	$18	$8	$1
Earnings
EBITDA	$6,595	$5,451	$926	$4,669	$5,533	$3,316	($7,606)	$2,233	$2,119	$1,559	($1,558)	($16,690)	$6,392	$4,972	$1,117	$4,844	$4,419	($7,330)	$3,601	$4,638	$4,876	$2,718	$1,604	$1,057	$422	$698	$384	$207	$384	($66)	$89	$46	$18	$6
Interest income	$25	$16	$45	$29	$1	–	–	–	–	–	–	$6	$3	$5	$1	$3	$8	$8	$22	$8	$5	$3	$4	$3	$7	$3	$4	$9	$4	$11	$4	$2	$1	–
Interest expense	($218)	($235)	($123)	($104)	($160)	($84)	($331)	($651)	($633)	($601)	($528)	($317)	($89)	($227)	($77)	($44)	($19)	($113)	($271)	($401)	($300)	($226)	($167)	($154)	($112)	($98)	($86)	($81)	($86)	–	–	–	($3)	–
Pre-tax income	$3,534	$2,282	($841)	$3,117	$3,651	$6,222	($9,769)	($639)	$218	($500)	($3,680)	($19,098)	$3,200	$1,442	($974)	$2,880	$2,884	($9,288)	$991	$2,347	$3,255	$1,493	$805	$501	$67	$362	$196	$35	$196	($180)	$36	$18	$5	($0)
Income tax expense	($753)	($463)	$127	($698)	$1,285	$106	$19	$331	$10	($2)	$190	$4,463	($1,144)	($548)	$380	($1,123)	($1,110)	$3,483	($387)	($892)	($1,252)	($545)	($290)	($190)	($27)	($144)	$259	($2)	$259	$4	($13)	($6)	($1)	$0
Net income	$2,781	$1,819	($714)	$2,419	$4,936	$6,328	($9,734)	($308)	$226	($505)	($3,493)	($14,567)	$1,917	$724	($769)	$1,742	$1,774	($5,830)	$604	$1,455	$2,003	$948	$515	$313	$40	$217	$456	$33	$456	($183)	$23	$12	$4	($0)
Per share
Diluted EPS (GAAP)	$11.58	$7.57	($4.55)	$16.92	$33.36	$54.39	($998.26)	($49.97)	$29.26	($139.32)	($5.26)	($22.26)	$1.87	$0.73	($1.46)	$2.32	$2.51	($9.57)	$0.93	$2.63	$870.00	$502.00	$330.00	$242.00	$34.00	$250.00	$602.00	$32.00	$602.00	($10.36)	$0.65	$0.22	$0.0781	($4.00)
Basic EPS (GAAP)	$11.68	$7.67	($4.55)	$18.21	$38.71	$62.19	($998.26)	($49.97)	$29.26	($139.32)	($5.26)	($22.26)	$1.93	$0.73	($1.46)	$2.47	$2.63	($9.57)	$0.94	$2.70	$956.00	$546.00	$376.00	$276.00	$36.00	$266.00	$704.00	$34.00	$704.00	($10.40)	$0.65	$0.22	$0.0781	($4.00)
Basic shares outstanding	239	237	157	133	126	102	10	8	5	5	764	662	659	653	643	637	631	612	536	456	2	2	1	1	1	1	1	0	1	18	36	53	50	0
Margins
Gross margin	62.1%	44.7%	26.9%	–	69.5%	33.1%	11.8%	4.6%	12.7%	10.7%	(7.5%)	1.1%	17.0%	15.8%	18.2%	26.5%	33.5%	54.8%	88.7%	62.6%	69.2%	59.6%	60.7%	63.6%	60.2%	73.9%	63.8%	63.1%	63.8%	(21.1%)	62.7%	71.7%	69.3%	63.7%
Operating margin	26.9%	20.4%	(19.0%)	36.0%	32.2%	31.8%	(166.1%)	(0.4%)	3.8%	(1.4%)	(37.4%)	(148.2%)	15.0%	10.8%	(13.8%)	25.1%	29.9%	(116.1%)	12.5%	34.0%	46.6%	38.0%	36.6%	39.3%	26.0%	53.7%	44.4%	30.3%	44.4%	(64.3%)	24.9%	27.3%	27.2%	5.8%
Net margin	20.5%	15.0%	(16.9%)	27.7%	42.0%	86.7%	(185.8%)	(3.6%)	2.3%	(5.0%)	(40.1%)	(114.1%)	8.3%	3.8%	(6.2%)	15.0%	18.9%	(75.7%)	5.2%	18.7%	27.3%	20.3%	19.0%	18.2%	5.5%	22.4%	72.5%	9.4%	72.5%	(68.2%)	16.0%	17.7%	13.5%	(2.3%)

Analyst consensus

Buy22 analysts

Bearish · 0 · Hold · 5 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$0.16	$-0.05	Beat
Q4 2024	$0.55	$0.52	Beat
Q1 2025	$2.02	$1.91	Beat
Q2 2025	$1.10	$1.14	Miss
Q3 2025	$0.97	$0.90	Beat
Q4 2025	$2.00	$1.87	Beat
Q1 2026	$3.83	$3.69	Beat
Q2 2026	$1.33	$1.13	Beat

Peers

Company overview

IPO dateFeb 10, 2021

CEOMichael A. Wichterich

Employees1,600

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNASDAQ Global Select

Websitewww.expandenergy.com

Expand Energy Corporation functions as an independent entity primarily focused on the discovery and extraction of energy resources throughout the United States. Its core operations involve the acquisition, exploration, and subsequent development of properties to produce crude oil, natural gas, and associated liquid hydrocarbons from subterranean geological formations. The company maintains significant interests in key natural gas production areas, specifically within Pennsylvania's northern Appalachian Basin (Marcellus Shale) and northwestern Louisiana (Haynesville/Bossier Shales). As of December 31, 2023, its asset base featured a diverse collection of onshore U.S. unconventional natural gas properties, including ownership stakes in approximately 5,000 natural gas wells. Established in 1989 and based in Oklahoma City, Oklahoma, the corporation was formerly known as Chesapeake Energy Corporation before officially adopting the Expand Energy Corporation name in October 2024.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.