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EXPAND ENERGY Corp (EXE)

As-reported financials and SEC filings for EXPAND ENERGY Corp. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About EXPAND ENERGY Corp

Expand Energy Corp is an independent natural gas producer operating primarily in the United States. The company develops and produces natural gas, oil, and natural gas liquids from shale formations in Louisiana, Texas, Pennsylvania, West Virginia, and Ohio. It holds working interests in approximately 6,600 wells and focuses on supplying energy to domestic and international markets.

Snapshot

Revenue
$12.12B
Revenue growth (YoY)
186.3%
Net income
$1.82B
Diluted EPS
$7.57
Gross margin
Operating margin
20.4%
Net margin
15.0%
FCF margin
15.2%
ROE
9.8%
net income / fiscal-year-end equity
P/E
8.3×
trailing when available, otherwise FY EPS
Market cap
$22.37B
Long-term debt / equity
0.27×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at EXPAND ENERGY

  • Revenue grew 186.3% to $12.1B in FY2025, after a 51.4% decline the year before.
  • Most recent quarter Q1 FY2026: revenue $4.4B, up 100.2% from Q1 FY2025.
  • Free cash flow was $1.8B in FY2025, 15.2% of revenue.
  • Net income turned positive at $1.8B in FY2025, from a $714M loss in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where EXPAND ENERGY’s fundamentals sit among the 61 oil and gas companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin20.4%
57th percentile of 50
Net margin15.0%
63rd percentile of 58
FCF margin15.2%
53rd percentile of 20
Revenue growth (YoY)+186.3%
97th percentile of 59
ROE9.8%
60th percentile of 49
P/E8.3×
23rd percentile of 41
Long-term debt / equity0.27×
28th percentile of 37
Short interest3.41d
34th percentile of 60

EXPAND ENERGY’s revenue growth of +186.3% ranks in the 97th percentile of the 59 oil and gas companies reporting it.

1 reported insider purchase (code P) totaling $88,900 in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
4
1 new, 3 added
Reduced / exited
7
4 trimmed, 3 exited
Combined position
$943.8M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$491.1M5.4MAdded
D. E. ShawquantQ2 2026$180.8M2.0MAdded
Gotham Asset ManagementQ2 2026$97.6M1.1MAdded
Millennium ManagementquantQ2 2026$69.0M756.6KReduced
Citadel AdvisorsquantQ2 2026$56.7M622.0KReduced
Bridgewater AssociatesQ2 2026$40.8M447.9KNew
Two Sigma InvestmentsquantQ2 2026$5.7M62.8KReduced
Renaissance TechnologiesquantQ2 2026$2.1M22.7KReduced

No longer held by: First Eagle Investment Management (as of Q2 2026), Maverick Capital (as of Q2 2026), Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$89K
code P value
Sells (90d)
0
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-12
filed 2026-06-15
Wichterich MichaelInterim President and CEOBuy1.0K$88.90$89K
2026-06-04
Teunissen MarcelEVP & CFOBuy2.0K$92.88$186K
2026-06-04
Wichterich MichaelInterim President and CEOBuy1.0K$93.36$93K
2026-05-07
Teunissen MarcelEVP & CFOBuy2.0K$96.43$193K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
8.4M
settled 2026-08-14
Change vs prior
-2.4%
vs previous settlement
Days to cover
3.41
at avg daily volume
Avg daily volume
2.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-148.4M-2.4%3.41
2026-07-318.6M+1.7%2.11
2026-07-158.5M+10.1%2.14
2026-06-307.7M+1.2%1.72
2026-06-157.6M+22.5%2.26
2026-05-296.2M+2.8%1.98
2026-05-156.0M+6.7%2.47
2026-04-305.7M-11.7%1.66

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$12.12B$4.24B$8.72B$11.74B
Gross profit
Operating income$2.47B$-803.0M$3.14B$3.78B
Net income$1.82B$-714.0M$2.42B$4.94B$6.33B
Diluted EPS$7.57$-4.55$16.92$33.36

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$4.58B$1.56B$2.38B$4.13B
Capital expenditure$2.74B$1.56B$1.83B$1.82B
Free cash flow$1.84B$8.0M$551.0M$2.30B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$4.40B100.2%$1.16B$4.81
Q4 FY2025$3.27B63.5%$553.0M$2.30
Q3 FY2025$2.97B357.7%$547.0M$2.28
Q2 FY2025$3.69B630.7%$968.0M$4.02
Q1 FY2025$2.20B103.1%$-249.0M$-1.06
Q4 FY2024$2.00B2.7%$-399.0M$-1.73
Q3 FY2024$648.0M-57.1%$-114.0M$-0.85
Q2 FY2024$505.0M-73.3%$-227.0M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorEnergy
SIC industryCrude Petroleum & Natural Gas
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2016
SEC CIK895126

Selected SEC filings

10-K2026-02-18
View on EDGAR →
10-K2025-02-26
View on EDGAR →
10-Q2026-07-28
View on EDGAR →
10-Q2026-04-28
View on EDGAR →
10-Q2025-10-28
View on EDGAR →
10-Q2025-07-29
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-07-28
View on EDGAR →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.