Expand Energy EXE
Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. 10-K, Item 1
- Employees
- 1,600
- Headquarters
- Spring, TX
- CEO
- Daniel E. Brown
- Next results
- around Feb 16, 2027
EXE among Energy peers
Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.
What changed
20 new risk paragraphs. 10-K filed Feb 18, 2026 against Feb 26, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 10 checks found nothing to note
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Receivables +30.4% vs revenue +186.3% (-155.9 pts)
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Cash from operations $4.6B vs net income $1.8B (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
7 more checks with nothing to note
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No longer listed: Southwestern Merger - Valuation of Proved Natural Gas and Oil Properties. Same as last year: The Impact of Proved Developed Natural Gas and Oil Reserves on Proved Natural Gas and Oil Properties, Net
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
20 paragraphs in Risk Factors that were not in the 10-K filed Feb 26, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
We depend on third-party pipelines and other investments to provide us certain gathering and transportation assets. During the fourth quarter of 2022, we entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture project, the New Generation Gas Gathering pipeline…
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Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
We entered into a joint venture, and may in the future enter into additional or modify existing joint ventures, that might restrict our operational and corporate flexibility. In addition, we exercise no control over joint venture partners and it may be difficult or impossible for us to cause these joint ventures or partners to take…
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Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
The departure of key management personnel and the failure to attract and retain talent could adversely affect our operations. Our success depends upon the continued contributions of our senior executives. If one or more of our executive officers are unable or unwilling to continue in their current positions, we may not be able to…
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Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
Our ability to declare and pay dividends, and to repurchase common stock, is subject to limitations. The payment of future dividends on, and any repurchases of, our common stock are each subject to the discretion of the Board of Directors, taking into consideration, among other factors, financial results, cash requirements, future…
New risk paragraphs, against peers
Latest 10-K of each, Energy companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $11.7B | $8.7B | $4.2B | $12.1B |
| Net income | $4.9B | $2.4B | −$714.0M | $1.8B |
| Operating cash flow | $4.1B | $2.4B | $1.6B | $4.6B |
| Free cash flow | $2.3B | $551.0M | $8.0M | $1.8B |
Revenue, FY2015 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$12.1B ▲ 186.3% in FY2025$1.8B in FY2025$1.8B ▲ 22887.5% in FY2025
Recent filings
3 filings in the last 30 days · SEC EDGAR
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8-KOct 27, 2026Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
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10-QOct 27, 2026Quarterly report (10-Q) period ended Sep 30, 2026
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OfficerOct 19, 2026CEO change In connection with his appointment as President and Chief Executive Officer of the Company, the Company and Mr.
About the company
Expand Energy, Spring, TX · from the 10-K filed Feb 18, 2026
Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (“Haynesville”), in Pennsylvania in the Marcellus Shale (“Northeast Appalachia”) and in West Virginia and Ohio in the Marcellus and Utica Shales (“Southwest Appalachia”) and include working interests in approximately 6,600 gross natural gas and oil wells.
- Headquarters
- Spring, TX
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Oct 27, 2026
- Incorporated in
- OK
Employees, at the top of the page: "We had approximately 1,600 employees as of December 31, 2025" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 18, 2026 (open at SEC), compared with the 10-K filed Feb 26, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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