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Energy · Oil & Gas Production · Nasdaq

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FY2025 at a glance

Sales up 186.3%, free cash flow up to $1.8B

XBRL, from each 10-K

RevenueStatements ↓

$12.1B

from $4.2B in FY2024

FY2015FY2025

Net incomeStatements ↓

$1.8B

from -$714.0M in FY2024

FY2015FY2025

Free cash flowStatements ↓

$1.8B

from $8.0M in FY2024

FY2015FY2025

EPS (diluted)Statements ↓

$7.57

from $-4.55 in FY2024

FY2015FY2025

Operating marginStatements ↓

20.4%

from -19.0% in FY2024

FY2015FY2025

Total debtStatements ↓

$5.0B

from $5.7B in FY2024

FY2015FY2025

Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	11.59	Sales (ttm)	13.9B	Net income (ttm)	2.8B	Sales growth	+186%	EPS growth	-	Sales Q/Q	+10.8%
Free cash flow	2.6B	Gross margin	-	Oper. margin	25.7%	Net margin	19.8%	FCF margin	18.6%	ROE	14.1%
ROA	9.3%	R&D / sales	-	Dividend	-	Debt/Eq	0.24	Curr. ratio	0.90	Cash	118.0M
Op. cash flow (ttm)	5.6B	EBITDA	5.5B	EBITDA margin	45.0%	Net debt	4.5B	Quick ratio	0.90	Interest cover	10.51
ROIC	8.2%	Tax rate	20.3%	Stock pay / sales	0.4%	Shares out.	231.0M	Shares Y/Y	+2.1%	Book / share	84.43
Cash / share	0.51	Sales / share	60.25	Asset turnover	0.47	Days sales out.	48	Sales 3Y CAGR	+1.1%	Sales 5Y CAGR	+6.0%
EPS 3Y CAGR	-39.0%	Employees	1,600	Sales / employee	8.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose from $8.0M to $1.8B$8.0M → $1.8B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +186.3%-51.4% → +186.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 20.4%-19.0% → 20.4% · Operating income / revenue · 10-K ↗
Net income turned to a profit−$714.0M → $1.8B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

EXE against Energy peers

Ten years, side by side → · All 21 →

EXEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

+186%1st of 21 · median -0.3%

Net margin

19.8%7th of 21 · median 13.5%

Return on equity

14.1%14th of 21 · median 17.4%

Free cash flow margin

18.6%4th of 14 · median 12.1%

Debt / equity (less is better)

0.244th of 20 · median 0.41

EXE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
EXE Expand Energy	$13.9B	+186%	-	19.8%	14.1%	18.6%	0.24
KMI Kinder Morgan	$18.3B	+12.2%	-	19.6%	11.4%	16.8%	1.05
TRGP Targa Resources	$18.2B	+3.9%	41.8%	13.5%	64.1%	5.1%	5.20
WMB Williams Companies	$15.4B	+17.9%	-	19.9%	23.3%	-0.7%	2.33
APA APA Corporation	$9.9B	-10.6%	-	21.9%	30.2%	-	0.46
EQT EQT Corporation	$9.3B	+63.9%	83.5%	28.4%	10.4%	40.7%	0.22

Profitability

1 of 3

✓
Net margin above the peer median19.8% vs 13.5%
!
Return on equity below 15%14.1%
!
A profit in 4 of 10 years

Net margin, FY2015 to FY2025: -114.1% → 15.0%

Balance sheet

3 of 4

✓
Interest covered more than 5 timesOperating income is 10.5× interest expense
✓
Debt smaller than equityDebt / equity 0.24 on the latest balance sheet (peer median 0.41)
!
Current ratio below 1Current ratio 0.90
✓
Net debt under 3 years of free cash flow$4.5B net debt, 1.7 years

Debt / equity at each year end, FY2015 to FY2025: 5.00 → 0.27

What the debt is made of ↓

Cash and shareholders

1 of 3

!
Free cash flow positive in 5 of 7 years$1.8B last year
!
Share count up over 5 years+28.3%
✓
Cash from operations above net income$4.6B vs $1.8B

Free cash flow, FY2015 to FY2025: -2.4B → 1.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.0B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2015 to FY2025

Revenue 12.1B Net income 1.8B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

EXE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue12.1B

Net income1.8B

Free cash flow1.8B

EPS (diluted)7.57

Dividend per share0.00

Diluted shares240.4M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Total	8.5B	69.9%	+185%
Natural Gas	7.4B	61.3%	+177%
Marketing	3.2B	26.1%	+145%
Natural Gas	2.9B	23.8%	+164%
NGL	724.0M	6.0%	+238%
Oil	319.0M	2.6%	+362%
NGL	142.0M	1.2%	+79.7%
Oil	132.0M	1.1%	+13.8%

10-K 0000895126-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	12.8B	7.9B	10.0B	10.0B	8.5B	5.2B	11.7B	8.7B	4.2B	12.1B
SG&A	235.0M	240.0M	333.0M	335.0M	315.0M	267.0M	142.0M	127.0M	186.0M	181.0M
Operating income	-18.9B	-4.4B	-138.0M	382.0M	-31.0M	-8.7B	3.8B	3.1B	-803.0M	2.5B
Interest expense	317.0M	296.0M	601.0M	633.0M	651.0M	331.0M	160.0M	104.0M	123.0M	235.0M
Pretax income	-19.1B	-4.6B	-500.0M	218.0M	-639.0M	-9.8B	3.7B	3.1B	-841.0M	2.3B
Income tax	-4.5B	-190.0M	2.0M	-10.0M	-331.0M	-19.0M	-1.3B	698.0M	-127.0M	463.0M
Net income	-14.6B	-4.4B	-505.0M	226.0M	-308.0M	-9.7B	4.9B	2.4B	-714.0M	1.8B
EPS (diluted)	-22.26	-6.43	-0.70	29.26	-49.97	-998.26	33.36	16.92	-4.55	7.57
Diluted shares	662.0M	764.0M	906.0M	4.5M	8.3M	9.8M	146.0M	143.0M	157.0M	240.4M
Depreciation & amortization	2.2B	1.1B	1.7B	1.7B	2.3B	1.1B	1.8B	1.5B	1.7B	3.0B
EBITDA	-16.7B	-3.3B	1.6B	2.1B	2.2B	-7.6B	5.5B	4.7B	926.0M	5.5B
Operating margin	-148.2%	-56.0%	-1.4%	3.8%	-0.4%	-166.1%	32.2%	36.0%	-19.0%	20.4%
Net margin	-114.1%	-55.8%	-5.0%	2.3%	-3.6%	-185.8%	42.0%	27.7%	-16.9%	15.0%
Revenue growth	-	-38.3%	+27.5%	-0.1%	-14.9%	-38.6%	-	-25.7%	-51.4%	+186%
EPS growth	-	-	-	-	-271%	-	-	-49.3%	-127%	-

Balance sheet

From EDGAR

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025
Cash	825.0M	882.0M	5.0M	4.0M	6.0M	279.0M	130.0M	1.1B	317.0M	616.0M
Receivables	1.1B	1.1B	1.3B	1.2B	990.0M	746.0M	1.4B	593.0M	1.2B	1.6B
Inventory	-	-	-	-	-	-	-	-	-	19.0M
Current assets	2.5B	2.1B	1.5B	1.6B	1.3B	1.1B	2.7B	2.6B	2.0B	2.9B
Property & equipment	14.3B	10.6B	13.2B	10.8B	14.8B	5.2B	11.2B	10.1B	24.3B	24.4B
Goodwill	-	-	-	-	-	-	-	-	-	0
Total assets	17.3B	13.0B	14.9B	12.7B	16.2B	6.6B	15.5B	14.4B	27.9B	28.3B
Accounts payable	944.0M	672.0M	654.0M	763.0M	498.0M	346.0M	603.0M	425.0M	777.0M	753.0M
Current liabilities	3.7B	3.6B	2.4B	2.9B	2.4B	3.1B	2.7B	1.3B	3.1B	2.9B
Total debt	10.7B	10.4B	10.0B	7.7B	9.5B	1.9B	3.0B	2.0B	5.7B	5.0B
Total liabilities	-	-	-	-	11.8B	11.9B	6.3B	3.6B	10.3B	9.7B
Shareholders' equity	2.1B	-1.3B	1.9B	2.1B	4.4B	-5.3B	9.1B	10.7B	17.6B	18.6B
Retained earnings	-13.2B	-17.5B	-14.1B	-13.9B	-14.2B	-24.0B	3.4B	5.0B	3.9B	4.8B

Cash flow

From EDGAR

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.2B	-204.0M	475.0M	1.7B	1.6B	1.2B	4.1B	2.4B	1.6B	4.6B
Capital spending	3.6B	1.4B	-	-	-	1.1B	1.8B	1.8B	1.6B	2.7B
Free cash flow	-2.4B	-1.6B	-	-	-	22.0M	2.3B	551.0M	8.0M	1.8B
Stock-based pay (added back)	78.0M	52.0M	49.0M	32.0M	30.0M	21.0M	22.0M	33.0M	38.0M	46.0M
Dividends paid	118.0M	0	0	-	0	0	1.2B	487.0M	388.0M	765.0M
Buybacks	-	-	-	-	-	0	1.1B	355.0M	0	100.0M
Acquisitions	-	-	0	0	353.0M	0	2.0B	0	459.0M	0
Debt raised	0	2.2B	1.6B	1.2B	1.5B	0	0	0	747.0M	0
Debt repaid	-	-	-	-	-	94.0M	0	0	767.0M	663.0M
Investing cash flow	-3.5B	-660.0M	-918.0M	455.0M	-2.5B	-992.0M	-3.4B	473.0M	-1.9B	-2.8B
Financing cash flow	-1.1B	921.0M	-434.0M	-2.2B	859.0M	101.0M	-1.4B	-1.9B	-419.0M	-1.5B
Dividend per share	0.09	0.00	0.00	-	-	-	-	-	-	-

Stock-based pay and leases

From EDGAR

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	78.0M	52.0M	49.0M	32.0M	30.0M	21.0M	22.0M	33.0M	38.0M	46.0M
Stock-based pay / revenue	0.6%	0.7%	0.5%	0.3%	0.4%	0.4%	0.2%	0.4%	0.9%	0.4%
Operating lease cost	-	-	-	-	26.0M	17.0M	51.0M	107.0M	88.0M	91.0M
Operating lease cash paid	-	-	-	-	11.0M	9.0M	15.0M	10.0M	13.0M	32.0M
Finance lease principal paid	-	-	-	-	8.0M	9.0M	0	0	-	-
Right-of-use assets	-	-	-	-	22.0M	29.0M	119.0M	99.0M	145.0M	99.0M
Operating lease liabilities	-	-	-	-	25.0M	29.0M	119.0M	99.0M	145.0M	99.0M
Finance lease liabilities	-	-	-	-	18.0M	9.0M	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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