EXE Financials Expand Energy

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 30, 2026, 11:15 UTC Overview →

Growth & profitability

Revenue has grown 18.3% per year over the past 5 years.
Operating margin has expanded, at 20.4% in the latest year.
Free cash flow has grown 142.3% per year over the past 5 years.

Financial health

Total debt ($5.0B) exceeds cash ($616M); net debt is $4.4B.
Total debt has grown in line with revenue (21.0% vs 18.3% per year).
Operating income covered interest expense 11× in the latest year.
Total debt is 0.9× EBITDA.

Shareholder returns

Dividends have been paid for 5 consecutive years, consuming 42.1% of earnings and 41.6% of free cash flow.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$12.1B	$1.8B	0.0%	20.4%	9.8%	6.4%	$1.8B	$5.0B	$616M
2024	$4.2B	-$714M	0.0%	-19.0%	-4.1%	-2.6%	$8M	$5.7B	$317M
2023	$8.7B	$2.4B	0.0%	36.0%	22.5%	16.8%	$551M	$2.0B	$1.1B
2022	$11.7B	$4.9B	0.0%	32.2%	54.1%	31.9%	$2.3B	$3.0B	$130M
2021	$5.5B	$945M	0.0%	16.9%	16.7%	8.6%	$1.1B	$2.3B	$905M
2020	$5.2B	-$9.7B	0.0%	-166.1%	182.3%	-147.8%	$22M	$1.9B	$279M
2019	$8.5B	-$308M	0.0%	-0.4%	-7.1%	-1.9%	—	$9.5B	$6M
2018	$10.0B	$226M	0.0%	3.8%	10.8%	1.8%	—	$7.7B	$4M
2017	$10.0B	-$505M	0.0%	-1.4%	-26.6%	-3.4%	—	$10.0B	$5M
2016	$8.7B	-$3.5B	0.0%	-37.4%	262.4%	-26.8%	—	$10.4B	$882M
2015	$12.8B	-$14.6B	0.0%	-148.2%	-681.3%	-84.1%	—	$10.7B	$825M
2014	$23.1B	$1.9B	0.0%	15.0%	11.3%	4.7%	—	$11.5B	$4.1B
2013	$19.1B	$724M	0.0%	10.8%	4.5%	1.7%	—	$12.9B	$837M
2012	$12.3B	-$769M	0.0%	-13.8%	-4.9%	-1.8%	—	$12.6B	$287M
2011	$11.6B	$1.7B	0.0%	25.1%	10.5%	4.2%	—	$10.6B	$351M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$3.3B	$519M	0.0%	19.5%	2.7%	1.7%	$339M	$4.6B	$118M
Jun '26	$3.0B	$522M	0.0%	22.3%	2.7%	1.9%	$343M	$3.7B	$663M
Mar '26	$4.4B	$1.2B	0.0%	34.8%	5.9%	3.9%	$1.7B	$5.0B	$2.2B
Dec '25	$3.3B	$553M	0.0%	22.8%	3.0%	2.0%	$215M	$5.0B	$616M
Sep '25	$3.0B	$547M	0.0%	24.4%	3.0%	2.0%	$426M	$5.0B	$613M
Jun '25	$3.7B	$968M	0.0%	34.4%	5.4%	3.5%	$665M	$5.1B	$731M
Mar '25	$2.2B	-$249M	0.0%	-12.2%	-1.4%	-0.9%	$533M	$5.2B	$349M
Dec '24	$2.0B	-$399M	0.0%	-19.3%	-2.3%	-1.4%	-$154M	$5.7B	$317M
Sep '24	$648M	-$114M	0.0%	-23.9%	-1.1%	-0.9%	$124M	$2.0B	$1.0B
Jun '24	$505M	-$227M	0.0%	-58.2%	-2.2%	-1.7%	-$93M	$2.0B	$1.0B
Mar '24	$1.1B	$26M	0.0%	3.0%	0.2%	0.2%	$131M	$2.0B	$1.2B
Dec '23	$1.9B	$569M	0.0%	37.3%	5.3%	4.0%	$91M	$2.0B	$1.1B
Sep '23	$1.5B	$70M	0.0%	5.2%	0.7%	0.5%	$83M	$2.0B	$713M
Jun '23	$1.9B	$391M	0.0%	27.3%	3.8%	2.7%	-$15M	$2.0B	$903M
Mar '23	$3.4B	$1.4B	0.0%	54.0%	13.5%	9.5%	$392M	$2.0B	$130M
Dec '22	$4.1B	$3.6B	0.0%	54.0%	39.2%	23.1%	$526M	$3.0B	$130M
Sep '22	$3.2B	$883M	0.0%	31.8%	13.9%	6.3%	$773M	$2.7B	$74M
Jun '22	$3.5B	$1.2B	0.0%	38.1%	21.3%	8.9%	$494M	$3.0B	$17M
Mar '22	$935M	-$764M	0.0%	-84.9%	-14.2%	-5.7%	$509M	$2.8B	$19M
Sep '21	$890M	-$345M	0.0%	-38.0%	-11.4%	-4.7%	—	$1.3B	$849M

Valuation over time

How the market has priced EXE against its own fundamentals since 2024-10 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 8.1× (Oct '24) to 11.4× (Nov '26).
The price-to-sales ratio has fallen from 2.2× (Oct '24) to 1.7× (Nov '26).
The dividend yield has risen from 2.5% (Oct '24) to 3.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is EXE growing its revenue and profit?

Over the past 5 years, Expand Energy's revenue has grown 18.3% per year. These are computed facts, not advice.

How much debt does EXE have?

As of FY2025, Expand Energy reported $5.0B of total debt against $616M of cash; operating income covered interest expense 11×.

What is EXE's profit margin?

In FY2025, gross margin was —, operating margin 20.4%, and net margin 15.0%.

What is EXE's P/E ratio?

Expand Energy's P/E (TTM) is 7.50 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the EXE stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 11.4× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.