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 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
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
FCF
Total debt
Cash
2025
$12.1B
$1.8B
0.0%
20.4%
$1.8B
$5.0B
$616M
2024
$4.2B
-$714M
0.0%
-19.0%
$8M
$5.7B
$317M
2023
$8.7B
$2.4B
0.0%
36.0%
$551M
$2.0B
$1.1B
2022
$11.7B
$4.9B
0.0%
32.2%
$2.3B
$3.0B
$130M
2021
$5.5B
$945M
0.0%
16.9%
$1.1B
$2.3B
$905M
2020
$5.2B
-$9.7B
0.0%
-166.1%
$22M
$1.9B
$279M
2019
$8.5B
-$308M
0.0%
-0.4%
—
$9.5B
$6M
2018
$10.0B
$226M
0.0%
3.8%
—
$7.7B
$4M
2017
$10.0B
-$505M
0.0%
-1.4%
—
$10.0B
$5M
2016
$8.7B
-$3.5B
0.0%
-37.4%
—
$10.4B
$882M
2015
$12.8B
-$14.6B
0.0%
-148.2%
—
$10.7B
$825M
2014
$23.1B
$1.9B
0.0%
15.0%
—
$11.5B
$4.1B
2013
$19.1B
$724M
0.0%
10.8%
—
$12.9B
$837M
2012
$12.3B
-$769M
0.0%
-13.8%
—
$12.6B
$287M
2011
$11.6B
$1.7B
0.0%
25.1%
—
$10.6B
$351M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$4.4B
$1.2B
0.0%
34.8%
$1.7B
$5.0B
$2.2B
Dec '25
$3.3B
$553M
0.0%
22.8%
$215M
$5.0B
$616M
Sep '25
$3.0B
$547M
0.0%
24.4%
$426M
$5.0B
$613M
Jun '25
$3.7B
$968M
0.0%
34.4%
$665M
$5.1B
$731M
Mar '25
$2.2B
-$249M
0.0%
-12.2%
$533M
$5.2B
$349M
Dec '24
$2.0B
-$399M
0.0%
-19.3%
-$154M
$5.7B
$317M
Sep '24
$648M
-$114M
0.0%
-23.9%
$124M
$2.0B
$1.0B
Jun '24
$505M
-$227M
0.0%
-58.2%
-$93M
$2.0B
$1.0B
Mar '24
$1.1B
$26M
0.0%
3.0%
$131M
$2.0B
$1.2B
Dec '23
$1.9B
$569M
0.0%
37.3%
$91M
$2.0B
$1.1B
Sep '23
$1.5B
$70M
0.0%
5.2%
$83M
$2.0B
$713M
Jun '23
$1.9B
$391M
0.0%
27.3%
-$15M
$2.0B
$903M
Mar '23
$3.4B
$1.4B
0.0%
54.0%
$392M
$2.0B
$130M
Dec '22
$4.1B
$3.6B
0.0%
54.0%
$526M
$3.0B
$130M
Sep '22
$3.2B
$883M
0.0%
31.8%
$773M
$2.7B
$74M
Jun '22
$3.5B
$1.2B
0.0%
38.1%
$494M
$3.0B
$17M
Mar '22
$935M
-$764M
0.0%
-84.9%
$509M
$2.8B
$19M
Dec '21
$3.1B
$6.8B
0.0%
46.0%
$298M
$2.3B
$905M
Sep '21
$890M
-$345M
0.0%
-38.0%
$265M
$1.3B
$849M
Jun '21
$693M
-$439M
0.0%
-62.0%
$245M
$1.3B
$612M
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 8.4× (Oct '24) to 11.6× (Jun '26).
The price-to-sales ratio has fallen from 2.3× (Oct '24) to 1.7× (Jun '26).
The dividend yield has risen from 2.4% (Oct '24) to 3.6% (Jun '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?
As of Jun '26, Expand Energy traded at a price-to-earnings ratio of about 11.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.