Expand Energy Corp (EXE)

Expand Energy Corporation operates as an independent natural gas production company in the United States. The company engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids. It holds interests in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania; the Marcellus and Utica Shales in Ohio and West Virginia; and the Haynesville and Bossier Shales in Louisiana and Texas. Expand Energy Corporation was formerly known as Chesapeake Energy Corporation and changed its name to Expand Energy Corporation in October 2024. The company was founded in 1989 and is based in Spring, Texas.

Ticker: EXE
Exchange: Nasdaq
Sector: Energy
Industry: Oil & Gas E&P
Market cap: $19.59B
52-week range: $83.25 - $126.62

Valuation

Share price: $84.60 (close of Nov 6, 2026)
P/E (TTM): 7.28x
Price to book: 1.00x
Price to free cash flow: 7.56x
Enterprise value: $24.14B
Book value per share: $84.21

Price performance

Period	Change
1 day	-0.87%
5 days	-6.57%
1 month	-4.11%
3 months	-8.00%
6 months	-12.72%
Year to date	-23.34%
1 year	-23.52%
3 years	-0.73%
5 years	+28.53%
All time	+88.04%

Short interest

As of: Oct 15, 2026
Short % of float: 4.87%
Shares short: 11.20M
Days to cover: 3.90
Change since prior report: +14.66%
Source: FINRA consolidated short interest

Members of Congress who disclosed EXE trades

Gilbert Ray Cisneros · Julia Letlow · Robert Bresnahan

Super investors holding EXE

Howard Marks (Oaktree Capital Management) · Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 9.79%
Return on invested capital: 8.49%
Return on assets: 6.43%
Return on capital employed: 9.73%
Gross margin: 21.87%
Net margin: 15.00%
EBITDA margin: 44.96%
Revenue growth: 186.28%

Cash flow and balance sheet

Free cash flow yield (TTM): 13.23%
Current ratio: 0.90x
Net debt to EBITDA: 0.69x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $12.12B
Cost of revenue: $9.47B
Gross profit: $2.65B
EBITDA: $5.45B
Net income: $1.82B
Earnings per share: $7.67
Interest expense: $235.00M
Shares outstanding: 237.29M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$12.12B	$2.65B	$1.82B	$7.67
2024-12-31	$4.24B	-	-$714.00M	-$4.55
2023-12-31	$8.72B	$3.27B	$2.42B	$18.21
2022-12-31	$11.74B	$3.92B	$4.94B	$38.71
2020-12-31	$5.24B	-	-$9.73B	-$998.26
2019-12-31	$8.53B	$284.00M	-$308.00M	-$49.97
2018-12-31	$10.03B	$717.00M	$226.00M	$29.26
2017-12-31	$10.04B	$195.00M	-$505.00M	-$0.70
2016-12-31	$7.87B	-	-$4.39B	-$6.43
2015-12-31	$12.76B	-	-$14.57B	-$22.26

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	21.87%	15.00%	9.79%	8.49%
2024-12-31	-	-16.86%	-4.06%	-2.90%
2023-12-31	37.48%	27.74%	22.55%	19.03%
2022-12-31	33.40%	42.03%	54.10%	30.72%
2020-12-31	-	-185.76%	-	-
2019-12-31	3.33%	-3.61%	-7.00%	-0.11%
2018-12-31	7.15%	2.25%	10.60%	3.88%
2017-12-31	1.94%	-5.03%	-25.99%	-1.16%
2016-12-31	-	-55.77%	-	-45.68%
2015-12-31	-	-114.13%	-	-110.44%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$616.00M	$5.01B
2024-12-31	$317.00M	$5.29B
2023-12-31	$1.08B	$2.03B
2022-12-31	$130.00M	$3.09B
2020-12-31	$279.00M	-
2019-12-31	$6.00M	$9.07B
2018-12-31	$4.00M	$7.34B
2017-12-31	$5.00M	$9.92B
2016-12-31	$882.00M	$9.94B
2015-12-31	$825.00M	$10.31B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.84B	$46.00M
2024-12-31	$8.00M	$38.00M
2023-12-31	$551.00M	$33.00M
2022-12-31	$2.30B	$22.00M
2020-12-31	$22.00M	$21.00M
2019-12-31	$1.62B	$30.00M
2018-12-31	$1.73B	$32.00M
2017-12-31	$475.00M	$49.00M
2016-12-31	-$1.65B	$52.00M
2015-12-31	-$2.38B	$78.00M

Dividend history

Most recent payment: Aug 13, 2026
Paid in the last twelve months: $2.30

Payment date	Dividend per share
2026-08-13	$0.57
2026-05-14	$0.57
2026-03-05	$0.57
2025-11-13	$0.57
2025-08-14	$1.47
2025-05-15	$0.57
2025-03-11	$0.57
2024-11-14	$0.57

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-27	Sep 2026	$1.28
2026-07-28	Jun 2026	$1.22
2026-04-28	Mar 2026	$3.69
2026-02-17	Dec 2025	$1.89
2025-10-28	Sep 2025	$0.88
2025-07-29	Jun 2025	$1.14
2025-04-29	Mar 2025	$1.85
2025-02-26	Dec 2024	$0.53

Filings and sources

Company website: expandenergy.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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