EXPAND ENERGY Corp

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

EXE$85.96+1.6%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

	Years Ended December 31,
($ in millions, except per share data)	2025	2024	2023
Revenues and other:
Natural gas, oil and NGL	$8,476	$2,969	$3,547
Marketing	3,163	1,290	2,500
Gain (loss) on derivatives	550	(38)	1,728
Gains (losses) on sales of assets	(65)	14	946
Total revenues and other	12,124	4,235	8,721
Operating expenses:
Production	635	316	356
Gathering, processing and transportation	2,376	1,035	853
Severance and ad valorem taxes	193	97	167
Exploration	46	10	27
Marketing	3,160	1,310	2,499
General and administrative	181	186	127
Separation and other termination costs	5	23	5
Depreciation, depletion and amortization	2,980	1,729	1,527
Impairments	37	—	—
Other operating expense, net	40	332	18
Total operating expenses	9,653	5,038	5,579
Income (loss) from operations	2,471	(803)	3,142
Other income (expense):
Interest expense	(235)	(123)	(104)
Gains (losses) on purchases, exchanges or extinguishments of debt	4	(1)	—
Other income, net	42	86	79
Total other income (expense)	(189)	(38)	(25)
Income (loss) before income taxes	2,282	(841)	3,117
Income tax expense (benefit)	463	(127)	698
Net income (loss)	$1,819	$(714)	$2,419
Earnings (loss) per common share:
Basic	$7.67	$(4.55)	$18.21
Diluted	$7.57	$(4.55)	$16.92
Weighted average common shares outstanding (in thousands):
Basic	237,290	156,989	132,840
Diluted	240,370	156,989	142,976

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.