EXPAND ENERGY Corp
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
EXE$87.94+2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income (loss) | $1,819 | $(714) | $2,419 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 2,980 | 1,729 | 1,527 |
| Deferred income tax expense (benefit) | 448 | (123) | 428 |
| Derivative (gains) losses, net | (550) | 38 | (1,728) |
| Cash receipts on derivative settlements, net | 189 | 947 | 354 |
| Share-based compensation | 46 | 38 | 33 |
| (Gains) losses on sales of assets | 65 | (14) | (946) |
| Contract amortization | (203) | (57) | — |
| (Gains) losses on purchases, exchanges or extinguishments of debt | (4) | 1 | — |
| Other | 70 | 35 | 18 |
| Changes in assets and liabilities | (285) | (315) | 275 |
| Net cash provided by operating activities | 4,575 | 1,565 | 2,380 |
| Cash flows from investing activities: | |||
| Capital expenditures | (2,736) | (1,557) | (1,829) |
| Property acquisitions | (195) | — | — |
| Receipts of deferred consideration | 116 | 166 | — |
| Business combination, net | — | (459) | — |
| Contributions to investments | (14) | (75) | (231) |
| Proceeds from divestitures of property and equipment | 70 | 21 | 2,533 |
| Net cash provided by (used in) investing activities | (2,759) | (1,904) | 473 |
| Cash flows from financing activities: | |||
| Proceeds from Prior Credit Facility | 825 | 20 | 1,125 |
| Payments on Prior Credit Facility | (825) | (20) | (2,175) |
| Proceeds from 2025 Credit Facility | 165 | — | — |
| Payments on 2025 Credit Facility | (165) | — | — |
| Proceeds from issuance of senior notes, net | — | 747 | — |
| Proceeds from warrant exercise | 24 | 3 | — |
| Debt issuance and other financing costs | (11) | (11) | — |
| Cash paid to repurchase and retire common stock | (100) | — | (355) |
| Cash paid to purchase debt | (663) | (767) | — |
| Cash paid for common stock dividends | (765) | (388) | (487) |
| Other | — | (3) | — |
| Net cash used in financing activities | (1,515) | (419) | (1,892) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 301 | (758) | 961 |
| Cash, cash equivalents and restricted cash, beginning of period | 395 | 1,153 | 192 |
| Cash, cash equivalents and restricted cash, end of period | $696 | $395 | $1,153 |
| Cash and cash equivalents | $616 | $317 | $1,079 |
| Restricted cash | 80 | 78 | 74 |
| Total cash, cash equivalents and restricted cash | $696 | $395 | $1,153 |
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