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Expand Energy (EXE) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Expand Energy (EXE) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $3.3B · 16¢ of every $1 of revenue kept as net profit · operating margin 19.5%

Expand Energy made $3.3B in Q3 2026 (+11% Y/Y). Operating margin 19.5%, net earnings $519M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$3.3B
Year over year+11%
Operating margin19.5%
Net earnings$519M
Operating cash flow$1.2B

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Expand Energy Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Expand Energy Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.3B in Q3 2026, up 11% year over year and up 11% from the previous quarter.

Operating profit was $0.64B, a 19.5% margin (down 5.0 points year over year). Operating profit fell $0.09B even though revenue rose $0.32B versus Q3 2025, so costs grew faster than sales. Total costs grew 18% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $0.52B, down 5% year over year. The effective tax rate was 14.6%.

Operating cash flow was $1.2B (down 2% year over year), 227% of net earnings. Non-cash charges added back $0.75B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.84B left free cash flow of $0.34B.

Quarterly history

Expand Energy revenue by quarterExpand Energy revenue by quarter$2.2BQ1 2025$3.7BQ2 2025$3.0BQ3 2025$3.3BQ4 2025$4.4BQ1 2026$3.0BQ2 2026$3.3BQ3 2026
Expand Energy net earnings by quarterExpand Energy net earnings by quarter−$249MQ1 2025$968MQ2 2025$547MQ3 2025$553MQ4 2025$1.2BQ1 2026$522MQ2 2026$519MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$3.3B+11%19.5%$519M$1.2B
Q2 202610-QJul 28, 2026$3.0B-20%22.3%$522M$1.1B
Q1 202610-QApr 28, 2026$4.4B+100%34.8%$1.2B$2.4B
Q4 202510-KFeb 18, 2026$3.3B+64%22.8%$553M$956M
Q3 202510-QOct 28, 2025$3.0B+358%24.4%$547M$1.2B
Q2 202510-QJul 29, 2025$3.7B+631%34.4%$968M$1.3B
Q1 202510-QApr 29, 2025$2.2B+103%-12.2%−$249M$1.1B

Charts

Expand Energy: revenue growth, year over year and quarter over quarterExpand Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+103%Q1 2025+400%+68%Q2 2025+358%-20%Q3 2025+64%+10%Q4 2025+100%+34%Q1 2026-20%-33%Q2 2026+11%+11%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +11%.
Expand Energy: where the cash came from (+) and went (−), TTM to Q3 2026Expand Energy: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$5.6BCapital spending−$3.0BAcquisitions−$1.4BBuybacks−$900MNet borrowing (+) / repaid (−)−$788MDividends−$548MCash drawn (+) / kept (−)$470MOther financing$408MAsset & business sales$127MOther investing$34.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Expand Energy: profit against cash, quarter by quarterExpand Energy: profit against cash, quarter by quarterNet incomeOperating cash flow−$399M$382MQ4 2024−$249M$1.1BQ1 2025$968M$1.3BQ2 2025$547M$1.2BQ3 2025$553M$956MQ4 2025$1.2B$2.4BQ1 2026$522M$1.1BQ2 2026$519M$1.2BQ3 2026
Latest (Q3 2026): Net income $519M, Operating cash flow $1.2B.
Expand Energy: diluted shares by fiscal yearExpand Energy: diluted shares by fiscal year8MFY201910MFY2020146MFY2022143MFY2023157MFY2024240MFY2025
+2787.3% since FY2019: more shares outstanding (issuance, stock pay).
Expand Energy: long-term debt falling due (FY2025)Expand Energy: long-term debt falling due (FY2025)$1.9B2029$1.2B2030$1.9BLater
Cash $616M, short-term investments —, long-term debt $5.0B at 2025-12-31.
Expand Energy in its industry: growth against margin (79 companies, SIC 1311)Expand Energy in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNEXE (+11%, 20%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

Buys from

Expand Energy against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +48%. Operating margin: 19.5% against the peers' median 33.7%.

CompanyQuarterRevenueY/YOp. margin
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%
PR Permian ResourcesQ3 2026$2.0B+48%45.4%

Source: Expand Energy 10-Q on SEC EDGAR · CIK 895126 · Crude Petroleum & Natural Gas

13F: who owns EXE and who is buying

Largest holders of EXE (13F)Largest holders of EXE (13F)Vanguard Group$3.1BBlackRock$1.8BVanguard Capital Management LLC$1.4BState Street$1.4BVanguard Portfolio Management LLC$1.1BGeode Capital Management, LLC$612MCapital Research Global Investors$606MInvesco$553MVictory Capital Management$492MAQR Capital Management LLC$491M
Funds' net buying of EXE by quarter (13F)Funds' net buying of EXE by quarter (13F)$359M2024-09$2.8B2024-12−$229M2025-03−$960M2025-06$918M2025-09−$64.6M2025-12−$665M2026-03$179M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on EXE

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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