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Expand Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$339M in Q3 2026 · $2.6B over twelve months

Operating cash flow$1.2B
Capital spending−$838M
Free cash flow+$339M
Cash / net income2.3×

Analysis

In Q3 2026, Expand Energy generated $1.2B of operating cash flow and spent $838M on capital projects, leaving free cash flow of $339M. That is $87.0M less than in Q3 2025 ($426M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.6B; the largest uses were capital spending ($3.0B), acquisitions ($1.4B), buybacks ($900M); besides operations, cash came from other financing ($408M), asset & business sales ($127M); the cash balance fell by $470M.

Operating cash flow was $1.2B against net income of $519M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$750M, receivables +$271M, payables −$221M.

Free cash flow

Expand Energy: free cash flow by quarterExpand Energy: free cash flow by quarter−$154MQ4 2024$533MQ1 2025$665MQ2 2025$426MQ3 2025$215MQ4 2025$1.7BQ1 2026$343MQ2 2026$339MQ3 2026
Operating cash flow less capital spending.
Expand Energy: operating cash flow against capital spendingExpand Energy: operating cash flow against capital spendingOperating cash flowCapital spending$382M$536MQ4 2024$1.1B$563MQ1 2025$1.3B$657MQ2 2025$1.2B$775MQ3 2025$956M$741MQ4 2025$2.4B$707MQ1 2026$1.1B$753MQ2 2026$1.2B$838MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $838M.

Capital allocation, year by year

Expand Energy: where the cash came from (up) and went (down), by fiscal yearExpand Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2020: Operating cash flow $1.2BFY2020: Net borrowing −$3.4BFY2020: Asset sales $150MFY2020: Capital spending −$1.1B$1.3BFY2020FY2022: Operating cash flow $4.1BFY2022: Net borrowing $9.6BFY2022: Asset sales $407MFY2022: Capital spending −$1.8BFY2022: Acquisitions −$2.0BFY2022: Buybacks −$1.1BFY2022: Dividends −$1.2B$14.1BFY2022FY2023: Operating cash flow $2.4BFY2023: Asset sales $2.5BFY2023: Capital spending −$1.8BFY2023: Buybacks −$355MFY2023: Dividends −$487M$4.9BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing −$20.0MFY2024: Asset sales $21.0MFY2024: Capital spending −$1.6BFY2024: Acquisitions −$459MFY2024: Dividends −$388M$1.6BFY2024FY2025: Operating cash flow $4.6BFY2025: Net borrowing −$663MFY2025: Asset sales $70.0MFY2025: Capital spending −$2.7BFY2025: Buybacks −$100MFY2025: Dividends −$765M$4.6BFY2025
Over these 5 years operating cash flow totalled $13.8B; the largest uses were capital spending ($9.1B) and net borrowing ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$118M
Debt$5.0B
Net debt$4.9B
Due within a year$875M

Expand Energy funds itself: free cash flow was $2.6B over the last twelve months, and $118M of cash and investments stands against $5.0B of debt ($875M due within a year, 0.1× covered by cash).

Expand Energy: debt maturities by year (FY2025)Expand Energy: debt maturities by year (FY2025)$1.9BYear 4$1.2BYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $118M of cash and investments now.

Where the cash came from and went

Expand Energy: sources (+) and uses (−) of cash, Q3 2026Expand Energy: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.4BOperating cash flow$1.2BCapital spending−$838MCash drawn (+) / kept (−)$543MNet borrowing (+) / repaid (−)$450MOther financing$440MBuybacks−$320MDividends−$132MAsset & business sales$33.0M
Expand Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Expand Energy: sources (+) and uses (−) of cash, 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 profit to cash

Expand Energy: net income to operating cash flow, Q3 2026Expand Energy: net income to operating cash flow, Q3 2026Net income$519MDepreciation & amortization$750MStock-based pay$11.0MDeferred taxes$85.0MGains on disposals−$14.0MOther non-cash$3.0MReceivables$271MPayables−$221MAccrued liabilities−$23.0MPrepaid and other assets−$28.0MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$838M−$320M−$132M$450M$543M$339M
Q2 2026$1.1B−$753M−$514M−$138M−$1.3B$1.5B$343M
Q1 2026$2.4B−$707M−$66.0M−$141M—−$1.6B$1.7B
Q4 2025$956M−$741M—−$137M—−$5.0M$215M
Q3 2025$1.2B−$775M−$1.0M−$349M−$110M$115M$426M
Q2 2025$1.3B−$657M−$99.0M−$137M−$117M−$379M$665M
Q1 2025$1.1B−$563M—−$142M−$436M−$32.0M$533M
Q4 2024$382M−$536M—−$134M−$767M$725M−$154M

Expand Energy: income statement and cash flow

Expand Energy, Q3 2026: revenue $3.3B (+11% year over year), operating margin 19.5%. The chart follows the revenue to costs, profit and cash.

Expand Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.