Filing Flows › Expand Energy (EXE) › Q2 2026 › vs Q2 2025
Expand Energy (EXE) Q2 2026 vs Q2 2025 (year over year)
Expand Energy's revenue fell $730M (-20%) from $3.7B in Q2 2025 to $3.0B in Q2 2026. The biggest changes: Natural Gas −$240M (-14%); Natural Gas −$128M (-18%); Marketing −$107M (-14%). Operating margin 22.3% against 34.4% (-12.1 pts).
Expand Energy, Q2 2026: revenue $3.0B (-20% year over year), operating margin 22.3%, net earnings $522M, operating cash flow $1.1B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 22.3% | 34.4% | -12.1 pts |
| Net margin | 17.6% | 26.2% | -8.6 pts |
| Free cash flow margin | 11.6% | 18.0% | -6.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Natural Gas | $1.5B | $1.8B | −$240M | -14% |
| Marketing | $681M | $788M | −$107M | -14% |
| Natural Gas | $591M | $719M | −$128M | -18% |
| Oil | $112M | $86.0M | $26.0M | +30% |
| Oil | $49.0M | $33.0M | $16.0M | +48% |
| Revenue | $3.0B | $3.7B | −$730M | -20% |
| Other income, net | $11.0M | −$41.0M | $52.0M | — |
| Operating profit | $661M | $1.3B | −$608M | -48% |
| Costs & expenses | $2.3B | $2.4B | −$122M | -5% |
| Pre-tax earnings | $672M | $1.2B | −$556M | -45% |
| General & admin | $50.0M | $40.0M | $10.0M | +25% |
| Other operating costs | $2.2B | $2.4B | −$132M | -6% |
| Net earnings | $522M | $968M | −$446M | -46% |
| Income tax | $150M | $260M | −$110M | -42% |
| Depreciation & amortization | $722M | $769M | −$47.0M | -6% |
| Share-based compensation | $12.0M | $13.0M | −$1.0M | -8% |
| Working capital & other | $160M | $428M | −$268M | -63% |
| Operating cash flow | $1.1B | $1.3B | −$226M | -17% |
| Free cash flow (OCF − capex) | $343M | $665M | −$322M | -48% |
| Capital expenditures | $753M | $657M | $96.0M | +15% |
Questions
How much did Expand Energy's revenue grow year over year in Q2 2026?
Expand Energy's revenue fell $730M (-20%) from $3.7B in Q2 2025 to $3.0B in Q2 2026.
What drove Expand Energy's revenue change in Q2 2026?
Natural Gas −$240M (-14%); Natural Gas −$128M (-18%); Marketing −$107M (-14%).