Filing Flows › Expand Energy (EXE) › Q4 2025
Expand Energy (EXE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Expand Energy (EXE) reported revenue of $3.3B for the fourth quarter 2025 (Q4 2025), +64% from a year earlier and +10% from the quarter before. Operating margin was 22.8%, net earnings $553M (16.9% of revenue).
Expand Energy, Q4 2025: revenue $3.3B (+64% year over year), operating margin 22.8%, net earnings $553M, operating cash flow $956M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +10% | +64% |
| Operating profit | $745M | +3% | — |
| Net earnings | $553M | +1% | — |
| Operating cash flow | $956M | -20% | +150% |
| Free cash flow | $215M | -50% | — |
What changed
Revenue was $3.3B in Q4 2025, up 64% year over year and up 10% from the previous quarter. Natural gas, oil and NGL was the largest line at 70% of revenue.
Operating profit was $0.74B, a 22.8% margin (up 42.1 points year over year). Total costs grew 6% against revenue growth of 64%. Net earnings were $0.55B. The effective tax rate was 19.5%.
Operating cash flow was $1.0B (up 150% year over year), 173% of net earnings. Non-cash charges added back $0.76B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.37B. Capital expenditures of $0.74B left free cash flow of $0.21B.
Questions
What was Expand Energy's revenue in the fourth quarter 2025?
Expand Energy (EXE) reported revenue of $3.3B for the fourth quarter 2025 (Q4 2025), +64% from a year earlier and +10% from the quarter before.
Was Expand Energy profitable in the fourth quarter 2025?
Operating profit was $745M (22.8% of revenue) and net earnings $553M.
Source: Expand Energy 10-K on SEC EDGAR.