Short answer
Expand Energy (EXE) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $12.1B (+186.3% year over year) and net income of $1.8B.
- Top risk flagged: Key-person risk: Interim CEO appointed Feb 6, 2026, replacing Domenic J. Dell’Osso, Jr., who resigned from Board but remains external advisor
FY2025 key financial metrics · XBRL
- Revenue
- $12.1B
- +186.3% YoY
- Net income
- $1.8B
- +354.8% YoY
- Operating margin
- 20.4%
- +39.3 pp YoY
- EPS (diluted)
- $7.57
- +266.4% YoY
- ROE
- 9.8%
- +13.9 pp YoY
- Operating cash flow
- $4.6B
- +192.3% YoY
Source: XBRL data from the Expand Energy (EXE) FY2025 10-K on SEC EDGAR. USD.
Expand Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- No core business description provided in the business section of 2026 10-K
- No new products, services, or segments discussed in this filing year
- Business section primarily references governance and compliance documents online, no strategic shifts noted
- No quantitative business metrics or operational data disclosed here
- Unusual absence of business model and operational details, heavily reliant on references to proxy statement and website for information
Management Discussion & Analysis
- Revenue $8,476M in 2025 vs $2,969M in 2024, up $5,507M driven by volume (+$3,476M) and price (+$2,031M) increases
- Total production expenses $635M (0.24 $/Mcfe) in 2025 vs $316M (0.23 $/Mcfe) in 2024
- Gathering, processing & transportation expenses $2,376M (0.91 $/Mcfe) in 2025 vs $1,035M (0.75 $/Mcfe) in 2024
- Best performing segment: Southwest Appalachia sales $2,139M in 2025 up from $522M in 2024; worst: Haynesville with sales increase but lower realized prices
- Net gains on derivatives $550M in 2025 vs loss $(38)M in 2024; no cash flow, buyback, dividend, or capex info provided; no forward-looking guidance or risks disclosed
Risk Factors
- Key-person risk: Interim CEO appointed Feb 6, 2026, replacing Domenic J. Dell’Osso, Jr., who resigned from Board but remains external advisor
- Liquidity strong with $4.1B available as of Dec 31, 2025, including $3.5B unused credit facility capacity under 2025 Credit Facility
- Potential debt refinancing risk: future debt transactions depend on market conditions, liquidity, and contractual terms, with material amounts involved
Generated from the filing text; verify against the original. How to read a 10-K
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