Expand Energy
Produces natural gas, oil and NGLs across Haynesville and Appalachian shale basins.
Something off on this page? Send us feedback.
Profile
Produces and markets natural gas, oil and NGLs from the Haynesville/Bossier, Marcellus and Utica shales. Natural gas supplies most output, while results remain exposed to commodity prices and the gathering and pipeline capacity needed to reach Gulf Coast and other markets.
Produces and markets natural gas, oil and natural gas liquids from onshore U.S. shale assets. The Haynesville and Bossier portfolio spans Louisiana and Texas; Northeast Appalachia centers on Pennsylvania's Marcellus, while Southwest Appalachia covers Marcellus and Utica acreage in West Virginia and Ohio. Natural gas supplies most production.
Combines basin-scale drilling and completion programs with marketing and commercial operations designed to improve margins and connect production with Gulf Coast and other demand centers. The portfolio makes it the largest U.S. natural gas producer by net daily production.
Reports a single exploration and production segment, with marketing ancillary to upstream operations. Earnings depend chiefly on commodity prices and on gathering, processing and pipeline capacity secured through long-term transportation commitments.
Company facts
Key statistics
Year to date −10.6% · Average volume (30d) 3.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Goldman Sachs | Reiterate | Buy | $113 | ||
| Aug 19, 2026 | Morgan Stanley | Reiterate | Overweight | $131 | $129 | |
| Aug 17, 2026 | Johnson Rice | Downgrade | Buy | Accumulate | $125 | |
| Aug 17, 2026 | Barclays | Reiterate | Equal Weight | $110 | $107 | |
| Jul 30, 2026 | UBS | Reiterate | Buy | $127 | $124 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $1.13 | $1.33 | +17.7% | $3.05B | $2.96B | −2.9% | +4.45% |
| Apr 28, 2026Q1 FY26 | $3.69 | $3.83 | +3.8% | $3.53B | $4.40B | +24.6% | +4.16% |
| Feb 17, 2026Q4 FY25 | $1.87 | $2.00 | +7.0% | $2.94B | $3.27B | +11.4% | −3.14% |
| Oct 28, 2025Q3 FY25 | $0.90 | $0.97 | +8.0% | $2.71B | $2.97B | +9.3% | −0.58% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.20B | $3.69B | $2.97B | $3.05B | $4.40B | $2.96B | |
| Gross profit | $775.0M | $1.41B | $2.36B | $1.41B | $2.34B | $2.33B | |
| Operating income | −$268.0M | $1.27B | $725.0M | $557.0M | $1.53B | $661.0M | |
| Net income | −$249.0M | $968.0M | $547.0M | $553.0M | $1.16B | $522.0M | |
| Diluted EPS | −$1.06 | $4.02 | $2.27 | $2.30 | $4.81 | $2.19 | |
| Gross margin | 35.3% | 38.3% | 79.5% | 46.4% | 53.2% | 78.6% | |
| Operating margin | -12.2% | 34.4% | 24.4% | 18.3% | 34.8% | 22.3% |
Fiscal years (4-quarter sums)FY21 $7.30B · FY22 $11.44B · FY23 $7.78B · FY24 $4.22B · FY25 $11.90B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.37B · Total debt $3.73B · Total assets $28.03B · Shareholders' equity $19.41B
Dividends
Raised for 2 straight years — most recently to $0.575 from $0.4375 in Aug 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 13, 2026 | Aug 13 | Sep 3 | $0.575 | |
| May 14, 2026 | May 14 | Jun 4 | $0.575 | |
| Mar 5, 2026 | Mar 5 | Mar 26 | $0.575 | |
| Nov 13, 2025 | Nov 13 | Dec 4 | $0.575 | |
| Aug 14, 2025 | Aug 14 | Sep 4 | $1.465 | special dividend |
| May 15, 2025 | May 15 | Jun 4 | $0.575 | |
| Mar 11, 2025 | Mar 11 | Mar 27 | $0.575 | |
| Nov 14, 2024 | Nov 14 | Dec 4 | $0.575 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 231.50M · Float 230.50M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.50M | 8.42% | 13F | Aug 7, 2026 |
| State Street Corporation | 15.63M | 6.50% | 13G | Aug 7, 2026 |
| Vanguard Capital Management LLC | 15.62M | 6.75% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 11.83M | 5.11% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 6.73M | 2.91% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 12, 2026 | Michael Wichterich | director, officer: Interim President and CEO | +1,000 | $88.90 |
| Jun 4, 2026 | Marcel Teunissen | officer: EVP & CFO | +2,000 | $92.88 |
| Jun 4, 2026 | Michael Wichterich | director, officer: Interim President and CEO | +1,000 | $93.36 |
| May 7, 2026 | Marcel Teunissen | officer: EVP & CFO | +2,000 | $96.43 |
| Mar 6, 2026 | Michael Wichterich | director, officer: Interim President and CEO | +2,000 | $107.50 |
Peers
- EQT
Closest large-scale Appalachian gas and market-access peer
- Comstock Resources
Direct Haynesville/Bossier gas peer near Gulf Coast markets
- Antero Resources
Southwest Appalachia gas/NGL peer with marketing overlap
- Range Resources
Pure Appalachian Marcellus gas and NGL overlap
- CNX Resources
Appalachian Marcellus/Utica peer with regional integration
- Gulfport Energy
Smaller gas-weighted Utica/Marcellus and SCOOP peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Expand Energy | $98.16 | 0.00% | $22.72B | 8.5 | 12.2 | 1.7 | −19.8% |
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Comstock Resources | $14.40 | +0.73% | $4.20B | 8.2 | 32.8 | 2.2 | −24.9% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| CNX Resources | $36.42 | +0.64% | $5.36B | 6.0 | 10.8 | 2.2 | −35.7% |
| Gulfport Energy | $176.37 | +0.01% | $3.17B | 7.1 | 7.0 | 2.1 | +3.8% |
| Median | 9.6 | 11.0 | 2.2 | −10.6% |