Operational efficiency has improved markedly, with the OCF/NI ratio reaching 2.07 in 2026Q1, reflecting a stronger alignment between accounting earnings and actual cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 5.88B | 4.58B | 1.55B | 2.38B | 4.13B | 1.79B | 1.16B | 1.62B | 1.73B | 745M | -204M | 726M | 4.63B | 4.61B | 2.84B | 5.9B | 5.12B | 4.36B | 5.24B | 4.93B | 4.84B | 2.41B |
| Operating CF Margin % | - | 37.74% | 36.52% | 39.42% | 29.21% | 24.49% | 25.23% | 18.99% | 16.75% | 8.2% | -2.33% | 6.13% | 20.96% | 26.89% | 24.89% | 54.31% | 64.23% | 73.28% | 48.3% | 72.01% | 66.12% | 47.89% |
| Operating CF Growth % | 993.95% | 194.4% | -34.71% | -42.3% | 130.7% | 53.61% | -28.28% | -6.19% | 132.21% | 465.2% | -128.1% | -84.33% | 0.43% | 62.64% | -51.94% | 15.36% | 17.47% | -16.81% | 6.16% | 1.83% | 101.23% | - |
| Net Income | 3.23B | 1.82B | -714M | 2.42B | 4.94B | 6.33B | -9.73B | -308M | 225M | 939M | -4.39B | -14.69B | 1.44B | 645M | -769M | 1.74B | 1.77B | -5.83B | 656M | 1.32B | 1.99B | 921.43M |
| Depreciation & Amortization | 2.98B | 2.98B | 1.73B | 1.53B | 1.75B | 995M | 1.51B | 2.32B | 1.83B | 995M | 1.11B | 2.23B | 2.92B | 2.9B | 2.81B | 1.92B | 1.61B | 1.61B | 2.15B | 1.99B | 1.46B | 945M |
| Stock-Based Compensation | 47M | 46M | 0 | 33M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 804M | 448M | -123M | 428M | -1.33B | -106M | -10M | -305M | -10M | 11M | -171M | -4.43B | 1.1B | 526M | -427M | 1.11B | 1.11B | -3.49B | 40M | 835M | 1.25B | 544.89M |
| Other Non-Cash Items | -781M | -718M | 977M | -2.3B | -1.13B | -6.24B | 8.48B | 169M | -409M | -729M | 4.01B | 18.64B | -310M | 882M | 2.44B | 534M | 50M | 12.04B | 2.33B | 460M | -662.16M | 14.41M |
| Working Capital Changes | 393M | 0 | -315M | 275M | -123M | 814M | 915M | -254M | 91M | -471M | -761M | -1.03B | -512M | -342M | -1.22B | 594M | 569M | 23M | 58M | 325M | 798.37M | -18.84M |
| Change in Receivables | 0 | 0 | -168M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | -68M | -530M | -769M | 0 | -78M | -192M | -21.63M | -204.86M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -126.54M | -66.98M |
| Change in Payables | 0 | 0 | -62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -347M | -1.15B | 0 | 0 | 0 | 0 | 0 | 1.02B | 92.22M |
| Cash from Investing | -2.85B | -2.76B | -1.9B | 473M | -3.4B | -916M | -992M | -2.48B | 455M | -1.19B | -660M | -3.65B | 417M | -2.97B | -4.98B | -5.81B | -8.5B | -5.46B | -9.84B | -7.92B | -8.94B | -6.92B |
| Capital Expenditures | -2.88B | -2.74B | -1.56B | -1.83B | -1.82B | -735M | -1.14B | -2.26B | -2B | -2.49B | -2.12B | -3.77B | -6.62B | -7.61B | -14.74B | -14.45B | -13.51B | -7.52B | -17.65B | -6.74B | -4.77B | -6.82B |
| CapEx % of Revenue | 20.35% | 22.57% | 36.59% | 30.29% | 12.91% | 10.07% | 24.75% | 26.48% | 19.34% | 27.43% | 24.24% | 31.84% | 29.94% | 44.33% | 129.35% | 132.93% | 169.61% | 126.58% | 162.81% | 98.47% | 65.05% | 135.63% |
| Acquisitions | 15M | 0 | -438M | 2.53B | -1.56B | -181M | 150M | -217M | 2.38B | 1.3B | 1.54B | 135M | 6.82B | 4.39B | 8.38B | 8.62B | 883M | 176M | 219M | -2.37B | -3.76B | 9.77M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 23M | -9M | 166M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -77M | -9M | -3M | 181M | -223M | -87M | 4.26B | 1.93B | 6.08B | -15M | -21.56M | 20.42M |
| Cash from Financing | -1.15B | -1.51B | -408M | -1.89B | -1.45B | -237M | 101M | 859M | -2.19B | -434M | 921M | -415M | -1.82B | -1.1B | 2.08B | 158M | 3.18B | -336M | 6.36B | 2.99B | 4.04B | 4.57B |
| Debt Issued (Net) | -238M | 0 | 747M | -1.05B | 812M | -719M | 136M | 986M | -2.06B | -226M | 952M | 0 | 110M | 120M | 1.65B | -2.36B | 347M | -651M | 3.81B | 3.35B | 1.84B | 2.27B |
| Equity Issued (Net) | -99M | -100M | 3M | -355M | -1.05B | 602M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.56B | -3M | 2.52B | 15M | 2.3B | 2.34B |
| Dividends Paid | -764M | -765M | -388M | -487M | -1.21B | -119M | -22M | -91M | -92M | -183M | 0 | -289M | -405M | -404M | -398M | -379M | -281M | -204M | -183M | -210M | -175.43M | -92.01M |
| Share Repurchases | -166M | -100M | 0 | -355M | -1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -5M | 0 | -86.19M | -4M |
| Other Financing | -49M | -650M | -770M | 0 | 0 | -1M | -13M | -36M | -33M | -25M | -31M | -126M | -1.52B | -813M | 828M | 2.9B | 553M | 522M | 206M | -172M | 70.64M | 49.53M |
| Net Change in Cash | 1.88B | 301M | -758M | 961M | -722M | 635M | 273M | 2M | -1M | -877M | 57M | -3.32B | 3.23B | 514M | 3M | 293M | -205M | -1.44B | 1.75B | -1.52M | -57.51M | 60.03M |
| Free Cash Flow | 3B | 1.84B | -3M | 551M | 2.3B | 1.05B | 22M | -640M | -267M | -1.75B | -2.32B | -3.04B | -1.98B | -2.99B | -2.98B | -1.08B | -3.15B | 375M | -6.31B | 3.49B | 3.86B | -2.04B |
| FCF Margin % | 21.2% | 15.17% | -0.07% | 9.13% | 16.3% | 14.42% | 0.48% | -7.49% | -2.59% | -19.23% | -26.57% | -25.71% | -8.97% | -17.45% | -26.1% | -9.94% | -39.59% | 6.31% | -58.2% | 51% | 52.65% | -40.55% |
| FCF Growth % | 652.13% | 61400% | -100.54% | -76.06% | 118.61% | 4686.36% | 103.44% | -139.7% | 84.72% | 24.83% | 23.68% | -53.48% | 33.73% | -0.64% | -175.46% | 65.76% | -941.07% | 105.94% | -280.62% | -9.44% | 289.28% | - |
| FCF per Share | 12464.75 | 7.65 | -0.02 | 3.68 | 15.82 | 8.93 | 2.25 | -76.88 | -58.75 | -385.65 | -608.38 | -919.94 | -513.99 | -917.00 | -925.35 | -287.23 | -893.48 | 122.55 | -2315.23 | 1434.50 | 1682.11 | -1111.48 |
| FCF Conversion (FCF/Net Income) | 0.93x | 2.52x | -2.18x | 0.98x | 0.84x | 0.28x | -0.12x | -5.27x | 7.69x | 0.79x | 0.05x | -0.05x | 3.21x | 7.15x | -3.69x | 3.39x | 2.88x | -0.75x | 7.98x | 3.73x | 2.43x | 2.61x |
| Interest Paid | 19M | 0 | 0 | 117M | 146M | 0 | 224M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 82M | 0 | 0 | 132M | 193M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price basis volatility
As reported in recent financial statements, Expand Energy's OCF/NI ratio reached 2.07 in 2026Q1, illustrating a significant divergence between accounting net income and actual cash generation that suggests non-cash items continue to heavily influence the company's reported bottom-line performance relative to its operational cash inflows.
The wide variance in the OCF/NI ratio, ranging from negative figures in 2024 to over 2.0 in the most recent quarter, indicates that net income is an unreliable proxy for cash-generating capacity. Investors should monitor how derivative settlements and non-cash charges continue to decouple reported earnings from the underlying cash reality of the business.
Based on the company's reported figures, free cash flow margins improved to 38.5% in 2026Q1, a notable recovery from the negative 18.1% margin observed in 2024Q2, which suggests that the recent merger may be yielding the anticipated operational efficiencies and scale benefits for the combined entity.
The trajectory of FCF margins appears to be trending upward as the company integrates its expanded asset base. However, the sustainability of these margins remains contingent on commodity price stability and the ability to maintain production levels without excessive reinvestment requirements.
According to quarterly data, the company's CapEx/Revenue ratio stood at 16.1% in 2026Q1, down from the elevated 58.8% seen in 2024Q2, indicating that the firm is successfully moderating its capital intensity as it transitions into a larger, more consolidated production profile following recent strategic acquisitions.
While the reduction in capital intensity is a positive signal, the absolute level of CapEx remains substantial, reflecting the ongoing need to drill new wells to offset natural decline rates in unconventional reservoirs. Analysts should scrutinize whether this lower ratio is a permanent structural shift or merely a temporary pause in aggressive development.
Based on reported cash flow statements, Expand Energy returned $207 million to shareholders via dividends and buybacks in 2026Q1, signaling a shift toward capital discipline that contrasts with the acquisition-heavy cash outflows observed in previous periods, such as the $566 million spent on acquisitions in 2023Q4.
The transition from acquisition-led cash deployment to direct shareholder returns suggests management is prioritizing balance sheet stability and investor yield. This shift warrants further investigation to determine if the company can maintain these payouts if commodity prices face downward pressure in future quarters.
Quick answers to the most common questions about buying EXEEZ stock.
Expand Energy Corporation (EXEEZ) generated $4.58B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expand Energy Corporation (EXEEZ) generated $1.84B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Expand Energy Corporation (EXEEZ) spent $2.74B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Expand Energy Corporation (EXEEZ) returned $765.0M to shareholders via cash dividends and spent $100.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.