At a glance
Expand Energy Corporation is worth $20.66B, about 12 times its fiscal 2025 earnings. Revenue grew 186.3% to $12.12B in fiscal 2025, with 15.0% kept as profit; over 5 years it has grown 18.3% a year. It pays a 2.59% dividend yield, and returned $4.38B to shareholders in dividends and buybacks over FY2020–FY2025. The stock returned −11.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Expand Energy, formerly Chesapeake Energy, describes itself as the largest independent natural gas producer in the U.S. by net daily production. As an independent producer, it explores for and produces gas and oil but does not refine or retail fuel. It sells mostly natural gas, plus smaller amounts of oil and natural gas liquids (NGL, such as propane). It grew through a merger with Southwestern, completed on October 1, 2024.
Its wells are in three U.S. shale regions: Haynesville in Louisiana and Texas, Northeast Appalachia in Pennsylvania, and Southwest Appalachia in West Virginia and Ohio. The company says these fields lie close to the highest-demand markets, and it aims to serve growing U.S. and international demand. As of December 31, 2025, it held stakes in about 6,600 wells. Haynesville produced the most in 2025: 1,095 of 2,622 Bcfe (billion cubic feet equivalent, a unit that combines gas and liquids).
It makes money by selling that output at market prices. Of $12.1 billion in fiscal 2025 revenue, about 70% came from selling natural gas, oil and NGL, and about 26% from marketing activities. Results swing with prices. Before hedging (contracts that lock in prices), its average gas price was $3.08 per thousand cubic feet in 2025, compared with $2.03 in 2024.
Price history
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EXE -11.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Natural gas, oil and NGL | $8.48B | 69.9% |
| Marketing | $3.16B | 26.1% |
| Oil | $319.0M | 2.6% |
| NGL | $142.0M | 1.2% |
| Oil | $132.0M | 1.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.29B, up 10.8% from a year earlier, and net income was $519.0M (-5.1%).
- For fiscal 2025, revenue was $12.12B (+186.3% year over year; +18.3% a year from FY2020 to FY2025) with a 15% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.3% good |
|---|---|
| Operating margin | 20.4% good |
| Free cash flow margin | 15.2% good |
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $-4.51B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2019 | $8.53B | $-308.0M | $1.57B |
| FY2020 | $5.24B | $-9.73B | $22.0M |
| FY2022 | $11.74B | $4.94B | $2.30B |
| FY2023 | $8.72B | $2.42B | $551.0M |
| FY2024 | $4.24B | $-714.0M | $8.0M |
| FY2025 | $12.12B | $1.82B | $1.84B |
Valuation snapshot
| Market value | $20.66B |
|---|---|
| P/E ratio | 11.8 |
| Dividend yield | 2.59% |
Rank among 1514 US companies
Market value at each year end
Expand Energy’s market value went from $23.00B at the end of 2024 to $20.66B on Nov 2, 2026, down 10%; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $20.66B | -21.4% |
| 2025 | $26.28B | +14.3% |
| 2024 | $23.00B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXE price data to Nov 2, 2026 | -17.5% | -11.4% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.5% |
| 2025 | +14.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 6 open-market purchases ($776K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 7, 2026 | Marcel Teunissen EVP & CFO | buy | $193K |
| Jun 4, 2026 | Marcel Teunissen EVP & CFO | buy | $186K |
| Mar 6, 2026 | Michael Wichterich Interim President and CEO, Director | buy | $108K |
| Mar 6, 2026 | Michael Wichterich Interim President and CEO, Director | buy | $107K |
| Jun 4, 2026 | Michael Wichterich Interim President and CEO, Director | buy | $93K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.6% | Mar 31, 2025 |
| Vanguard Capital Management | 7.45% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.5% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 4.6% | Sep 30, 2025 |
| T. Rowe Price Investment Management, Inc. | 4.5% | Dec 31, 2024 |
| BX Vine ML Holdco L.P. | 4.5% | Dec 31, 2024 |
| OCM XI CHK Holdings, LLC | 3.04% | Dec 31, 2024 |
| Capital Research Global Investors | 2.8% | Mar 31, 2026 |
ETFs with the most weight in EXE
| PXE Invesco Energy Exploration & Production ETF | 6.27% |
| PWER Macquarie Energy Transition ETF | 4.78% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 4.58% |
| FCG First Trust Natural Gas ETF | 4.56% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 4.45% |
| VNSE Natixis Vaughan Nelson Select ETF | 3.34% |
| FCUS Pinnacle Focused Opportunities ETF | 3.18% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 3.16% |
What could go wrong
- Results hinge on natural gas prices. Revenue depends on prices for gas, oil and natural gas liquids, which swing with weather, supply and exports. Long periods of low prices could squeeze cash flow and force markdowns of its property values.
- Pipeline bottlenecks could block sales. Its operations are in three U.S. shale regions. If pipelines, gathering lines (small pipes linking wells to main lines) or trucking lack capacity or are interrupted, it may struggle to sell gas.
- Turnover at the top. Insider filings in March 2026 listed Michael Wichterich as interim president and CEO, and the company filed notices of executive or board changes in September and October 2026. Turnover can disrupt plans.
- Constant drilling needed to sustain output. Shale wells produce less over time, so the company must keep drilling. Its 10-K assumes about $4.2 billion of spending to develop booked but undrilled reserves, mostly from 2026 to 2028.
- Hedges can cap gains from rising prices. The company uses contracts to lock in prices. These may limit the benefit when prices rise, can require it to post collateral, and depend on the other party being able to pay.
- Debt limits financial flexibility. Total debt was about $4.6 billion against $118 million of cash and investments as of September 30, 2026. The company calls its balance sheet investment grade, but loan covenants (borrowing rules) restrict some activities.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Other company announcement
- Executive or board change; Other company announcement
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Expand Energy pays a dividend, but the amount has swung with profits rather than rising steadily. Dividends per share were $8.30 in fiscal 2022, $3.41 in 2023, $2.47 in 2024 and $3.18 in 2025, so its streak of annual increases stood at one year. It paid no dividend in 2019 or 2020. The 2025 dividend used about 42% of earnings and of free cash flow (cash left after capital spending), and the yield was 2.53% as of October 28, 2026. Buybacks totaled $100 million in 2025, but the share count roughly doubled from November 2021 to October 2026, a span that included the Southwestern merger.
The price history covers only about 2.1 years to October 28, 2026. It does not show how the shares behaved in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. The deepest drop in the year to that date was about 30%. As a single stock, it carries more risk than a diversified fund.
Questions investors ask
How does Expand Energy make money?
Mostly by selling natural gas from wells it drills and operates. Its operations are in the Haynesville and Bossier shales of Louisiana and Texas and the Marcellus and Utica shales of Pennsylvania, West Virginia and Ohio. Of its $12.1 billion in fiscal 2025 revenue, about 70% came from selling natural gas, oil and natural gas liquids, and about 26% from marketing activities. Natural gas made up the vast majority of its 2025 production, so gas prices drive its results.
Is Expand Energy the same company as Chesapeake Energy?
Yes. Expand Energy's SEC filings list Chesapeake Energy Corp as its former name. The company grew through a merger with Southwestern, completed on October 1, 2024. It describes itself as the largest independent natural gas producer in the U.S. by net daily production, and it joined the S&P 500 index in 2025. Its main offices are in Oklahoma City, and its shares trade on Nasdaq under the ticker EXE.
Does Expand Energy pay a dividend?
Yes, but the amount has varied a lot. Dividends per share were about $3.18 in fiscal 2025, up from $2.47 in 2024 but well below $8.30 in 2022. The company paid no dividend in 2019 or 2020. The 2025 dividend used about 42% of earnings and of free cash flow, and the yield was 2.53% as of October 28, 2026. The 10-K warns that its ability to pay dividends and buy back shares is subject to limitations.
How much debt does Expand Energy have?
It had about $4.6 billion of total debt as of September 30, 2026, against $118 million of cash and investments and $19.5 billion of shareholder equity. In its annual report for 2025, the company said it had cut total debt by about $1.2 billion since the Southwestern merger and raised its bank credit line to $3.5 billion. It also described its balance sheet as investment grade. The same report lists significant debt and restrictive loan terms among its risks.
How has Expand Energy stock performed?
Unevenly, with large swings, based on about 2.1 years of price history to October 28, 2026. The share price rose about 14.4% in 2025, then fell 15.6% in 2026 through October 28. It was down 7.3% over the year to that date and up 7.5% over the full 2.1 years. The deepest drop in that year was about 30%. On October 28, 2026, the shares traded at 12.1 times fiscal 2025 earnings.