Metrics
The numbers behind Expand Energy Corporation: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in US$ millions unless noted.
Reading notes: All figures in US$ millions as printed, except per-share (US$) and share counts. Source: SEC Forms 10-K and 10-Q. Fresh-start accounting: Chesapeake Energy emerged from Chapter 11 on February 9, 2021. FY2021 annual columns present the Successor period (Feb 10 - Dec 31, 2021); the ~40-day Predecessor stub (which carried a 5,569 non-cash reorganization gain and 5,383 net income) is excluded and is not comparable. Merger: Chesapeake completed its all-stock merger with Southwestern Energy on October 1, 2024 and renamed to Expand Energy Corporation. FY2024 results include Southwestern only from October 1; FY2025 is the first full combined year, which drives the step-up in revenue, assets, share count and DD A. FY2021-FY2023 reflect standalone Chesapeake. FY2025, FY2024 and FY2023 income-statement and cash-flow figures are the three comparative columns of the FY2025 Form 10-K (pp.114-115). FY2022 and FY2021 (Successor) income/cash-flow figures are comparative columns of the FY2023 Form 10-K (pp.129,131).
Share Price — Full Available History — 5 Years
The stock closed at $91.52 on Jul 24, 2026 — up 114% over the window shown (+15.0% a year), trading between $41.60 and $122.89. At that close the stock trades at 12× FY2025 diluted EPS as reported below.
Source: market price feed, weekly closes, sampled from 1,369 source observations, Feb 2021–Jul 2026. Price return only, excludes dividends.
Market capitalization $69.9bn and enterprise value $74.3bn.
Market cap = 764.0M shares outstanding × the Jul 24, 2026 close of $91.52. Enterprise value adds total debt of $5.0bn and subtracts cash and equivalents of $616mn (net debt of $4.4bn), from the FY2025 balance sheet. Market-derived figures, shown without filing links.
FY2025 at a Glance
Revenue (US$ millions)
Net income (US$ millions)
Diluted EPS
Source: FY2025 consolidated statements [1] [2]. Click any linked figure to open the filing page with the row highlighted.
Revenue by Product
| Revenue by Product | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Natural gas | — | — | 2,853 | 2,686 | 7,433 |
| Oil | — | — | 596 | 69 | 319 |
| NGL | — | — | 98 | 214 | 724 |
| Natural gas, oil and NGL revenue | — | — | 3,547 | 2,969 | 8,476 |
| Marketing revenue | — | — | 2,500 | 1,290 | 3,163 |
| Total product and marketing revenue | — | — | 6,047 | 4,259 | 11,639 |
| Total product and marketing revenue growth, derived | — | — | — | -29.6% | +173.3% |
Source: Note 8 Revenue — revenue disaggregated by product type [3]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
Source: Consolidated Statements of Operations [1] [2]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates from S&P Capital IQ (CapIQ), shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-27. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Consensus revenue sits well below the as-reported line for the last actual year — analysts often model a narrower revenue basis (e.g. net of interest or pass-through costs), so compare trends, not levels. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Balance Sheet
Source: Consolidated Balance Sheets [4] [5] [6] [7]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
Source: Consolidated Statements of Cash Flows [8] [9]. Click any linked figure to open the filing page with the row highlighted.
Natural Gas, Oil and NGL Revenue by Operating Area
| Natural Gas, Oil and NGL Revenue by Operating Area | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Haynesville | — | — | 1,300 | 1,205 | 3,477 |
| Northeast Appalachia | — | — | 1,483 | 1,242 | 2,860 |
| Southwest Appalachia | — | — | — | 522 | 2,139 |
| Eagle Ford | — | — | 764 | — | — |
| Natural gas, oil and NGL revenue | — | — | 3,547 | 2,969 | 8,476 |
Source: Note 8 Revenue — revenue disaggregated by operating area [3]. Click any linked figure to open the filing page with the row highlighted.
Production Volumes
| Production Volumes | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total production (Bcfe) | — | 1,461 | 1,335 | 1,375 | 2,622 |
| Natural gas production (Bcf) | — | 1,308 | 1,266 | 1,321 | 2,409 |
| Total production per day (MMcfe/d) | — | — | 3,659 | 3,758 | 7,183 |
Source: company filings [10] [11] [12] [13]. Click any linked figure to open the filing page with the row highlighted.
Realized Prices
| Realized Prices | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Natural gas realized ($/Mcf, excl. hedging) | — | 5.96 | 2.25 | 2.03 | 3.08 |
| Oil realized ($/Bbl) | — | 96.07 | 77.80 | 60.41 | 54.47 |
| NGL realized ($/Bbl) | — | 37.48 | 25.62 | 27.44 | 24.48 |
| Total realized ($/Mcfe, excl. hedging) | — | 6.77 | 2.66 | 2.16 | 3.23 |
| Total realized incl. derivatives ($/Mcfe) | — | — | 2.99 | 2.84 | 3.30 |
| Average NYMEX natural gas ($/Mcf) | — | — | 2.74 | 2.27 | 3.43 |
Source: company filings [10] [11] [12] [14]. Click any linked figure to open the filing page with the row highlighted.
Unit Costs ($/Mcfe)
| Unit Costs ($/Mcfe) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Production expense ($/Mcfe) | — | 0.33 | 0.27 | 0.23 | 0.24 |
| Gathering, processing and transportation ($/Mcfe) | — | 0.73 | 0.64 | 0.75 | 0.91 |
| Depreciation, depletion and amortization ($/Mcfe) | — | — | 1.14 | 1.26 | 1.13 |
| General and administrative, net ($/Mcfe) | — | — | 0.09 | 0.14 | 0.07 |
Source: company filings [15] [11] [16] [14]. Click any linked figure to open the filing page with the row highlighted.
Proved Reserves PV-10
| Proved Reserves PV-10 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total proved reserves (Bcfe) | — | — | 9,688 | 20,800 | 25,880 |
| Proved developed reserves (Bcfe) | — | — | 6,363 | 16,958 | 18,576 |
| Proved undeveloped reserves (Bcfe) | — | — | 3,325 | 3,842 | 7,304 |
| PV-10 of proved reserves | — | — | 4,571 | 7,567 | 19,374 |
| Standardized measure | — | — | 4,477 | 7,531 | 17,126 |
| Estimated future net revenue | — | — | 8,554 | 13,669 | 37,002 |
Source: company filings [17] [18] [19]. Click any linked figure to open the filing page with the row highlighted.
Drilling Wells
| Drilling Wells | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross wells completed | — | — | 194 | 87 | 311 |
| Net wells completed | — | — | 109 | 62 | 203 |
| Gross producing wells (working interest) | — | — | — | — | 6,600 |
Source: company filings [20]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Total revenues and other | Net income (loss) | Net cash provided by operating activities | Capital expenditures | Diluted earnings (loss) per share |
|---|---|---|---|---|---|
| FY2016 | — | (4,390) | (204) | — | — |
| FY2017 | — | (505) | 475 | — | — |
| FY2018 | — | 226 | 1,730 | — | — |
| FY2019 | — | (308) | 1,623 | — | — |
| FY2020 | 5,240 | (9,734) | 1,164 | (1,142) | — |
| FY2021 | 5,549 | 945 | 1,809 | (669) | 8.12 |
| FY2022 | 11,743 | 4,936 | 4,125 | (1,823) | 33.36 |
| FY2023 | 8,721 | 2,419 | 2,380 | (1,829) | 16.92 |
| FY2024 | 4,235 | (714) | 1,565 | (1,557) | (4.55) |
| FY2025 | 12,124 | 1,819 | 4,575 | (2,736) | 7.57 |
Source: consolidated statements across filings; older years from the standardized feed [8] [1] [9] [2]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Mean target
Median target
High target
Low target
Street ratings: 17 strong buy, 3 buy, 6 hold. Consensus: Buy.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-27. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Consensus revenue sits well below the as-reported line for the last actual year — analysts often model a narrower revenue basis (e.g. net of interest or pass-through costs), so compare trends, not levels. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Traceability
371 of 386 figures on this page (96%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
All figures in US$ millions as printed, except per-share (US$) and share counts. Source: SEC Forms 10-K and 10-Q.
Fresh-start accounting: Chesapeake Energy emerged from Chapter 11 on February 9, 2021. FY2021 annual columns present the Successor period (Feb 10 - Dec 31, 2021); the ~40-day Predecessor stub (which carried a 5,569 non-cash reorganization gain and 5,383 net income) is excluded and is not comparable.
Merger: Chesapeake completed its all-stock merger with Southwestern Energy on October 1, 2024 and renamed to Expand Energy Corporation. FY2024 results include Southwestern only from October 1; FY2025 is the first full combined year, which drives the step-up in revenue, assets, share count and DD A. FY2021-FY2023 reflect standalone Chesapeake.
FY2025, FY2024 and FY2023 income-statement and cash-flow figures are the three comparative columns of the FY2025 Form 10-K (pp.114-115). FY2022 and FY2021 (Successor) income/cash-flow figures are comparative columns of the FY2023 Form 10-K (pp.129,131).
Balance-sheet columns are each cited to a 10-K that prints that year-end: FY2025/FY2024 from the FY2025 10-K (p.113), FY2023 from the FY2024 10-K (p.114), FY2022 from the FY2023 10-K (p.128), FY2021 from the FY2022 10-K (p.92).
Revenue by product and by operating area are from Note 8 (FY2025 10-K, p.143), which discloses FY2023-FY2025 only; the 'Gain (loss) on derivatives' and 'Gains (losses) on sales of assets' lines are excluded from the revenue-mix tables (they appear in the income statement).
Long-Term Record FY2016-FY2020 figures are from the standardized SEC XBRL data feed and are shown without page links; revenue and diluted EPS are omitted for those years (revenue absent from the feed; pre-emergence EPS is not comparable). FY2020 revenue is the comparative column of the FY2022 10-K.
Quarterly block covers the five most recent quarters with standalone SEC filings (Q1 FY25 - Q1 FY26), all post-merger and comparable. See per-statement notes for the derivation of Q4 FY25 and of single-quarter cash flows.
2 figure(s) differed between the data feed and the filing; the filing value is shown (see the run's metrics/metrics_tab.json for the audit trail).