Expand Energy Corporation (EXE) Balance Sheet

NASDAQ: EXEAssets, liabilities, debt and equity over 10 years.

EXE balance sheet, 2025

December 31, 2025 · U.S. dollars

$28.29B assets = $9.71B liabilities + $18.58B equity

Both columns are drawn to the same scale: what EXE owns equals what it owes plus shareholders’ equity. Hover a block for its value.

EXE financial health

Current ratio1.01

Adequate · current assets cover current liabilities 1.01×

Debt / equity0.27

Low leverage · $0.27 of debt for each $1 of equity

Equity / assets65.7%

Equity-funded · of assets funded by shareholders

Cash / debt19.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

EXE balance sheet trends, 2016–2025

Expand Energy Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$13.03B2016	$28.29B2025	+9.0%/yr
Total liabilities	$14.23B2016	$9.71B2025	−4.2%/yr
Shareholders’ equity	−$1.33B2016	$18.58B2025	—
Cash & short-term investments	$882.0M2016	$960.0M2025	+0.9%/yr
Total debt	$10.44B2016	$5.06B2025	−7.7%/yr
Net cash (debt)	−$9.56B2016	−$4.10B2025	+$5.5B
Working capital	−$1.51B2016	$15.0M2025	+$1.5B
Book value per share	$48.092021	$77.292025	+12.6%/yr
Current ratio	0.592016	1.012025	+0.42
Debt / equity	3.692018	0.272025	−3.42
Shares outstanding	117.9M2021	240.4M2025	+19.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

EXE assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

EXE liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

EXE debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

EXE balance sheet

Expand Energy Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$960.0M	$317.0M	$1.08B	$130.0M	$905.0M	$298.0M	$140.0M	$213.0M	$32.0M	$882.0M
Cash & equivalents	$696.0M	$317.0M	$1.08B	$130.0M	$905.0M	$279.0M	$6.0M	$4.0M	$5.0M	$882.0M
Short-term investments	$264.0M	$84.0M	$637.0M	$34.0M	$5.0M	$19.0M	$134.0M	$209.0M	$27.0M	—
Receivables	$1.60B	$1.21B	$585.0M	$1.41B	$1.08B	$746.0M	$990.0M	$1.17B	$1.14B	$964.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$357.0M	$472.0M	$945.0M	$1.15B	$121.0M	$64.0M	$121.0M	$215.0M	$355.0M	$296.0M
Total current assets	$2.92B	$2.00B	$2.61B	$2.70B	$2.10B	$1.11B	$1.25B	$1.60B	$1.52B	$2.14B
Property, plant & equipment (net)	$24.36B	$24.43B	$10.20B	$11.31B	$8.84B	$5.26B	$14.77B	$10.80B	$10.66B	$10.58B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.02B	$1.47B	$1.57B	$1.46B	$69.0M	$215.0M	$174.0M	$334.0M	$236.0M	$306.0M
Total assets	$28.29B	$27.89B	$14.38B	$15.47B	$11.01B	$6.58B	$16.19B	$12.73B	$12.43B	$13.03B
Liabilities
Accounts payable	$753.0M	$777.0M	$425.0M	$603.0M	$308.0M	$346.0M	$498.0M	$763.0M	$654.0M	$672.0M
Short-term debt	$51.0M	$460.0M	$84.0M	$86.0M	$29.0M	$1.96B	$403.0M	$381.0M	$52.0M	$264.0M
Deferred revenue	$1.23B	$297.0M	$360.0M	$734.0M	$617.0M	$305.0M	$571.0M	$746.0M	$612.0M	$271.0M
Total current liabilities	$2.90B	$3.12B	$1.31B	$2.70B	$2.45B	$3.09B	$2.39B	$2.89B	$2.36B	$3.65B
Long-term debt	$5.01B	$5.29B	$2.03B	$3.09B	$2.28B	$0	$0	$0	$0	$0
Lease obligations	$51.0M	$71.0M	$84.0M	$86.0M	$29.0M	$24.0M	—	—	—	—
Other long-term liabilities	$1.80B	$1.92B	$305.0M	$547.0M	$613.0M	$8.83B	$9.40B	$7.71B	$10.44B	$10.58B
Total liabilities	$9.71B	$10.33B	$3.65B	$6.34B	$5.34B	$11.93B	$11.79B	$10.60B	$12.80B	$14.23B
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$1.0M	$1.0M	$1.0M	—	$19.0M	$9.0M	$9.0M	$9.0M
Retained earnings (deficit)	$4.83B	$3.88B	$4.97B	$3.40B	$825.0M	−$23.95B	−$14.22B	−$13.91B	−$16.52B	−$17.47B
Accumulated other comprehensive income	—	—	—	—	—	$45.0M	$12.0M	−$23.0M	−$57.0M	−$96.0M
Total shareholders' equity	$18.58B	$17.57B	$10.73B	$9.12B	$5.67B	−$5.34B	$4.36B	$2.09B	−$496.0M	−$1.33B
Key figures
Total debt	$5.06B	$5.83B	$2.13B	$3.21B	$2.32B	$1.96B	$9.50B	$7.72B	$9.97B	$10.44B
Net cash (debt)	−$4.10B	−$5.51B	−$1.05B	−$3.08B	−$1.41B	−$1.66B	−$9.36B	−$7.51B	−$9.94B	−$9.56B
Working capital	$15.0M	−$1.13B	$1.29B	−$6.0M	−$344.0M	−$1.99B	−$1.14B	−$1.29B	−$831.0M	−$1.51B
Tangible book value	$18.58B	$17.57B	$10.73B	$9.12B	$5.67B	−$5.34B	$4.36B	$2.09B	−$496.0M	−$1.33B
Book value per share	$77.29	$111.89	$75.04	$62.51	$48.09	—	—	—	—	—
Shares outstanding	240.4M	157.0M	143.0M	146.0M	117.9M	—	—	—	—	—
Current ratio	1.01	0.64	1.99	1.00	0.86	0.36	0.52	0.55	0.65	0.59
Quick ratio	0.88	0.49	1.27	0.57	0.81	0.34	0.47	0.48	0.50	0.51
Debt / equity	0.27	0.33	0.20	0.35	0.41	—	2.18	3.69	—	—
Equity / assets	65.7%	63.0%	74.6%	59.0%	51.5%	−81.1%	26.9%	16.4%	−4.0%	−10.2%

Expand Energy Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.37B	$2.22B	$960.0M	$848.0M	$852.0M	$349.0M	$317.0M	$1.04B	$1.02B	$1.18B	$1.08B	$713.0M
Cash & equivalents	$764.0M	$2.22B	$696.0M	$691.0M	$806.0M	$349.0M	$317.0M	$1.04B	$1.02B	$1.18B	$1.08B	$713.0M
Short-term investments	$602.0M	—	$264.0M	$157.0M	$46.0M	—	$84.0M	$199.0M	$361.0M	$592.0M	$637.0M	$361.0M
Receivables	$1.10B	$1.29B	$1.60B	$1.03B	$1.07B	$1.35B	$1.21B	$255.0M	$344.0M	$299.0M	$585.0M	$679.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$378.0M	$877.0M	$357.0M	$367.0M	$346.0M	$415.0M	$472.0M	$498.0M	$650.0M	$900.0M	$945.0M	$1.12B
Total current assets	$2.84B	$4.39B	$2.92B	$2.24B	$2.27B	$2.11B	$2.00B	$1.80B	$2.01B	$2.38B	$2.61B	$2.52B
Property, plant & equipment (net)	$24.45B	$24.32B	$24.36B	$24.24B	$24.17B	$24.26B	$24.43B	$9.95B	$10.00B	$10.06B	$10.20B	$10.11B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$738.0M	$819.0M	$1.02B	$1.13B	$1.32B	$1.56B	$1.47B	$1.64B	$1.59B	$1.58B	$1.57B	$1.63B
Total assets	$28.03B	$29.52B	$28.29B	$27.61B	$27.77B	$27.93B	$27.89B	$13.39B	$13.61B	$14.02B	$14.38B	$14.25B
Liabilities
Accounts payable	$942.0M	$881.0M	$753.0M	$830.0M	$747.0M	$654.0M	$777.0M	$264.0M	$274.0M	$317.0M	$425.0M	$540.0M
Short-term debt	$43.0M	$926.0M	$51.0M	$63.0M	$67.0M	$71.0M	$460.0M	$30.0M	$48.0M	$61.0M	$84.0M	$75.0M
Deferred revenue	$265.0M	$262.0M	$1.23B	$1.07B	$1.09B	$1.17B	$297.0M	$5.0M	$4.0M	$5.0M	$8.0M	$22.0M
Total current liabilities	$2.96B	$3.95B	$2.90B	$2.77B	$2.92B	$3.59B	$3.12B	$899.0M	$931.0M	$1.02B	$1.31B	$1.61B
Long-term debt	$3.69B	$4.13B	$5.01B	$5.01B	$5.12B	$5.24B	$5.29B	$2.02B	$2.02B	$2.02B	$2.03B	$2.03B
Lease obligations	$43.0M	$51.0M	$51.0M	$63.0M	$67.0M	$71.0M	$71.0M	$30.0M	$48.0M	$61.0M	$84.0M	$75.0M
Other long-term liabilities	$1.97B	$1.89B	$1.80B	$1.68B	$1.78B	$1.91B	$1.92B	$288.0M	$286.0M	$291.0M	$305.0M	$334.0M
Total liabilities	$8.62B	$9.97B	$9.71B	$9.46B	$9.83B	$10.74B	$10.33B	$3.20B	$3.24B	$3.34B	$3.65B	$3.98B
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$5.63B	$5.79B	$4.83B	$4.42B	$4.22B	$3.49B	$3.88B	$4.41B	$4.60B	$4.92B	$4.97B	$4.53B
Total shareholders' equity	$19.41B	$19.55B	$18.58B	$18.15B	$17.94B	$17.19B	$17.57B	$10.19B	$10.37B	$10.68B	$10.73B	$10.27B
Key figures
Total debt	$3.73B	$5.06B	$5.06B	$5.07B	$5.19B	$5.31B	$5.83B	$2.05B	$2.07B	$2.09B	$2.13B	$2.11B
Net cash (debt)	−$2.36B	−$2.84B	−$4.10B	−$4.22B	−$4.34B	−$4.96B	−$5.51B	−$1.00B	−$1.05B	−$907.0M	−$1.05B	−$1.39B
Working capital	−$123.0M	$437.0M	$15.0M	−$525.0M	−$652.0M	−$1.48B	−$1.13B	$898.0M	$1.08B	$1.36B	$1.29B	$901.0M
Tangible book value	$19.41B	$19.55B	$18.58B	$18.15B	$17.94B	$17.19B	$17.57B	$10.19B	$10.37B	$10.68B	$10.73B	$10.27B
Book value per share	$81.43	$81.18	$77.31	$75.45	$74.56	$73.33	$75.86	$76.15	$79.06	$75.36	$75.83	$72.13
Shares outstanding	238.4M	240.8M	240.3M	240.6M	240.6M	234.4M	231.5M	133.8M	131.2M	141.8M	141.5M	142.3M
Current ratio	0.96	1.11	1.01	0.81	0.78	0.59	0.64	2.00	2.16	2.33	1.99	1.56
Quick ratio	0.83	0.89	0.88	0.68	0.66	0.47	0.49	1.44	1.46	1.45	1.27	0.86
Debt / equity	0.19	0.26	0.27	0.28	0.29	0.31	0.33	0.20	0.20	0.20	0.20	0.21
Equity / assets	69.2%	66.2%	65.7%	65.7%	64.6%	61.5%	63.0%	76.1%	76.2%	76.2%	74.6%	72.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

EXE financial position

At the end of fiscal 2025 (December 31, 2025), Expand Energy had total assets of $28.3 billion (up 1.4% from a year earlier), total liabilities of $9.7 billion and shareholders' equity of $18.6 billion. It held $960.0 million in cash and short-term investments against $5.1 billion of debt, net debt of $4.1 billion. Its current ratio was 1.01. In the latest quarter (ended June 30, 2026) total assets were $28.0 billion and equity $19.4 billion.

Related: EXE income statement, EXE cash flow statement, EXE key metrics. See the EXE stock overview for the latest quote and news.

EXE balance sheet FAQ

What are Expand Energy's total assets?

Expand Energy reported total assets of $28.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $27.9 billion a year earlier.

How much debt does Expand Energy have?

Expand Energy had $5.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.27.

How much cash does Expand Energy have?

Expand Energy held $960.0 million in cash and short-term investments at the end of fiscal 2025; with $5.1 billion of debt that is net debt of $4.1 billion.

What is Expand Energy's book value?

Expand Energy's shareholders' equity (book value) was $18.6 billion at the end of fiscal 2025, or $77.29 per share.

What is Expand Energy's current ratio?

Expand Energy had current assets of $2.9 billion and current liabilities of $2.9 billion, a current ratio of 1.01 (it can cover its short-term obligations).