Expand Energy Corporation (EXE) Cash Flow Statement
Where EXE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.58B +192.3% vs 2024
- Capital expenditures
- $2.74B 23.5% of revenue
- Free cash flow
- $1.84B 15.8% margin
- Returned to shareholders
- $865.0M 47% of free cash flow
- Change in cash
- $301.0M cash at year-end $696.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EXE operating cash flow, capex and free cash flow
EXE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$204.0M2016 | $4.58B2025 | — | |
| Capital expenditures | $2.12B2016 | $2.74B2025 | +2.9%/yr | |
| Free cash flow | −$2.32B2016 | $1.84B2025 | — | |
| Free cash flow margin | −29.5%2016 | 15.8%2025 | +45.3 pts | |
| Operating cash flow / net income | 0.792017 | 2.522025 | +1.72 | |
| Stock-based compensation | $30.0M2019 | $46.0M2025 | +7.4%/yr | |
| Dividends paid | $183.0M2017 | $765.0M2025 | +19.6%/yr | |
| Share buybacks (net) | $02020 | $100.0M2025 | — | |
| Capex / revenue | 26.9%2016 | 23.5%2025 | −3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EXE cash flow by activity
EXE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EXE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.82B | −$714.0M | $2.42B | $4.94B | $6.33B | −$9.75B | −$308.0M | $225.0M | $939.0M | −$4.39B |
| Depreciation & amortization | $2.98B | $1.73B | $1.53B | $1.75B | $995.0M | $1.51B | $2.32B | $1.83B | $995.0M | $1.11B |
| Stock-based compensation | $46.0M | $38.0M | $33.0M | $22.0M | — | $21.0M | $30.0M | — | — | — |
| Change in working capital | −$285.0M | −$315.0M | $275.0M | −$123.0M | $814.0M | $915.0M | −$254.0M | $91.0M | −$471.0M | −$761.0M |
| Other non-cash items | $15.0M | $827.0M | −$1.87B | −$2.46B | −$6.35B | $8.46B | −$166.0M | −$419.0M | −$718.0M | $3.84B |
| Cash from operating activities | $4.58B | $1.56B | $2.38B | $4.12B | $1.79B | $1.16B | $1.62B | $1.73B | $745.0M | −$204.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.74B | −$1.56B | −$1.83B | −$1.82B | −$735.0M | −$1.14B | −$2.26B | −$2.00B | −$2.22B | −$2.12B |
| Investments (net) | −$14.0M | −$1.90B | $473.0M | −$3.40B | — | −$992.0M | −$2.48B | — | — | — |
| Acquisitions & other investing | −$9.0M | $1.56B | $1.83B | $1.82B | −$181.0M | $1.14B | $2.26B | $2.45B | $1.03B | $1.46B |
| Cash from investing activities | −$2.76B | −$1.90B | $473.0M | −$3.40B | −$916.0M | −$992.0M | −$2.48B | $455.0M | −$1.19B | −$660.0M |
| Financing activities | ||||||||||
| Dividends paid | −$765.0M | −$388.0M | −$487.0M | −$1.21B | −$119.0M | −$22.0M | −$91.0M | −$92.0M | −$183.0M | — |
| Share repurchases & issuance (net) | −$100.0M | $0 | −$355.0M | −$1.07B | — | $0 | — | — | — | — |
| Net borrowing (repayment) | −$663.0M | −$20.0M | −$1.05B | $829.0M | — | $245.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $13.0M | −$11.0M | $0 | $10.0M | −$118.0M | −$122.0M | $950.0M | −$2.09B | −$251.0M | $921.0M |
| Cash from financing activities | −$1.51B | −$419.0M | −$1.89B | −$1.45B | −$237.0M | $101.0M | $859.0M | −$2.19B | −$434.0M | $921.0M |
| Summary | ||||||||||
| Net change in cash | $301.0M | −$758.0M | $961.0M | −$722.0M | $635.0M | $273.0M | $2.0M | −$1.0M | −$877.0M | $57.0M |
| Cash at end of period | $696.0M | $395.0M | $1.15B | $192.0M | $914.0M | $279.0M | $6.0M | $4.0M | $5.0M | $882.0M |
| Free cash flow | $1.84B | $8.0M | $551.0M | $2.30B | $1.05B | $22.0M | −$640.0M | −$267.0M | −$1.75B | −$2.32B |
| Free cash flow margin | 15.8% | 0.2% | 7.1% | 20.1% | 14.4% | 0.4% | −7.5% | −2.6% | −18.4% | −29.5% |
| Capex / revenue | 23.5% | 36.9% | 23.5% | 15.9% | 10.1% | 21.9% | 26.7% | 19.5% | 23.4% | 26.9% |
| Operating cash flow / net income | 2.52 | — | 0.98 | 0.84 | 0.28 | — | — | 7.69 | 0.79 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $522.0M | $1.16B | $553.0M | $547.0M | $968.0M | −$249.0M | −$399.0M | −$114.0M | −$227.0M | $26.0M | $569.0M | $70.0M |
| Depreciation & amortization | $722.0M | $711.0M | $759.0M | $741.0M | $769.0M | $711.0M | $647.0M | $335.0M | $348.0M | $399.0M | $379.0M | $382.0M |
| Stock-based compensation | $12.0M | $10.0M | $12.0M | $12.0M | $13.0M | $9.0M | $9.0M | $10.0M | $10.0M | $9.0M | $8.0M | −$16.0M |
| Change in working capital | −$454.0M | $454.0M | −$427.0M | $72.0M | $321.0M | −$251.0M | −$345.0M | $85.0M | −$131.0M | $76.0M | −$93.0M | $9.0M |
| Other non-cash items | $294.0M | $68.0M | $48.0M | −$171.0M | −$749.0M | $876.0M | $470.0M | $102.0M | $209.0M | $42.0M | −$393.0M | $61.0M |
| Cash from operating activities | $1.10B | $2.40B | $945.0M | $1.20B | $1.32B | $1.10B | $382.0M | $418.0M | $209.0M | $552.0M | $470.0M | $506.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$753.0M | −$707.0M | −$867.0M | −$775.0M | −$657.0M | −$563.0M | −$536.0M | −$298.0M | −$302.0M | −$421.0M | −$379.0M | −$423.0M |
| Investments (net) | −$10.0M | $9.0M | $0 | −$845.0M | −$591.0M | −$507.0M | −$945.0M | −$319.0M | −$266.0M | −$374.0M | $105.0M | −$480.0M |
| Acquisitions & other investing | $65.0M | $97.0M | $51.0M | $775.0M | $657.0M | $563.0M | $536.0M | $298.0M | $302.0M | $421.0M | $379.0M | $423.0M |
| Cash from investing activities | −$698.0M | −$601.0M | −$816.0M | −$845.0M | −$591.0M | −$507.0M | −$945.0M | −$319.0M | −$266.0M | −$374.0M | $105.0M | −$480.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$138.0M | −$141.0M | −$137.0M | −$349.0M | −$137.0M | −$142.0M | −$134.0M | −$78.0M | −$99.0M | −$77.0M | −$75.0M | −$77.0M |
| Share repurchases & issuance (net) | −$514.0M | −$66.0M | $0 | −$1.0M | −$99.0M | $0 | $0 | $0 | $0 | $0 | −$42.0M | −$132.0M |
| Net borrowing (repayment) | $0 | $0 | −$663.0M | $0 | $436.0M | −$436.0M | −$20.0M | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.29B | $15.0M | $676.0M | −$121.0M | −$552.0M | $21.0M | −$8.0M | $4.0M | −$3.0M | $0 | −$91.0M | −$6.0M |
| Cash from financing activities | −$1.94B | −$192.0M | −$124.0M | −$471.0M | −$352.0M | −$557.0M | −$162.0M | −$74.0M | −$102.0M | −$77.0M | −$208.0M | −$215.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.54B | $1.61B | $5.0M | −$115.0M | $379.0M | $32.0M | −$725.0M | $25.0M | −$159.0M | $101.0M | $367.0M | −$189.0M |
| Cash at end of period | $764.0M | $2.31B | $696.0M | $691.0M | $806.0M | $427.0M | $395.0M | $1.12B | $1.09B | $1.25B | $1.15B | $786.0M |
| Free cash flow | $343.0M | $1.70B | $78.0M | $426.0M | $665.0M | $533.0M | −$154.0M | $120.0M | −$93.0M | $131.0M | $91.0M | $83.0M |
| Free cash flow margin | 11.6% | 38.5% | 2.6% | 14.4% | 18.0% | 24.3% | −7.7% | 18.6% | −18.5% | 12.2% | 5.0% | 5.5% |
| Capex / revenue | 25.4% | 16.1% | 28.5% | 26.1% | 17.8% | 25.6% | 26.8% | 46.1% | 60.0% | 39.2% | 21.0% | 28.0% |
| Operating cash flow / net income | 2.10 | 2.07 | 1.71 | 2.20 | 1.37 | — | — | — | — | 21.23 | 0.83 | 7.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EXE cash generation
In fiscal 2025 (ended December 31, 2025), Expand Energy generated $4.6 billion of cash from operations (up 192.3%) and spent $2.7 billion on capital expenditures, leaving free cash flow of $1.8 billion, 15.8% of revenue. It returned $865.0 million to shareholders through dividends ($765.0 million) and net share buybacks ($100.0 million). Cash and equivalents rose by $301.0 million over the year.
Related: EXE income statement, EXE balance sheet, EXE dividend history. See the EXE stock overview for the latest quote and news.
EXE cash flow FAQ
What is Expand Energy's free cash flow?
Expand Energy's free cash flow was $1.8 billion in fiscal 2025: $4.6 billion of operating cash flow minus $2.7 billion of capital expenditures It was $8.0 million a year earlier..
How much cash does Expand Energy generate from operations?
Expand Energy generated $4.6 billion of cash from operating activities in fiscal 2025, 2.52 times its net income of $1.8 billion.
How much does Expand Energy spend on capital expenditures?
Expand Energy spent $2.7 billion on capital expenditures in fiscal 2025, 23.5% of revenue, compared with $1.6 billion the year before.
How much stock does Expand Energy buy back?
Expand Energy spent $100.0 million on net share repurchases in fiscal 2025.
How much does Expand Energy pay in dividends?
Expand Energy paid $765.0 million in dividends in fiscal 2025, 41.6% of free cash flow.