Expand Energy | 8-K: FY2026 Q2 Revenue: USD 2.96 B

Revenue: As of FY2026 Q2, the actual value is USD 2.96 B.

EPS: As of FY2026 Q2, the actual value is USD 2.19, beating the estimate of USD 1.1698.

EBIT: As of FY2026 Q2, the actual value is USD 715 M.

Net Income and Adjusted Net Income

Expand Energy Corporation reported a net income of $522 million for the second quarter of 2026, compared to $968 million for the same period in 2025. Adjusted net income for Q2 2026 was $317 million, up from $265 million in Q2 2025. For the six months ended June 30, 2026, net income was $1,681 million, an increase from $719 million in the prior year. Adjusted net income reached $1,240 million for the first half of 2026, up from $752 million in the first half of 2025.

Adjusted EBITDAX

Adjusted EBITDAX for the second quarter of 2026 was $1,183 million, a slight increase from $1,176 million in Q2 2025. Year-to-date Adjusted EBITDAX was $3,151 million, compared to $2,571 million for the first six months of 2025.

Revenue

Total revenues and other for the second quarter of 2026 were $2,960 million, down from $3,690 million in Q2 2025. For the six months ended June 30, 2026, total revenues and other increased to $7,357 million from $5,886 million in the prior year period. Natural gas, oil, and NGL revenue was $1,830 million in Q2 2026, down from $2,021 million in Q2 2025. Marketing revenue was $681 million in Q2 2026, compared to $788 million in Q2 2025.

Operating Expenses and Income from Operations

Total operating expenses for the second quarter of 2026 were $2,299 million, a decrease from $2,421 million in Q2 2025. Income from operations for Q2 2026 was $661 million, down from $1,269 million in Q2 2025. For the six months ended June 30, 2026, total operating expenses were $5,165 million, up from $4,885 million in the prior year. Income from operations was $2,192 million for the first half of 2026, significantly higher than $1,001 million in the first half of 2025.

Cash Flow from Operating Activities

Net cash provided by operating activities was $1,096 million in the second quarter of 2026, down from $1,322 million in Q2 2025. For the six months ended June 30, 2026, net cash provided by operating activities increased to $3,498 million from $2,418 million in the prior year period.

Free Cash Flow

Free cash flow was $343 million in Q2 2026, compared to $665 million in Q2 2025. Adjusted free cash flow for Q2 2026 was $343 million, down from $692 million in Q2 2025. For the six months ended June 30, 2026, free cash flow was $2,038 million, up from $1,198 million in the prior year. Adjusted free cash flow was $2,047 million for the first half of 2026, up from $1,269 million in the first half of 2025.

Capital Expenditures

Cash capital expenditures for the second quarter of 2026 were - $753 million, compared to - $657 million in Q2 2025. Accrued capital expenditures totaled $851 million in Q2 2026, up from $727 million in Q2 2025. For the six months ended June 30, 2026, cash capital expenditures were - $1,460 million, compared to - $1,220 million in the prior year. Accrued capital expenditures were $1,567 million for the first half of 2026, up from $1,389 million in the first half of 2025.

Debt and Leverage

Total debt as of quarter-end was $3.7 billion, a reduction of approximately $1.3 billion from year-end 2025. Net debt stood at $3.1 billion, resulting in a peer-leading leverage ratio of approximately 0.5x.

Shareholder Returns

Expand Energy Corporation repurchased approximately $530 million of common stock in the second quarter of 2026. Year-to-date repurchases totaled approximately $850 million, or 4% of shares outstanding. The company announced an additional $1 billion buyback authorization.

Production

Net production for the second quarter averaged approximately 7.48 Bcfe/d, with natural gas accounting for 92% of production.

Operational Metrics by Segment (Q2 2026)

• Haynesville: Natural Gas production was 3,187 MMcf per day at $2.62/Mcf.
• Northeast Appalachia: Natural Gas production was 2,625 MMcf per day at $2.15/Mcf.
• Southwest Appalachia: Natural Gas production was 1,084 MMcf per day at $2.47/Mcf. Oil production was 14 MBbl per day at $84.71/Bbl. NGL production was 83 MBbl per day at $26.26/Bbl.

2026 Capital and Operating Outlook

Expand Energy Corporation reaffirmed its full-year 2026 net production guidance of 7.4 – 7.6 Bcfe/d. The company expects to operate 11 – 12 rigs and invest approximately $2.75 – $2.95 billion in 2026. Expand Energy plans to continue its returns-focused capital allocation, including share repurchases, and will pay a quarterly base dividend of $0.575 per share on September 3, 2026.