Expand Energy Corporation reported Q4 and full-year 2025 financial and operating results, including net income of $553 million ($2.30 per diluted share) and Adjusted EBITDAX of $1,425 million for Q4, and issued 2026 outlook expecting ~7.5 Bcfe/d production for $2.85 billion capital with at least $1 billion debt reduction.
Key takeaways
Q4 2025 net cash provided by operating activities $956 million, more than 150% increase from Q4 2024
Q4 2025 net income $553 million ($2.30 per diluted share); adjusted net income $481 million ($2.00 per diluted share)
Q4 2025 Adjusted EBITDAX $1,425 million; produced ~7.40 Bcfe/d net (92% natural gas), 15% increase from Q4 2024
Full-year 2025 net income $1,819 million ($7.57 per diluted share); Adjusted EBITDAX $5,078 million; produced ~7.18 Bcfe/d net
Reduced gross debt by ~$660 million in 2025 and ~$1.25 billion since merger close; returned $865 million to shareholders
2026 outlook: ~7.5 Bcfe/d for ~$2.85 billion capital; quarterly base dividend $0.575 per share payable March 26, 2026