Expand Energy Corporation (NASDAQ: EXE) reported fourth-quarter 2025 net income of $553 million, or $2.30 per fully diluted share, compared to a net loss of $399 million in the fourth quarter of 2024. Total revenue and other income for the quarter reached $3,272 million, a 63.5% increase from $2,001 million in the prior-year period.

Full-Year Results Context

For the fiscal year ended December 31, 2025, the company recorded total revenue of $12,124 million, compared to $4,235 million in 2024. Annual net income was $1,819 million, or $7.57 per diluted share, reversing a net loss of $714 million in the previous year. Directional trends indicate growth in both annual revenue and net profit following the completion of the merger with Southwestern Energy Company.

Segment Highlights

Operational results are reported across three primary natural gas basins:

• Haynesville: Net production reached 3,193 MMcfe/d in the fourth quarter. Total capital expenditure for the segment was $367 million.
• Northeast Appalachia: Production totaled 2,610 MMcfe/d. Segment capital expenditure was $207 million.
• Southwest Appalachia: Net production reached 1,597 MMcfe/d, consisting of approximately 65% natural gas, 30% NGLs, and 5% oil. Capital expenditure was $154 million.

Business & Operations Update

Expand Energy operated an average of 12 rigs during the fourth quarter, drilling 51 wells and turning 66 wells in line. Total net production for the quarter was 7,400 MMcfe/d. In October 2025, the NG3 pipeline entered service, increasing the company’s transport capacity to the Gulf Coast. The company also reported closing its previously announced Western Haynesville leasehold transaction in the fourth quarter.

M&A and Strategic Moves

The company finalized the integration of Southwestern Energy Company following their merger. Gross debt has been reduced by approximately $1.25 billion since the close of the merger. In 2025, the company finalized the acquisition of Western Haynesville leaseholds, adding approximately 200 locations to its inventory.

Guidance & Outlook

For 2026, management has issued a production target of approximately 7.5 Bcfe/d. Capital expenditures for the year are projected at $2.85 billion, inclusive of $75 million allocated for Western Haynesville appraisal. The company stated it will prioritize debt reduction, with a goal of at least $1 billion in net debt reduction during 2026.

Performance Summary

Expand Energy reported 4Q25 net income of $553 million on revenue of $3,272 million. Quarterly production increased 15% year-over-year to 7,400 MMcfe/d. Haynesville remained the largest production segment at 3,193 MMcfe/d. The company declared a quarterly base dividend of $0.575 per share payable in March 2026.