EXE · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 19.8% y/y to $2.96B, operating margin 22.3% vs 34.4%, net income $522M (−46.1% y/y).
Net income
$522M
down 46.1% y/y
Total revenues and other
$2,960M
down 19.8% y/y
Income from operations
$661M
down 47.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues and other | $2,960 · −19.8% |
| Production | $168 · +11.3% |
| Gathering, processing and transportation | $634 · +12.6% |
| Severance and ad valorem taxes | $60 · +22.4% |
| Exploration | $16 · −20.0% |
| Marketing | $649 · −18.0% |
| General and administrative | $50 · +25.0% |
| Depreciation, depletion and amortization | $722 · −6.1% |
| Income from operations | $661 · −47.9% · 22.3% margin |
| Interest expense | $43 · −28.3% |
| Gains on purchases, exchanges or extinguishments of debt | $37 · +1133% |
| Other income, net | $17 · +6.3% |
| Income before income taxes | $672 · −45.3% |
| Income tax expense | $150 · −42.3% · 22.3% effective rate |
| Net income | $522 · −46.1% · $2.19/sh · 17.6% margin |
Verdict: revenue fell 19.8% y/y to $2.96B, operating margin 22.3% vs 34.4%, net income $522M (−46.1% y/y).
Source and notation
Source: Expand Energy press release, 8-K EX-99.1 of 07/28/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: EXE, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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<figure> <a href="https://whoreportstoday.com/t/exe/q2-2026"><img src="https://whoreportstoday.com/t/exe/q2-2026/sankey.png" alt="EXE Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/exe/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/exe/q2-2026">EXE Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating income was $661M, a 22.3% margin vs 34.4% a year earlier.
- The effective tax rate was 22.3% vs 21.2% a year earlier.
- Diluted EPS was $2.19 vs $4.02 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
EXE — an American independent natural gas producer, formerly Chesapeake Energy, renamed after its merger with Southwestern Energy.
It develops natural gas, oil and NGL wells in the Haynesville and Bossier shales of Louisiana and Texas and the Marcellus and Utica shales of Appalachia, and earns money by selling what it produces. Its marketing activity supports production, and it reports one segment, exploration and production. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 46% y/y in Q2 2026
- revenue fell 20% y/y in Q2 2026
Net income for Q2 2026: $522M, −46% y/y. In the report's figures: revenue −20% y/y; costs grew faster than revenue: gathering, processing and transportation +13% y/y, production +11% y/y, severance and ad valorem taxes +22% y/y. Based on the Q2 2026 report.
The company's report ↗Revenue for Q2 2026: $2,960M, −20% y/y. Based on the Q2 2026 report.
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