Expand Energy Q2 2026: revenue down 19.8% on weaker gas prices
Expand Energy's second-quarter revenue fell 19.8% to $2.96 billion and GAAP net income halved to $522 million, yet adjusted earnings of $1.33 a share beat the $1.1574 consensus by 14.9%. The quarter's GAAP profit leaned on $449 million of derivative gains, so the cleaner read is the adjusted number plus the debt paydown. Read the balance sheet improvement as the real story.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.19, down from $4.02 a year ago, but adjusted EPS of $1.33 came in 14.9% above the $1.1574 consensus. The gap between the two measures is mostly $0.64 a share of unrealized derivative gains and $0.29 a share of contract amortization, both stripped out of the adjusted figure. Operating income fell to $661 million from $1,269 million.
Revenue of $2.96 billion fell 19.8% from $3.69 billion a year earlier and 32.7% from $4.40 billion in the first quarter. Volumes actually rose, with net production of 7.48 Bcfe/d versus 7.20 Bcfe/d a year ago, so the drop is price and derivatives, not the wells. Natural gas, oil and NGL revenue slipped 9.5%, marketing fell 13.6% and derivative gains shrank 48.8% to $449 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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