Buy the strength: solid beat, massive cash flow, and debt reduction support the thesis. Watch for further deleveraging and potential higher variable dividends.
Price Chart
Executive Summary
Expand Energy reported Q1 2026 adjusted diluted EPS of $3.83, beating consensus of $3.69, and total revenues (including marketing) of $4.4B, up from $2.2B a year ago. Operating cash flow surged to $2.4B, net debt fell $1.6B to $2.8B, and the company signed a 20-year LNG offtake agreement. Full-year 2026 guidance was reaffirmed.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS $3.83 vs consensus $3.69 (beat +3.8%)
- Net income $1,159M vs loss of $249M in Q1 2025
- Operating cash flow $2,402M, up 119% YoY
- Net debt reduced by $1.6B to $2.8B
- Signed 20-year LNG offtake SPA with Delfin FLNG for 1.15 MTPA
- Reaffirmed 2026 production guidance of 7.5 Bcfed and capex of $2.85B
Financial Impact
Strong earnings beat and cash flow generation; net debt reduction of $1.6B; LNG deal adds long-term value
Risk Factors
- Volatility in natural gas prices
- Execution risk on LNG offtake (FID expected 2031)
- Higher capex if rig count increases
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000895126-26-000027 |
| Exhibit: exe-20260428.htm | 0000895126-26-000027 |
| Document: 0000895126-26-000027-index-headers.html | 0000895126-26-000027 |
| Document: 0000895126-26-000027-index.html | 0000895126-26-000027 |
| Document: 0000895126-26-000027.txt | 0000895126-26-000027 |
| 8-K Data (Synthetic) | 0000895126-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Institutional Cluster | $92.83 | awaiting T+60 | — | $94.02 (+1.28%) |
Oct 19, 2026 7d ago | 8-K | $92.92 | awaiting T+60 | — | $94.02 (+1.18%) |
Oct 13, 2026 13d ago | 8-K | $91.11 | awaiting T+60 | — | $94.02 (+3.19%) |
Oct 6, 2026 20d ago | 8-K | $88.12 | awaiting T+60 | — | $94.02 (+6.70%) |
Jul 30, 2026 12w ago | 8-K | $92.42 $93.23 | ▲ +0.88% | ▼ −1.59% | $94.02 (+1.73%) |
Jul 27, 2026 13w ago | 8-K | $90.51 $92.67 | ▲ +2.39% | ▼ −1.67% | $94.02 (+3.88%) |
Jun 12, 2026 19w ago | Institutional Cluster | $88.78 $98.19 | ▲ +10.60% | ▲ +7.34% | $94.02 (+5.90%) |
Jun 4, 2026 20w ago | Insider Cluster | $92.07 $98.16 | ▲ +6.61% | ▲ +2.61% | $94.02 (+2.12%) |
Jun 4, 2026 20w ago | Insider Cluster | $92.07 $98.16 | ▲ +6.61% | ▲ +2.61% | $94.02 (+2.12%) |
Apr 28, 2026 25w ago | 8-K | $100.99 $91.52 | ▼ −9.38% | ▼ −13.49% | $94.02 (−6.90%) |
US Market Status
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