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# Expand Energy Net Income Slips To $519 Million, But Adjusted Profit Jumps To $338 Million
- URL: https://www.bullished.co/expand-energy-net-income-slips-to-519-million-but-adjusted-profit-jumps-to-338-million-7ab24dce/
- Published: 2026-10-27T21:08:07.000Z
- Updated: 2026-10-27T21:08:07.000Z
- Description: The gas producer bought back $305 million of stock in the third quarter and closed its Twin Eagle purchase on September 16.
- Author: Matteo Parrino
- Tags: Earnings, EXE, Industry: Energy

[Expand Energy](https://www.bullished.co/tag/exe/), which produces natural gas from onshore fields in the Haynesville, Marcellus and Utica shales, reported third-quarter [net income of $519 million](https://www.sec.gov/Archives/edgar/data/0000895126/000089512626000067/exe-ex%5F991x20260930x8kxpr.htm?ref=bullished.co), down from $547 million a year earlier. Adjusted net income, which strips out items such as unrealized derivative gains, rose to $338 million from $234 million, the company said Tuesday.

## Two profit measures, two directions

Net income worked out to $2.24 per diluted share, against $2.28 a year earlier. Adjusted earnings were $1.46 per diluted share, up from $0.97, according to the [company's release](https://www.globenewswire.com/news-release/2026/10/27/3389592/0/en/expand-energy-corporation-reports-third-quarter-2026-results.html?ref=bullished.co).

Adjusted EBITDAX, a measure of operating earnings before interest, taxes, depreciation and exploration costs, reached [$1,229 million](https://www.globenewswire.com/news-release/2026/10/27/3389592/0/en/expand-energy-corporation-reports-third-quarter-2026-results.html?ref=bullished.co) versus $1,082 million. Operating cash flow was $1,177 million, compared with $1,201 million a year earlier.

For the first nine months, free cash flow (operating cash flow less capital spending) was $2,377 million, versus $1,624 million a year earlier.

## Output holds near 7.5 Bcfe/d

Net production averaged 7.54 Bcfe/d, 92% of it natural gas, over an average of 11 rigs. For all of 2026, Expand expects to run 11 to 12 rigs, spend about $3 billion on capital investment and average 7.45 to 7.55 Bcfe/d.

The company closed its purchase of Twin Eagle Holdings on September 16, adding a marketing business. Marketing adjusted EBITDA was $150 million for the nine months ended September 30, and Expand expects $80 million of marketing EBITDA in the fourth quarter, reflecting the acquisition.

## Buybacks and a 0.8x leverage ratio

Expand repurchased $305 million of stock in the quarter. Year-to-date repurchases total about $900 million, or 4% of shares outstanding, and $1 billion of buyback capacity remains.

Total debt was $4.6 billion at quarter-end, a leverage ratio of 0.8x. CEO Danny Brown said Expand is "uniquely positioned to monetize the volatility we see in the gas market today."

The $0.575 quarterly dividend is payable December 3 to holders of record November 12.

Expand hosts its earnings call at 9 a.m. EDT on Wednesday.

### Sources

- [8-K Filing — EXPAND ENERGY Corp (EXE)](https://www.sec.gov/Archives/edgar/data/0000895126/000089512626000067/exe-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exe-ex\_991x20260930x8kxpr.htm — EXPAND ENERGY Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000895126/000089512626000067/exe-ex%5F991x20260930x8kxpr.htm?ref=bullished.co) — SEC EDGAR
- [Expand Energy Corporation Reports Third Quarter 2026](https://www.globenewswire.com/news-release/2026/10/27/3389592/0/en/expand-energy-corporation-reports-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com

### More on Expand Energy

- [Expand Energy's $1.4 Billion Twin Eagle Deal Put $349 Million Of Goodwill On Its Books For The First Time](https://www.bullished.co/expand-energys-1-4-billion-twin-eagle-deal-put-349-million-of-goodwill-on-its-books-for-f153ca6b/)
- [Expand Energy Picks Chord's Danny Brown As CEO, With $8.75 Million Target Pay Plus Make-Whole Awards](https://www.bullished.co/expand-energy-picks-chords-danny-brown-as-ceo-with-8-75-million-target-pay-plus-make-whole-5f304a7a/)
- [Expand Energy Hires Sarah Grose As Chief Accounting Officer, Ending CFO's Interim Stint](https://www.bullished.co/expand-energy-hires-sarah-grose-as-chief-accounting-officer-ending-cfos-interim-stint-8bf4660d/)

[All Expand Energy (EXE) coverage →](https://www.bullished.co/tag/exe/)