Common-Size Income Statement
Quarterly Data
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Expand Energy Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Natural gas, oil and NGL (% of revenues)
- The proportion of revenues from natural gas, oil, and NGL generally fluctuates around the 60-70% range with periods of volatility. From March 2021 to the end of 2022, this category varied, peaking around 71% in late 2022. Notably, there was a significant decline around mid-2023 to slightly below 50%, followed by a recovery that peaked near 74% by mid-2024, before stabilizing again near 71% as of early 2025.
- Marketing (% of revenues)
- Marketing revenues percentage inversely mirrors the natural gas and oil percentage to some degree, fluctuating within the 26-37% range. It showed gradual declines through 2022, followed by a sharp increase during the first half of 2023 reaching about 51%, then decreasing gradually again to the high 20%s by early 2025.
- Natural gas and oil derivatives (% of revenues)
- This category exhibited high volatility with several large negative values initially, such as -76% in early 2022, shifting to occasionally positive spikes exceeding 40% in multiple quarters, especially during 2021, 2022, and 2023. Toward 2024 and 2025, the values moved more negative, with some minor positive intervals, showing a highly unstable contribution to revenues.
- Gains (losses) on sales of assets (% of revenues)
- Gains or losses on the sales of assets saw mostly low positive values until early 2023, where significant spikes occurred with gains exceeding 37% in mid-2023 and 15% in early 2023. Subsequently, these gains generally returned to more modest positive figures or were missing, displaying irregular but occasionally substantial impacts.
- Revenues and other (% of revenues)
- This line is characterized by high variability and increasingly large positive percentages starting at around 78% in early 2021, peaking beyond 160% in early 2023, then slowly tapering down through 2024 and into 2025. This suggests an expansion or diversification of revenue sources distinctly different from core natural gas, oil, and marketing revenues.
- Operating Expenses (% of revenues)
- Operating expenses as a percentage of revenues show significant variation, typically moving from the low 60%s in 2021 and 2022 to pronounced spikes exceeding 100% during much of 2023 and early 2024, peaking near 155% mid-2024. These high expense ratios decreased substantially toward the end of 2024 and early 2025 but remained elevated relative to earlier periods.
- Income (loss) from operations (% of revenues)
- Operating income demonstrates high volatility with negative values dominant in 2021 and early 2022, turning positive notably in late 2021 and again in late 2022 through early 2023, peaking near 86%. However, income from operations declined sharply into negative territory by mid-2024, persisting through early 2025, revealing challenges in maintaining profitability.
- Depreciation, depletion and amortization (% of revenues)
- This expense category consistently occupies a significant fraction of revenues, generally between 10% and 30% through early 2023. From mid-2023 onward, marked increases occurred, with peaks exceeding 67% in mid-2024, before moderating to around 22% by early 2025, reflecting possible changes in asset base or accounting treatment.
- Other operating expenses and non-recurring costs
- Items such as separation and termination costs and impairments generally represent small proportions of revenues with sporadic recognition. “Separation and other termination costs” appears intermittently, mostly under 1% except a notable 4.47% in mid-2024. Similarly, impairments are infrequent and minimal.
- Interest expense (% of revenues)
- Interest expense remained relatively stable but showed a gradual upward trend from roughly 1% early in the period to peaks near 3.9% in mid-2024, before declining again toward early 2025, indicating changes in financing costs or debt levels over time.
- Net income (loss) (% of revenues)
- Net income was highly volatile, starting with an extremely high positive percentage in early 2021 (387%), followed by sharp negative returns through the mid-period. In late 2022 and early 2023, net income rebounded significantly, exceeding 110% relative to revenues at one point, but declined again into negative territory throughout 2024 and early 2025. This pattern highlights pronounced profit fluctuations driven by cyclical revenues, costs, and exceptional items.
- Income tax expense/benefit (% of revenues)
- Income tax influences fluctuated considerably, alternating between positive and negative effects on revenues, with unusually high positive tax benefits observed late 2022 (over 44%), contrasting with negative impacts in other periods, indicating complex tax situations and variability in taxable income and deductions.
- Summary of trends
- The data points to a dynamic business environment with significant volatility in both revenues and operating expenses. Core business revenue components exhibit cyclical behavior with notable swings in derivative trading results and asset sales impacting overall profitability. Operating expenses often exceed revenues during challenging intervals, coinciding with negative net income periods. Depreciation and financing costs also fluctuate markedly, suggesting changes in capital structure and asset utilization. The variability in income tax expense further reflects volatility in underlying earnings and possibly changes in tax legislation or strategy.