Name: Expand Energy Corp. (NASDAQ:EXE) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Expand Energy Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Natural gas, oil and NGL	2,969)	3,547)	9,892)	4,799)
Marketing	1,290)	2,500)	4,231)	2,502)
Revenues	4,259)	6,047)	14,123)	7,301)
Natural gas, oil and NGL derivatives	(38)	1,728)	(2,680)	(1,509)
Gains on sales of assets	14)	946)	300)	17)
Revenues and other	4,235)	8,721)	11,743)	5,809)
Production	(316)	(356)	(475)	(329)
Gathering, processing and transportation	(1,035)	(853)	(1,059)	(882)
Severance and ad valorem taxes	(97)	(167)	(242)	(176)
Exploration	(10)	(27)	(23)	(9)
Marketing	(1,310)	(2,499)	(4,215)	(2,494)
General and administrative	(186)	(127)	(142)	(118)
Separation and other termination costs	(23)	(5)	(5)	(33)
Depreciation, depletion and amortization	(1,729)	(1,527)	(1,753)	(991)
Impairments	—)	—)	—)	(1)
Other operating expense, net	(332)	(18)	(49)	(72)
Operating expenses	(5,038)	(5,579)	(7,963)	(5,105)
Income (loss) from operations	(803)	3,142)	3,780)	704)
Interest expense	(123)	(104)	(160)	(84)
Losses on purchases, exchanges or extinguishments of debt	(1)	—)	(5)	—)
Other income, net	86)	79)	36)	33)
Reorganization items, net	—)	—)	—)	5,569)
Other income (expense)	(38)	(25)	(129)	5,518)
Income (loss) before income taxes	(841)	3,117)	3,651)	6,222)
Income tax (expense) benefit	127)	(698)	1,285)	106)
Net income (loss)	(714)	2,419)	4,936)	6,328)
Deemed dividend on warrants	—)	—)	(67)	—)
Net income (loss) available to common stockholders	(714)	2,419)	4,869)	6,328)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The financial performance over the four-year period from 2021 to 2024 is characterized by significant volatility in revenue and a deteriorating profitability trend, culminating in a net loss in the final year. A sharp peak in revenues occurred in 2022, followed by a consistent decline that has strained operational margins.

Revenue Trajectory: Total revenues experienced a substantial increase from US$ 7,301 million in 2021 to a peak of US$ 14,123 million in 2022. However, this was followed by a steep decline to US$ 6,047 million in 2023 and further to US$ 4,259 million in 2024. This decline is primarily driven by the contraction in Natural gas, oil and NGL sales, which dropped from a high of US$ 9,892 million in 2022 to US$ 2,969 million in 2024.
Operating Expense Analysis: Operating expenses did not decrease in proportion to the decline in revenue. While expenses peaked at US$ 7,963 million in 2022, they remained relatively high at US$ 5,038 million in 2024, despite revenues being less than a third of the 2022 peak. Depreciation, depletion and amortization remained a significant and rigid cost component, consistently exceeding US$ 1,500 million annually from 2022 through 2024.
Operational Profitability: Income from operations shifted from a peak of US$ 3,780 million in 2022 to an operating loss of US$ 803 million in 2024. This indicates a failure to scale the cost structure downward as top-line revenues diminished, leading to a total erosion of operating margins.
Non-Operating and Extraordinary Items: Net income figures were heavily influenced by non-recurring items. A substantial reorganization gain of US$ 5,569 million in 2021 artificially inflated the net income for that year. Additionally, derivatives showed extreme volatility, swinging from a loss of US$ 2,680 million in 2022 to a gain of US$ 1,728 million in 2023, before stabilizing at a minor loss of US$ 38 million in 2024.
Bottom Line Performance: Net income available to common stockholders reflects a downward trend, moving from US$ 6,328 million in 2021 (driven by reorganization items) to US$ 4,869 million in 2022, US$ 2,419 million in 2023, and finally a net loss of US$ 714 million in 2024. This trajectory highlights a transition from high profitability to an unsustainable cost-to-revenue ratio.

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