Income Statement
Quarterly Data

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.

Expand Energy Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Natural gas, oil and NGL	2,300)	1,595)	407)	378)	589)	763)	682)	649)	1,453)	2,201)	2,987)	2,790)	1,914)	1,786)	1,170)	892)	951)
Marketing	910)	649)	193)	136)	312)	513)	724)	611)	652)	935)	1,206)	1,223)	867)	820)	627)	539)	516)
Revenues	3,210)	2,244)	600)	514)	901)	1,276)	1,406)	1,260)	2,105)	3,136)	4,193)	4,013)	2,781)	2,606)	1,797)	1,431)	1,467)
Natural gas and oil derivatives	(1,014)	(245)	46)	(11)	172)	533)	106)	159)	930)	988)	(1,029)	(514)	(2,125)	477)	(910)	(740)	(336)
Gains (losses) on sales of assets	—)	2)	2)	2)	8)	139)	—)	472)	335)	2)	(2)	21)	279)	3)	3)	2)	9)
Revenues and other	2,196)	2,001)	648)	505)	1,081)	1,948)	1,512)	1,891)	3,370)	4,126)	3,162)	3,520)	935)	3,086)	890)	693)	1,140)
Production	(147)	(158)	(50)	(49)	(59)	(63)	(73)	(89)	(131)	(126)	(121)	(118)	(110)	(103)	(80)	(74)	(72)
Gathering, processing and transportation	(563)	(556)	(152)	(154)	(173)	(190)	(192)	(207)	(264)	(257)	(286)	(274)	(242)	(239)	(219)	(211)	(213)
Severance and ad valorem taxes	(48)	(39)	(11)	(18)	(29)	(31)	(27)	(40)	(69)	(55)	(67)	(57)	(63)	(52)	(41)	(41)	(42)
Exploration	(7)	(3)	(2)	(3)	(2)	(8)	(4)	(8)	(7)	(9)	(2)	(7)	(5)	(3)	(2)	(1)	(3)
Marketing	(919)	(654)	(192)	(141)	(323)	(514)	(723)	(611)	(651)	(936)	(1,200)	(1,228)	(851)	(817)	(625)	(535)	(517)
General and administrative	(47)	(53)	(39)	(47)	(47)	(32)	(29)	(31)	(35)	(40)	(40)	(36)	(26)	(28)	(30)	(24)	(36)
Separation and other termination costs	—)	—)	—)	(23)	—)	(2)	—)	(3)	—)	(5)	—)	—)	—)	—)	—)	(11)	(22)
Depreciation, depletion and amortization	(711)	(647)	(335)	(348)	(399)	(379)	(382)	(376)	(390)	(453)	(440)	(451)	(409)	(340)	(228)	(229)	(194)
Impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1)	—)
Other operating income (expense), net	(22)	(277)	(22)	(16)	(17)	(3)	(3)	(9)	(3)	(17)	(1)	(8)	(23)	(83)	(3)	4)	10)
Operating expenses	(2,464)	(2,387)	(803)	(799)	(1,049)	(1,222)	(1,433)	(1,374)	(1,550)	(1,898)	(2,157)	(2,179)	(1,729)	(1,665)	(1,228)	(1,123)	(1,089)
Income (loss) from operations	(268)	(386)	(155)	(294)	32)	726)	79)	517)	1,820)	2,228)	1,005)	1,341)	(794)	1,421)	(338)	(430)	51)
Interest expense	(59)	(64)	(20)	(20)	(19)	(22)	(23)	(22)	(37)	(40)	(52)	(36)	(32)	(26)	(17)	(18)	(23)
Losses on purchases, exchanges or extinguishments of debt	—)	1)	—)	(2)	—)	—)	—)	—)	—)	(5)	—)	—)	—)	—)	—)	—)	—)
Other income, net	8)	28)	17)	21)	20)	31)	15)	23)	10)	7)	4)	9)	16)	—)	—)	9)	24)
Reorganization items, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	5,569)
Other income (expense)	(51)	(35)	(3)	(1)	1)	9)	(8)	1)	(27)	(38)	(48)	(27)	(16)	(26)	(17)	(9)	5,570)
Income (loss) before income taxes	(319)	(421)	(158)	(295)	33)	735)	71)	518)	1,793)	2,190)	957)	1,314)	(810)	1,395)	(355)	(439)	5,621)
Income tax (expense) benefit	70)	22)	44)	68)	(7)	(166)	(1)	(127)	(404)	1,390)	(74)	(77)	46)	39)	10)	—)	57)
Net income (loss)	(249)	(399)	(114)	(227)	26)	569)	70)	391)	1,389)	3,580)	883)	1,237)	(764)	1,434)	(345)	(439)	5,678)
Deemed dividend on warrants	—)	—)	—)	—)	—)	—)	—)	—)	—)	(67)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) available to common stockholders	(249)	(399)	(114)	(227)	26)	569)	70)	391)	1,389)	3,513)	883)	1,237)	(764)	1,434)	(345)	(439)	5,678)

Revenue and Segment Performance Trends: The combined "Natural gas, oil and NGL" revenues showed notable volatility, peaking in late 2022 at 2,987 million USD before a sharp decline in early 2024 and a partial recovery thereafter, reaching 2,300 million USD by Q1 2025. The Marketing segment followed a similar pattern, with revenues peaking at 1,223 million USD in mid-2022, then declining significantly into early 2024, followed by recovery to 910 million USD by Q1 2025. Aggregate revenues broadly mirror these trends, with highs around 4,193 million USD in Q3 2022 and lows near 514 million USD in Q2 2024, followed by a resurgence to 3,210 million USD in Q1 2025.
Derivatives and Asset Sales: Natural gas and oil derivative results exhibited considerable fluctuation, with negative impacts early in 2021 and late 2022, followed by gains peaking around 988 million USD in Q4 2021. However, the segment recorded large losses again at the start of 2024 and continuing into 2025. Gains and losses on asset sales were generally modest but showed spikes at Q1 2022 (279 million USD) and Q1 2023 (335 million USD), indicating occasional significant dispositions contributing positively to income.
Operating Expenses and Cost Components: Operating expenses broadly followed revenue trends, with a peak around 2,179 million USD in mid-2022 and a decline thereafter before rising steeply again at the end of 2024 and early 2025. Key cost components such as production, transportation, severance taxes, and marketing costs all displayed decreases after mid-2022, reflecting cost management or reduction in operations, before some resurgence in late 2024. Depreciation and amortization expenses increased progressively, peaking near 711 million USD by Q4 2024, signaling greater asset base or accelerated depreciation.
Profitability and Income Metrics: Operating income fluctuated substantially with negative results in 2021, drastic improvement late that year and through 2022, followed by declines in 2024. Income before taxes mirrored this volatility, with a significant spike in Q1 2021 driven likely by a one-time reorganization item recognized at 5,569 million USD, inflating early profits. Net income available to common shareholders reflected these swings, with losses in 2021-2022 and sizeable gains in late 2022 and early 2023, before reverting to losses in late 2024 and Q1 2025.
Other Financial Items: Interest expense was relatively stable but showed increases in the latter part of the period, potentially indicating higher borrowings or interest rates. Other income and expense items varied but were minor relative to primary earnings drivers. There were occasional losses related to debt extinguishments and reorganization items that had significant impact only in early 2021.
Summary of Trends: The company’s financial performance over the analyzed period is characterized by significant volatility influenced by commodity price swings, derivative activities, and asset sales. Peak revenue and income levels occurred mid-to-late 2022 with subsequent declines through early 2024, followed by early signs of recovery by Q1 2025. Operating and other expenses generally tracked revenue trends but also showed signs of increased depreciation and costs toward the end of the period. Exceptional items such as the large reorganization gain in early 2021 materially impacted overall earnings, underscoring the importance of distinguishing recurring from non-recurring results in evaluating performance.

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Expand Energy Corp. (NASDAQ:EXE)

Income Statement Quarterly Data

Income Statement
Quarterly Data