Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Expand Energy Corp., consolidated cash flow 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
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)
Depreciation, depletion and amortization	711)	647)	335)	348)	399)	379)	382)	376)	390)	453)	440)	451)	409)	340)	228)	229)	194)
Deferred income tax expense (benefit)	(37)	(18)	(44)	(68)	7)	109)	(80)	21)	378)	(1,351)	19)	—)	—)	(49)	—)	—)	(57)
Derivative (gains) losses, net	1,014)	245)	(46)	11)	(172)	(533)	(106)	(159)	(930)	(988)	1,029)	514)	2,125)	(477)	910)	740)	336)
Cash receipts (payments) on derivative settlements, net	(45)	252)	207)	260)	228)	187)	216)	236)	(285)	(716)	(1,234)	(1,043)	(568)	(705)	(292)	(113)	(49)
Share-based compensation	9)	9)	10)	10)	9)	8)	9)	9)	7)	6)	6)	6)	4)	4)	2)	3)	3)
Gains on sales of assets	—)	(2)	(2)	(2)	(8)	(139)	—)	(472)	(335)	(2)	2)	(21)	(279)	(3)	(3)	(2)	(9)
Impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	—)
Non-cash reorganization items, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6,680)
Contract amortization	(52)	(57)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Losses on purchases, exchanges or extinguishments of debt	—)	(1)	—)	2)	—)	—)	—)	—)	—)	5)	—)	—)	—)	—)	—)	—)	—)
Other	(4)	51)	(9)	6)	(13)	(17)	6)	17)	12)	16)	14)	19)	(4)	37)	13)	(6)	51)
Changes in assets and liabilities	(251)	(345)	85)	(131)	76)	(93)	9)	96)	263)	47)	154)	(254)	(70)	(18)	(70)	(19)	921)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,345)	781)	536)	436)	526)	(99)	436)	124)	(500)	(2,530)	430)	(328)	1,617)	(871)	788)	833)	(5,290)
Net cash provided by operating activities	1,096)	382)	422)	209)	552)	470)	506)	515)	889)	1,050)	1,313)	909)	853)	563)	443)	394)	388)
Capital expenditures	(563)	(536)	(298)	(302)	(421)	(379)	(423)	(530)	(497)	(524)	(540)	(415)	(344)	(265)	(178)	(149)	(143)
Receipts of deferred consideration	60)	50)	—)	56)	60)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Business combination, net	—)	(459)	—)	—)	—)	—)	—)	—)	—)	—)	39)	—)	(2,006)	(194)	—)	—)	—)
Contributions to investments	(4)	(4)	(26)	(26)	(19)	(82)	(61)	(49)	(39)	(18)	—)	—)	—)	—)	—)	—)	—)
Proceeds from divestitures of property and equipment	—)	4)	5)	6)	6)	566)	4)	1,032)	931)	(2)	6)	—)	403)	4)	3)	2)	4)
Net cash (used in) provided by investing activities	(507)	(945)	(319)	(266)	(374)	105)	(480)	453)	395)	(544)	(495)	(415)	(1,947)	(455)	(175)	(147)	(139)
Proceeds from Credit Facility	725)	20)	—)	—)	—)	—)	—)	125)	1,000)	1,600)	—)	—)	—)	—)	—)	—)	—)
Payments on Credit Facility	(725)	(20)	—)	—)	—)	—)	—)	(125)	(2,050)	(550)	—)	—)	—)	—)	—)	—)	—)
Proceeds from Exit Credit Facility	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,328)	2,705)	2,985)	1,565)	—)	—)	—)	30)
Payments on Exit Credit Facility	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,999)	(3,030)	(2,710)	(1,065)	—)	—)	—)	(559)
Funds held for transition services	—)	—)	—)	—)	—)	(91)	(6)	97)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments on DIP Facility borrowings	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,179)
Proceeds from issuance of senior notes, net	—)	747)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,000)
Proceeds from issuance of common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	600)
Proceeds from warrant exercise	21)	2)	—)	1)	—)	—)	—)	—)	—)	24)	—)	2)	1)	—)	—)	2)	—)
Debt issuance and other financing costs	—)	(7)	—)	(4)	—)	—)	—)	—)	—)	(17)	—)	—)	—)	—)	—)	—)	(11)
Cash paid to repurchase and retire common stock	—)	—)	—)	—)	—)	(42)	(132)	(127)	(54)	(406)	(109)	(475)	(83)	—)	—)	—)	—)
Cash paid to purchase debt	(436)	(767)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash paid for common stock dividends	(142)	(134)	(78)	(99)	(77)	(75)	(77)	(160)	(175)	(424)	(280)	(298)	(210)	(52)	(33)	(34)	—)
Other	—)	(3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	(1)	(1)
Net cash provided by (used in) financing activities	(557)	(162)	(78)	(102)	(77)	(208)	(215)	(190)	(1,279)	(444)	(714)	(496)	208)	(52)	(32)	(33)	(120)
Net increase (decrease) in cash, cash equivalents and restricted cash	32)	(725)	25)	(159)	101)	367)	(189)	778)	5)	62)	104)	(2)	(886)	56)	236)	214)	129)

Net income (loss): The net income exhibits significant volatility over the analyzed quarters. Initial positive earnings in early 2021 were followed by intermittent losses and gains, with a notable peak of $3.58 billion in December 2021. The subsequent periods show recurring fluctuations between profits and losses without a clear upward or downward trend, ending with a loss of $249 million in March 2025.
Depreciation, depletion and amortization: This expense generally increased from $194 million in March 2021 to a peak of $711 million in December 2024, reflecting growing non-cash charges associated with asset usage and write-downs. There are periods of minor declines, but the overall trend indicates increased amortization and depletion costs.
Deferred income tax expense (benefit): The deferred income tax figures are erratic, with significant swings including a large benefit of -$1.35 billion in December 2021 and a notable expense in other quarters. These swings suggest variable tax-related accounting adjustments impacting earnings across periods.
Derivative (gains) losses, net and related cash settlements: Derivative gains and losses are highly volatile, ranging from substantial gains exceeding $2 billion in some quarters to large losses near $1 billion in others. Cash receipts/payments on derivative settlements closely follow these swings, showing large negative settlements in 2021 and early 2022, shifting to positive settlements later, reflecting active hedging and financial derivatives exposure.
Share-based compensation: Share-based compensation expense shows a gradual increase from $3 million in early 2021 to around $9-$10 million in later quarters, indicating consistent or increasing equity incentive costs.
Gains on sales of assets: Gains and losses on asset sales display uneven behavior. Initial small negative values shift dramatically to large losses near or above $300 million during multiple quarters, especially between 2022 and 2023. This trend reflects frequent and sizable impairments or asset disposals at losses.
Impairments and Non-cash reorganization items: Recorded impairments are minimal but non-cash reorganization items show a large negative impact of -$6.68 billion in March 2021 alone, indicating a significant one-time restructuring or write-down event in that quarter.
Contract amortization: Values appear only in later periods (2024) with moderate negative amounts, implying the commencement or recognition of contract-related amortization expenses in the recent timeframe.
Losses on purchases, exchanges or extinguishments of debt: Occasional minor losses from these activities occur sporadically, with small amounts mostly in 2022 and 2024, indicating some financial restructuring or debt management costs in these years.
Other items: Other income and expenses fluctuate mildly without an evident trend, generally remaining within a small range relative to major financial figures.
Changes in assets and liabilities: These show both positive and negative fluctuations quarter to quarter without a distinct directional trend, indicating varying working capital management or operational cash cycle impacts across the periods.
Adjustments to reconcile net income to net cash from operating activities: These adjustments are highly variable, with sharp swings between positive and negative values, reflecting significant non-cash items and working capital changes required to reconcile income to cash flow.
Net cash provided by operating activities: Operating cash flow generally trends upward from $388 million in early 2021 to over $1 billion in some quarters of 2022, then fluctuates at moderate levels with occasional dips, ending near $1.1 billion in March 2025. This suggests robust cash generation capability despite earnings volatility.
Capital expenditures: Capital spending increases initially from $143 million to a peak exceeding $540 million in late 2022, declines slightly thereafter but shows renewed rise towards late 2024 and early 2025, indicating sustained or cyclical investment in fixed assets.
Receipts of deferred consideration and business combinations: Deferred receipts emerge in 2023-2024 at modest levels, while business combination impacts show a substantial cash outflow in late 2021 (-$2 billion) and again in 2024 (-$459 million), indicating sporadic but material acquisition activity.
Contributions to investments and proceeds from divestitures: Investment contributions begin appearing negatively from late 2021, increasing in magnitude to around $80 million by 2023, while divestitures show large inflows sporadically, peaking over $1 billion in early 2023, reflecting active asset sales balancing capital deployment.
Net cash used in/provided by investing activities: The investing cash flow exhibits large outflows in late 2021 primarily due to business combinations, followed by periods of positive inflows driven by asset sales in early 2023. Subsequent quarters show fluctuations with a trend toward moderate net outflows toward 2025.
Financing activities: Financing cash flows vary widely. Proceeds from credit facilities spike between 2022 and 2023 with amounts exceeding $2 billion in some quarters, counterbalanced by substantial debt repayments later. Issuance of senior notes and common stock appear intermittently, with some share repurchases and dividend payments steadily occurring, indicating active capital structure management and shareholder remuneration.
Net increase (decrease) in cash, cash equivalents, and restricted cash: Cash balances demonstrate intermittent increases and decreases, with some quarters showing strong cash inflows (e.g., mid-2023), and others reflecting significant reductions (e.g., first quarter 2022 and late 2024). Overall, cash levels fluctuate consistently in response to operational, investing, and financing activities.

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Expand Energy Corp. (NASDAQ:EXE)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data