Expand Energy Corporation (EXE) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Expand Energy published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Expand Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue on this page is Expand Energy's "total revenues and other", which includes gains and losses on derivatives. Those swing with natural gas prices, so the total can move a lot from quarter to quarter without any change in production.
• After the Twin Eagle acquisition closed on September 16, 2026, Expand Energy moved from one reportable segment to two, Exploration and Production and Marketing, and recast prior periods.

Source: Expand Energy Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Expand Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Expand Energy's Natural gas, oil and NGL revenue was $1.9 billion in Q3 2026, up 2% from $1.9 billion in Q3 2025, 57% of total revenue.
• Expand Energy's Marketing revenue was $927 million in Q3 2026, up 39% from $666 million in Q3 2025, 28% of total revenue.
• Expand Energy's Gains on derivatives revenue was $464 million in Q3 2026, up 3% from $451 million in Q3 2025, 14% of total revenue.
• Expand Energy's Gains (losses) on sales of assets revenue was $14.0 million in Q3 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Expand Energy gives no revenue or EPS outlook. Its detailed 2026 operating outlook is in supplemental slides on its investor website.

In its Q3 2026 release, Expand Energy said:

“For the full year 2026, Expand Energy expects to run 11-12 rigs and has updated its capital investment guidance to approximately $3 billion.”

“Average daily production is expected to be approximately 7.45-7.55 Bcfe/d.”

“During the fourth quarter, the Company expects $80 million of marketing EBITDA, reflecting the impact of the Twin Eagle acquisition (the "Twin Eagle Acquisition"), which closed in September 2026.”

Source: Expand Energy Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EXE forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and other, and GAAP diluted EPS, each as first reported in that quarter's earnings release. Both include gains and losses on derivatives.

We do not hold a confirmed date for Expand Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Expand Energy's total revenues and other were $3,286 million in Q3 2026, against $2,966 million a year earlier. Sales of natural gas, oil and NGL brought in $1,881 million, marketing revenues $927 million and gains on derivatives $464 million. Of the $1,881 million, natural gas was $1,553 million, NGL $208 million and oil $120 million. (Expand Energy Q3 2026 earnings release, Oct 27, 2026; Expand Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Expand Energy describes itself in its 10-K as the largest independent natural gas producer in the U.S. by net daily production, with operations in the Haynesville and Bossier Shales of Louisiana and Texas and the Marcellus and Utica Shales of Pennsylvania, West Virginia and Ohio. Net production in the quarter was 7.54 Bcfe/d, 92% natural gas: Haynesville 3,178 MMcfe per day, Northeast Appalachia 2,593 and Southwest Appalachia 1,767. (Expand Energy Form 10-K, 2025, Feb 18, 2026; Expand Energy Q3 2026 earnings release, Oct 27, 2026)

Expand Energy's natural gas, oil and NGL sales rose $31 million from a year earlier. The 10-Q puts $48 million of increase down to higher volumes from new well production, offset by $17 million from lower average natural gas prices. The average natural gas price was $2.44 per Mcf before derivatives, against $2.58, while the NYMEX average was $2.95. (Expand Energy Form 10-Q, Q3 2026, Oct 27, 2026; Expand Energy Q3 2026 earnings release, Oct 27, 2026)

Expand Energy's marketing segment had revenues of $2,748 million before $1,821 million of intersegment eliminations, leaving $927 million in consolidated revenue. The 10-Q says marketing revenues rose primarily because of increased activity after the Twin Eagle acquisition closed, with optimization efforts and higher marketed volumes also contributing. (Expand Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Expand Energy's GAAP diluted EPS was $2.24 in Q3 2026 and its adjusted diluted EPS was $1.46, against $2.28 and $0.97 a year earlier. The biggest item between them is unrealized gains on derivatives, $153 million or $0.66 per share, which the adjusted figure excludes. A year earlier unrealized derivative gains were $309 million, or $1.30 per share. (Expand Energy Q3 2026 earnings release, Oct 27, 2026)

Expand Energy's other adjustments include contract amortization ($0.17 per share), a deferred income tax benefit of $37 million and other operating expense that the 10-Q says included about $22 million of costs for the Twin Eagle acquisition. Income tax expense was $89 million on income before income taxes of $608 million. (Expand Energy Q3 2026 earnings release, Oct 27, 2026; Expand Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Expand Energy's diluted weighted average share count fell to 231,731 thousand from 239,893 thousand. It repurchased $305 million of common stock in the quarter, about $900 million or 4% of shares outstanding year to date, and plans a quarterly base dividend of $0.575 per share on December 3, 2026. (Expand Energy Q3 2026 earnings release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Expand Energy gives an operating outlook, not a revenue or EPS outlook. For full year 2026 it expects to run 11 to 12 rigs, with capital investment of approximately $3 billion and average daily production of approximately 7.45 to 7.55 Bcfe/d. For the fourth quarter it expects $80 million of marketing EBITDA because of the Twin Eagle acquisition. (Expand Energy Q3 2026 earnings release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Expand Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Expand Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EXE is on is EXE a buy or a sell?, what analysts expect next is on the EXE forecast, and what the company does is on the Expand Energy Corporation (EXE) stock page.

Every number on this page can be traced to a document Expand Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.