Expand Energy earns $519 million and keeps buying back stock

Expand Energy reported third-quarter net income of $519 million, or $2.24 per diluted share, and bought back about $305 million of stock in the quarter, according to its earnings release filed with an 8-K.

The natural gas producer reported adjusted net income of $338 million, or $1.46 per share. Adjusted EBITDAX, a cash earnings measure common in the energy industry, was $1,229 million, and operating cash flow was $1,177 million.

Production and acquisitions

Expand produced an average of 7.54 billion cubic feet equivalent per day, about 92% of it natural gas, the release said. The company closed its acquisition of Twin Eagle on Sept. 16.

For full-year 2026, Expand expects to run 11 to 12 rigs, average daily production of about 7.45 to 7.55 billion cubic feet equivalent, and capital investment of about $3 billion.

Balance sheet and buybacks

Debt totaled $4.6 billion at the end of the quarter, a leverage ratio of 0.8 times. Share repurchases totaled about $305 million in the quarter and roughly $900 million so far this year, about 4% of shares outstanding.

Why it matters

Expand describes itself as the largest natural gas producer in the U.S., which makes its results a read on the domestic gas market. Chief Executive Danny Brown said in the release that the goal is to firmly establish Expand as North America's leading integrated gas company. Steady buybacks and modest leverage show it is returning cash while it expands.

Sources

1. Expand Energy Corporation Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0000895126-26-000067)

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