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AI核心结论
EXE delivered a transformational Q1 FY2026, doubling revenue to $4.40B and swinging to $1.16B net income from a prior-year loss, driven by dramatically improved operating leverage and a surge in operating cash flow to $2.40B.
营业收入
$4.4B
同比 ++100.23%
每股收益（基本）
$4.83
同比 ++555.66%
营业利润
$1.53B
同比 ++671.27%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Expand Energy (EXE) Q1 FY2026 营收 $4.4B，同比增长 100.2%。 净利润 $1.16B，稀释每股收益 $4.81。
Revenue surged 100.2% to $4.40B in Q1 FY2026 from $2.20B in Q1 FY2025, signaling a major step-change in the company's business scale, likely reflecting a significant acquisition, merger, or transformative contract wins.
来源: Source: 10-Q Income Statement
Operating income improved by $1.80B to $1.53B from a loss of $268M, with operating margin expanding approximately 47 percentage points to 34.8%, indicating substantial operating leverage and cost discipline relative to the revenue base.
来源: Source: 10-Q Income Statement
Cash and equivalents jumped 536.1% to $2.22B from $349M, supported by operating cash flow of $2.40B — up 119.2% year-over-year — reflecting strong cash conversion and improved earnings quality.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Stockholders' equity grew 13.7% to $19.55B while total liabilities declined 7.1% to $9.98B, and long-term debt fell 4.5% to $5.01B, indicating meaningful deleveraging and an improving financial position.
来源: Source: 10-Q Balance Sheet
Basic EPS swung from -$1.06 to $4.83, a 555.7% improvement, reflecting the combination of revenue doubling and a return to profitability, delivering significant value per share relative to the prior-year period.
来源: Source: 10-Q Income Statement
Revenue doubling in a single quarter suggests a major acquisition or structural change, which carries significant integration risk. Failure to effectively integrate operations, systems, or personnel could erode the margin gains achieved in Q1 FY2026. Execution missteps could reverse the profitability turnaround.
来源: Source: 10-Q Income Statement & Balance Sheet
The current ratio of 1.11x indicates current assets only modestly exceed current liabilities ($4.39B vs. $3.95B), leaving limited cushion for unexpected cash demands. Any deterioration in operating cash flows or increase in short-term obligations could pressure liquidity. This is particularly relevant given the scale of recent business changes.
来源: Source: 10-Q Balance Sheet
With a debt-to-equity ratio of 0.51x and $5.01B in long-term debt, EXE carries a meaningful leverage burden. Rising interest rates or a reversal in operating performance could make debt service more challenging. While the ratio has improved year-over-year, it remains a risk in a volatile macro environment.
来源: Source: 10-Q Balance Sheet
Operating margin expanded dramatically to 34.8% from -12.2%, a level that may be difficult to sustain if revenue growth normalizes or cost pressures re-emerge. Investors should monitor whether this margin level reflects structural improvement or one-time benefits associated with the revenue step-change.
来源: Source: 10-Q Income Statement
Despite generating $2.40B in operating cash flow, EXE repurchased only $66M in shares, suggesting capital allocation priorities may be focused on debt management or reinvestment rather than shareholder returns. This could be a concern for investors expecting capital returns given the strong cash generation.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $3.83，分析师一致预期 $3.68，超预期 +4.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.4B | $2.2B | +100.23% |
营业利润 | $1.53B | $-268M | +671.27% |
净利润 | $1.16B | $-249M | +565.46% |
每股收益（基本） | $4.83 | $-1.06 | +555.66% |
每股收益（稀释） | $4.81 | $-1.06 | +553.77% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $29.52B | $27.93B | +5.68% |
流动资产 | $4.39B | $2.11B | +107.62% |
总负债 | $9.97B | $10.74B | -7.15% |
流动负债 | $3.95B | $3.59B | +10.06% |
股东权益 | $19.55B | $17.19B | +13.70% |
现金及等价物 | $2.22B | $349M | +536.10% |
长期债务 | $5.01B | $5.24B | -4.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.4B | $1.1B | +119.16% |
投资活动现金流 | $-601M | $-507M | -18.54% |
筹资活动现金流 | $-192M | $-557M | +65.53% |
股票回购 | $66M | $0 | — |
折旧及摊销 | $711M | $711M | 0.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 34.8% | -12.2% | +47.02% |
净利率 | 26.4% | — | — |
净资产收益率 | 5.9% | — | — |
总资产收益率 | 3.9% | — | — |
流动比率 | $1.111 | — | — |
资产负债率 | $0.51 | — | — |
预计发布日期、分析师预期与关注要点
Oil & Gas Exploration & Production 行业其他公司
EXE's revenue doubled to $4.40B in Q1 FY2026, up 100.2% from $2.20B in Q1 FY2025. This dramatic increase suggests a transformational event such as a major acquisition or significant new business activity rather than organic growth alone.
Yes, EXE swung to a net income of $1.16B in Q1 FY2026 from a net loss of $249M in Q1 FY2025, a 565.5% improvement. Basic EPS turned positive at $4.83 compared to -$1.06 in the prior year period.
The headline takeaways are revenue doubling to $4.40B, operating margin expanding to 34.8% from -12.2%, and cash surging 536% to $2.22B. Operating cash flow also nearly doubled to $2.40B, signaling strong underlying business momentum.
EXE's balance sheet strengthened materially, with stockholders' equity rising 13.7% to $19.55B and total liabilities falling 7.1% to $9.98B. The current ratio of 1.11x is adequate but modest, while the debt-to-equity ratio of 0.51x reflects manageable leverage.
Based on the financial data, key risks include integration challenges from the rapid revenue doubling, the sustainability of the 34.8% operating margin, and a thin current ratio of 1.11x that leaves limited liquidity buffer. The $5.01B long-term debt load also warrants monitoring given the scale of recent business changes.