EXPAND ENERGY CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$12.1B
Gross margin	— not reported
Operating income	$2.5B
Net income	$1.8B
Diluted EPS	$7.57
Cash & equivalents	$616.0M
Total assets	$28.3B
Long-term debt	$5.0B

Key takeaway

Expand Energy earned $1.82 billion net income ($7.57 diluted EPS) on $12.12 billion revenue for 2025, with operating margin of about 20%.

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Beneath the surface

Cash of $616 million against total debt of roughly $5.03 billion leaves a net debt position near $4.4 billion, a leverage load not obvious from the modest headline debt figure alone.

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