Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Expand Energy Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Federal	(1)	264)	37)	—)
State	(3)	6)	10)	—)
Current income taxes	(4)	270)	47)	—)
Federal	(178)	381)	(1,112)	(99)
State	55)	47)	(220)	(7)
Deferred income taxes	(123)	428)	(1,332)	(106)
Income tax expense (benefit)	(127)	698)	(1,285)	(106)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

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Item	Description	The company
Current income taxes	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Expand Energy Corp. current income taxes increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Deferred income taxes	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Expand Energy Corp. deferred income taxes increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Expand Energy Corp. income tax expense (benefit) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Expand Energy Corp., effective income tax rate (EITR) reconciliation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%
State income taxes (net of federal income tax benefit)	0.60%	2.50%	1.20%	0.00%
Deferred remeasurement due to state rate changes	-5.60%	-0.60%	0.80%	0.00%
Change in valuation allowance due to acquisitions	-1.70%	0.00%	0.50%	0.00%
Change in valuation allowance excluding impact of acquisitions	2.10%	-1.10%	-58.80%	0.00%
Research and development tax credits	3.70%	-0.10%	-0.50%	0.00%
Transaction costs	-2.60%	0.00%	0.10%	0.00%
Compensation costs related to acquired company	-1.20%	0.00%	0.00%	0.00%
Other	-1.20%	0.70%	0.50%	-22.70%
Effective tax rate	15.10%	22.40%	-35.20%	-1.70%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Expand Energy Corp. effective tax rate increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Expand Energy Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Property, plant and equipment	(1,730)	(295)	(253)	—)
Derivative instruments	—)	(166)	—)	—)
Right of use lease asset	(36)	(25)	—)	—)
Other	(3)	(4)	(5)	(3)
Deferred tax liabilities	(1,769)	(490)	(258)	(3)
Property, plant and equipment	—)	—)	—)	340)
Net operating loss carryforwards	1,258)	848)	870)	784)
Carrying value of debt	4)	25)	29)	31)
Excess business interest expense carryforward	777)	646)	665)	684)
Capital loss carryforwards	103)	78)	101)	—)
Tax credit carryforwards	53)	15)	—)	—)
Contract liabilities	261)	—)	—)	—)
Asset retirement obligations	123)	65)	91)	86)
Investments	—)	1)	11)	66)
Future lease payments	36)	25)	—)	—)
Accrued liabilities	39)	15)	21)	38)
Derivative instruments	13)	—)	137)	289)
Other	24)	17)	29)	68)
Deferred tax assets	2,691)	1,735)	1,954)	2,386)
Valuation allowance	(343)	(312)	(345)	(2,383)
Deferred tax assets after valuation allowance	2,348)	1,423)	1,609)	3)
Net deferred tax asset (liability)	579)	933)	1,351)	—)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Expand Energy Corp. deferred tax assets decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred tax assets after valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Expand Energy Corp. deferred tax assets after valuation allowance decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Expand Energy Corp. net deferred tax asset (liability) decreased from 2022 to 2023 and from 2023 to 2024.

Expand Energy Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
	Deferred income tax assets	589)	933)	1,351)	—)
	Deferred income tax liabilities	(10)	—)	—)	—)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

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Item	Description	The company
Deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Expand Energy Corp. deferred income tax assets decreased from 2022 to 2023 and from 2023 to 2024.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

Expand Energy Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Adjustment to Total Assets
Total assets (as reported)	27,894)	14,376)	15,468)	11,009)
Less: Noncurrent deferred tax assets, net	589)	933)	1,351)	—)
Total assets (adjusted)	27,305)	13,443)	14,117)	11,009)
Adjustment to Total Liabilities
Total liabilities (as reported)	10,329)	3,647)	6,344)	5,338)
Less: Noncurrent deferred tax liabilities, net	(10)	—)	—)	—)
Total liabilities (adjusted)	10,339)	3,647)	6,344)	5,338)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	17,565)	10,729)	9,124)	5,671)
Less: Net deferred tax assets (liabilities)	579)	933)	1,351)	—)
Stockholders’ equity (adjusted)	16,986)	9,796)	7,773)	5,671)
Adjustment to Net Income (loss)
Net income (loss) (as reported)	(714)	2,419)	4,936)	6,328)
Add: Deferred income tax expense (benefit)	(123)	428)	(1,332)	(106)
Net income (loss) (adjusted)	(837)	2,847)	3,604)	6,222)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Expand Energy Corp., Financial Data: Reported vs. Adjusted

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Expand Energy Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Profit Margin
Reported net profit margin	-16.76%	40.00%	34.95%	86.67%
Adjusted net profit margin	-19.65%	47.08%	25.52%	85.22%
Total Asset Turnover
Reported total asset turnover	0.15	0.42	0.91	0.66
Adjusted total asset turnover	0.16	0.45	1.00	0.66
Financial Leverage
Reported financial leverage	1.59	1.34	1.70	1.94
Adjusted financial leverage	1.61	1.37	1.82	1.94
Return on Equity (ROE)
Reported ROE	-4.06%	22.55%	54.10%	111.59%
Adjusted ROE	-4.93%	29.06%	46.37%	109.72%
Return on Assets (ROA)
Reported ROA	-2.56%	16.83%	31.91%	57.48%
Adjusted ROA	-3.07%	21.18%	25.53%	56.52%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Expand Energy Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Expand Energy Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Expand Energy Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Expand Energy Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Expand Energy Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Expand Energy Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(714)	2,419)	4,936)	6,328)
Revenues	4,259)	6,047)	14,123)	7,301)
Profitability Ratio
Net profit margin¹	-16.76%	40.00%	34.95%	86.67%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(837)	2,847)	3,604)	6,222)
Revenues	4,259)	6,047)	14,123)	7,301)
Profitability Ratio
Adjusted net profit margin²	-19.65%	47.08%	25.52%	85.22%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × -714 ÷ 4,259 = -16.76%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × -837 ÷ 4,259 = -19.65%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Expand Energy Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Revenues	4,259)	6,047)	14,123)	7,301)
Total assets	27,894)	14,376)	15,468)	11,009)
Activity Ratio
Total asset turnover¹	0.15	0.42	0.91	0.66
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	4,259)	6,047)	14,123)	7,301)
Adjusted total assets	27,305)	13,443)	14,117)	11,009)
Activity Ratio
Adjusted total asset turnover²	0.16	0.45	1.00	0.66

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 4,259 ÷ 27,894 = 0.15

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 4,259 ÷ 27,305 = 0.16

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Expand Energy Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Total assets	27,894)	14,376)	15,468)	11,009)
Stockholders’ equity	17,565)	10,729)	9,124)	5,671)
Solvency Ratio
Financial leverage¹	1.59	1.34	1.70	1.94
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	27,305)	13,443)	14,117)	11,009)
Adjusted stockholders’ equity	16,986)	9,796)	7,773)	5,671)
Solvency Ratio
Adjusted financial leverage²	1.61	1.37	1.82	1.94

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 27,894 ÷ 17,565 = 1.59

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 27,305 ÷ 16,986 = 1.61

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Expand Energy Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(714)	2,419)	4,936)	6,328)
Stockholders’ equity	17,565)	10,729)	9,124)	5,671)
Profitability Ratio
ROE¹	-4.06%	22.55%	54.10%	111.59%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(837)	2,847)	3,604)	6,222)
Adjusted stockholders’ equity	16,986)	9,796)	7,773)	5,671)
Profitability Ratio
Adjusted ROE²	-4.93%	29.06%	46.37%	109.72%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

2024 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × -714 ÷ 17,565 = -4.06%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × -837 ÷ 16,986 = -4.93%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Expand Energy Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(714)	2,419)	4,936)	6,328)
Total assets	27,894)	14,376)	15,468)	11,009)
Profitability Ratio
ROA¹	-2.56%	16.83%	31.91%	57.48%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(837)	2,847)	3,604)	6,222)
Adjusted total assets	27,305)	13,443)	14,117)	11,009)
Profitability Ratio
Adjusted ROA²	-3.07%	21.18%	25.53%	56.52%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -714 ÷ 27,894 = -2.56%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -837 ÷ 27,305 = -3.07%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Expand Energy Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Expand Energy Corp. (NASDAQ:EXE)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Expand Energy Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Expand Energy Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)