EXPAND ENERGY Corp (EXE) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Energy · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 42.0% | Swings with the commodity, not with the business. A payout ratio for a producer says as much about the oil price in that fiscal year as about the dividend. |
| Operating cash flow | 16.7% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 41.6% | The figure the sector itself watches, and the one most producers set distributions against. Check whether any part of the payout is a variable or special dividend before reading a trend into it. |
Spread between highest and lowest: 25 percentage points. Same filings, different denominators.
Coverage rating 12 / 100 — Not covered. ? Peer standing 12/50Direction 0/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 41.6% |
| 2023-12-31 | 88.4% |
| 2022-12-31 | 52.6% |
| 2015-12-31 | 10.8% |
| 2014-12-31 | 6.0% |
| 2013-12-31 | 6.4% |
Among the 32 energy companies here, only 25% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $3.18 ÷ diluted EPS $7.57
- Operating cash flow — dividends paid $765.0m ÷ operating cash flow $4,575.0m
- Free cash flow — dividends paid $765.0m ÷ (operating cash flow $4,575.0m − capex $2,736.0m)
Where the figures came from
- 10-K filed 2026-02-18 · accession
0000895126-26-000011
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($3.18); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.