Where did Expand Energy's cash go while its revenue kept growing?

Expand Energy Corporation, a US energy company, reported revenue of USD 3.3bn in Q3 2026, 10.8% more than in Q3 2025. It stayed profitable, with net profit of USD 519m, though that is 5.1% less than the USD 547m of a year earlier. Cash is where the gap shows: USD 118m at the end of September 2026 against USD 613m twelve months before, a drop of 80.8%. All figures are in US dollars.

Growth usually costs cash before it brings any in. Profit is booked when a sale is made, while new capacity, stock and receivables are paid for up front. Here the operating margin also narrowed to 19.5% from 24.4%, so each dollar of sales left less behind. The balance sheet is not under strain: equity stands at USD 19.5bn, an equity ratio of 65.6%. Where exactly the cash went is not something the figures settle. I would watch the cash line, because profit alone pays no one.