EXEHIGH SIGNALFINANCIAL10-K

EXE underwent a dramatic financial turnaround, swinging from massive losses to significant profitability while emerging from Chapter 11 bankruptcy proceedings.

The company has successfully completed its bankruptcy reorganization as evidenced by the removal of "Exit Credit Facility" references and addition of a new 2025 Credit Facility, indicating emergence from Chapter 11. The massive improvement in operating performance suggests the restructuring was highly effective in addressing the company's previous financial distress.

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FINANCIAL ANALYSIS

EXE experienced an extraordinary financial transformation with revenue nearly tripling to $12.1B and operating income swinging from an $803M loss to $2.5B profit, while net income improved by over 350% to $1.8B. Operating cash flow surged 192% to $4.6B and cash position nearly doubled to $616M, though gross profit margin compressed significantly from 36% to 6%, suggesting the revenue growth came at higher input costs. Overall, the financial picture signals a successful bankruptcy emergence with dramatically improved operational performance, though investors should monitor margin sustainability given the gross profit decline despite strong top-line growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+407.7%
-$803.0M→$2.5B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+354.8%
-$714.0M→$1.8B

Net income grew 354.8% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+192.3%
$1.6B→$4.6B

Operating cash flow surged 192.3% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+186.3%
$4.2B→$12.1B

Strong top-line growth of 186.3% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+94.3%
$317.0M→$616.0M

Cash position surged 94.3% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+75.7%
$1.6B→$2.7B

Capital expenditure jumped 75.7% — major investment cycle underway; assess returns on deployment.

Inventory
Balance Sheet
-56.9%
$58.0M→$25.0M

Inventory drawn down 56.9% — strong sell-through or deliberate destocking; watch for supply constraints.

Gross Profit
P&L
-50.3%
$1.5B→$737.0M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
+46%
$2.0B→$2.9B

Current assets grew 46% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
-35%
$160.0M→$104.0M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-26
ADDED
As of February 11, 2026, there were 240,398,260 shares of our common stock outstanding.
The following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K (this Form 10-K or this report ): 2025 Credit Facility means the amended and restated credit facility entered into on September 30, 2025.
Adjusted Free Cash Flow (a non-GAAP measure) means net cash provided by operating activities (GAAP) less cash capital expenditures and contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results.
Chapter 11 Cases refers to the voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code filed in the Bankruptcy Court by the Debtors.
Confirmation Order means the order confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates, Docket No.
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REMOVED
As of February 19, 2025, there were 232,699,939 shares of our common stock outstanding.
The following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K (this Form 10-K or this report ): Adjusted Free Cash Flow (a non-GAAP measure) means net cash provided by operating activities (GAAP) less cash capital expenditures and contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results.
Chapter 11 Cases means, when used with reference to a particular Debtor, the case pending for that Debtor under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court, and when used with reference to all the Debtors, the procedurally consolidated Chapter 11 cases pending for the Debtors in the Bankruptcy Court.
Exit Credit Facility means the reserve-based credit facility available upon emergence from bankruptcy.
Marcellus Acquisition means our acquisition of Chief and associated non-operated interests held by affiliates of Radler and Tug Hill, which closed on March 9, 2022, with an effective date of January 1, 2022.
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