We present a finite-temperature extension of the retarded cumulant Green's function for calculations of exited-state and thermodynamic properties of electronic systems. The method incorporates a cumulant to leading order in the screened Coulomb interaction W and improves excited state properties compared to the GW approximation of many-body perturbation theory. Results for the homogeneous electron gas are presented for a wide range of densities and temperatures, from cool to warm dense matter regime, which reveal several hitherto unexpected properties. For example, correlation effects remain strong at high T while the exchange-correlation energy becomes small. In addition, the spectral function broadens and damping increases with temperature, blurring the usual quasi-particle picture. Similarly Compton scattering exhibits substantial many-body corrections that persist at normal densities and intermediate T . Results for exchange-correlation energies and potentials are in good agreement with existing theories and finite-temperature DFT functionals. Finite temperature (FT) effects in electronic systems are both of fundamental interest and practical importance. These effects vary markedly depending on whether the temperature T is larger or smaller than the Fermi temperature T F (typically a few eV). At "cool" temperatures, where T is much smaller than T F , electrons are nearly degenerate, and Fermi factors and excitations such as phonons dominate the thermal behavior [1][2][3]. In contrast thermal occupations become nearly semi-classical and electronic excitations such as plasmons become important in the warm-dense-matter (WDM) regime, where T is of order T F or larger, and condensed matter is partially ionized. Recently there has been considerable interest in both experimental and theoretical investigations of WDM for applications ranging from laser-shocked systems and inertial confinement fusion to astrophysics [4,5]. Many of these studies focus on equilibrium thermodynamic properties, e.g., using the FT generalization of density functional theory (DFT) [6][7][8]. Although in principle, FT DFT is exact [9][10][11], practical applications require exchange-correlation functionals which must be approximated, e.g., by constrained fits [12] to theoretical electron gas calculations [8,[13][14][15][16][17]. However, these approaches have various limitations. First, many materials properties such as optical and x-ray spectra depend on quasi-particle or excited-state effects. For example, band-gaps depend on quasi-particle energies, and calculations of x-ray spectra [18] and Compton scattering require correlation corrections [19]. Although methods like quantum Monte-Carlo and the random phase approximation (RPA) can provide accurate correlation energies, they are not directly applicable to such excited state properties. Secondly, currently available exchangecorrelation functionals can exhibit unphysical behavior outside the range of validity of theoretical data [20]. On the other hand Green's function (GF) methods within...