Cheniere Energy, Inc. (LNG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$21.5B

Revenue growth

17.5%

Net income, last twelve months

$2.9B

Earnings per share

$13.43

Gross margin

47.8%

Operating margin

29.9%

Net margin

13.6%

Free cash flow

$2.8B

Return on equity

47.1%

Market value

$61.5B

Price to earnings

22.2x

Dividend yield

0.6%

Cash

$1.1B

Debt

$24.3B

Debt to equity

3.92

Shares outstanding

206.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Revenue and quarter net income rose. Quarter revenue was $6,173 million, up 39%, and net income attributable to Cheniere was $1,170 million, up 12% from $1,049 million.
• Nine-month net income fell on derivatives. Nine-month net income attributable to Cheniere was $736 million, against $3,028 million, primarily from $3.6 billion of unfavorable derivative fair value changes.
• Consolidated Adjusted EBITDA rose on margins. Consolidated Adjusted EBITDA was $1,900 million for the quarter, up 18%, and $6,037 million for nine months, up 23%, from higher total margins on LNG delivered.
• Diluted earnings per share by period. Diluted net income per share was $5.65 for the quarter, against $4.75 a year earlier, and $3.51 for nine months, against $13.59.
• Cargoes and volumes both up. Quarter cargoes exported were 188, up from 163, and volumes were 684 TBtu, up from 586 TBtu. Nine-month cargoes were 559 and volumes 2,044 TBtu.
• Cumulative cargoes passed 5,120. As of October 23, 2026, about 5,120 cumulative cargoes, over 350 million tonnes, had been produced, loaded and exported from the liquefaction projects.
• 5,000th cargo reached in August. The company reported its 5,000th cargo from U.S. Gulf Coast operations in August 2026 and said it was achieved faster than any other LNG producer worldwide.
• Delivered cargo in transit. 61 TBtu of LNG sold on a delivered basis was in transit at September 30, 2026, none of it related to commissioning activities.
• Margin per MMBtu rose. Higher margins per MMBtu of LNG delivered, together with higher volumes recognized in income, drove the increase in total margins for the quarter.
• Derivative gains and losses in cost of sales. Cost of sales included about $40 million of gains for the quarter and $2.2 billion of losses for nine months on commodity derivatives, against 2025 gains of $0.6 billion and $1.3 billion.
• Excise tax credit offset nine months. A nonrecurring excise tax credit recognized in the 2026 period partly offset the nine-month change in derivative fair values.
• Share-based compensation increased. Share-based compensation in net income was $75 million for the quarter and $190 million for nine months, against $35 million and $140 million in 2025.
• Lower income tax provision. The quarter income tax provision was $168 million, against $303 million in 2025, and the company cited lower provisions as a factor in higher net income.
• QatarEnergy supply agreements signed. SPL and CCL signed long-term SPAs with QatarEnergy for up to 4 mtpa on FOB terms from the early 2030s through 2054, with 1 mtpa subject to a positive FID.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 572 held.

Every filing

The newest filings with the SEC of 1,038 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

1,517 funds held it at 30 Jun 2026: 640 added and 462 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Venture Global, Inc. (VG): revenue $17.0B, market value $38.0B
• Cheniere Energy Partners, L.P. (CQP): revenue $11.5B, market value $31.4B
• Atmos Energy Corp. (ATO): revenue $4.9B, market value $28.7B
• National Fuel Gas Co. (NFG): revenue $2.5B, market value $7.6B
• New Jersey Resources Corp. (NJR): revenue $2.2B, market value $5.4B
• Spire Inc. (SR): revenue $2.5B, market value $5.1B
• One Gas, Inc. (OGS): revenue $2.3B, market value $4.9B
• MDU Resources Group Inc. (MDU): revenue $1.8B, market value $4.1B
• Northwest Natural Holding Co. (NWN): revenue $1.3B, market value $2.1B

What the company does

Cheniere Energy is an energy infrastructure company primarily engaged in LNG-related businesses. It operates two natural gas liquefaction and export facilities, at Sabine Pass, Louisiana and near Corpus Christi, Texas. It sells LNG to integrated energy companies, utilities and energy trading companies around the world. As of 20 February 2026, over 4,610 cumulative LNG cargoes totaling over 315 million tonnes of LNG had been produced, loaded and exported from these facilities, which the filing calls the Liquefaction Projects.

How the business is organised

Cheniere works through several entities that each have an independent capital structure: Cheniere itself and its subsidiaries SPL, CQP and CCH. CQP must distribute its available cash to unitholders each quarter, less reserves set by its general partner. SPL and CCH must deposit the cash they receive into restricted accounts under their debt agreements.

Cheniere Marketing is the company's integrated marketing function.

How it earns money

Customers buy on either an FOB basis or a DAP basis. The price is a fixed fee per MMBtu of LNG, part of which is adjusted annually for inflation, plus a variable fee generally equal to 115% of Henry Hub. The company says the variable fees were generally sized to cover the supply and transport of natural gas and the fuel used in liquefaction. Some customers may cancel or suspend cargoes with advance notice. They still owe the fixed fee on those volumes.

As of 31 December 2025, the company had contracted approximately 90% of the total anticipated production from the Liquefaction Projects through the mid-2030s under its long-term SPAs and IPM agreements. That figure excludes contracts with terms under 10 years and volumes from SPAs that depend on additional capacity beyond what is in construction or operation. Examples of recent contracts include an SPA with JERA for approximately 1 mtpa of LNG on an FOB basis from 2029 through 2050, priced off Henry Hub plus a fixed liquefaction fee.

Gas supply, IPM agreements and shipping

Under IPM agreements, Cheniere buys natural gas at prices based on global gas markets, less fixed liquefaction fees and certain costs. The LNG made from that gas is generally sold under short-term SPAs. One such agreement, signed in May 2025 with Canadian Natural Resources Limited, covers 140,000 MMBtu per day at a price based on the Japan Korea Marker, for approximately 15 years starting in 2030.

Outside the IPM agreements, the company has secured approximately 6,847 TBtu of natural gas through long-term supply agreements with remaining fixed terms of up to 14 years. It has secured firm pipeline transportation capacity from interstate and intrastate pipeline companies, plus firm storage services with third parties. For cargoes sold on a DAP basis, it uses LNG vessel time charters with fixed minimum terms of up to 15 years. It primarily uses the LNG it produces as fuel for its own shipping.

The company also owns the subsidiary that holds the Gregory Power Plant, a natural gas-fired combined cycle facility next to the Corpus Christi LNG Terminal.

What is under construction

The Corpus Christi Stage 3 Project is made up of seven midscale Trains. The first four had reached substantial completion by 31 December 2025, and Train 5 first produced LNG in February 2026. The CCL Midscale Trains 8 & 9 Project received FERC authorization in March 2025, and the Board made a positive FID in June 2025. Bechtel is building both projects under lump sum turnkey EPC contracts and generally bears cost, schedule and performance risk unless specified events occur. The company says the two projects are expected to add over 15 mtpa of liquefaction capacity once all Trains reach substantial completion, with over 9 mtpa still under construction at 31 December 2025.

Until long-term SPAs begin for this added output, Cheniere Marketing sells the volumes at prevailing market prices.

Possible expansion

The company holds land at both terminals for further liquefaction capacity. The SPL Expansion Project, now filed with FERC as a two-phased project, covers three liquefaction trains and up to approximately 20 mtpa. In February 2026 the company applied to FERC under the NGA for the CCL Expansion Project, which covers four liquefaction trains and up to 24 mtpa, built in phases. It also has a pending FERC application to raise the capacity of the Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project by approximately 5 mtpa. The company says it needs acceptable commercial and financing arrangements before it makes a positive FID on these projects.

*From Cheniere Energy's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/3570/000000357026000005/lng-20251231.htm)*

From the company's 10-K.