Q1 26 EPS
$0.19
MISS 84.41%
Est. $1.22
Q1 26 Revenue
$3.60B
BEAT +21.06%
Est. $2.97B
vs S&P Since Q1 26
-2.7%
TRAILING MARKET
CQP -1.3% vs S&P +1.4%
Market Reaction
Did CQP Beat Earnings? Q1 2026 Results
Cheniere Energy Partners delivered a tale of two metrics in Q1 2026, posting revenue of $3.60 billion, up 20.4% year-over-year and clearing the $2.97 billion consensus estimate by 21.06%, while GAAP earnings per unit of $0.19 fell dramatically short … Read more Cheniere Energy Partners delivered a tale of two metrics in Q1 2026, posting revenue of $3.60 billion, up 20.4% year-over-year and clearing the $2.97 billion consensus estimate by 21.06%, while GAAP earnings per unit of $0.19 fell dramatically short of the $1.22 consensus, missing by 84.41%. The stark disconnect between those two figures traces directly to roughly $677 million in non-cash, unfavorable fair value changes on commodity derivatives tied to long-term Integrated Production Marketing agreements, a marking-to-market of gas supply contracts that carry no corresponding mark on the LNG sales side, which compressed GAAP net income to $186 million from $641 million in Q1 2025. Strip out those derivative swings and the picture brightens considerably; adjusted EBITDA climbed 13% to $1.18 billion, reflecting steady operational output of 412 TBtu across 112 cargoes at Sabine Pass. The partnership declared a $0.79 per-unit quarterly distribution payable May 15, and management reaffirmed full-year 2026 distribution guidance of $3.10 to $3.40 per common unit.
Key Takeaways
- • Higher total margins per MMBtu of LNG delivered drove Adjusted EBITDA growth
- • Unfavorable changes in fair value of commodity derivatives reduced GAAP net income by approximately $599 million vs. prior year
- • $677 million of non-cash unfavorable fair value changes on IPM-related positions due to increased international gas price volatility and higher forward commodity curves
- • LNG volumes loaded and recognized increased to 413 TBtu from 405 TBtu year-over-year
CQP Forward Guidance & Outlook
Cheniere Partners reconfirmed full year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining a base distribution of $3.10 per common unit. The SPL Expansion Project, targeting up to approximately 20 mtpa of additional LNG capacity, remains under development with FERC and DOE applications pending. A positive Final Investment Decision is subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
CQP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CQP Revenue by Segment
With YoY comparisons, source: SEC Filings
CQP Earnings Trends
CQP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CQP EPS Trend
Earnings per share: estimate vs actual
CQP Revenue Trend
Quarterly revenue: estimate vs actual
CQP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.22 | $0.19 | -84.41% | $3.60B | +21.06% |
| Q4 25 BEAT FY | $1.11 | $2.38 | +113.53% | $2.91B | +3.46% |
| FY Full Year | $4.14 | $5.17 | +24.78% | $10.76B | +0.14% |
| Q3 25 MISS | $1.11 | $0.80 | -28.09% | $2.40B | -3.74% |
| Q2 25 MISS | $0.96 | $0.91 | -5.29% | $2.46B | -2.31% |
| Q1 25 MISS | $1.12 | $1.08 | -3.77% | $2.99B | +9.32% |