Cheniere Energy Partners (CQP) Q3 2026 Earnings
Cost of sales includes approximately $10 million of gains from changes in the fair value of commodity derivatives, primarily non-cash changes related to long-term IPM agreements (vs. $16 million of losses in Q3 2025); results also include $26 million of amortization of deferred NPNS assets and liabilities excluded from Adjusted EBITDA.
How Did CQP Stock React to Q3 2026 Earnings?
Did CQP Beat Earnings? Q3 2026 Results
No. Cheniere Energy Partners reported Q3 2026 earnings of $1.01 a share on Oct 29, 2026, missing the $1.17 consensus estimate by 13.3%. Revenue was $2.6B against a $2.6B estimate.
Cheniere Energy Partners, L.P. delivered a mixed third quarter for 2026, posting GAAP earnings per unit of $1.01 that missed the $1.17 consensus estimate by 13.31%, even as revenue of $2.57 billion edged fractionally ahead of expectations and grew 7.1% year over year. The per-share result reflects GAAP accounting as reported, including approximately $10 million of non-cash gains from fair value changes in commodity derivatives tied to long-term IPM agreements, compared with $16 million of losses a year earlier, as well as $26 million of amortization of deferred NPNS assets excluded from Adjusted EBITDA. The underlying business showed genuine momentum: net income rose roughly $133 million and Adjusted EBITDA climbed about $69 million versus the prior-year quarter, driven by higher LNG volumes recognized in income and improved margins per MMBtu across 104 cargoes loaded at Sabine Pass. Looking ahead, management tightened full-year 2026 distribution guidance to $3.30 to $3.40 per unit, raising the floor from $3.10, and the partnership declared a quarterly distribution of $0.89 per common unit payable in November.
- Higher total margins on LNG delivered
- Higher LNG volumes recognized in income (378 TBtu in Q3 2026 vs 374 TBtu in Q3 2025)
- Higher margins per MMBtu of LNG delivered
- Approximately $10 million of non-cash gains from changes in fair value of commodity derivatives (IPM agreements) in Q3 cost of sales
- 104 LNG cargoes exported (377 TBtu) in Q3 2026
What Is Cheniere Energy Partners's Outlook?
Full year 2026 distribution guidance was tightened to $3.30–$3.40 per common unit from $3.10–$3.40, with the base distribution maintained at $3.10 per common unit. The partnership expects to execute the SPL Expansion Project in a phased approach. FID on the first phase depends on regulatory approvals (pending FERC and DOE non-FTA authorizations) and on acceptable commercial and financing arrangements. A term loan sized to fund about 50% of phase-one costs has been committed, contingent on a positive FID.
CQP YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.6B | $2.4B | +7.1% |
| Operating Income | $815.0M | $591.0M | +37.9% |
| Net Income | $639.0M | $506.0M | +26.3% |
CQP Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.