Cheniere Energy Partners (CQP) Q1 2026 Earnings
How Did CQP Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +0.75%.
Did CQP Beat Earnings? Q1 2026 Results
No. Cheniere Energy Partners reported Q1 2026 earnings of $0.19 a share on May 7, 2026, missing the $1.22 consensus estimate by 84.4%. Revenue was $3.6B against a $3.0B estimate.
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.
- 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
What Was Cheniere Energy Partners's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.6B | $3.0B | +20.4% |
| Operating Income | $361.0M | $826.1M | −56.3% |
| Net Income | $186.0M | $640.9M | −71.0% |
CQP Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.