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Cheniere Energy

Cheniere Energy (LNG) Q4 2025 Earnings

Reported May 7, 2026 at 7:31 AM ET · SEC Source

Q4 25 EPS

$10.68

BEAT +175.81%

Est. $3.87

Q4 25 Revenue

$5.45B

MISS 4.97%

Est. $5.73B

vs S&P Since Q4 25

-8.9%

TRAILING MARKET

LNG -7.0% vs S&P +1.9%

Full Year 2025 Results

FY 25 EPS

$24.13

BEAT +78.69%

Est. $13.50

FY 25 Revenue

$19.98B

MISS 0.04%

Est. $19.98B

Market Reaction

Did LNG Beat Earnings? Q4 2025 Results

Cheniere Energy delivered a solidly on-target first quarter for 2026, with revenues of $5.87 billion edging ahead of the $5.85 billion consensus estimate and rising 10.2% year-over-year, as a record 187 LNG cargoes exported, up 11% from a year ago, p… Read more Cheniere Energy delivered a solidly on-target first quarter for 2026, with revenues of $5.87 billion edging ahead of the $5.85 billion consensus estimate and rising 10.2% year-over-year, as a record 187 LNG cargoes exported, up 11% from a year ago, powered the top line. The headline result carried an unusual distortion, however: a GAAP net loss of $3.50 billion, versus net income of $353 million in Q1 2025, driven entirely by $5.41 billion in non-cash fair value losses on commodity and FX derivatives tied to long-term IPM agreements, an accounting mismatch management was quick to flag. Strip those items out, and Adjusted Net Income rose to $1.01 billion from $794 million a year earlier, while Consolidated Adjusted EBITDA climbed 25% to $2.33 billion. Cheniere also lifted its full-year 2026 Consolidated Adjusted EBITDA guidance to $7.25 billion to $7.75 billion, reflecting improved market margins and higher LNG production forecasts, with institutional investors continuing to add to positions ahead of the print.

Key Takeaways

  • • Record 187 LNG cargoes exported in Q1 2026, up 11% year-over-year
  • • LNG volumes loaded increased 13% to 688 TBtu
  • • Higher total margins on LNG delivered driven by increased volumes and optimization activities
  • • Recognition of a nonrecurring tax credit during Q1 2026
  • • Consolidated Adjusted EBITDA increased 25% year-over-year to $2.33 billion

LNG Forward Guidance & Outlook

Cheniere raised its full-year 2026 financial guidance. Consolidated Adjusted EBITDA is now expected to range from $7.25 billion to $7.75 billion, up from the previous range of $6.75 billion to $7.25 billion. Distributable Cash Flow guidance was raised to $4.75 billion to $5.25 billion, up from $4.35 billion to $4.85 billion. The increase reflects higher LNG production forecasts, improved market margins, and contributions from optimization activities year-to-date. CCL Stage 3 Trains 6 and 7 are expected to reach substantial completion by the end of 2026. First LNG from Train 6 is expected imminently. The CCL Midscale Trains 8 & 9 Project has an expected substantial completion in 2H 2028. The SPL Expansion Project and CCL Expansion Project remain in regulatory permitting.

24/7 Wall St

LNG YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

LNG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“2026 is off to an excellent start, thanks to the Cheniere team's commitment to safety, operational excellence and seamless execution. We are raising our 2026 financial guidance as a result of an increase in our LNG production forecast and higher market margins for the year, as well as the contribution from optimization activities achieved year-to-date.”

— Jack Fusco, Q4 2025 Earnings Press Release

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