Cheniere Energy Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did LNG Beat Earnings? Q1 2025 Results
Cheniere Energy delivered a mixed first quarter for 2025, topping revenue expectations while falling well short on the bottom line. The LNG giant posted revenues of $5.44 billion, a 28.9% jump year-over-year that cleared the $4.95 billion consensus estimate by 9.88%, powered by LNG revenues surging to $5.30 billion from $4.04 billion a year earlier. But earnings per share came in at just $1.57, missing the $3.19 consensus by 50.80%, as approximately $277 million in unfavorable derivative fair-value swings weighed heavily on net income, which fell 30% to $353 million. Consolidated Adjusted EBITDA rose a more measured 6% to $1.87 billion, reflecting stronger margins per MMBtu delivered. Operationally, the quarter brought a meaningful milestone with Substantial Completion of Train 1 at the Corpus Christi Stage 3 Project in March, and management reconfirmed full-year 2025 guidance for Consolidated Adjusted EBITDA of $6.50 billion to $7.00 billion, expressing confidence that the first three Stage 3 trains will be operational before year-end.
- Higher total margins per MMBtu of LNG delivered drove 6% increase in Consolidated Adjusted EBITDA
- 28% revenue growth driven by higher LNG revenues year-over-year
- LNG exported volumes increased 1% to 609 TBtu with 168 cargoes
- Net income decline of 30% primarily due to $277 million unfavorable derivative fair value changes
“2025 is off to an outstanding start thanks to the Cheniere team's commitment to excellence across our operations, project execution and financial discipline. The quarter was highlighted by the achievement of Substantial Completion on Train 1 of the Corpus Christi Stage 3 Project, and the production and shipment of our 4,000th LNG cargo to-date.”
Cheniere Energy CEO, on the earnings call
Forward Guidance & Outlook
Cheniere reconfirmed full year 2025 guidance for Consolidated Adjusted EBITDA of $6.5 billion to $7.0 billion and Distributable Cash Flow of $4.1 billion to $4.6 billion. Full year 2025 net income attributable to Cheniere is forecast at $2.5 billion to $2.9 billion. Management expressed confidence in having the first three trains of the CCL Stage 3 Project operational by the end of 2025, with the full project expected to achieve substantial completion between 1H 2025 and 2H 2026. The company anticipates receiving all remaining regulatory approvals needed for Final Investment Decision on the CCL Midscale Trains 8 & 9 Project in 2025.
LNG YoY Financials
LNG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.