Cheniere Energy
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Cheniere Energy (LNG) investor relations material

Cheniere Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record operational and financial results in 2025, with strong LNG production, reliability, and significant growth in net income, EBITDA, and exports year-over-year.

  • Celebrated the 10th anniversary of LNG exports, surpassing 4,610 cargoes delivered since 2016 and cementing a leading industry position.

  • Completed major project milestones, including substantial completion of CCL Stage 3 Trains 1–4 and first LNG from Train 5 in early 2026.

  • Signed a new long-term SPA with CPC Corporation, Taiwan, for up to 1.2 mtpa through 2050, reinforcing long-term contracted growth.

  • Completed the '20/20 Vision' capital allocation plan ahead of schedule, deploying over $20B since 2022.

Financial highlights

  • 2025 revenues rose to $19.98B (up 27% YoY); Q4 revenues reached $5.45B (up 23% YoY).

  • Net income for 2025 was $5.33B (up 64% YoY); Q4 net income was $2.3B (up 136% YoY).

  • Consolidated Adjusted EBITDA for 2025 was $6.94B (up 13% YoY); Q4 EBITDA was $2.05B.

  • Distributable cash flow for 2025 was $5.3B; Q4 DCF was $1.5B.

  • Exported 670 LNG cargoes (46M tons) in 2025, with Q4 exports up 22 cargoes sequentially.

Outlook and guidance

  • 2026 guidance: Consolidated Adjusted EBITDA of $6.75B–$7.25B and DCF of $4.35B–$4.85B.

  • CQP distribution per unit expected at $3.10–$3.40.

  • LNG volume forecast for 2026 is 51–53M tons, up 5M tons YoY, driven by ramp-up of new trains.

  • Guidance reflects higher production, more contracted volumes, but lower spot margins and a one-time $300M tax credit benefit in 2025.

  • Less than 1M tons of open capacity remains for 2026, underscoring cash flow visibility.

What drives the $30/share DCF forecast?
Status of 5 mtpa CCL capacity increase application?
What impacted 2025 LNG margins per MMBtu?
Commercialization for second brownfield train
Domestic gas demand impact on LNG expansion
Upsized buyback's role in new DCF/share target
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Frequently asked questions

Cheniere Energy, Inc., an energy infrastructure company, operates as a liquefied natural gas (LNG) company in the United States. The company operates through two segments, Liquefaction and LNG Terminalling and Storage. The Liquefaction segment includes the Sabine Pass liquefaction project located in Cameron Parish, Louisiana; and Cameron LNG project near Lake Charles, Louisiana.

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