Cheniere Energy Partners
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Cheniere Energy Partners (CQP) investor relations material

Cheniere Energy Partners 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

  • Reported Q4 2025 revenues of $2.9 billion and full-year revenues of $10.8 billion, with net income of $1.3 billion for Q4 and $3.0 billion for the year.

  • Adjusted EBITDA reached $1.0 billion in Q4 and $3.7 billion for the year, reflecting higher LNG margins.

  • Declared Q4 2025 cash distribution of $0.830 per common unit; full-year 2025 distributions totaled $3.300 per unit.

  • Over 3,270 LNG cargoes exported since 2016, marking the 10th anniversary of first cargo.

  • S&P Global Ratings upgraded issuer credit rating to BBB+ with a stable outlook in November 2025.

Financial highlights

  • Q4 2025 revenues increased 18% year-over-year; full-year revenues up 24%.

  • Q4 net income rose 107% year-over-year; full-year net income up 19%.

  • Adjusted EBITDA grew 14% in Q4 and 2% for the year compared to 2024.

  • Net income increase driven by favorable changes in fair value of derivatives, contributing $535 million in Q4 and $344 million for the year.

  • Higher total LNG margins per MMBtu delivered supported Adjusted EBITDA growth.

Outlook and guidance

  • 2026 distribution guidance set at $3.10–$3.40 per common unit, maintaining a $3.10 base.

  • SPL Expansion Project planned with up to 20 mtpa additional LNG capacity, pending regulatory and commercial milestones.

Update on SPL Expansion Project FID timeline?
How sustainable are derivative fair value gains?
Factors influencing variable distribution amount?
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Frequently asked questions

Cheniere Energy Partners, L.P. (CQP) is a publicly traded Delaware limited partnership formed by Cheniere Energy, Inc., specializing in providing liquefied natural gas (LNG) to a global clientele that includes integrated energy companies, utilities, and energy trading companies. The company's primary operations involve the ownership and operation of the Sabine Pass LNG terminal in Cameron Parish, Louisiana. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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