Cheniere Energy (LNG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached $5.44 billion, net income was $353 million, and Consolidated Adjusted EBITDA was $1.87 billion, with distributable cash flow at $1.27 billion; full-year guidance reaffirmed.

• Over $1.3 billion was allocated in Q1 to growth, debt repayment, and shareholder returns, including $350 million in share repurchases and $112 million in dividends.

• Substantial completion of Corpus Christi Stage 3 Train 1 was achieved ahead of schedule and within budget in March 2025; FERC authorized the CCL Midscale Trains 8 & 9 Project, with FID expected in 2025.

• Exported 168 LNG cargoes (609 TBtu) in Q1 2025, surpassing 4,000 cumulative cargoes, including CMI's 1,000th cargo milestone.

• Fitch upgraded Cheniere and CQP to BBB in February 2025, further solidifying investment-grade status.

Financial highlights

• Q1 2025 revenues: $5.44 billion (up 28% year-over-year); Consolidated Adjusted EBITDA: $1.87 billion (up 6%); distributable cash flow: $1.27 billion.

• Net income attributable to Cheniere: $353 million (down 30% year-over-year), mainly due to $277 million in unfavorable derivative fair value changes.

• Net income per share (diluted): $1.57, down from $2.13 in Q1 2024.

• Repurchased 1.6 million shares for $350 million; $3.5 billion remains on buyback authorization.

• Declared $0.50/share dividend for Q1 2025.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: Consolidated Adjusted EBITDA of $6.5–$7.0 billion, distributable cash flow of $4.1–$4.6 billion, and LNG production of 47–48 million tons.

• CCL Stage 3 Trains 2 & 3 expected to reach substantial completion in 2H 2025; major maintenance at Sabine Pass Trains 3 and 4 planned for summer.

• Only 50–75 TBTU of 2025 volumes remain unsold; $1 change in market margin impacts EBITDA by $50–$75 million.

• Immaterial expected impact from tariffs or trade policy changes due to highly contracted business model.

• CQP distribution per unit expected at $3.25–$3.35 for FY 2025.