Cheniere Energy (LNG) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw record LNG production and exports, with 187 cargoes shipped (688 TBtu), marking 10 years of LNG exports and surpassing 4,760 cumulative cargoes.

• Revenues reached $5.87 billion, but a net loss of $3.5 billion was reported due to $4.8–$5.4 billion in non-cash derivative losses; adjusted EBITDA was $2.33 billion and DCF $1.67 billion.

• Full-year 2026 guidance for adjusted EBITDA was raised to $7.25–$7.75 billion and DCF to $4.75–$5.25 billion, reflecting improved production and margins.

• Major growth projects advanced: Corpus Christi Stage 3 reached 97% completion, Train 5 achieved substantial completion, and Midscale Trains 8 & 9 are 36.9–37% complete.

• Significant capital allocation included $1.2 billion deployed in Q1, $537 million in share repurchases, and $253 million in debt repayment.

Financial highlights

• Q1 2026 revenues rose to $5.87 billion, up 8% year-over-year, driven by higher LNG volumes and pricing.

• Net loss of $3.5 billion in Q1 2026, compared to net income of $353 million in Q1 2025, mainly due to $4.8–$5.4 billion in unfavorable derivative fair value changes.

• Consolidated Adjusted EBITDA increased 25% to $2.33 billion; Distributable Cash Flow grew to $1.67 billion.

• Adjusted Net Income for Q1 2026 was $1.01 billion, up from $794 million in Q1 2025.

• Share repurchases totaled 2.7 million shares for $537 million; $0.555 per share dividend declared.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance raised to $7.25–$7.75 billion and DCF to $4.75–$5.25 billion, up from prior guidance.

• LNG production forecast for 2026 increased to 52–54 million tons.

• Less than 1 million tons of unsold open volumes remain for 2026, limiting exposure to market margin swings.

• CQP distribution guidance maintained at $3.10–$3.40 per unit.

• Approximately 90% of anticipated production through the mid-2030s is contracted under long-term agreements.