Cheniere Energy (LNG) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenues of $4.6B and net income of $1.63B, up 43% and 85% year-over-year, with record operational milestones including substantial completion of Corpus Christi Stage 3 Train 2 and positive FID for Midscale Trains 8 & 9.

• Announced over 10% increase in annualized dividend to $2.22/share starting Q3 2025, subject to board approval, and extended capital allocation targets.

• Amended and restated $1.25B revolving credit facility in August 2025, extending maturity to 2030 and reducing interest rates and fees.

• Upgraded credit ratings by Fitch and S&P to BBB in 2025 after refinancing and extending maturity profile.

• Signed new long-term SPAs with JERA and Canadian Natural, expanding commercial relationships and supporting growth.

Financial highlights

• Q2 2025 consolidated adjusted EBITDA: $1.42B, up 7% year-over-year; distributable cash flow: ~$920M; net income: $1.63B.

• Six-month 2025 revenues reached $10.1B, up 34% year-over-year; net income for six months was $2.0B, up 43%.

• Q2 2025 diluted EPS was $7.30, up from $3.84 in Q2 2024.

• Q2 LNG volumes recognized: 558 TBTU (550 TBTU from projects, 8 TBTU third-party); 95% sold under term agreements.

• Q2 2025 gross margin was 54.5%; net margin was 35%; adjusted EBITDA margin was 30.5%.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance raised and narrowed to $6.6B–$7.0B; distributable cash flow guidance increased to $4.4B–$4.8B.

• 2025 production forecast: 47–48 million tons of LNG, unchanged, with less than 0.5 MT unsold.

• Run rate consolidated adjusted EBITDA guidance increased to $7.3B–$8B; run rate DCF per share target raised to $25+ by early 2030s.

• Effective tax rate expected to drop to under 10% through 2030 due to 100% bonus depreciation and foreign export deduction.

• Dividend to increase by over 10% in Q3, with 68% growth since 2021; targeting 10% annual dividend growth through decade.