Cheniere Energy (LNG) Q4 2025 earnings summary

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.