Cheniere Energy Partners (CQP) Q3 2025 earnings summary

Executive summary

• Achieved substantial completion of Corpus Christi Stage 3 Train 3 ahead of schedule, with Train 4 also accelerated and expected to be completed by year-end 2025.

• Operates major LNG facilities in Louisiana and Texas with over 30 mtpa capacity, exporting over 3,120 LNG cargoes totaling 215 million tonnes as of October 2025.

• Approximately 90% of anticipated production is contracted under long-term agreements, providing stable cash flows with a weighted average remaining contract life of 14 years.

• Generated Q3 2025 consolidated Adjusted EBITDA of ~$1.6B, Distributable Cash Flow of ~$1.6B, and net income of ~$1B.

• Continued disciplined capital allocation, deploying $1.8B in Q3 across growth CapEx, dividends, debt repayment, and share repurchases.

Financial highlights

• Q3 2025 revenues rose to $2.4 billion (up 17% year-over-year); net income was $506 million (down 20% year-over-year), with nine-month revenues at $7.85 billion and net income at $1.7 billion.

• Q3 2025 Adjusted EBITDA was $885 million, up 4% year-over-year; nine-month Adjusted EBITDA was $2.65 billion.

• Declared Q3 2025 dividend/distribution of $0.555–$0.830 per share/unit, with annualized guidance of $2.22–$3.35 per unit.

• Repurchased 4.4M shares for ~$1B in Q3, reducing share count to ~217M.

• Operating cash flow for the nine months was $1.88 billion, down $211 million from the prior year, mainly due to working capital changes.

Outlook and guidance

• 2025 guidance: Adjusted EBITDA $6.6B–$7B; DCF $4.8B–$5.2B; CQP distributions $3.25–$3.35/unit.

• SPL Expansion Project targeting up to 20 mtpa additional LNG capacity, with FID targeted for 2026/2027.

• 2026 production forecast: 51–53M tons LNG, up ~5M tons YoY, with 47M tons under long-term contracts.

• Expect 2026 to be a record production year, with over 90% of volumes contracted.

• 2026 financial guidance to be provided in February.