Cheniere Energy Partners (CQP) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.574B, net income $639M and Adjusted EBITDA $954M; higher LNG delivery margins reflected greater recognized volumes and higher margins per MMBtu.

• Nine-month revenue was $8.757B, net income $1.986B and Adjusted EBITDA $3.112B; results benefited from LNG pricing and higher production volumes, partly offset by derivative fair-value movements.

• Sabine Pass operates above 30 mtpa of capacity; expansion remains subject to regulatory approvals, commercial arrangements, financing and positive FID.

Financial highlights

• Q3 operating income was $815M vs. $696M YoY; nine-month operating income was $2.516B vs. $2.237B.

• Q3 revenue rose 7%, net income 26% and Adjusted EBITDA 8% YoY; nine-month increases were 12%, 17% and 17%, respectively.

• Nine-month operating cash flow was $2.550B vs. $1.881B; investing cash use was $531M and financing cash use was $1.616B.

• Nine-month net income growth was partly offset by ~$208M of unfavorable derivative fair-value variances, including effects related to long-term IPM agreements.

Outlook and guidance

• FY 2026 distribution guidance narrowed to $3.30–$3.40 per common unit from $3.10–$3.40; base distribution guidance remains $3.10 per unit.

• First expansion phase is expected to add over 6 mtpa, including Train 7 and a boil-off gas re-liquefaction unit; two-phase peak capacity could reach ~20 mtpa.

• First-phase FID is targeted for 2026/2027; long-term SPAs and IPM agreements cover ~90% of anticipated existing-project production through the mid-2030s, with ~13 years of weighted-average remaining contract life.