Cheniere Energy (LNG) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational results in 2025, with strong LNG production, over 670 cargoes exported, and major project milestones including substantial completion of CCL Stage 3 Trains 1–4 and first LNG from Train 5 in early 2026.

• Celebrated the 10th anniversary of LNG exports, surpassing 4,610 cargoes delivered since 2016, cementing a leading industry position.

• Completed the '20/20 Vision' capital allocation plan ahead of schedule, deploying over $20 billion since 2022.

• Increased share repurchase authorization to over $10 billion through 2030, following $1 billion deployed in Q4 2025.

• Announced a new long-term SPA with CPC Corporation, Taiwan, for up to 1.2 million tons per annum through 2050.

Financial highlights

• 2025 revenues rose to $19.98 billion, up 27% year-over-year; Q4 revenues were $5.45 billion, up 23% year-over-year.

• Net income for 2025 was $5.33 billion, up 64% year-over-year; Q4 net income was $2.3 billion, up 136% year-over-year.

• Consolidated Adjusted EBITDA reached $6.94 billion in 2025, up 13% year-over-year; Q4 EBITDA was $2.05 billion.

• Distributable cash flow was $5.3 billion for 2025 and $1.49 billion in Q4.

• Net income per share (diluted) for 2025 was $24.13, up from $14.20 in 2024.

Outlook and guidance

• 2026 guidance: Consolidated Adjusted EBITDA of $6.75–$7.25 billion and distributable cash flow of $4.35–$4.85 billion.

• CQP distribution per unit expected at $3.10–$3.40.

• LNG volume forecast for 2026 is 51–53 million tons, up 5 million tons year-over-year.

• Guidance reflects higher production, more contracted volumes, but lower spot margins and a one-time $300M tax credit benefit in 2025.

• Targeting ~$30 per share run-rate distributable cash flow upon completion of share repurchase authorization and initial phases of SPL and CCL Expansion Projects.