CQP Q4 2025 Earnings
Reported Feb 26, 2026 at 7:32 AM ET · SEC Source
Q4 25 EPS
$2.38
BEAT +116.36%
Est. $1.10
Q4 25 Revenue
$2.91B
BEAT +0.51%
Est. $2.90B
vs S&P Since Q4 25
+6.2%
BEATING MARKET
CQP +11.3% vs S&P +5.1%
Full Year 2025 Results
FY 25 EPS
$5.17
BEAT +24.78%
Est. $4.14
FY 25 Revenue
$10.76B
BEAT +0.14%
Est. $10.74B
Market Reaction
Did CQP Beat Earnings? Q4 2025 Results
Cheniere Energy Partners delivered a blowout fourth quarter, posting earnings per unit of $2.38 against a consensus estimate of just $1.10, a beat of 116.36% that underscored the partnership's remarkable profit momentum heading into 2026. Revenue cli… Read more Cheniere Energy Partners delivered a blowout fourth quarter, posting earnings per unit of $2.38 against a consensus estimate of just $1.10, a beat of 116.36% that underscored the partnership's remarkable profit momentum heading into 2026. Revenue climbed 18.3% year-over-year to $2.91 billion, edging past the $2.90 billion estimate, while net income more than doubled to $1.29 billion, driven in large part by roughly $535 million in favorable fair value changes on derivative instruments tied to long-term Integrated Production Marketing agreements. Adjusted EBITDA rose 14% to $1.01 billion as higher total margins per MMBtu of LNG delivered across 114 cargoes, up 4% from a year earlier, powered the quarter. An S&P credit upgrade to BBB+ added further credibility to the balance sheet story, a signal analysts noted reinforces confidence in the partnership's cash generation capacity. Looking ahead, Cheniere Partners guided 2026 distributions of $3.10 to $3.40 per common unit, with midstream investors watching closely as the SPL Expansion Project awaits FERC and DOE regulatory approvals.
Key Takeaways
- • Higher total margins per MMBtu of LNG delivered
- • Favorable variances of approximately $535 million in Q4 related to changes in fair value of derivative instruments
- • 4% increase in LNG export volumes year-over-year in Q4 (416 TBtu vs 399 TBtu)
- • Increased LNG cargoes exported (114 vs 110 in Q4)
CQP Forward Guidance & Outlook
Cheniere Partners introduced full year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining a base distribution of $3.10 per common unit. The SPL Expansion Project, with expected total peak production capacity of up to approximately 20 mtpa of LNG, is being developed in a phased approach. A positive Final Investment Decision is subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements, with FERC and DOE applications remaining pending.
CQP YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CQP Revenue by Segment
With YoY comparisons, source: SEC Filings
CQP Earnings Trends
CQP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CQP EPS Trend
Earnings per share: estimate vs actual
CQP Revenue Trend
Quarterly revenue: estimate vs actual
CQP Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.10 | $2.38 | +116.36% | $2.91B | +0.51% |
| FY Full Year | $4.14 | $5.17 | +24.78% | $10.76B | +0.14% |
| Q3 25 MISS | $1.11 | $0.80 | -28.09% | $2.40B | -3.74% |
| Q2 25 MISS | $0.96 | $0.91 | -5.29% | $2.46B | -2.31% |
| Q1 25 MISS | $1.12 | $1.08 | -3.77% | $2.99B | +9.32% |