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Cheniere Energy

LNG Q4 2025 Earnings

Reported Feb 26, 2026 at 7:32 AM ET · SEC Source

Q4 25 EPS

$10.68

BEAT +175.97%

Est. $3.87

Q4 25 Revenue

$5.45B

MISS 3.98%

Est. $5.68B

vs S&P Since Q4 25

+10.4%

BEATING MARKET

LNG +15.4% vs S&P +5.1%

Full Year 2025 Results

FY 25 EPS

$24.13

BEAT +78.69%

Est. $13.50

FY 25 Revenue

$19.98B

MISS 0.04%

Est. $19.98B

Market Reaction

Did LNG Beat Earnings? Q4 2025 Results

Cheniere Energy posted a blowout fourth quarter to cap a record-setting 2025, with earnings per share of $10.68 demolishing the $3.87 consensus estimate by 175.97%, even as revenue of $5.45 billion came in slightly below the $5.68 billion Wall Street… Read more Cheniere Energy posted a blowout fourth quarter to cap a record-setting 2025, with earnings per share of $10.68 demolishing the $3.87 consensus estimate by 175.97%, even as revenue of $5.45 billion came in slightly below the $5.68 billion Wall Street expected, though still representing a solid 20.4% year-over-year gain. The primary engine behind the dramatic earnings outperformance was approximately $1.60 billion in favorable derivative fair value variances during the quarter, combined with higher LNG delivery volumes from the newly completed CCL Stage 3 trains, which helped drive net income attributable to Cheniere to $2.30 billion, up 136% year-over-year. The company also declared a major strategic milestone, completing its "20/20 Vision" capital allocation plan and announcing a share repurchase authorization of over $10 billion through 2030, a move that has drawn fresh institutional interest amid tightening global LNG supply. Looking ahead, management introduced 2026 guidance of $6.75 to $7.25 billion in Consolidated Adjusted EBITDA, with an ambitious longer-term target of approximately $30 per share in run-rate Distributable Cash Flow upon full execution of the buyback program and expansion project FIDs.

Key Takeaways

  • • Record LNG production in 2025 with 670 cargoes exported
  • • Higher volumes of LNG delivered from substantial completion of initial trains of CCL Stage 3 Project
  • • Favorable variances of approximately $1.6 billion in Q4 and $2.3 billion for full year from changes in fair value of derivative instruments
  • • Partially offset by lower total margins per MMBtu of LNG delivered
  • • Lower contributions from certain portfolio optimization activities related to charter vessel portfolio

LNG Forward Guidance & Outlook

Cheniere introduced full year 2026 guidance of $6.75-$7.25 billion Consolidated Adjusted EBITDA and $4.35-$4.85 billion Distributable Cash Flow, reflecting the expected completion of the remaining three trains at Corpus Christi Stage 3 during 2026. The company forecasts approximately $30 per common share of run-rate Distributable Cash Flow upon completion of the new $10+ billion share repurchase authorization through 2030 and achieving positive FID on the initial phases of both the SPL Expansion and CCL Expansion Projects, assuming approximately 175 million shares outstanding. Full year 2026 forecast net income attributable to Cheniere is projected at $2.2-$2.7 billion.

24/7 Wall St

LNG YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

LNG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We are celebrating 10 years of LNG exports at Cheniere, a remarkable milestone made possible thanks to our team's commitment to safety, operational excellence and execution across our platform every single day. This commitment also enabled another record-setting year of LNG production in 2025, driving full year financial results to the high end of our guidance ranges.”

— Jack Fusco, Q4 2025 Earnings Press Release

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