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Cheniere Energy

LNG Q1 2025 Earnings

Reported May 8, 2025 at 7:31 AM ET · SEC Source

Q1 25 EPS

$1.57

MISS 50.80%

Est. $3.19

Q1 25 Revenue

$5.44B

BEAT +9.88%

Est. $4.95B

vs S&P Since Q1 25

-13.3%

TRAILING MARKET

LNG +14.2% vs S&P +27.5%

Market Reaction

Did LNG Beat Earnings? Q1 2025 Results

Cheniere Energy delivered a mixed first quarter for 2025, topping revenue expectations while falling well short on the bottom line. The LNG giant posted revenues of $5.44 billion, a 28.9% jump year-over-year that cleared the $4.95 billion consensus e… Read more Cheniere Energy delivered a mixed first quarter for 2025, topping revenue expectations while falling well short on the bottom line. The LNG giant posted revenues of $5.44 billion, a 28.9% jump year-over-year that cleared the $4.95 billion consensus estimate by 9.88%, powered by LNG revenues surging to $5.30 billion from $4.04 billion a year earlier. But earnings per share came in at just $1.57, missing the $3.19 consensus by 50.80%, as approximately $277 million in unfavorable derivative fair-value swings weighed heavily on net income, which fell 30% to $353 million. Consolidated Adjusted EBITDA rose a more measured 6% to $1.87 billion, reflecting stronger margins per MMBtu delivered. Operationally, the quarter brought a meaningful milestone with Substantial Completion of Train 1 at the Corpus Christi Stage 3 Project in March, and management reconfirmed full-year 2025 guidance for Consolidated Adjusted EBITDA of $6.50 billion to $7.00 billion, expressing confidence that the first three Stage 3 trains will be operational before year-end.

Key Takeaways

  • • Higher total margins per MMBtu of LNG delivered drove 6% increase in Consolidated Adjusted EBITDA
  • • 28% revenue growth driven by higher LNG revenues year-over-year
  • • LNG exported volumes increased 1% to 609 TBtu with 168 cargoes
  • • Net income decline of 30% primarily due to $277 million unfavorable derivative fair value changes
24/7 Wall St

LNG YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

LNG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 is off to an outstanding start thanks to the Cheniere team's commitment to excellence across our operations, project execution and financial discipline. The quarter was highlighted by the achievement of Substantial Completion on Train 1 of the Corpus Christi Stage 3 Project, and the production and shipment of our 4,000th LNG cargo to-date.”

— Jack Fusco, Q1 2025 Earnings Press Release

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