$LNG

CHENIERE ENERGY INC

CIK:0000003570|SEC Filings

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues

Revenues

$ 5,732

$ 4,641

$ 11,600

$ 10,085

Operating costs and expenses

Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below)

439

1,117

8,757

4,688

Operating and maintenance expense

533

559

1,058

1,032

Selling, general and administrative expense

224

215

Depreciation, amortization and accretion expense

380

329

753

641

Other operating costs and expenses

Total operating costs and expenses

1,442

2,111

10,798

6,594

Income from operations

4,290

2,530

802

3,491

Other income (expense)

Interest expense, net of capitalized interest

(287)

(237)

(542)

(466)

Interest and dividend income

Other income (expense), net

(14)

(1)

(40)

Total other expense

(282)

(207)

(547)

(379)

Income before income taxes and NCI

4,008

2,323

255

3,112

Less: income tax provision

366

426

547

Net income

3,642

1,897

230

2,565

Less: net income attributable to NCI

574

271

664

586

Net income (loss) attributable to Cheniere

$ 3,068

$ 1,626

$ (434)

$ 1,979

Net income (loss) per share attributable to common stockholders—basic (2)

^[1],[2]

$ 14.68

$ 7.32

$ (2.08)

$ 8.87

Net income (loss) per share attributable to common stockholders—diluted (2)

^[1],[2]

$ 14.65

$ 7.30

$ (2.08)

$ 8.85

Weighted average number of common shares outstanding—basic

209.0

221.8

209.7

222.6

Weighted average number of common shares outstanding—diluted

209.5

222.3

209.7

223.2

LNG [Member]

Revenues

Revenues

$ 5,640

$ 4,515

$ 11,362

$ 9,820

Regasification [Member]

Revenues

Revenues

Other [Member]

Revenues

Revenues

$ 58

$ 92

$ 170

$ 197

[1]

Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

[2]

In January 2026, we redeemed the remaining redeemable NCI in our consolidated variable interest entity (“VIE”) that owns the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities. Prior to the redemption, in computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere was adjusted for the remeasurement of the redeemable NCI, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 230	$ 2,565
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion expense	753	641
Share-based compensation expense	115	105
Amortization of discount and debt issuance costs	20	19
Reduction of right-of-use assets	277	310
Total losses (gains) on derivative instruments, net	3,118	(958)
Net cash provided by (used for) settlement of derivative instruments	(834)	193
Deferred taxes	(73)	454
Other, net	47	(1)
Changes in operating assets and liabilities:
Trade and other receivables	41	(29)
Inventory	(210)	19
Other non-current assets	56	(25)
Accounts payable and accrued liabilities	(213)	(789)
Total deferred revenue	(45)	(36)
Total operating lease liabilities	(282)	(307)
Other non-current liabilities	(216)	0
Other, net	(126)	(102)
Net cash provided by operating activities	2,658	2,059
Cash flows from investing activities
Property, plant and equipment, net of proceeds from commissioning sales of LNG of $85 million and $52 million, respectively	(1,916)	(1,647)
Proceeds from sale of equity method investment	0	80
Other, net	(11)	(8)
Net cash used in investing activities	(1,927)	(1,575)
Cash flows from financing activities
Proceeds from issuances of debt and borrowings	4,511	265
Redemptions and repayments of debt and borrowings	(3,263)	(565)
Distributions to NCI	(394)	(400)
Contributions from redeemable NCI	0	49
Redemption of redeemable NCI	(136)	0
Payments related to tax withholdings for share-based compensation	(37)	(46)
Repurchase of common stock, inclusive of excise taxes paid	(1,113)	(690)
Dividends to stockholders	(233)	(223)
Other, net	(128)	(43)
Net cash used in financing activities	(793)	(1,653)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(3)	(4)
Net decrease in cash, cash equivalents and restricted cash and cash equivalents	(65)	(1,173)
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period	1,584	3,190
Cash, cash equivalents and restricted cash and cash equivalents—end of period	$ 1,519	$ 2,017

Consolidated Balance Sheets - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 1,099

^[1]

$ 1,099

Restricted cash and cash equivalents

420

^[1]

485

Trade and other receivables, net of current expected credit losses

1,335

1,380

Inventory

723

524

Current derivative assets

156

Margin deposits

126

Prepaid expenses

117

Other current assets, net

136

Total current assets

4,112

3,692

Property, plant and equipment, net of accumulated depreciation

37,154

35,755

Operating lease assets

2,516

2,700

Deferred NPNS assets

2,195

Derivative assets

735

4,663

Other non-current assets, net

1,260

1,072

Total assets

47,972

^[1]

47,882

Current liabilities

Accounts payable

293

123

Accrued liabilities

1,676

2,081

Current debt, net of unamortized discount and debt issuance costs

1,411

306

Deferred revenue

116

150

Current operating lease liabilities

562

539

Current portion of deferred NPNS liabilities

166

Current derivative liabilities

377

618

Other current liabilities

122

Total current liabilities

4,723

3,916

Long-term debt, net of unamortized discount and debt issuance costs

22,632

22,507

Non-current operating lease liabilities

1,951

2,163

Deferred NPNS liabilities

1,740

Derivative liabilities

301

1,208

Deferred tax liabilities

3,629

3,698

Other non-current liabilities

1,506

1,312

Total liabilities

36,482

34,804

Redeemable NCI

136

Stockholders’ equity

Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued

Common stock: $0.003 par value, 480.0 million shares authorized; 279.6 million shares and 279.2 million shares issued at June 30, 2026 and December 31, 2025, respectively

Treasury stock: 71.7 million shares and 66.8 million shares at June 30, 2026 and December 31, 2025, respectively, at cost

(9,949)

(8,852)

Additional paid-in-capital

4,566

4,523

Retained earnings

11,573

12,243

Total Cheniere stockholders’ equity

6,191

7,915

NCI

5,299

5,027

Total stockholders’ equity

11,490

12,942

Total liabilities, redeemable NCI and stockholders’ equity

$ 47,972

^[1]

$ 47,882

[1]

Amounts presented include balances held by our VIEs, all of which were related to CQP as of June 30, 2026, and substantially all of which were related to CQP as of December 31, 2025. As of June 30, 2026, total assets and liabilities of our VIEs were $17.2 billion and $16.9 billion, respectively, as further detailed in Note 6—Non-Controlling Interests and Variable Interest Entities, including $443 million of cash and cash equivalents and $23 million of restricted cash and cash equivalents.