LNG
Cheniere Energy, Inc.189.28
+0.45+0.24%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Premium margins, expansions supported
Q&A shed light on Cheniere's premium LNG contract margins of $2.50-$3.00 per ton, earned via reliability and bespoke deals amid commoditized competition. Phase 1 expansions at Sabine Pass and Corpus Christi are largely underwritten commercially, though market economics limit beyond-brownfield trains. Haynesville weather and force majeure caused no material hit—slight optimization positive, baked into guidance. Stage 3 Trains 5-7 ramp hints at $50M+ EBITDA upside if early. Escalation and power demand concerns drew direct, optimistic responses. No walk-backs. Confident tone; watch commercialization pace and FIDs.
Key Stats
Market Cap
41.60BP/E (TTM)
10.57Basic EPS (TTM)
17.91Dividend Yield
0.01%Recent Filings
8-K
Prices $1.75B senior notes
Cheniere Energy entered a Purchase Agreement on March 5, 2026, to issue $1 billion 5.200% senior notes due 2036 at 99.658% of par and $750 million 6.000% senior notes due 2056 at 99.524% of par to Goldman Sachs-led initial purchasers. Closing is set for March 19, 2026. Proceeds target general corporate purposes like refinancing debt, including Cheniere Corpus Christi Holdings' term loan, capex, and working capital. Notes rank pari passu with existing senior debt.
8-K
Record LNG output, buyback boost
Cheniere reported record 2025 results with $20.0B revenues, $6.9B Consolidated Adjusted EBITDA, and 670 LNG cargoes exported as CCL Stage 3 Trains 1-4 hit substantial completion. It completed its '20/20 Vision' plan early, deploying over $20B, and upsized share repurchases to over $10B through 2030. Guidance calls for 2026 Adjusted EBITDA of $6.75B-$7.25B. New 1.2 mtpa SPA with CPC runs through 2050.
10-K
FY2025 results
Cheniere's FY2025 delivered $19.4B revenues and $5.3B net income to common stockholders, up sharply from 2024 on 5% higher LNG volumes (2,439 TBtu recognized) fueled by Corpus Christi Stage 3's first four Trains hitting substantial completion. Q4 ramped commissioning sales offsetting $187M to terminal costs while operational volumes hit 2,424 TBtu loaded, but derivative swings drove $3.6B gains (before tax/NCI) from IPM hedges as global prices softened. Debt fell to $23B via $652M paydowns; $2.7B bought back 12M shares. $8.8B liquidity cushions capex. Regulatory delays on expansions threaten quarterly momentum.
10-Q
Q3 FY2025 results
Cheniere's Q3 revenues climbed 18% y/y to $4.4B on $748M higher LNG sales, while operating income rose 10% y/y to $1.8B as derivative gains offset elevated costs; diluted EPS jumped to $4.75 from $3.93. YTD, revenues surged 29% y/y to $14.5B with operating income up 21% y/y to $5.3B and EPS at $13.59 versus $9.88, aided by Corpus Christi Stage 3 Train completions. Cash fell to $1.1B with $9.1B total liquidity; long-term debt edged down to $22.0B net, revolvers fully available. Share repurchases hit $1.7B YTD. Derivative volatility persists.
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