# Cheniere Energy, Inc. (LNG) Informational only - not investment advice. CIK: 0000003570 SIC: 4924 Natural Gas Distribution SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4924 Natural Gas Distribution](/industry/4924/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=3570 Filing source: https://www.sec.gov/Archives/edgar/data/3570/000000357026000005/lng-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000003570-26-000005 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003570.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 19,976,000,000 USD | 2025 | verified | | Net income | 5,330,000,000 USD | 2025 | verified | | Assets | 47,882,000,000 USD | 2025 | verified | | Free cash flow | 2,461,000,000 USD | 2025 | computed | | Net margin | 26.68% | 2025 | computed | | Operating margin | 45.61% | 2025 | computed | | Revenue YoY | +27.21% | 2025 | computed | | ROE | 67.34% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | LNG | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 26.7% | 11.0% | 100 | 9 | | Operating margin | 45.6% | 21.8% | 100 | 9 | | Revenue growth | 27.2% | 13.4% | 88 | 9 | | ROE | 67.3% | 8.0% | 100 | 9 | | ROA | 11.1% | 3.0% | 100 | 9 | | Liabilities / equity | 4.40 | 2.17 | 88 | 9 | | Current ratio | 0.94 | 0.72 | 88 | 9 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4924 Natural Gas Distribution, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 19976000000 | USD | 2025 | 2026-02-26 | | Net income | 5330000000 | USD | 2025 | 2026-02-26 | | Assets | 47882000000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003570.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,283,000,000 | 5,601,000,000 | 7,987,000,000 | 9,730,000,000 | 9,358,000,000 | 15,864,000,000 | 33,428,000,000 | 20,394,000,000 | 15,703,000,000 | 19,976,000,000 | | Net income | | -610,000,000 | -393,000,000 | 471,000,000 | 648,000,000 | -85,000,000 | -2,343,000,000 | 1,428,000,000 | 9,881,000,000 | 3,252,000,000 | 5,330,000,000 | | Operating income | | -30,000,000 | 1,388,000,000 | 2,024,000,000 | 2,361,000,000 | 2,631,000,000 | -701,000,000 | 4,559,000,000 | 15,489,000,000 | 6,128,000,000 | 9,112,000,000 | | Diluted EPS | | -2.67 | -1.68 | 1.90 | 2.51 | -0.34 | -9.25 | 5.64 | 40.72 | 14.20 | 24.13 | | Operating cash flow | | -404,000,000 | 1,231,000,000 | 1,990,000,000 | 1,833,000,000 | 1,265,000,000 | 2,469,000,000 | 10,523,000,000 | 8,418,000,000 | 5,394,000,000 | 5,539,000,000 | | Capital expenditures | | 4,356,000,000 | 3,357,000,000 | 3,643,000,000 | 3,056,000,000 | 1,839,000,000 | 966,000,000 | 1,830,000,000 | 2,121,000,000 | 2,238,000,000 | 3,078,000,000 | | Dividends paid | | | | | 0.00 | 0.00 | 85,000,000 | 349,000,000 | 393,000,000 | 412,000,000 | 451,000,000 | | Share buybacks | 20,414,000 | | 0.00 | 0.00 | 249,000,000 | 155,000,000 | 9,000,000 | 1,373,000,000 | 1,473,000,000 | 2,262,000,000 | 2,724,000,000 | | Assets | | 23,703,000,000 | 27,906,000,000 | 31,987,000,000 | 35,492,000,000 | 35,697,000,000 | 39,258,000,000 | 41,266,000,000 | 43,076,000,000 | 43,858,000,000 | 47,882,000,000 | | Liabilities | | | | | | | | | 34,056,000,000 | 33,798,000,000 | 34,804,000,000 | | Stockholders' equity | | -1,396,000,000 | -1,764,000,000 | -526,000,000 | -14,000,000 | -191,000,000 | -2,571,000,000 | -2,969,000,000 | 5,060,000,000 | 5,699,000,000 | 7,915,000,000 | | Cash and cash equivalents | | 876,000,000 | 722,000,000 | 981,000,000 | 2,474,000,000 | 1,628,000,000 | 1,404,000,000 | 1,353,000,000 | 4,066,000,000 | 2,638,000,000 | 1,099,000,000 | | Free cash flow | | -4,760,000,000 | -2,126,000,000 | -1,653,000,000 | -1,223,000,000 | -574,000,000 | 1,503,000,000 | 8,693,000,000 | 6,297,000,000 | 3,156,000,000 | 2,461,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -47.54% | -7.02% | 5.90% | 6.66% | -0.91% | -14.77% | 4.27% | 48.45% | 20.71% | 26.68% | | Operating margin | | -2.34% | 24.78% | 25.34% | 24.27% | 28.11% | -4.42% | 13.64% | 75.95% | 39.02% | 45.61% | | Return on equity | | | | | | | | | 195.28% | 57.06% | 67.34% | | Return on assets | | -2.57% | -1.41% | 1.47% | 1.83% | -0.24% | -5.97% | 3.46% | 22.94% | 7.41% | 11.13% | | Liabilities / equity | | | | | | | | | 6.73 | 5.93 | 4.40 | | Current ratio | | 2.08 | 2.69 | 2.43 | 2.25 | 1.44 | 1.08 | 0.83 | 1.63 | 1.08 | 0.94 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000003570.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -9.54 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 22.10 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 5.61 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 1,369,000,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,159,000,000 | | 7.03 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 4,823,000,000 | 1,377,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 4,253,000,000 | 502,000,000 | 2.13 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 3,251,000,000 | 880,000,000 | 3.84 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 3,763,000,000 | 893,000,000 | 3.93 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,436,000,000 | 977,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 5,444,000,000 | 353,000,000 | 1.57 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 4,641,000,000 | 1,626,000,000 | 7.30 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 4,441,000,000 | 1,049,000,000 | 4.75 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,450,000,000 | 2,302,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 5,868,000,000 | -3,502,000,000 | -16.65 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 5,732,000,000 | 3,068,000,000 | 14.65 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Risk Factors Verbatim Item 1A Risk Factors from LNG's latest 10-K: [/company/LNG/risk-factors/](/company/LNG/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/3570/000000357026000028/lng-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Information Regarding Forward-Looking Statements This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical or present facts or conditions, included herein or incorporated herein by reference are “forward-looking statements.” Included among “forward-looking statements” are, among other things:  •statements that we expect to commence or complete construction of our proposed LNG terminals, liquefaction facilities, pipeline facilities or other projects, or any expansions or portions thereof, by certain dates, or at all; •statements regarding future levels of domestic and international natural gas production, supply or consumption or future levels of LNG imports into or exports from North America and other countries worldwide or purchases of natural gas, regardless of the source of such information, or the transportation or other infrastructure or demand for and prices related to natural gas, LNG or other hydrocarbon products; •statements regarding any financing transactions or arrangements, or our ability to enter into such transactions; •statements relating to Cheniere’s capital deployment, including intent, ability, extent and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan; •statements regarding our future sources of liquidity and cash requirements; •statements relating to the construction of our Trains and pipelines, including statements concerning the engagement of any EPC contractor or other contractor and the anticipated terms and provisions of any agreement with any EPC or other contractor, and anticipated costs related thereto; •statements regarding any SPA or other agreement to be entered into or performed substantially in the future, including any revenues anticipated to be received and the anticipated timing thereof, and statements regarding the amounts of total LNG regasification, natural gas liquefaction or storage capacities that are, or may become, subject to contracts; •statements regarding counterparties to our commercial contracts, construction contracts and other contracts; •statements regarding our planned development and construction of additional Trains or pipelines, including the financing of such Trains or pipelines; •statements that our Trains, when completed, will have certain characteristics, including amounts of liquefaction capacities; •statements regarding our business strategy, our strengths, our business and operation plans or any other plans, forecasts, projections, or objectives, including anticipated revenues, capital expenditures, maintenance and operating costs and cash flows, any or all of which are subject to change; •statements relating to our goals, commitments and strategies in relation to environmental matters; •statements regarding legislative, governmental, regulatory, administrative or other public body actions, approvals, requirements, permits, applications, filings, investigations, proceedings or decisions; •statements regarding our anticipated LNG and natural gas marketing activities; and •any other statements that relate to non-historical or future information. All of these types of statements, other than statements of historical or present facts or conditions, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “achieve,” “anticipate,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “intend,” “plan,” “potential,” “predict,” “project,” “pursue,” “target,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this quarterly report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe that such estimates are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond our control. In addition, assumptions may prove to be inaccurate. We caution that 27 Table of Contents      the forward-looking statements contained in this quarterly report are not guarantees of future performance and that such statements may not be realized or the forward-looking statements or events may not occur. Actual results may differ materially from those anticipated or implied in forward-looking statements as a result of a variety of factors described in this quarterly report and in the other reports and other information that we file with the SEC, including those discussed under “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2025. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. These forward-looking statements speak only as of the date made, and other than as required by law, we undertake no obligation to update or revise any forward-looking statement or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise. Introduction The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Our discussion and analysis includes the following subjects:  •Overview •Overview of Significant Events •Results of Operations •Liquidity and Capital Resources •Summary of Critical Accounting Estimates •Recent Accounting Standards Overview Cheniere, a Delaware corporation, is a Houston-based energy infrastructure company primarily engaged in LNG-related businesses. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We aspire to conduct our business in a safe and responsible manner, delivering a reliable, competitive and integrated source of LNG to our customers. LNG is natural gas (primarily methane) in liquid form and is a cleaner dispatchable fuel for power generation. The LNG we produce is shipped all over the world, converted back into natural gas (called “regasification”) and then transported via pipeline to homes and businesses and used as an energy source that is essential for heating, cooking and other industrial uses. As of June 30, 2026, we were the largest producer of LNG in the U.S. and the second largest LNG operator globally, based on the total production capacity of our natural gas liquefaction facilities. Our total production capacity is expected to be over 60 mtpa of LNG, inclusive of estimated debottlenecking opportunities, of which over 6 mtpa was under construction and the remainder was in operation as of June 30, 2026, comprised of the following: •over 30 mtpa of total production capacity in operation from natural gas liquefaction facilities located in Cameron Parish, Louisiana at Sabine Pass (the “SPL Project”). We own and operate the SPL Project and export facility (the “Sabine Pass LNG Terminal”), one of the largest LNG production facilities in the world, through our ownership interest in and management agreements with CQP, which is a publicly traded limited partnership. As of June 30, 2026, we owned 100% of the general partner interest, a 48.6% limited partner interest and 100% of the incentive distribution rights of CQP. The Sabine Pass LNG Terminal also has five LNG storage tanks with aggregate capacity of approximately 17 Bcfe and vaporizers with regasification capacity of approximately 4 Bcf/d, as well as three marine berths, two of which can accommodate vessels with nominal capacity of up to 266,000 cubic meters and the third berth, which can accommodate vessels with nominal capacity of up to 200,000 cubic meters. We also own and operate through CQP a 94-mile natural gas supply pipeline that interconnects the Sabine Pass LNG Terminal with several large interstate and intrastate pipelines (the “Creole Trail Pipeline”). 28 Table of Contents      •over 30 mtpa of total expected production capacity, inclusive of estimated debottlenecking opportunities, including over 6 mtpa under construction and the remainder in operation as of June 30, 2026, from our natural gas liquefaction and export facility located near Corpus Christi, Texas (the “Corpus Christi LNG Terminal”), of which we have 100% ownership interest. The Corpus Christi LNG Terminal also has three LNG storage tanks with aggregate capacity of approximately 10 Bcfe and two marine berths that can each accommodate vessels with nominal capacity of up to 266,000 cubic meters. We also own and operate through CCP an approximately 21-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several large interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline”). The projects under construction at the Corpus Christi LNG Terminal include: ◦a project consisting of seven midscale Trains that is expected to add total production capacity of over 10 mtpa of LNG once fully completed (the “Corpus Christi Stage 3 Project”), with over 1 mtpa under construction and the remainder in operation from the first six midscale Trains that have reached substantial completion as of June 30, 2026; and ◦a project consisting of two additional midscale Trains that is expected to add total production capacity of approximately 5 mtpa of LNG once fully completed, inclusive of estimated debottlenecking opportunities (the “CCL Midscale Trains 8 & 9 Project” and together with the existing assets at the Corpus Christi LNG Terminal, the Corpus Christi Stage 3 Project and the Corpus Christi Pipeline, the “CCL Project”), which was under construction as of June 30, 2026. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows, and include SPAs, in which our customers are generally required to pay a fixed fee with respect to the contracted volumes irrespective of their election to cancel or suspend deliveries of LNG cargoes, and long-term IPM agreements, in which a gas producer sells natural gas to us on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs. The SPAs also have a variable fee component, which is primarily indexed to Henry Hub and generally structured to cover the cost of natural gas purchases, transportation and liquefaction fuel consumed to produce LNG. Since we procure most of our feedstock for LNG production from the U.S., the structure of these contracts helps limit our exposure to fluctuations in U.S. natural gas prices. Through our SPAs and long-term IPM agreements currently in effect, with approximately 15 years of weighted average remaining life as of June 30, 2026, we have contracted 90% or more of the total anticipated production from the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) through the mid-2030s, excluding volumes from contracts with terms less than 10 years and volumes from SPAs that are conditional on additional liquefaction capacity beyond what is currently in construction or operation, subject to unilateral waiver by us. LNG produced by the Liquefaction Projects that is not contracted under long-term contracts is available for Cheniere Marketing, our [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/3570/000000357026000005/lng-20251231.htm Complete FY 2025 MD&A: /company/LNG/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Discussion of items for the year ended December 31, 2023 and variance drivers between the year ended December 31, 2024 as compared to December 31, 2023 are not included herein and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended December 31, 2024. Our discussion and analysis includes the following subjects:  •Overview •Overview of Significant Events •Market Environment •Results of Operations •Liquidity and Capital Resources •Summary of Critical Accounting Estimates •Recent Accounting Standards Overview We are an energy infrastructure company primarily engaged in LNG-related businesses. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We operate two natural gas liquefaction and export facilities at Sabine Pass, Louisiana and near Corpus Christi, Texas. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. For further discussion of our business, see Items 1. and 2. Business and Properties. During 2025, we continued to grow our portfolio of SPA and IPM agreements, and we believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future. The continued strength and stability of our long-term cash flows served as the foundation of our updated comprehensive, long-term capital allocation plan announced in June 2024, which includes an increased share repurchase authorization and increased dividends, in addition to a continued decrease in consolidated long-term leverage and investment in accretive organic growth. Overview of Significant Events Our significant events since January 1, 2025 and through the filing date of this Form 10-K include the following: Strategic Growth •Following our pre-filing in July 2025, in February 2026, we filed an application with the FERC under the NGA for authorization to site, construct and operate in a phased approach the CCL Expansion Project, a potential further expansion of the Corpus Christi LNG Terminal, inclusive of four liquefaction trains and supporting infrastructure, with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities. 36 Table of Contents •In December 2025, we filed an application with the FERC to increase the LNG production capacity of the previously-authorized Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project by approximately 5 mtpa, which remains pending at the FERC. •In March 2025, we received authorization from the FERC under the NGA to site, construct and operate the CCL Midscale Trains 8 & 9 Project, and in June 2025, our Board made a positive FID with respect to the investment in the development, construction and operation of the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under a fixed price separated turnkey EPC contract. •In June 2025, certain subsidiaries of CQP updated the SPL Expansion Project’s FERC application, originally filed in February 2024, to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. Commercialization •In August 2025, Cheniere announced the execution of a long-term LNG SPA between Cheniere Marketing and JERA Co., Inc. (“JERA”), under which JERA has agreed to purchase approximately 1 mtpa of LNG from Cheniere Marketing on an FOB basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee. •In May 2025, Cheniere Marketing entered into an IPM agreement with Canadian Natural Resources Limited to purchase 140,000 MMBtu per day of natural gas at a price based on the Japan Korea Marker, less fixed LNG shipping costs and a fixed liquefaction fee, for a term of approximately 15 years commencing in 2030. Operational •As of February 20, 2026, over 4,610 cumulative LNG cargoes totaling over 315 million tonnes of LNG have been produced, loaded and exported from the Liquefaction Projects. •In March, August, October and December 2025, substantial completions of Trains 1, 2 3 and 4, respectively, of the Corpus Christi Stage 3 Project were achieved. In February 2026, LNG was produced for the first time from Train 5 of the Corpus Christi Stage 3 Project. •During the second quarter of 2025, we completed planned large-scale maintenance activities on two Trains at the SPL Project. Financial •In February 2026, our Board approved an increase in our share repurchase authorization to approximately $10 billion from 2026 through 2030 with a $9 billion increase to the existing authorization. •In February 2026, SPL redeemed the remaining $200 million aggregate principal amount of its 5.875% Senior Secured Notes due 2026 (the “2026 SPL Senior Notes”). •In August 2025, we amended and restated our $1.25 billion Cheniere Revolving Credit Facility to, among other things, (1) extend the maturity date thereunder, (2) reduce the interest rate and commitment fees payable thereunder and (3) make certain other changes to the terms and conditions of the existing Cheniere Revolving Credit Facility. •In July 2025, CQP issued and sold $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035 (the “2035 CQP Senior Notes”), and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL’s 2026 SPL Senior Notes. •In June 2025, we announced updates to our company outlook, which included a plan to increase our annualized dividend by over 10% to $2.22 per common share, which commenced with the dividend pertaining to the third quarter of 2025. 37 Table of Contents •We received the following upgrades from credit rating agencies, including S&P Global Ratings (“S&P”) and Fitch Ratings (“Fitch”): [[GREPCENT_TABLE]] [["Entity","","Date","","Previous Rating","","Upgraded Rating","","Rating Agency","","Outlook"],["Cheniere","","November 2025","","BBB","","BBB+","","S&P","","Stable"],["CQP","","November 2025","","BBB","","BBB+","","S&P","","Stable"],["CCH","","October 2025","","BBB","","BBB+","","S&P","","Positive"],["Cheniere","","February 2025","","BBB-","","BBB","","Fitch","","Stable"],["CQP","","February 2025","","BBB-","","BBB","","Fitch","","Stable"]] [[/GREPCENT_TABLE]] •In addition to the above issuer credit rating upgrades, the unsecured CQP Notes were upgraded from BBB- to BBB by S&P in June 2025, concurrent with the assignment of the 2035 CQP Senior Notes credit rating. S&P also revised its outlook on SPL to positive from stable in December 2025. •During the year ended December 31, 2025, we accomplished the following pursuant to our capital allocation priorities: ◦We repurchased approximately 12.1 million shares of our common stock as part of our share repurchase program for approximately $2.7 billion. ◦We redeemed and repaid $652 million aggregate principal amount of notes across our complex, comprised of the following: ▪In December 2025, SPL redeemed $300 million aggregate principal amount of its 2026 SPL Senior Notes. ▪In September 2025, SPL repaid $52 million aggregate principal amount outstanding of its series of senior secured notes due 2037 with a weighted average interest rate of 4.746%, based on their respective fixed amortization schedules. ▪In March 2025, SPL repaid the remaining $300 million aggregate principal amount outstanding of its 5.625% Senior Secured Notes due 2025 (the “2025 SPL Senior Notes”) at maturity. ◦We paid dividends of $2.055 per share of common stock during the year ended December 31, 2025. ◦We continued to invest in accretive organic growth, including our investments in the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project, as further described under Investing Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources. Market Environment Our results of operations are affected by the market environment in which we operate, including known trends and uncertainties, macroeconomic factors and other external environmental factors. With just under 20 mtpa of year on year (“YoY”) increase in LNG supplies globally in 2025, the LNG market is transitioning from a multi-year state of tight market conditions into a period of rapid growth. The continued ramp up in new LNG supplies from the U.S. and Canada mark the start of a more ample supply landscape which is expected to loosen global balances over the next few years and result in a more moderate and stable price environment for LNG. Sustained downward pressure on global prices could potentially unlock latent demand that has otherwise been priced out since the disruption of Russian natural gas supply to Europe. The increase in supply corresponded to a 5% YoY uptick in trade, which was primarily supported by Europe and the Middle East and North Africa (“MENA”) region amid weaker demand in Asia. Europe’s demand for LNG increased approximately 27% YoY in 2025 reaching a record level of approximately 125 mtpa. The main driver for this growth continues to be the replacement of Russian natural gas and the replenishment of underground storage inventories. We expect this driver to continue to play an important role in keeping LNG demand in Europe resilient, especially in light of the European Parliament’s vote to ban all residual Russian natural gas, including Russian LNG by 2027. The MENA region also contributed to demand growth in 2025 with imports increasing 7 mtpa or 62% versus 2024. Egypt was the main driver of this increase as it resorted to additional LNG imports to satisfy its growing domestic energy needs and supplement its own natural gas production. 38 Table of Contents Asia’s LNG consumption however was down about 4% in 2025, dropping by 12 mtpa to 270 mtpa. While many of the major markets in Asia saw YoY declines, China’s was the largest, representing nearly the entire YoY change in the region. China’s LNG imports declined 16% or 12 mtpa YoY, due to broader, likely transient macro-economic challenges. Natural gas demand growth in China slowed in 2025 and higher piped natural gas flows from Russia and robust domestic natural gas production decreased the call on LNG. Despite weaker demand in Asia and an easing in geopolitical conflicts during the second half of 2025, average prices remained elevated versus 2024. The Japan Korea Marker (“JKM”) monthly settlement prices in 2025 averaged $12.71 per MMBtu, 7.5% higher YoY while those for Title Transfer Facilities (“TTF”) averaged $12.04 per MMBtu, 10.3% higher YoY. Strong storage injections, an increase in LNG supply and expectations of mild weather resulted in downward pressure in the second half of the year with monthly settlements averaging at least $1.76 per MMBtu lower for JKM and $2.34 per MMBtu lower for TTF versus the first half of the year. Henry Hub monthly sett [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/LNG/mda/fy2025/ All MD&A years: /company/LNG/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/LNG/mda/fy2024/): filed 2025-02-20; accession 0000003570-25-000033 (https://www.sec.gov/Archives/edgar/data/3570/000000357025000033/lng-20241231.htm) - [FY 2023 MD&A](/company/LNG/mda/fy2023/): filed 2024-02-22; accession 0000003570-24-000040 (https://www.sec.gov/Archives/edgar/data/3570/000000357024000040/lng-20231231.htm) - [FY 2022 MD&A](/company/LNG/mda/fy2022/): filed 2023-02-23; accession 0000003570-23-000042 (https://www.sec.gov/Archives/edgar/data/3570/000000357023000042/lng-20221231.htm) - [FY 2021 MD&A](/company/LNG/mda/fy2021/): filed 2022-02-24; accession 0000003570-22-000024 (https://www.sec.gov/Archives/edgar/data/3570/000000357022000024/lng-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4924 Natural Gas Distribution) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/LNG.md · JSON record: /company/LNG.json · verified financials: /company/LNG/financials.json / /company/LNG/financials.csv · machine TOC for the whole site: /llms.txt