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Cheniere Energy Partners 8-K Report, Financial Results (Feb 26, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 26, 2026
Period End
February 26, 2026
Security
CQP
In the record · 2016–202610-K1210-Q338-K177

CQP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Material agreement8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Cheniere Energy Partners, L.P.

(NYSE: CQP) reported fourth-quarter and full-year 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K dated February 26, 2026. For the three months ended December 31, 2025, the Partnership reported revenues of $2.9 billiona, net income of $1.3 billion and Adjusted EBITDA of $1.0 billion. For the full year 2025, revenues were $10.8 billion, net income was $3.0 billion and Adjusted EBITDA was $3.7 billion.

The press release states that net income increased approximately $664 millionb in the fourth quarter and $477 million for the full year, primarily due to favorable changes in fair value of derivative instruments, including those related to long-term Integrated Production Marketing agreements. Adjusted EBITDA rose about $124 million in the quarter and $89 million for the year, driven by higher total margins per MMBtu of LNG delivered. The Partnership declared a fourth-quarter 2025 distribution of $0.830 per common unit, comprised of a $0.775 base amount and a $0.055 variable amount, paid February 13, 2026.

For full-year 2025, total distributions were $3.300c per common unit. The company introduced full-year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining the $3.10 base distribution. Liquidity at December 31, 2025 totaled $2.0 billion, including $182 million of cash and $1.8 billion of available revolver commitments.

SPL redeemed $300 milliond of its 2026 senior notes in December 2025 and the remaining $200 million in February 2026. Operationally, the Sabine Pass facility, with production capacity of over 30 mtpa, exported 428 cargoes in 2025. The SPL Expansion Project, targeting up to approximately 20 mtpa, remains subject to a positive final investment decision, pending FERC siting approval and DOE non-FTA export authorization.

02—Key points

Key Highlights

  1. Q4 2025 revenues of $2.9 billion (up 18% year over year) and net income of $1.3 billion (up 107%); Adjusted EBITDA of $1.0 billion (up 14%).
  2. Full-year 2025 revenues of $10.8 billion (up 24%), net income of $3.0 billion (up 19%) and Adjusted EBITDA of $3.7 billion (up 2%).
  3. Net income gains were primarily driven by favorable changes in fair value of derivatives, including long-term Integrated Production Marketing agreements, of approximately $535 million in Q4 and $344 million for the full year.
  4. Declared Q4 2025 distribution of $0.830 per common unit ($0.775 base plus $0.055 variable); full-year 2025 distributions totaled $3.300 per unit.
  5. Introduced full-year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining the $3.10 base distribution.
  6. Total available liquidity of $2.0 billion at December 31, 2025, including $182 million cash and $1.8 billion in available credit facility commitments.
  7. S&P Global Ratings upgraded the issuer credit rating from BBB to BBB+ with a stable outlook in November 2025; the SPL Expansion Project (up to ~20 mtpa) remains pending FERC and DOE approvals.

03—Questions

Frequently Asked Questions

  1. What drove the large increase in fourth-quarter 2025 net income?

    The press release attributes approximately $535 million of the roughly $664 million increase in Q4 2025 net income to favorable changes in fair value of derivative instruments, including those related to long-term Integrated Production Marketing agreements. Adjusted EBITDA, which excludes these fair value changes, rose about $124 million on higher total margins per MMBtu of LNG delivered.

  2. What distributions will unitholders receive in 2026?

    The Partnership introduced full-year 2026 distribution guidance of $3.10 to $3.40 per common unit, maintaining a base distribution of $3.10 per common unit. The Q4 2025 distribution of $0.830 per unit (base $0.775, variable $0.055) was paid on February 13, 2026.

  3. How is the Partnership's liquidity position?

    As of December 31, 2025, total available liquidity was $2.025 billion, consisting of $182 million in cash and cash equivalents, $19 million in restricted cash, $824 million available under the SPL Revolving Credit Facility and $1.0 billion under the Partnership's Revolving Credit Facility.

  4. What is the status of the SPL Expansion Project?

    The SPL Expansion Project is expected to have peak production capacity of up to approximately 20 mtpa and would be executed in phases. A positive final investment decision is subject to regulatory approvals, acceptable commercial and financing arrangements. The FERC siting application and the DOE non-free trade agreement export application remain pending.

  5. What debt actions did SPL take recently?

    SPL redeemed $300 million of its 5.875% Senior Secured Notes due 2026 in December 2025 and redeemed the remaining $200 million aggregate principal amount in February 2026.

04—Continue

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