10-QPeriod: Q3 FY2025

Cheniere Energy, Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 30, 2025For Securities:LNG

Summary

Cheniere Energy, Inc. (LNG) reported a strong third quarter of 2025, with total revenues reaching $4.44 billion, a notable increase from $3.76 billion in the same period last year. This growth was primarily driven by higher LNG revenues, reflecting increased pricing and higher volumes delivered, partly due to the substantial completion of two trains for the Corpus Christi Stage 3 Project. Net income attributable to Cheniere also saw a significant rise to $1.05 billion from $893 million year-over-year. The company continues to execute on its growth strategy, with the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project progressing well under construction. Management highlighted positive development milestones, including the FID for the CCL Midscale Trains 8 & 9 Project and substantial completion of additional trains at Corpus Christi. The company also remains focused on capital allocation, evidenced by ongoing share repurchases and a planned dividend increase.

Financial Highlights

49 data points
Beta

Revenue

$4.44B

Net Income

$1.05B

23.6% Net Margin

EPS (Diluted)

$4.75

Total Assets

$45.10B

Cash & Equivalents

$1.07B

Free Cash Flow

$738.00M

Financial Statements
Beta
Revenue$4.44B
SG&A Expenses$81.00M
Operating Expenses$2.62B
Operating Income$1.82B
Net Income$1.05B
EPS (Basic)$4.76
EPS (Diluted)$4.75
Shares Outstanding (Basic)219.30M
Shares Outstanding (Diluted)219.90M

Key Highlights

  • 1Total revenues increased by 18% year-over-year to $4.44 billion for the three months ended September 30, 2025.
  • 2Net income attributable to Cheniere rose by 17.5% to $1.05 billion for the three months ended September 30, 2025.
  • 3LNG revenues increased significantly due to higher pricing and volumes, driven by Corpus Christi Stage 3 Project completions.
  • 4Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project are progressing well with substantial completions achieved for multiple trains.
  • 5The company repurchased approximately 4.4 million shares of common stock for about $1.0 billion during the quarter.
  • 6Cheniere announced a plan to increase its annualized dividend by over 10% to $2.22 per common share, commencing with the third quarter of 2025.
  • 7The company has $9.11 billion in total available liquidity as of September 30, 2025.

Frequently Asked Questions

Revenue growth was primarily driven by increased LNG revenues, which benefited from higher pricing per MMBtu, largely due to higher Henry Hub pricing. Additionally, increased volumes delivered contributed to the growth, supported by the substantial completion of Trains 1 and 2 of the Corpus Christi Stage 3 Project.

Cheniere is advancing its growth projects, notably the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project. Financially, the company is executing its capital allocation plan, which includes significant share repurchases and a planned increase in dividends, demonstrating a commitment to returning capital to shareholders while investing in accretive organic growth.

Construction is progressing on the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project, with multiple trains achieving substantial completion. The company is also actively developing expansion projects at both Sabine Pass and Corpus Christi, with FID targeted for the SPL Expansion Project in 2026/2027, subject to regulatory approvals and commercial arrangements.

The 'One Big Beautiful Bill Act' (OBBBA) enacted in July 2025, including provisions for 100% bonus depreciation, is expected to defer Cheniere's tax liabilities, reducing 2025 income taxes payable to a nominal amount. Additionally, IRS Notice 2025-49 allowed for the utilization of net operating loss carryovers, leading to a $380 million refund of previously paid CAMT.