Cheniere Energy (LNG) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw record LNG production and exports, with 187 cargoes shipped totaling 688 TBtu, marking 10 years of LNG exports and surpassing 4,760 cumulative cargoes as of May 2026.

• Revenues reached $5.87 billion, but a net loss of $3.5 billion was reported due to $4.8–$5.4 billion in non-cash derivative losses.

• Adjusted EBITDA for Q1 2026 was $2.33 billion, with distributable cash flow at $1.67 billion and adjusted net income of $1.01 billion.

• Major growth projects advanced: Corpus Christi Stage 3 reached 97% completion, Train 5 substantially completed, and Midscale Trains 8 & 9 at 37% completion.

• Significant capital allocation in Q1 2026 included $1.2 billion deployed, $537 million in share repurchases, and $253 million in debt repayment.

Financial highlights

• Q1 2026 revenues rose to $5.87 billion, up $424 million year-over-year, with an 8% increase driven by higher LNG volumes and pricing.

• Net loss of $3.5 billion in Q1 2026, compared to net income of $353 million in Q1 2025, mainly due to $4.8–$5.4 billion in unfavorable derivative fair value changes.

• Consolidated Adjusted EBITDA increased 25% year-over-year to $2.33 billion; distributable cash flow grew to $1.67 billion.

• Adjusted net income for Q1 2026 was $1.01 billion, excluding non-cash derivative impacts.

• Dividend of $0.555 per share declared, with a payout of over $116 million.

Outlook and guidance

• Full-year 2026 consolidated adjusted EBITDA guidance raised to $7.25–$7.75 billion; distributable cash flow to $4.75–$5.25 billion.

• LNG volume forecast for 2026 is 52–54 million tons, with higher production expected as new trains come online.

• Less than 1 million tons of open, unsold volumes remain for 2026, limiting exposure to market margin swings.

• Guidance range maintained at $500 million due to ongoing market volatility and production timing variables.

• Approximately 90% of anticipated production through the mid-2030s is contracted under long-term agreements.