Cheniere Energy Partners (CQP) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues rose to $2.5 billion, up 30% year-over-year, driven by higher LNG pricing despite lower production volumes due to planned maintenance.

• Net income for Q2 2025 was $553 million, down $17 million from Q2 2024, mainly due to increased operating and maintenance expenses and lower production volumes.

• Adjusted EBITDA for Q2 2025 was $726 million, down from $832 million in Q2 2024.

• 3,030 cumulative LNG cargoes totaling 210 million tonnes have been produced and exported as of August 1, 2025.

• Distributions of $0.820 per common unit were declared for Q2 2025, with a total of $1.64 per unit for the first half of 2025.

Financial highlights

• Q2 2025 revenues: $2.46–$2.5 billion (Q2 2024: $1.89 billion); H1 2025 revenues: $5.4–$5.44 billion (H1 2024: $4.19 billion).

• Q2 2025 net income: $553 million (Q2 2024: $570 million); H1 2025 net income: $1.19–$1.2 billion (H1 2024: $1.25 billion).

• Basic and diluted EPS per common unit: $0.91 for Q2 2025, $1.99 for H1 2025 (Q2 2024: $0.95, H1 2024: $2.13).

• Operating cash flow for H1 2025 was $1.22 billion, down from $1.40 billion in H1 2024.

• Q2 2025 Adjusted EBITDA: $726 million (Q2 2024: $832 million); H1 2025 Adjusted EBITDA: $1.8 billion.

Outlook and guidance

• Full-year 2025 distribution guidance reaffirmed at $3.25–$3.35 per common unit, with a base distribution of $3.10 per unit.

• The company is developing an expansion project at Sabine Pass with up to 20 mtpa of additional LNG capacity, targeting FID in 2026/2027, pending regulatory and commercial milestones.

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

• Management expects to meet cash requirements through operating cash flows and $1.93 billion in available liquidity as of June 30, 2025.