Cheniere Energy Partners (CQP) Q3 2025 earnings summary

Executive summary

• Achieved substantial completion of Corpus Christi Stage 3 Train 3 ahead of schedule, with Train 4 also ahead of plan and Trains 5-7 expected to complete in 2026, supporting record LNG production forecasts for 2026.

• Operates major LNG liquefaction and export facilities in Louisiana and Texas with over 30 mtpa capacity, a 94-mile pipeline, and over 3,120 LNG cargoes totaling 215 million tonnes exported as of October 2025.

• Approximately 90% of anticipated production is contracted under long-term agreements, providing stable cash flows with a weighted average remaining contract life of 14 years.

• Maintained operational excellence and reliability despite external challenges, including feed gas variability and supply chain disruptions.

• Continued disciplined capital allocation, including significant share repurchases, dividends, and debt reduction.

Financial highlights

• Q3 2025 consolidated adjusted EBITDA: ~$1.6 billion; distributable cash flow: ~$1.6 billion; net income: ~$1 billion.

• Q3 2025 revenues rose to $2.4 billion (up 17% year-over-year); nine-month revenues reached $7.85 billion; Q3 net income was $506 million (down 20% year-over-year); nine-month net income was $1.7 billion.

• Produced and exported 163 LNG cargoes in Q3, including the 3,000th cargo from Sabine Pass.

• Year-to-date (nine months) adjusted EBITDA: ~$4.9B; DCF: ~$3.8B.

• Basic and diluted net income per common unit was $0.80 for Q3 2025 and $2.79 for the nine months.

Outlook and guidance

• 2025 guidance reconfirmed for EBITDA and raised for DCF; 2026 production forecast at 51–53 million tons, up ~5 million tons year-over-year.

• SPL Expansion Project targeting up to 20 mtpa is in regulatory and commercialization phases, with FID targeted for 2026/2027.

• Expect 2026 to be a record year for LNG production, with over 90% of volumes contracted.

• 2026 spot market exposure forecast at 3–5 million tons, with 1.5–3.5 million tons currently unsold.

• Long-term contracts and disciplined growth strategy expected to support stable cash flows and future expansion.