Cheniere Energy Partners (CQP) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 revenues of $2.9 billion and full-year revenues of $10.8 billion, with net income of $1.3 billion for Q4 and $3.0 billion for the year.

• Adjusted EBITDA reached $1.0 billion in Q4 and $3.7 billion for the year, reflecting higher LNG margins.

• Declared Q4 2025 cash distribution of $0.830 per common unit; full-year 2025 distributions totaled $3.300 per unit.

• Over 3,270 LNG cargoes exported since 2016, marking the 10th anniversary of first cargo.

• S&P Global Ratings upgraded issuer credit rating to BBB+ with a stable outlook in November 2025.

Financial highlights

• Q4 2025 revenues increased 18% year-over-year; full-year revenues up 24%.

• Q4 net income rose 107% year-over-year; full-year net income up 19%.

• Adjusted EBITDA grew 14% in Q4 and 2% for the year compared to 2024.

• Net income increase driven by favorable changes in fair value of derivatives, contributing $535 million in Q4 and $344 million for the year.

• Higher total LNG margins per MMBtu delivered supported Adjusted EBITDA growth.

Outlook and guidance

• 2026 distribution guidance set at $3.10–$3.40 per common unit, maintaining a $3.10 base.

• SPL Expansion Project planned with up to 20 mtpa additional LNG capacity, pending regulatory and commercial milestones.