Cheniere Energy Partners, L.P.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 26 February 2026: press release. Guidance figures: 1 new, 1 kept. The quarter’s numbers.

Key takeaways

Revenue and net income increased: Fourth quarter revenues were $2,910 million, up 18% from $2,460 million, and net income was $1,287 million, up 107%. Full-year revenues were $10,758 million, up 24%, and full-year net income was $2,987 million, up 19%. Source
Net income lifted by derivative gains: Net income rose about $664 million in the quarter and $477 million for the year. Favorable fair value changes in derivative instruments of about $535 million and $344 million were the main contributors, including Integrated Production Marketing agreements. Source
Adjusted EBITDA rose on margins: Adjusted EBITDA, a non-GAAP measure, was $1,014 million in the quarter, up 14% from $890 million, and $3,663 million for the year, up 2% from $3,574 million. Both increases were attributed to higher total margins per MMBtu of LNG delivered. Source
Q4 distribution declared at $0.830: The fourth quarter 2025 distribution was $0.830 per common unit, with a base amount of $0.775 ($3.10 annualized) and a variable amount of $0.055. It was paid February 13, 2026. Source
SPL Expansion targets up to 20 mtpa: The SPL Expansion Project, adjacent to the existing facility, has an expected total peak production capacity of up to approximately 20 mtpa, including estimated debottlenecking and supporting infrastructure. Source

“Introducing full year 2026 distribution guidance of $3.10 - $3.40 per common unit, maintaining a base distribution of $3.10 per common unit.”
Cheniere Energy Partners, L.P., press release

Guidance

Area	Period	Figure	Against last quarter
Distribution per common unit Source	Full year 2026	$3.10 - $3.40	New
Base distribution per common unit Source	Full year 2026	$3.10	Kept

What changed from last quarter

New guidance: Full-year 2026 distribution guidance of $3.10 to $3.40 per unit was introduced. The previous release had reconfirmed full-year 2025 guidance of $3.25 to $3.35. Source
New: S&P Global Ratings upgraded the issuer credit rating of the company from BBB to BBB+ in November 2025. Source
New: SPL redeemed $300 million of its 2026 notes in December 2025 and the remaining $200 million in February 2026. Source

Results and growth drivers

Revenue and net income increased: Fourth quarter revenues were $2,910 million, up 18% from $2,460 million, and net income was $1,287 million, up 107%. Full-year revenues were $10,758 million, up 24%, and full-year net income was $2,987 million, up 19%. Source
Net income lifted by derivative gains: Net income rose about $664 million in the quarter and $477 million for the year. Favorable fair value changes in derivative instruments of about $535 million and $344 million were the main contributors, including Integrated Production Marketing agreements. Source
Adjusted EBITDA rose on margins: Adjusted EBITDA, a non-GAAP measure, was $1,014 million in the quarter, up 14% from $890 million, and $3,663 million for the year, up 2% from $3,574 million. Both increases were attributed to higher total margins per MMBtu of LNG delivered. Source
Full-year volumes below 2024: LNG loaded from the SPL Project was 416 TBtu in the quarter, up from 401, and 1,546 TBtu for the year, down from 1,567. Full-year exports were 428 cargoes, against 431, and 1,548 TBtu, against 1,567. Source
Net income per unit rose: Basic and diluted net income per common unit was $2.38 in the quarter, against $1.05, and $5.17 for the year, against $4.25, on 484.0 million weighted average common units. Source

Segments and regions

Sabine Pass liquefaction capacity: Liquefaction capacity at the Sabine Pass LNG terminal in Cameron Parish, Louisiana is over 30 mtpa, referred to in the document as the SPL Project. Source
Regasification facilities at the terminal: The terminal also has operational regasification facilities with five LNG storage tanks, vaporizers and three marine berths. Source
Creole Trail Pipeline interconnections: The company owns the Creole Trail Pipeline, which connects the terminal with a number of large interstate and intrastate pipelines. Source

“In February 2026, Cheniere Partners celebrated the 10th anniversary of its first cargo of LNG, which was exported on February 24, 2016, with over 3,270 cargoes exported to-date.”
Cheniere Energy Partners, L.P., press release

Products and customers

LNG revenue from affiliate and others: LNG revenues were $8,200 million for the year, up from $6,550 million, and affiliate LNG revenues were $2,358 million, up from $1,954 million. Quarterly LNG revenues were $2,239 million, with $620 million from affiliates. Source
Cumulative cargo exports above 3,270: As of February 20, 2026, the SPL Project had produced, loaded and exported over 3,270 cumulative LNG cargoes, totaling over 225 million tonnes. Source
Tenth anniversary of first export: The company marked the tenth anniversary of its first LNG cargo, exported February 24, 2016, in February 2026, with over 3,270 cargoes exported to date. Source

Costs, interest and margins

Cost of sales rose for the year: Cost of sales was $5,145 million for the year, up from $3,570 million, and $968 million in the quarter, down from $1,172 million. Source
Operating and maintenance costs higher: Operating and maintenance expense was $904 million for the year, up from $824 million, and $221 million in the quarter, up from $214 million. Source
Interest expense fell in both periods: Interest expense, net of capitalized interest, was $753 million for the year, down from $800 million, and $186 million in the quarter, down from $197 million. Source

Capital, liquidity and distributions

Available liquidity of $2,025 million: At December 31, 2025, cash and cash equivalents were $182 million, restricted cash was $19 million, and available credit facility commitments were $1,824 million. Source
SPL redeemed its 2026 notes: SPL redeemed $300 million of 2026 notes in December 2025 and the remaining $200 million in February 2026. Long-term debt was $14,161 million, down from $14,761 million at December 31, 2024. Source
Q4 distribution declared at $0.830: The fourth quarter 2025 distribution was $0.830 per common unit, with a base amount of $0.775 ($3.10 annualized) and a variable amount of $0.055. It was paid February 13, 2026. Source
2025 distributions totalled $3.300: Total cash distributions paid for full-year 2025 were $3.300 per common unit, made up of a base amount of $3.100 and a variable amount of $0.200. Source
Variable amount reflects reserves: The variable distribution takes into account reserves for annual debt repayment, capital allocation goals, cash-funded capital expenditures and cash reserves for the business. Source

Strategy and expansion

SPL Expansion targets up to 20 mtpa: The SPL Expansion Project, adjacent to the existing facility, has an expected total peak production capacity of up to approximately 20 mtpa, including estimated debottlenecking and supporting infrastructure. Source
Expansion to proceed in phases: The company expects to execute the SPL Expansion Project in a phased approach. Source
Investment decision depends on conditions: A positive final investment decision is subject to necessary regulatory approvals and acceptable commercial and financing arrangements. Source

Risks management discussed

Regulatory: The FERC application for the SPL Expansion Project and the DOE application for non-free trade agreement exports remain pending. Source
Financial: A final investment decision on the expansion depends on acceptable commercial and financing arrangements, in addition to regulatory approvals. Source

Earlier plans management reported on

Not stated: The company stated it is maintaining the base distribution at $3.10 per common unit alongside the 2026 guidance. Source
Not stated: Full-year 2025 distributions paid totalled $3.300 per unit. The previous release had reconfirmed guidance of $3.25 to $3.35 per unit. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CHENIERE ENERGY PARTNERS, L.P. NEWS RELEASE

Cheniere Partners Reports Fourth Quarter and Full Year 2025 Results and Introduces Full Year 2026 Distribution Guidance

HOUSTON--(BUSINESS WIRE)-- Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE: CQP) today announced its financial results for fourth quarter and full year 2025.

HIGHLIGHTS

During the three and twelve months ended December 31, 2025, Cheniere Partners generated revenues of $2.9 billion and $10.8 billion, net income of $1.3 billion and $3.0 billion, and Adjusted EBITDA of $1.0 billion and $3.7 billion, respectively.
With respect to the fourth quarter of 2025, Cheniere Partners declared a cash distribution of $0.830 per common unit to unitholders of record as of February 9, 2026, comprised of a base amount equal to $0.775 and a variable amount equal to $0.055. The common unit distribution and the related general partner distribution were paid on February 13, 2026. For full year 2025, Cheniere Partners paid total cash distributions of $3.300 per common unit, comprised of a base amount equal to $3.100 and a variable amount equal to $0.200.
Introducing full year 2026 distribution guidance of $3.10 - $3.40 per common unit, maintaining a base distribution of $3.10 per common unit.
In February 2026, Cheniere Partners celebrated the 10th anniversary of its first cargo of LNG, which was exported on February 24, 2016, with over 3,270 cargoes exported to-date.
In November 2025, S&P Global Ratings upgraded its issuer credit rating of Cheniere Partners from BBB to BBB+ with a stable outlook.

2026 FULL YEAR DISTRIBUTION GUIDANCE

	2026
Distribution per Unit	$3.10		-	$3.40

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)	Three Months Ended December 31,					Year Ended December 31,
		2025		2024	% Change		2025		2024	% Change
Revenues	$2,910		$2,460		18%	$10,758		$8,704		24%
Net income	$1,287		$623		107%	$2,987		$2,510		19%
Adjusted EBITDA	$1,014		$890		14%	$3,663		$3,574		2%
LNG exported:
Number of cargoes	114		110		4%	428		431		(1)%
Volumes (TBtu)	416		399		4%	1,548		1,567		(1)%
LNG volumes loaded (TBtu)	416		401		4%	1,546		1,567		(1)%

Net Income increased approximately $664 million and $477 million during the three and twelve months ended December 31, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily attributable to approximately $535 million and $344 million of favorable variances related to changes in fair value of

Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.

our derivative instruments, including those impacts related to our long-term Integrated Production Marketing agreements, for the three and twelve months ended December 31, 2025, respectively.

Adjusted EBITDA increased by approximately $124 million and $89 million during the three and twelve months ended December 31, 2025, respectively. The increases for the three and twelve months ended December 31, 2025 were driven by higher total margins per MMBtu of liquefied natural gas (“LNG”) delivered during both periods as compared to the corresponding 2024 periods.

During the three and twelve months ended December 31, 2025, we recognized in income 416 and 1,546 TBtu, respectively, of LNG loaded from the SPL Project (defined below).

Capital Resources

The table below provides a summary of our available liquidity (in millions) as of December 31, 2025:

Cash and cash equivalents	$182
Restricted cash and cash equivalents	19
Available commitments under our credit facilities:
Sabine Pass Liquefaction, LLC (“SPL”) Revolving Credit Facility	824
Cheniere Partners Revolving Credit Facility	1,000
Total available commitments under our credit facilities	1,824
Total available liquidity	$2,025

Recent Key Financial Transactions and Updates

In December 2025, SPL redeemed $300 million aggregate principal amount outstanding of its 5.875% Senior Secured Notes due 2026 (the “2026 SPL Senior Notes”), and in February 2026, SPL redeemed the remaining $200 million aggregate principal amount of its 2026 SPL Senior Notes.

SABINE PASS OVERVIEW

We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

As of February 20, 2026, over 3,270 cumulative LNG cargoes totaling over 225 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

SPL Expansion Project

We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the “SPL Expansion Project”), inclusive of estimated debottlenecking opportunities and supporting infrastructure. We expect to execute the SPL Expansion Project in a phased approach, and a positive Final Investment Decision (“FID”) is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements. The Federal Energy Regulatory Commission (FERC) application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy (DOE) application authorizing the export of LNG to non-free trade agreement countries, remain pending.

DISTRIBUTIONS TO UNITHOLDERS

In January 2026, we declared a cash distribution of $0.830 per common unit to unitholders of record as of February 9, 2026, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.055, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution were paid on February 13, 2026.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the fourth quarter and full year 2025 on Thursday, February 26, 2026, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG, inclusive of debottlenecking opportunities. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

Forward-looking statements notice

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Cheniere Energy Partners, L.P.

Consolidated Statements of Operations

(in millions, except per unit data)

	Three Months Ended		Twelve Months Ended
	December 31,		December 31,
	2025	2024	2025	2024
Revenues
LNG revenues	$2,239	$1,897	$8,200	$6,550
LNG revenues - affiliate	620	513	2,358	1,954
Regasification revenues	34	33	136	135
Other revenues	17	17	64	65
Total revenues	2,910	2,460	10,758	8,704
Operating costs and expenses
Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)	968	1,172	5,145	3,570
Cost of sales - affiliate	-	-	-	4
Operating and maintenance expense	221	214	904	824
Operating and maintenance expense - affiliate	51	49	177	172
Operating and maintenance expense - related party	-	14	28	58
General and administrative expense	3	2	12	10
General and administrative expense - affiliate	23	22	93	90
Depreciation and amortization expense	173	171	688	680
Other operating costs and expenses	2	4	4	14
Other operating costs and expenses - affiliate	-	-	1	2
Total operating costs and expenses	1,441	1,648	7,052	5,424
Income from operations	1,469	812	3,706	3,280
Other income (expense)
Interest expense, net of capitalized interest	(186)	(197)	(753)	(800)
Loss on modification or extinguishment of debt	(1)	-	(8)	(3)
Interest and dividend income	4	8	18	33
Other income - affiliate	1	-	24	-
Total other expense	(182)	(189)	(719)	(770)
Net income	$1,287	$623	$2,987	$2,510
Basic and diluted net income per common unit	$2.38	$1.05	$5.17	$4.25
Weighted average basic and diluted number of common units outstanding	484.0	484.0	484.0	484.0

(1)Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Cheniere Energy Partners, L.P.

Consolidated Balance Sheets

(in millions, except unit data)

	December 31,
	2025	2024
ASSETS
Current assets
Cash and cash equivalents	$182	$270
Restricted cash and cash equivalents	19	109
Trade and other receivables, net of current expected credit losses	511	380
Trade and other receivables - affiliate	238	164
Trade receivables, net of current expected credit losses - related party	-	1
Advances to affiliates	145	101
Inventory	180	151
Current derivative assets	-	84
Prepaid expenses	42	42
Other current assets, net	21	23
Total current assets	1,338	1,325
Property, plant and equipment, net of accumulated depreciation	15,259	15,760
Operating lease assets	76	79
Derivative assets	541	98
Other non-current assets, net	223	191
Total assets	$17,437	$17,453
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$53	$62
Accrued liabilities	990	838
Accrued liabilities - related party	-	5
Current debt, net of unamortized discount and debt issuance costs	306	351
Due to affiliates	57	63
Deferred revenue	119	120
Deferred revenue - affiliate	4	3
Current derivative liabilities	164	250
Other current liabilities	15	20
Total current liabilities	1,708	1,712
Long-term debt, net of unamortized discount and debt issuance costs	14,161	14,761
Derivative liabilities	900	1,213
Other non-current liabilities	231	252
Other non-current liabilities - affiliate	23	24
Total liabilities	17,023	17,962
Commitments and contingencies
Partners’ equity (deficit)
Common unitholders’ interest (484.0 million units issued and outstanding at both December 31, 2025 and 2024)	3,156	1,821
General partner’s interest (2% interest with 10.0 million units issued and outstanding at both December 31, 2025 and 2024)	(2,742)	(2,330)
Total partners’ equity (deficit)	414	(509)
Total liabilities and partners’ equity (deficit)	$17,437	$17,453

(1)Please refer to the Cheniere Energy Partners, L.P. Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2025 and 2024 (in millions):

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2025	2024	2025	2024
Net income	$1,287	$623	$2,987	$2,510
Interest expense, net of capitalized interest	186	197	753	800
Loss on modification or extinguishment of debt	1	-	8	3
Interest and dividend income	(4)	(8)	(18)	(33)
Other income - affiliate	(1)	-	(24)	-
Income from operations	$1,469	$812	$3,706	$3,280
Adjustments to reconcile income from operations to Adjusted EBITDA:
Depreciation and amortization expense	173	171	688	680
Loss (gain) from changes in fair value of commodity derivatives, net	(629)	(95)	(732)	(388)
Other	1	2	1	2
Adjusted EBITDA	$1,014	$890	$3,663	$3,574

(1) Change in fair value of commodity derivatives prior to contractual delivery or termination

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, and changes in the fair value of our commodity derivatives prior to contractual delivery or termination. The change in fair value of commodity derivatives is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.

Contacts
Cheniere Partners
Investors · Randy Bhatia · Frances Smith · Media Relations · Randy Bhatia · Bernardo Fallas
713-375-5479 · 713-375-5753 · 713-375-5479 · 713-375-5593