Cheniere Energy, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenues were $5.73 billion for the three months ended June 30, 2026, a 24% increase from $4.64 billion in the prior year period; for the six months ended June 30, 2026, revenues were $11.60 billion, a 15% increase from $10.09 billion in the prior year period.
• Net income attributable to Cheniere was $3.07 billion for the three months ended June 30, 2026, an 89% increase from $1.63 billion in the prior year period; for the six months ended June 30, 2026, net income was a loss of $434 million, compared to net income of $1.98 billion in the prior year period.
• Consolidated Adjusted EBITDA was $1.80 billion for the three months ended June 30, 2026, a 27% increase from $1.42 billion in the prior year period; for the six months ended June 30, 2026, Consolidated Adjusted EBITDA was $4.14 billion, a 26% increase from $3.29 billion in the prior year period.
• Distributable Cash Flow was $1.17 billion for the three months ended June 30, 2026; for the six months ended June 30, 2026, Distributable Cash Flow was $2.84 billion.
• Net income (loss) for the twelve months ended June 30, 2026, was approximately $2.9 billion.
• Share-based compensation expenses were $37 million for the three months and $115 million for the six months ended June 30, 2026, compared to $49 million and $105 million in the corresponding 2025 periods.
• Total assets were $47.97 billion as of June 30, 2026, compared to $47.88 billion as of December 31, 2025.
• Total liabilities were $36.48 billion as of June 30, 2026, compared to $34.80 billion as of December 31, 2025.
• Cash and cash equivalents were $1.10 billion as of June 30, 2026.
• Total available liquidity was $7.48 billion as of June 30, 2026, including $1.10 billion in cash and cash equivalents and $5.96 billion in available commitments under credit facilities.
• Current debt was $1.41 billion as of June 30, 2026, compared to $306 million as of December 31, 2025.
• Long-term debt was $22.63 billion as of June 30, 2026, compared to $22.51 billion as of December 31, 2025.

Guidance and Future Outlook

• Raised full year 2026 Consolidated Adjusted EBITDA guidance from $7.25 billion - $7.75 billion to $7.90 billion - $8.40 billion.
• Raised full year 2026 Distributable Cash Flow guidance from $4.75 billion - $5.25 billion to $5.30 billion - $5.80 billion.
• Tightened full year 2026 production forecast range upward to 53-54 million tonnes from 52-54 million tonnes.
• First LNG production from Midscale Train 7 of the CCL Stage 3 Project is expected imminently.
• Midscale Train 7 of the CCL Stage 3 Project is expected to reach substantial completion in the fall of 2026.
• CCL Midscale Trains 8 & 9 Project is expected to reach substantial completion in the second half of 2028.
• FERC and DOE applications for the SPL Expansion Project and CCL Expansion Project remain pending.
• A positive Final Investment Decision (FID) for the SPL Expansion Project and CCL Expansion Project is subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.

Business Segments and Product Lines

• Exported 184 LNG cargoes during the three months ended June 30, 2026, a 19% increase from 154 cargoes in the prior year period; exported 371 cargoes during the six months ended June 30, 2026, a 15% increase from 322 cargoes in the prior year period.
• LNG volumes exported were 672 TBtu for the three months and 1,360 TBtu for the six months ended June 30, 2026, representing 22% and 17% increases, respectively, from the prior year periods.
• Substantial completion of Midscale Train 6 of the CCL Stage 3 Project was achieved in June 2026.
• Substantial completions of Midscale Trains 1-4 of the CCL Stage 3 Project were achieved in 2025, and Midscale Train 5 was completed in March 2026.
• Received FERC authorization in June 2026 to increase LNG production capacity of the CCL Stage 3 Project and CCL Midscale Trains 8 & 9 Project by approximately 5 million tonnes per annum (mtpa) in aggregate.
• Entered into a lump sum, turnkey EPC contract with Bechtel in May 2026 for the first phase of the SPL Expansion Project, releasing Bechtel to commence early engineering and procurement under a limited notice to proceed (LNTP).
• The first phase of the SPL Expansion Project includes Train 7 and a boil-off gas re-liquefaction unit, with an expected total production capacity of over 6 mtpa.
• Total liquefaction capacity in operation across Sabine Pass and Corpus Christi terminals is approximately 55 mtpa.
• Over 6 mtpa of capacity is under construction, and over 40 mtpa is in the regulatory permitting process.
• CCL Stage 3 Project is 98.4% complete as of June 30, 2026.
• CCL Midscale Trains 8 & 9 Project is 48.3% complete as of June 30, 2026.

Market and Competitive Landscape

• Cheniere is the leading producer and exporter of LNG in the United States.
• Cumulative LNG production, loading, and export as of July 31, 2026, totaled over 4,940 cargoes and over 340 million tonnes.
• 72 TBtu of LNG exported from liquefaction projects was in transit as of June 30, 2026.
• Recognized 36 TBtu of LNG on financial statements during the six months ended June 30, 2026, related to cargoes sourced from third parties.

Risks and Challenges

• Net income for the six months ended June 30, 2026, included a $3.4 billion unfavorable variance related to changes in the fair value of derivative instruments, predominantly long-term Integrated Production Marketing (IPM) agreements.
• Net income for the three months ended June 30, 2026, included a $1.4 billion favorable variance related to changes in the fair value of derivative instruments.
• Cash tax payments are subject to commodity and market volatility, regulatory changes, and other factors which could significantly impact the timing and amount of future cash tax payments.
• Forward-looking statements regarding financial and operational guidance, business strategy, regulatory approvals, and capital deployment involve assumptions, risks, and uncertainties.

Management Commentary and Tone

• CEO Jack Fusco described the second quarter of 2026 as "another outstanding quarter," highlighting the substantial completion of Midscale Train 6 and progress toward an FID for the SPL Expansion Project.
• Management cited strong financial and operational results year-to-date, coupled with a constructive outlook and enhanced visibility, as the basis for raising full-year guidance.
• Management expressed confidence in delivering full-year financial results within the improved guidance ranges.

Analyst Questions and Answers

• No analyst questions and answers section was included in the provided press release text.

Other Key Points

• Repurchased approximately 2.2 million shares for $550 million and 4.9 million shares for $1.1 billion during the three and six months ended June 30, 2026, respectively.
• Paid quarterly dividends of $0.555 per share ($116 million total) for the three months and $1.110 per share ($233 million total) for the six months ended June 30, 2026.
• Declared a second quarter 2026 dividend of $0.555 per share payable on August 18, 2026.
• Invested approximately $1.1 billion and $2.1 billion of growth capital during the three and six months ended June 30, 2026, respectively, with $219 million and $520 million funded with equity.
• Repaid approximately $253 million of consolidated long-term indebtedness in the six months ended June 30, 2026.
• Issued $1.0 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056 by Cheniere Partners in June 2026; proceeds were used to redeem $1.5 billion of SPL's 5.00% Senior Secured Notes due 2027.
• Amended the Cheniere Revolving Credit Facility in June 2026 to extend maturity by one year and increase commitments by $500 million to $1.75 billion.
• Amended the CCH Working Capital Facility (now CCH Revolving Credit Facility) in June 2026 to extend maturity by approximately four years, reduce rates, and decrease commitments by $500 million to $1.0 billion.
• Amended the CCH Credit Facility in June 2026 to extend the availability period for disbursements to the later of the completion of the CCL Stage 3 Project and December 31, 2027; cancelled $600 million of unused commitments in May 2026.
• Ownership interest in Cheniere Partners as of June 30, 2026, consisted of 100% of the general partner interest and a 48.6% limited partner interest.