Cheniere Energy, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenues were $6.17 billion for the three months ended September 30, 2026, a 39% increase from $4.44 billion in the prior year period; for the nine months ended September 30, 2026, revenues were $17.77 billion, a 22% increase from $14.53 billion.
• Net income was $1.17 billion for the three months ended September 30, 2026, a 12% increase from $1.05 billion; for the nine months ended September 30, 2026, net income was $736 million, a decrease from $3.03 billion.
• Consolidated Adjusted EBITDA was $1.90 billion for the three months ended September 30, 2026, an 18% increase from $1.61 billion; for the nine months ended September 30, 2026, it was $6.04 billion, a 23% increase from $4.90 billion.
• Distributable Cash Flow was $1.23 billion for the three months ended September 30, 2026; for the nine months ended September 30, 2026, it was $4.07 billion.
• LNG volumes exported were 684 TBtu for the three months ended September 30, 2026 (15% increase year-over-year) and 2,044 TBtu for the nine months ended September 30, 2026 (17% increase year-over-year).
• Cash and cash equivalents were $1.66 billion as of September 30, 2026, with total available liquidity of $8.08 billion.
• Current debt was $1.35 billion and long-term debt was $22.58 billion as of September 30, 2026.

Guidance and Future Outlook:

• Full year 2026 Consolidated Adjusted EBITDA guidance was raised from $7.90 billion–$8.40 billion to $8.75 billion–$9.25 billion.
• Full year 2026 Distributable Cash Flow guidance was raised from $5.30 billion–$5.80 billion to $6.05 billion–$6.55 billion.
• Management noted that the completion of CCL Stage 3 and debottlenecking efforts provide increased visibility into the initial production forecast for 2027.
• SPL Expansion Project FID is subject to regulatory approvals and acceptable commercial/financing arrangements; the first phase includes a single train with expected capacity over 6 mtpa.
• CCL Midscale Trains 8 & 9 Project is expected to reach substantial completion in the second half of 2028.

Business Segments and Product Lines:

• Sabine Pass Liquefaction, LLC and Corpus Christi Liquefaction, LLC entered into long-term LNG sale and purchase agreements with QatarEnergy to supply up to 4 mtpa beginning in the early 2030s through 2054.
• Cheniere Marketing, LLC entered into a long-term LNG SPA with Petrobras to supply 0.8 mtpa of LNG on a FOB basis for 22 years.
• Substantial completion of the seventh train (Midscale Train 7) of the CCL Stage 3 Project was achieved in August 2026, expanding production capacity by over 20%.
• The company produced and exported its 5,000th LNG cargo from U.S. Gulf Coast operations in August 2026.
• Total operational liquefaction capacity is approximately 56 mtpa, with approximately 5 mtpa under construction and over 40 mtpa in the regulatory permitting process.

Market and Competitive Landscape:

• Cheniere achieved the 5,000th LNG cargo milestone faster than any other LNG producer worldwide.
• S&P Global Ratings upgraded the issuer credit rating of Cheniere Corpus Christi Holdings, LLC from BBB+ to A- with a stable outlook in October 2026.
• The company operates one of the largest liquefaction platforms in the world with facilities in the U.S. Gulf Coast.

Risks and Challenges:

• Net income for the nine months ended September 30, 2026, was impacted by $3.6 billion of unfavorable variances related to changes in the fair value of derivative instruments, predominantly long-term Integrated Production Marketing agreements.
• Future results are subject to commodity and market volatility, regulatory changes, and other factors impacting cash tax payments.
• SPL Expansion Project and CCL Expansion Project FIDs are subject to receipt of necessary regulatory approvals and acceptable commercial and financing arrangements.
• Forward-looking statements involve assumptions, risks, and uncertainties, including potential delays in regulatory authorization and financing.

Management Commentary and Tone:

• Jack Fusco, Chairman, President, and CEO, highlighted key milestones including the substantial completion of the CCL Stage 3 Project, the 5,000th LNG cargo export, and continued commercial success.
• Management expressed confidence in operational excellence, safety, and the ability to accretively grow the infrastructure platform to meet global energy needs.
• The tone reflected strong performance driven by higher volumes and margins, enabling the raise in full-year guidance.

Other Key Points:

• The Board of Directors declared a quarterly cash dividend of $0.625 per common share, an increase of over 12% from the prior quarter, payable November 17, 2026.
• During the three and nine months ended September 30, 2026, the company repurchased approximately 2.8 million and 7.7 million shares for approximately $731 million and $1.8 billion, respectively.
• The company invested approximately $740 million and $2.8 billion of growth capital for the three and nine months ended September 30, 2026, respectively.
• Cheniere repaid approximately $54 million and $307 million of consolidated long-term indebtedness for the three and nine months ended September 30, 2026, respectively.
• SPL repaid approximately $54 million of Senior Secured Notes due 2037 in September 2026.
• The company obtained commitments for a term loan to finance approximately 50% of the construction costs for the first phase of the SPL Expansion Project.
• FERC issued the final environmental impact statement for the SPL Expansion Project and a draft EIS for the CCL Expansion Project in September 2026.