Cheniere Energy Partners
CQP · NYSENatural Gas Distribution · Fiscal year ends Dec 31
Cheniere Energy Partners reported revenue of $10.8B in the fiscal year ended Dec 2025, up 23.6% from the year before. Operating income was $3.7B, an operating margin of 34.4%, and net income was $3B. Operating cash flow of $2.8B less capital expenditure of $199M left free cash flow of $2.6B. Net debt was $14.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.4B | $17.2B | $9.7B | $8.7B | $10.8B |
| Research & development | $1M | – | – | – | – |
| Operating income | $2.6B | $3.4B | $5B | $3.3B | $3.7B |
| Interest expense | $831M | $870M | $823M | $800M | $753M |
| Income tax | – | – | $0 | $0 | $0 |
| Net income | $1.6B | $2.5B | $4.3B | $2.5B | $3B |
| Diluted EPS | 3.00 | – | – | – | – |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $876M | $904M | $575M | $270M | $182M |
| Receivables | $546M | $551M | $0 | $1M | $0 |
| Inventory | $176M | $160M | $142M | $151M | $180M |
| Current assets | $2.2B | $2.6B | $1.6B | $1.3B | $1.3B |
| Net PP&E | $16.8B | $16.7B | $16.2B | $15.8B | $15.3B |
| Total assets | $19.4B | $19.6B | $18.1B | $17.5B | $17.4B |
| Payables | $21M | $32M | $69M | $62M | $53M |
| Deferred revenue | $155M | $144M | $190M | $123M | $119M |
| Current liabilities | $1.3B | $2.4B | $1.6B | $1.7B | $1.7B |
| Short-term debt | $0 | $0 | $300M | $351M | $306M |
| Long-term debt | $17.2B | $16.2B | $15.6B | $14.8B | $14.2B |
| Total liabilities | – | – | $18.9B | $18B | $17B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $4.1B | $3.1B | $3B | $2.8B |
| Capital expenditure | $648M | $451M | $220M | $154M | $199M |
| Free cash flow | $1.6B | $3.7B | $2.9B | $2.8B | $2.6B |
| Depreciation & amortisation | $557M | $634M | $672M | $680M | $688M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 82.4% | −43.8% | −9.9% | 23.6% |
| Operating income growth (YoY) | – | 32.2% | 49.0% | −34.9% | 13.0% |
| Operating margin | 27.1% | 19.6% | 52.1% | 37.7% | 34.4% |
| Net margin | 17.3% | 14.5% | 44.0% | 28.8% | 27.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.2% | 19.6% | 30.5% | 20.8% | 23.6% |
| Free cash flow margin | 17.4% | 21.5% | 29.9% | 32.3% | 23.9% |
| Cash conversion (CFO ÷ net income) | 1.41x | 1.66x | 0.73x | 1.18x | 0.93x |
| Receivable days | 21 | 12 | 0 | 0 | 0 |
| Interest cover | 3.08x | 3.89x | 6.12x | 4.10x | 4.92x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $16.3B | $15.3B | $15.3B | $14.8B | $14.3B |
| Current ratio | 1.64x | 1.08x | 1.01x | 0.77x | 0.78x |
Recent filings
More in Natural Gas Distribution
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.