Cheniere Energy
LNG · NYSENatural Gas Distribution · Fiscal year ends Dec 31
Cheniere Energy reported revenue of $19.5B in the fiscal year ended Dec 2025, up 26.3% from the year before. Operating income was $9.1B, an operating margin of 46.8%, and net income was $5.3B. Operating cash flow of $5.5B less capital expenditure of $3.1B left free cash flow of $2.5B. Net debt was $21.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.5B | $33.3B | $19.8B | $15.4B | $19.5B |
| Research & development | $7M | $16M | – | – | – |
| Selling, general & admin | $325M | $416M | $474M | $441M | $383M |
| Operating income | −$701M | $4.6B | $15.5B | $6.1B | $9.1B |
| Interest expense | $1.4B | $1.4B | $1.1B | $1B | $948M |
| Pre-tax income | −$2.3B | $3.1B | $14.6B | $5.3B | $8.3B |
| Income tax | −$713M | $459M | $2.5B | $811M | $1.5B |
| Net income | −$2.3B | $1.4B | $9.9B | $3.3B | $5.3B |
| Diluted EPS | −9.25 | 5.64 | 40.72 | 14.20 | 24.13 |
| Diluted shares | 253M | 253M | 243M | 229M | 220M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.4B | $1.4B | $4.1B | $2.6B | $1.1B |
| Receivables | $1.5B | $1.9B | – | $661M | $1.2B |
| Inventory | $706M | $826M | $445M | $501M | $524M |
| Current assets | $5.1B | $5.6B | $6.3B | $4.8B | $3.7B |
| Net PP&E | $30.3B | $31.5B | $32.5B | $33.6B | $35.8B |
| Goodwill | $77M | $77M | $77M | $77M | $77M |
| Total assets | $39.3B | $41.3B | $43.1B | $43.9B | $47.9B |
| Payables | $155M | $124M | $181M | $171M | $123M |
| Deferred revenue | $194M | $320M | $294M | $318M | $272M |
| Current liabilities | $4.7B | $6.8B | $3.9B | $4.4B | $3.9B |
| Short-term debt | $117M | $813M | $300M | $351M | $306M |
| Long-term debt | $29.4B | $24.1B | $23.4B | $22.6B | $22.5B |
| Total liabilities | – | – | $34.1B | $33.8B | $34.8B |
| Shareholders' equity | −$2.6B | −$3B | $5.1B | $5.7B | $7.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $10.5B | $8.4B | $5.4B | $5.5B |
| Capital expenditure | $966M | $1.8B | $2.1B | $2.2B | $3.1B |
| Free cash flow | $1.5B | $8.7B | $6.3B | $3.2B | $2.5B |
| Depreciation & amortisation | $1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Stock-based compensation | $140M | $205M | $250M | $215M | $161M |
| Share buybacks | $9M | $1.4B | $1.5B | $2.3B | $2.7B |
| Dividends paid | $85M | $349M | $393M | $412M | $451M |
| Dividend per share | 0.33 | 1.39 | 1.62 | 1.80 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 90.0% | −40.6% | −22.1% | 26.3% |
| Operating income growth (YoY) | – | – | 239.7% | −60.4% | 48.7% |
| EPS growth (YoY) | – | – | 622.0% | −65.1% | 69.9% |
| Operating margin | −4.0% | 13.7% | 78.3% | 39.8% | 46.8% |
| Net margin | −13.4% | 4.3% | 50.0% | 21.1% | 27.4% |
| Return on equityBlank when equity is negative | – | – | 195.3% | 57.1% | 67.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.0% | 13.2% | 39.5% | 15.5% | 20.7% |
| Free cash flow margin | 8.6% | 26.1% | 31.8% | 20.5% | 12.6% |
| Cash conversion (CFO ÷ net income) | −1.05x | 7.37x | 0.85x | 1.66x | 1.04x |
| Receivable days | 31 | 21 | – | 16 | 23 |
| Interest cover | −0.49x | 3.24x | 13.6x | 6.07x | 9.61x |
| Debt ÷ equity | – | – | 4.68x | 4.02x | 2.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $28.2B | $23.5B | $19.6B | $20.3B | $21.7B |
| Current ratio | 1.08x | 0.83x | 1.63x | 1.08x | 0.94x |
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.