10-K · February 26, 2026
Cheniere Energy Partners (CQP) finished 2025 with materially stronger Q4 operating results (Q4 revenue $2.91B, gross margin 66.7%, operating margin 50.5%, diluted EPS $2.38 and free cash flow $864M) and full-year…
Earnings analysis · 10-Q
CQP earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Cheniere Energy Partners' Q1 2026 results show significant revenue growth driven by higher LNG prices, although net income declined due to unfavorable changes in derivative valuations. The liquidity position remains…
Read full summary
Cheniere Energy Partners' Q1 2026 results show significant revenue growth driven by higher LNG prices, although net income declined due to unfavorable changes in derivative valuations. The liquidity position remains robust, with cash and equivalents totaling $279 million, while notable increases in both total revenues and operating expenses were observed. Management maintains a focus on securing long-term contracts amid geopolitical challenges affecting gas prices and supply stability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.19
- Segment
- LNG Revenues
What stood out
-
Revenue Increased Substantially
Total revenue rose to $3.6 billion in Q1 2026 from $2.99 billion in Q1 2025, an increase of $611 million.
-
EPS Declined Significantly
Diluted EPS fell to $0.19 from $1.08 year-over-year, a decrease of $0.89.
-
Operating Cash Flow Rose
Net cash provided by operating activities increased to $910 million in Q1 2026 compared to $665 million in Q1 2025.
-
Debt Repayment Activity
SPL redeemed $253 million in notes during the quarter, contributing to a reduction in long-term debt.
-
Segment Revenue Robust
LNG revenues reached $2.703 billion in Q1 2026, an increase of $436 million compared to the prior year.
-
Stable Liquidity Position
As of March 31, 2026, cash and cash equivalents stood at $279 million, with total available liquidity of $2.132 billion.
What to watch
-
Net Income Decline Driven by Derivatives
Net income dropped to $186 million from $641 million primarily due to $599 million in unfavorable changes in derivative fair values.
-
Increased Cost of Sales
Total operating costs increased sharply to $3.239 billion from $2.163 billion, driven by rising feedstock costs and derivative losses.
-
Geopolitical Risks Persist
Heightened geopolitical uncertainties from global supply conditions may affect future LNG pricing and availability.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · October 30, 2025
Cheniere Energy Partners reported Q3 revenue of $2,404 million (up $349 million vs. Q3 2024) but diluted net income/unit fell to $0.80 (from $1.08 in Q3 2024). Gross margin compressed to 46.8% and operating margin to…
10-K · February 22, 2024
Cheniere Energy Partners (CQP) emphasizes a strategy of operating and optimizing its Sabine Pass liquefaction and export assets while pursuing disciplined expansion (entered FERC pre-filing in May 2023 for an SPL…
10-Q · August 3, 2023
In Q2 2023, Cheniere Energy Partners reported a revenue decrease to $1.93 billion, down 53.8% from Q2 2022's $4.18 billion, with a gross margin of 68.8%. EPS improved to $0.84, matching estimates amid a sharp decline in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.