Revenue growth reached 24.8% in 2026Q1, yet reported profitability remains highly erratic, evidenced by a net margin swing from 42.4% in 2025Q4 to -52.7% in 2026Q1 due to derivative impacts.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 21.06B | 19.63B | 15.78B | 20.28B | 33.76B | 17.64B | 9.39B | 9.3B | 8B | 5.65B | 1.29B | 270.24M | 269.25M | 267.56M | 265.23M | 287.97M | 289.25M | 172.52M | 7.14M | 647K | 2.37M | 3M | 2M | 658K | 239.06K | 2.37M | 5.32M | 1.6M | 0 | 100K | 100K |
| Revenue Growth % | 24.75% | 24.44% | -22.22% | -39.91% | 91.36% | 87.9% | 0.94% | 16.34% | 41.6% | 338.82% | 376.11% | 0.37% | 0.63% | 0.88% | -7.9% | -0.44% | 67.66% | 2314.89% | 1004.17% | -72.71% | -21.1% | 50.4% | 203.65% | 175.25% | -89.92% | -55.41% | 232.53% | - | -100% | 0% | - |
| Cost of Goods Sold | 13.43B | 13.95B | 10.49B | 12.17B | 22.23B | 12.02B | 6.46B | 7.05B | 5.55B | 3.86B | 1.01B | 197.01M | 150.39M | 150.38M | 123.48M | 102.51M | 106.29M | 91.56M | 39.39M | 7.87M | 6.51M | 3.94M | 2.78M | 0 | 90.04K | 420.24K | 388.64K | 100K | 0 | 0 | 0 |
| COGS % of Revenue | - | 71.03% | 66.47% | 59.98% | 65.85% | 68.12% | 68.86% | 75.85% | 69.37% | 68.38% | 78.85% | 72.9% | 55.86% | 56.2% | 46.56% | 35.6% | 36.75% | 53.07% | 551.43% | 1215.92% | 274.4% | 131.08% | 139.09% | - | 37.66% | 17.71% | 7.3% | 6.25% | - | - | - |
| Gross Profit | 7.63B | 5.69B | 5.29B | 8.12B | 11.53B | 5.62B | 2.92B | 2.25B | 2.45B | 1.78B | 272.12M | 73.22M | 118.86M | 117.19M | 141.74M | 185.46M | 182.96M | 80.96M | -32.25M | -7.22M | -4.13M | -934K | -781K | 658K | 149.02K | 1.95M | 4.93M | 1.5M | 0 | 100K | 100K |
| Gross Margin % | 36.21% | 28.97% | 33.53% | 40.02% | 34.15% | 31.88% | 31.14% | 24.15% | 30.63% | 31.62% | 21.15% | 27.1% | 44.14% | 43.8% | 53.44% | 64.4% | 63.25% | 46.93% | -451.43% | -1115.92% | -174.4% | -31.08% | -39.09% | 100% | 62.34% | 82.29% | 92.7% | 93.75% | - | 100% | 100% |
| Gross Profit Growth % | - | 7.5% | -34.83% | -29.59% | 105% | 92.41% | 30.14% | -8.29% | 37.2% | 555.97% | 271.62% | -38.39% | 1.43% | -17.33% | -23.57% | 1.37% | 125.97% | 351.05% | -346.68% | -74.61% | -342.72% | -19.59% | -218.69% | 341.56% | -92.37% | -60.41% | 228.79% | - | -100% | 0% | - |
| Operating Expenses | 1.2B | 383M | 441M | 474M | 432M | 332M | 308M | 319M | 296M | 266M | 268.37M | 405.67M | 391.47M | 445.82M | 218.57M | 129.79M | 80.6M | 66.05M | 133.23M | 156.7M | 70.11M | 51.63M | 32.65M | 9.68M | 4.08M | 5.54M | 5.31M | 3.3M | 1.6M | 400K | 100K |
| OpEx % of Revenue | - | 1.95% | 2.8% | 2.34% | 1.28% | 1.88% | 3.28% | 3.43% | 3.7% | 4.71% | 20.86% | 150.11% | 145.39% | 166.62% | 82.41% | 45.07% | 27.86% | 38.29% | 1864.98% | 24219.78% | 2957.02% | 1718.04% | 1634.08% | 1470.52% | 1708.24% | 233.32% | 99.8% | 206.25% | - | 400% | 100% |
| Selling, General & Admin | 403M | 383M | 441M | 474M | 416M | 325M | 302M | 310M | 289M | 256M | 259.69M | 363.09M | 323.71M | 384.51M | 152.08M | 88.43M | 68.63M | 65.83M | 122.68M | 122.05M | 70.11M | 51.16M | 29.64M | 9.25M | 3.48M | 4.29M | 1.94M | 1.9M | 1.6M | 400K | 100K |
| SG&A % of Revenue | - | 1.95% | 2.8% | 2.34% | 1.23% | 1.84% | 3.22% | 3.33% | 3.61% | 4.53% | 20.18% | 134.36% | 120.23% | 143.71% | 57.34% | 30.71% | 23.73% | 38.16% | 1717.22% | 18863.37% | 2957.02% | 1702.66% | 1483.58% | 1405.32% | 1453.79% | 180.89% | 36.44% | 118.75% | - | 400% | 100% |
| Research & Development | 0 | 0 | 0 | 0 | 16M | 7M | 6M | 9M | 7M | 10M | 6.84M | 42.14M | 54.38M | 60.93M | 66.11M | 40.8M | 11.97M | 223K | 10.56M | 34.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.05% | 0.04% | 0.06% | 0.1% | 0.09% | 0.18% | 0.53% | 15.59% | 20.2% | 22.77% | 24.93% | 14.17% | 4.14% | 0.13% | 147.76% | 5356.41% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.84M | 431K | 13.39M | 375K | -376K | 562K | 0 | 0 | 0 | 0 | 0 | 462K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 6.43B | 5.3B | 4.85B | 7.64B | 11.1B | 5.29B | 2.62B | 1.93B | 2.15B | 1.52B | 3.74M | -332.44M | -272.61M | -328.64M | -76.83M | 55.67M | 102.36M | 14.91M | -165.48M | -163.92M | -74.25M | -52.56M | -30.93M | -9.02M | -3.69M | -8.71M | -378.25K | -1.8M | -1.6M | -300K | -100K |
| Operating Margin % | 30.53% | 27.02% | 30.74% | 37.68% | 32.87% | 30% | 27.85% | 20.72% | 26.93% | 26.9% | 0.29% | -123.02% | -101.25% | -122.83% | -28.97% | 19.33% | 35.39% | 8.64% | -2316.41% | -25335.7% | -3131.42% | -1749.12% | -1548.05% | -1370.52% | -1545.63% | -367.09% | -7.11% | -112.5% | - | -300% | -100% |
| Operating Income Growth % | - | 9.38% | -36.56% | -31.13% | 109.69% | 102.37% | 35.7% | -10.5% | 41.74% | 40482.42% | 101.13% | -21.95% | 17.05% | -327.76% | -238% | -45.61% | 586.51% | 109.01% | -0.95% | -120.78% | -41.26% | -69.94% | -242.98% | -144.07% | 57.58% | -2202.64% | 78.99% | -12.5% | -433.33% | -200% | - |
| EBITDA | 8.27B | 7.26B | 6.74B | 9.46B | 12.82B | 6.7B | 3.84B | 3.07B | 2.6B | 1.88B | 177.78M | -249.76M | -208.35M | -267.43M | -10.42M | 119.08M | 165.61M | 69.14M | -141.14M | -157.53M | -71.11M | -48.86M | -30.42M | -8.59M | -3.33M | -7.47M | 2.99M | -400K | -1.6M | -400K | -100K |
| EBITDA Margin % | 39.29% | 36.96% | 42.72% | 46.65% | 37.99% | 37.96% | 40.88% | 33.02% | 32.55% | 33.21% | 13.82% | -92.42% | -77.38% | -99.95% | -3.93% | 41.35% | 57.26% | 40.08% | -1975.62% | -24347.6% | -2999.37% | -1625.92% | -1522.67% | -1305.32% | -1391.46% | -314.66% | 56.26% | -25% | - | -400% | -100% |
| EBITDA Growth % | 27.32% | 7.67% | -28.78% | -26.21% | 91.5% | 74.47% | 24.98% | 18.02% | 38.77% | 954.64% | 171.18% | -19.87% | 22.09% | -2466.48% | -108.75% | -28.1% | 139.53% | 148.99% | 10.41% | -121.51% | -45.55% | -60.6% | -254.21% | -158.21% | 55.45% | -349.43% | 848.28% | 75% | -300% | -300% | - |
| D&A (Non-Cash Add-back) | 1.84B | 1.95B | 1.89B | 1.82B | 1.73B | 1.4B | 1.22B | 1.14B | 449M | 356M | 174.04M | 82.68M | 64.26M | 61.21M | 66.41M | 63.41M | 63.25M | 54.23M | 24.35M | 6.39M | 3.13M | 3.7M | 507K | 429K | 368.56K | 1.24M | 3.37M | 1.4M | 0 | -100K | 0 |
| EBIT | 10.19B | 9.23B | 6.31B | 15.72B | 4.5B | -840M | 2.07B | 2.15B | 2.1B | 1.31B | -174.49M | -775.33M | -506.5M | -376.02M | -144.83M | 56.21M | 183.65M | 75.64M | -234.6M | -80.64M | -89.84M | -14.57M | -33.43M | -9.02M | -3.93M | -3.58M | -378.25K | -1.8M | -1.6M | -300K | 0 |
| Net Interest Income | -889M | -842M | -821M | -930M | -1.41B | -1.44B | -1.52B | -1.43B | -875M | -747M | -488.39M | -322.08M | -181.24M | -178.4M | -200.81M | -259.39M | -261.51M | -241.89M | -126.8M | -36.73M | -4.88M | 147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 85M | 106M | 189M | 211M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 534K | 1.41M | 20.34M | 82.64M | 49.09M | 17.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 974M | 948M | 1.01B | 1.14B | 1.41B | 1.44B | 1.52B | 1.43B | 875M | 747M | 488.39M | 322.08M | 181.24M | 178.4M | 200.81M | 259.39M | 262.05M | 243.29M | 147.14M | 119.36M | 53.97M | 17.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.69B | 2.98B | 454M | 6.93B | -8B | -7.57B | -2.07B | -1.21B | -926M | -953M | -666.63M | -764.97M | -415.12M | -225.79M | -268.81M | -258.85M | -180.75M | -182.56M | -216.25M | -36.08M | -69.56M | 20.62M | 3.19M | 3.73B | -1.71M | 8.71M | -426.65K | 0 | 1.6M | 100K | 0 |
| Pretax Income | 3.74B | 8.28B | 5.3B | 14.58B | 3.09B | -2.28B | 544M | 715M | 1.23B | 566M | -662.88M | -1.1B | -687.73M | -554.42M | -345.64M | -203.18M | -78.39M | -167.66M | -381.74M | -200M | -143.81M | -31.94M | -27.74M | -8.31M | -5.4M | -21.94M | -804.9K | 0 | 0 | -200K | 0 |
| Pretax Margin % | 17.76% | 42.19% | 33.61% | 71.87% | 9.17% | -12.91% | 5.79% | 7.69% | 15.35% | 10.02% | -51.52% | -406.09% | -255.42% | -207.21% | -130.32% | -70.56% | -27.1% | -97.18% | -5343.45% | -30912.67% | -6065.29% | -1062.9% | -1388.29% | -1262.46% | -2259.03% | -924.56% | -15.13% | - | - | -200% | - |
| Income Tax | 1.03B | 1.49B | 811M | 2.52B | 459M | -713M | 43M | -517M | 27M | 3M | 2M | 0 | 4.14M | 4.34M | 4K | 160K | 0 | 0 | 133.56M | 17.66M | 2.04M | -2.04M | -9.9M | -8.2M | 1.7M | 8.08M | 402.73K | 0 | 1.6M | 200K | 100K |
| Effective Tax Rate % | 27.43% | 17.97% | 15.29% | 17.28% | 14.84% | 31.3% | 7.9% | -72.31% | 2.2% | 0.53% | -0.3% | 0% | -0.6% | -0.78% | -0% | -0.08% | 0% | 0% | -34.99% | -8.83% | -1.42% | 6.4% | 35.69% | 98.74% | -31.44% | -36.84% | -50.04% | - | - | -100% | - |
| Net Income | 1.48B | 5.33B | 3.25B | 9.88B | 1.43B | -2.34B | -85M | 648M | 471M | -393M | -610M | -975M | -547.93M | -507.92M | -332.78M | -198.76M | -76.2M | -161.49M | -372.96M | -181.78M | -145.85M | -29.54M | -24.88M | -5.29M | -5.63M | -11.67M | -780.98K | -1.8M | -1.6M | -400K | -100K |
| Net Margin % | 7% | 27.15% | 20.61% | 48.71% | 4.23% | -13.28% | -0.91% | 6.97% | 5.89% | -6.96% | -47.41% | -360.79% | -203.5% | -189.83% | -125.47% | -69.02% | -26.35% | -93.61% | -5220.59% | -28095.36% | -6151.54% | -982.96% | -1245.05% | -803.65% | -2356.07% | -491.66% | -14.68% | -112.5% | - | -400% | -100% |
| Net Income Growth % | -52.47% | 63.9% | -67.09% | 591.95% | 160.95% | -2656.47% | -113.12% | 37.58% | 219.85% | 35.57% | 37.44% | -77.94% | -7.88% | -52.63% | -67.43% | -160.82% | 52.81% | 56.7% | -105.17% | -24.63% | -393.78% | -18.74% | -370.42% | 6.11% | 51.72% | -1393.67% | 56.61% | -12.5% | -300% | -300% | - |
| Net Income (Continuing) | 2.71B | 6.79B | 4.49B | 12.06B | 2.63B | -1.56B | 501M | 1.23B | 1.2B | 563M | -664.79M | -1.1B | -691.88M | -558.76M | -345.64M | -203.34M | -78.39M | -167.66M | -381.74M | -200M | -145.85M | -29.89M | -24.88M | -5.29M | -5.63M | -11.67M | -780.98K | -1.8M | -1.6M | -400K | -100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.92B | 5.16B | 4.36B | 3.96B | 2.8B | 2.54B | 2.41B | 2.45B | 2.46B | 3B | 2.23B | 2.46B | 2.67B | 2.66B | 1.75B | 208.57M | 189.02M | 217.6M | 250.16M | 285.68M | 0 | 0 | 338K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.01 | 24.13 | 14.20 | 40.73 | 5.64 | -9.25 | -0.34 | 2.51 | 1.90 | -1.69 | -2.67 | -4.30 | -2.44 | -2.32 | -1.83 | -2.60 | -1.37 | -3.13 | -7.87 | -3.60 | -2.68 | -0.55 | -0.64 | -0.18 | -0.21 | -0.45 | -0.03 | -0.14 | -0.20 | -0.06 | -0.02 |
| EPS Growth % | -55.52% | 69.93% | -65.14% | 622.16% | 160.97% | -2620.59% | -113.55% | 32.11% | 212.43% | 36.7% | 37.91% | -76.23% | -5.17% | -26.78% | 29.62% | -89.78% | 56.23% | 60.23% | -118.61% | -34.33% | -387.27% | 14.06% | -255.56% | 14.29% | 53.33% | -1420.27% | 78.86% | 30% | -233.33% | -158.62% | - |
| EPS (Basic) | - | 24.19 | 14.24 | 40.73 | 5.69 | -9.25 | -0.34 | 2.53 | 1.92 | -1.69 | -2.67 | -4.30 | -2.44 | -2.32 | -1.83 | -2.60 | -1.37 | -3.13 | -7.87 | -3.60 | -2.68 | -0.56 | -0.64 | -0.18 | -0.21 | -0.45 | -0.04 | -0.14 | -0.20 | -0.06 | -0.02 |
| Diluted Shares Outstanding | 210.5M | 220.3M | 229.1M | 242.6M | 253.4M | 253.4M | 252.4M | 258.1M | 248M | 233.1M | 228.77M | 226.9M | 224.34M | 218.87M | 181.77M | 76.48M | 55.77M | 51.6M | 47.37M | 50.54M | 54.42M | 53.36M | 38.9M | 29.54M | 26.59M | 26.07M | 26.37M | 12.9M | 8.01M | 6.67M | 4.31M |
| Basic Shares Outstanding | 210.5M | 219.7M | 228.4M | 242.6M | 251.1M | 253.4M | 252.4M | 256.2M | 245.6M | 233.1M | 228.77M | 226.9M | 224.34M | 218.87M | 181.77M | 76.48M | 55.77M | 51.6M | 47.37M | 50.54M | 54.42M | 53.1M | 38.9M | 29.54M | 26.59M | 26.07M | 21.47M | 12.9M | 8.01M | 6.67M | 4.31M |
| Dividend Payout Ratio | - | 8.46% | 12.67% | 3.98% | 24.44% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and derivative volatility
According to recent quarterly filings, Cheniere Energy reported a 24.44% revenue growth rate in 2026Q1, reflecting a rebound from the contractionary periods observed throughout 2024, though the inconsistency in year-over-year performance suggests that top-line durability remains heavily tethered to global LNG price benchmarks and seasonal demand shifts.
The revenue trajectory appears highly sensitive to the integrated marketing segment, which captures arbitrage opportunities rather than just stable liquefaction fees. Investors should monitor whether this growth is sustainable or merely a function of temporary price spikes in international gas markets.
As reported in financial statements, gross margins have fluctuated significantly, ranging from a negative 111.3% in 2023Q4 to a peak of 60.6% in 2025Q3, highlighting the profound impact of mark-to-market derivative accounting on the company's reported profitability metrics relative to its core infrastructure operations.
The extreme variance in gross margins suggests that headline figures are frequently distorted by non-cash fair value adjustments. Analysts should look past these accounting swings to evaluate the underlying profitability of the liquefaction trains, which theoretically operate on a more stable, cost-plus basis.
Based on the company's reported figures, net income volatility remains extreme, exemplified by the $3.5 billion loss in 2026Q1 following a $2.3 billion profit in 2025Q4, indicating that reported earnings are not a reliable proxy for the firm's actual cash-generating capacity or operational performance.
The disconnect between operating income and net income suggests that non-operating items, particularly derivative-related gains and losses, are driving bottom-line results. This necessitates a focus on Distributable Cash Flow to assess the true health of the business, as net income appears to be a noisy indicator.
While the company maintains a strong competitive moat, the recent federal pause on non-FTA export authorizations, as noted in industry reports, poses a material threat to the long-term expansion pipeline and could limit future capacity growth beyond the existing brownfield footprint at Sabine Pass.
Short-term investors may be overlooking the long-dated re-contracting risk associated with early liquefaction trains. If global supply gluts materialize as expected, the company may face pressure to renew legacy contracts at less favorable rates, potentially compressing long-term margins.
Quick answers to the most common questions about buying LNG stock.
For fiscal year 2025, Cheniere Energy, Inc. (LNG) reported total revenue of $19.63B. This represents a 19631900.0% increase compared to $0.1M in 1996.
Cheniere Energy, Inc. (LNG) is profitable, generating $5.33B in net income for the fiscal year ending 2025 with a net profit margin of 27.1%.
Cheniere Energy, Inc. (LNG) reported an operating income of $5.30B, resulting in an operating profit margin of 27.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cheniere Energy, Inc. (LNG) generated $5.69B in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.