Cheniere Energy Records 670 LNG Cargoes, $6.94 Billion EBITDA and 2026 Outlook
Cheniere Energy produced a record 670 LNG cargoes (over 46 Mt) in 2025, delivering $6.94 bn of adjusted EBITDA and $5.3 bn of distributable cash flow, both at the high end of guidance. Corpus Christi Stage 3 is ~95% complete, driving Q4 output of 185 cargoes and underpinning 2026 guidance.
1. Record 2025 Production and Financials
Cheniere Energy exported a record 670 LNG cargoes (over 46 million tons) in 2025, including 185 cargoes in the fourth quarter. The company generated $6.94 billion of consolidated adjusted EBITDA and $5.3 billion of distributable cash flow, both at the high end of its guidance range.
2. 2026 Guidance Overview
Management issued guidance for 51–53 million tons of production, $6.75–7.25 billion of consolidated EBITDA and $4.35–4.85 billion of distributable cash flow, which includes a one-time benefit of over $300 million from an alternative fuel tax credit. Long-term contracts cover 46–47 million tons, leaving under 1 million tons of open capacity, and a $1 change in market margins is expected to impact annual EBITDA by less than $50 million.
3. Expansion Projects Progress
Corpus Christi Stage 3 is approximately 95% complete, with Train 5 achieving first LNG this week and Trains 5–7 scheduled for substantial completion through 2026. Preparatory work for Midscale Trains 8 and 9 is underway, with piling halfway complete and full completion targeted by 2028, while work on the Sabine Pass expansion advances with site preparation and fabrication.
4. Capital Allocation and New SPA
The board increased share repurchase authority to over $10 billion through 2030 after $2.7 billion was repurchased in 2025, and is targeting 10% annual dividend growth with a run-rate DCF per share near $30 by decade end. A new long-term SPA with CPC Taiwan will supply up to 1.2 Mtpa through 2050 under bespoke, flexible terms.