What does Cheniere Energy do and what are its main business segments?

What is Cheniere Energy's gross profit margin?

What factors drove the changes in Cheniere Energy's revenue and profit?

What guidance did Cheniere Energy's management provide for the next earnings period?

What is Cheniere Energy's latest dividend and current dividend yield?

Did Cheniere Energy beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Cheniere Energy year over year?

What is the market's earnings forecast for Cheniere Energy next quarter?

- **Record Buybacks**: $1 billion in Q3 share repurchases, with $2.2 billion remaining under current authorization.
- **Accelerated Expansion**: Corpus Christi Stage 3 Train 3 completed ahead of schedule; Train 4 to start production soon.
- **Strong Financials**: 2025 DCF guidance raised to $4.8-5.2 billion; 2026 production forecast of 51-53 million tons.
- **Market Resilience**: 95%+ contracted volumes insulate from LNG price volatility; EU gas ban could boost European demand.
- **Growth Discpline**: Sabine Pass and Corpus Christi expansions permitted but FIDs contingent on 6-7x CapEx/EBITDA returns.

**【CEO Summary Section】**
- Achieved substantial completion of Corpus Christi Stage 3 Train 3 ahead of schedule, with Train 4 expected to produce first LNG soon and complete by year-end.
- Generated $1.6 billion in distributable cash flow (DCF) and raised 2025 DCF guidance to $4.8-5.2 billion due to IRS tax rule changes.
- Repurchased 4.4 million shares for $1 billion, bringing total buybacks to $1.7 billion year-to-date, with $2.2 billion remaining under current authorization.
- 2026 production forecast of 51-53 million tons, up 5 million tons YoY, driven by Stage 3 expansion and mid-scale trains 8-9.
- Maintained disciplined capital allocation, deploying $1.8 billion across growth, dividends, and buybacks.

**【CFO Financial Commentary】**
- Q3 2025 net income: $1.05 billion; adjusted EBITDA: $1.6 billion; DCF: $1.6 billion.
- 2025 EBITDA guidance reaffirmed at $6.6-7.0 billion; DCF guidance raised to $4.8-5.2 billion.
- 2026 EBITDA sensitivity: $1/MCF change impacts EBITDA by $0.1-0.2 billion.
- Completed $5.5 billion in Stage 3 CapEx (unlevered), with $200 million deployed in mid-scale trains 8-9.
- Balance sheet remains strong with $1.4 billion in cash and significant undrawn liquidity.

**【Market Update】**
- Global LNG demand: 35 million tons/year growth (2025-2030), with U.S. supply leading new capacity.
- European imports remain strong (66% of Cheniere's cargoes), while Asian demand moderates due to domestic gas production growth.
- Spot LNG prices expected to moderate to $10-11/MCF in 2026, supporting long-term demand elasticity.
- Cheniere maintains 95%+ contracted volumes, insulated from market volatility.

**【Q&A Highlights】**
- **Share Buybacks**: Q3 buybacks at $1 billion reflect confidence in valuation; 2026+ buyback pace will depend on share price and growth opportunities.
- **LNG Market Outlook**: EU Russian gas ban could increase European LNG demand; Cheniere's 24 million tons/year of EU contracts provide stability.
- **Project FIDs**: Sabine Pass expansion and Corpus Christi Train 8-9 debottlenecking in permitting phase; FIDs contingent on 6-7x CapEx/EBITDA hurdle rates.
- **Operational Challenges**: Feed gas variability (nitrogen, heavies) resolved through process adjustments; 2026 production forecast includes planned maintenance to address long-term reliability.
- **Competitive Landscape**: Non-LNG entrants may struggle with lack of contracting discipline; Cheniere focuses on 20+ million tons/year of permitted brownfield growth.


Cheniere Energy, Inc.(LNG)-20251030-2025 Q3 Earnings call transcript

- **Record Financials**: Q2 EBITDA of $1.4B and DCF of $920M, with full-year guidance raised to $6.6B–$7B EBITDA and $4.4B–$4.8B DCF.
- **Strategic Contracts**: 1 million tpa SPA with JERA and Canadian Natural IPM deal expand long-term visibility to 75 million tpa by 2030s.
- **Tax Efficiency**: 100% bonus depreciation cuts 2025 tax rate to under 10%, supporting $25+ per share DCF target.
- **Growth Catalysts**: Midscale Trains 8 & 9 FID achieved; Sabine Pass Stage 4 and Corpus Christi Stage 4 prefiling underway.
- **Shareholder Returns**: $1.3B deployed in Q2, including $300M in buybacks and dividend growth of 68% since 2021.

**【CEO Summary Section】**
- Achieved Q2 2025 consolidated adjusted EBITDA of $1.4 billion, distributable cash flow (DCF) of $920 million, and net income of $1.6 billion.
- Tightened full-year 2025 guidance to $6.6 billion–$7 billion in EBITDA and $4.4 billion–$4.8 billion in DCF, driven by successful maintenance turnarounds and contract execution.
- Announced 1 million tpa SPA with JERA, expanding long-term contracts with Asian counterparties to 9 million tpa since 2021.
- Corpus Christi Midscale Trains 8 & 9 FID achieved, adding 5 million tpa by 2028, with plans to grow platform to 75 million tpa by early 2030s.

**【CFO Financial Commentary】**
- Q2 2025 net income of $1.6 billion reflects higher gas prices and optimized third-party cargo sales, offset by $400 million in O&M expenses from planned maintenance.
- Year-to-date 2025 EBITDA of $3.3 billion and DCF of $2.2 billion support confidence in revised guidance.
- Tax benefits from 100% bonus depreciation and foreign export deductions reduce effective tax rate to under 10% for 2025, with long-term rate of 10%–15%.
- Deployed $1.3 billion in Q2 toward capital allocation, including $900 million in growth CapEx, $300 million in share buybacks, and dividend payments.

**【Q&A Highlights】**
- **Commercial Momentum**: JERA SPA underscores demand for U.S. LNG in Asia; Cheniere expects 25%+ growth to 75 million tpa by 2030s.
- **Tax Benefits**: 100% bonus depreciation reduces 2025 cash taxes to nominal levels, supporting $25+ per share DCF target.
- **Growth Path**: Sabine Pass Stage 4 and Corpus Christi Stage 4 prefiling underway; first trains at each site could be FIDed by late 2026.
- **Cost Efficiency**: Midscale Trains 8 & 9 EPC contract includes $2.9 billion lump-sum turnkey, ensuring 6–7x CapEx/EBITDA ratio.
- **Share Buybacks**: 220 million shares outstanding (down from 250 million in 2023); $3 billion remaining under 2027 buyback authorization.

Cheniere Energy, Inc. (LNG) Q2 2025 Earnings Call Transcript

- **Record Q1 Financials**: $350M net income, $1.9B EBITDA, $1.3B DCF driven by LNG volume growth.
- **Stage 3 Momentum**: 3 trains expected online by year-end; Train 1 commissioning completed ahead of schedule.
- **Mid-scale Expansion**: FID for Trains 8-9 near; 6-7x CapEx to EBITDA returns anticipated.
- **Market Resilience**: 90%+ contracted model mitigates trade policy risk; Europe remains key LNG buyer despite tariffs.
- **Capital Allocation**: $15B+ of $20B deployment target achieved; shares buyback and disciplined growth prioritized.

**【CEO Opening Remarks】**
- Q1 2025 revenue highlights: $350M net income, $1.9B adjusted EBITDA, $1.3B distributable cash flow.
- Stage 3 progress: Train 1 substantial completion ahead of schedule; Trains 2-4 commissioning underway with potential for 3 trains online by year-end.
- Mid-scale Trains 8-9: FERC permit secured; FID expected in coming months with 82.5% project completion.
- Operational milestones: 4,000th cargo exported, CMI's 1,000th cargo sale.

**【CFO Financial Review】**
- Q1 2025 financials: $350M net income, $1.9B EBITDA, $1.3B DCF.
- Capital allocation: $1.3B deployed in Q1 (shares buyback, debt repayment, growth).
- 2025 guidance reaffirmed: $6.5B-$7B EBITDA, $4.1B-$4.6B DCF.
- Risk-adjusted returns: Mid-scale 8-9 expected to deliver 6-7x CapEx to EBITDA.

**【Analyst Q&A Highlights】**
- **Trade Policy & China Market**: Cheniere's 90%+ contracted model insulates from volatility; China remains key LNG importer but cargoes may redirect post-tariffs.
- **European Vulnerability**: Europe's storage at multiyear lows; Cheniere's Q1 Europe exports highest since 2023.
- **2020 Vision Progress**: $15B+ of $20B deployment target achieved; mid-scale 8-9 FID imminent.
- **Tax Reform Impact**: No material impact on NPV; focus on optimizing cash tax payments.
- **Future Expansion**: Sabine Pass expansion in late 2026/early 2027; Stage 3 term loan utilization planned for mid-scale 8-9.


Cheniere Energy (LNG)-8 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: 45 million tons LNG produced, EBITDA up 15% YoY to $6.155 billion.
- **2025 Growth Ambitions**: 10-17% EBITDA growth to $6.5-7.0 billion, 3 Stage 3 trains online by year-end.
- **Capital Allocation**: $2.3 billion share buybacks in 2024; targeting $2.25+ billion in 2025.
- **Market Momentum**: China LNG imports +10%, Europe LNG demand driven by 17 bcm storage deficit.
- **Expansion Pipeline**: >90 million tons permitted capacity by 2026, Sabine Pass expansion FID in 2027.

**【CEO Summary Section】**
- Cheniere reported record 2024 LNG production of 45 million tons, representing ~10% of global supply, with Q4 adjusted EBITDA of $1.6 billion and full-year EBITDA of $6.155 billion.
- 2025 guidance: $6.5-7.0 billion EBITDA (10-17% YoY growth), $4.1-4.6 billion DCF, and $3.25-3.35/unit distributions.
- Corpus Christi Stage 3 on track for 3 trains online by end-2025, with first cargo delivered in January 2025.
- Targeting >90 million tons of permitted capacity across Sabine Pass and Corpus Christi by end-2026.

**【CFO Financial Commentary】**
- 2024 net income: $3.25 billion; DCF: $3.73 billion; share buybacks: 13.8 million shares ($2.3 billion).
- 2025 financial outlook: ~$4.5 billion free cash flow after CapEx, with $2.25 billion+ share buybacks.
- 2025 Stage 3 capital spend: ~$1.5 billion; mid-scale Trains 8/9 FID expected in 2025.
- 2025 dividend growth: 10% to $2.20 annualized.

**【Market Update & Q&A Highlights】**
- Europe LNG imports down 19% YoY in 2024, but Q4 cold weather drove 15% YoY increase in gas-fired power generation.
- China LNG imports +10% YoY to 78 million tons, with 15 million tons of new CCGT capacity added in 2024.
- U.S. LNG netbacks ~$8-9/MMBtu for 2025, with Cheniere forecasting 1.5-2.0 million tons of uncontracted 2025 volumes.
- Sabine Pass expansion FID likely in 2027, targeting 15-20 million tons of incremental capacity.
- Cheniere maintains >90% contracted portfolio through 2030s, with 95%+ contracted in 2025.

**【Risk Management】**
- 2025 EBITDA sensitivity: $1/MMBtu netback swing = $75-100 million EBITDA impact.
- 2025 tax code changes could impact DCF timing, but no material NPV impact.
- Stage 3 construction risks mitigated by 77.2% project completion at year-end 2024.

LNG

LNG fundamentals

Earnings Call

You can ask Aime