Cheniere Energy Financials

CQP

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Cheniere Energy (CQP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CQP FY2025 2026-05-07

High-margin cash generation comes from a mature asset base, while heavy financing outflows shape where the cash goes.

Across the last four annual periods, revenue swung sharply, yet SG&A stayed near $100M; paired with the latest capex of only $199M, that points to a fixed asset platform with very little overhead creep. Because reinvestment needs are modest, free cash flow still reached $2.6B on a 23.9% margin even after margins cooled from the recent peak, which is the signature of strong cash conversion rather than growth-dependent profitability.

Over the last five annual periods, long-term debt fell by roughly $3.0B, and equity moved back above zero in the latest year. The tradeoff is a thin cash buffer: cash was only $182M and the current ratio remained below 1.0x, so short-term liquidity leans on incoming cash rather than cash on hand.

Most recently, operating cash flow was $2.8B versus net income of $3.0B. That still means earnings are largely cash-backed, but less cash-heavy than FY2022, when cash outran profit by a wider margin, so the current profile looks more normalized than unusually cash-rich.

Financial Health Signals

Financial Health Score 62/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Cheniere Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Piotroski F-Score Partial

6/8

Cheniere Energy passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

0.93x

For every $1 of reported earnings, Cheniere Energy generates $0.93 in operating cash flow ($2.8B OCF vs $3.0B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate

4.9x

Cheniere Energy earns $4.9 in operating income for every $1 of interest expense ($3.7B vs $753.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$10.8B

YoY+23.6%

5Y CAGR+11.8%

10Y CAGR+44.6%

Cheniere Energy generated $10.8B in revenue in fiscal year 2025. This represents an increase of 23.6% from the prior year.

EBITDA

$4.4B

YoY+11.0%

5Y CAGR+10.4%

10Y CAGR+51.5%

Cheniere Energy's EBITDA was $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.0% from the prior year.

Net Income

$3.0B

YoY+19.0%

5Y CAGR+20.4%

Cheniere Energy reported $3.0B in net income in fiscal year 2025. This represents an increase of 19.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.6B

YoY-8.7%

5Y CAGR+27.0%

Cheniere Energy generated $2.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.7% from the prior year.

Cash & Debt

$182.0M

YoY-32.6%

5Y CAGR-31.5%

10Y CAGR+2.2%

Cheniere Energy held $182.0M in cash against $14.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

52.2%

YoY-6.8pp

5Y CAGR-7.2pp

Cheniere Energy's gross margin was 52.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.8 percentage points from the prior year.

Operating Margin

34.4%

YoY-3.2pp

5Y CAGR-0.0pp

10Y CAGR+33.3pp

Cheniere Energy's operating margin was 34.4% in fiscal year 2025, reflecting core business profitability. This is down 3.2 percentage points from the prior year.

Net Margin

27.8%

YoY-1.1pp

5Y CAGR+8.6pp

10Y CAGR+145.9pp

Cheniere Energy's net profit margin was 27.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.

Return on Equity

721.5%

Cheniere Energy's ROE was 721.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$199.0M

YoY+29.2%

5Y CAGR-27.2%

10Y CAGR-23.5%

Cheniere Energy invested $199.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 29.2% from the prior year.

CQP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$10.8B+23.6%	$8.7B-9.9%	$9.7B-43.8%	$17.2B+82.4%	$9.4B+53.0%	$6.2B
Cost of Revenue	$5.1B+44.0%	$3.6B+30.3%	$2.7B-77.3%	$12.1B+124.4%	$5.4B+115.2%	$2.5B
Gross Profit	$5.6B+9.4%	$5.1B-25.9%	$6.9B+35.5%	$5.1B+26.3%	$4.0B+10.4%	$3.7B
R&D Expenses	N/A	N/A	N/A	N/A	$1.0M	$0
SG&A Expenses	$105.0M+5.0%	$100.0M+1.0%	$99.0M+2.1%	$97.0M+3.2%	$94.0M+571.4%	$14.0M
Operating Income	$3.7B+13.0%	$3.3B-34.9%	$5.0B+49.0%	$3.4B+32.2%	$2.6B+20.3%	$2.1B
Interest Expense	$753.0M-5.9%	$800.0M-2.8%	$823.0M-5.4%	$870.0M+4.7%	$831.0M-8.6%	$909.0M
Income Tax	$0	$0	$0	N/A	N/A	N/A
Net Income	$3.0B+19.0%	$2.5B-41.0%	$4.3B+70.3%	$2.5B+53.3%	$1.6B+37.8%	$1.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$3.6B+23.7%	$2.9B+21.0%	$2.4B-2.1%	$2.5B-17.9%	$3.0B+21.5%	$2.5B+19.7%	$2.1B+8.5%	$1.9B
Cost of Revenue	$2.8B+185.3%	$968.0M-24.3%	$1.3B+6.9%	$1.2B-29.8%	$1.7B+45.3%	$1.2B+51.6%	$773.0M+16.9%	$661.0M
Gross Profit	$838.0M-56.8%	$1.9B+72.5%	$1.1B-10.6%	$1.3B-2.1%	$1.3B-0.2%	$1.3B+0.5%	$1.3B+4.0%	$1.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.0M+3.8%	$26.0M0.0%	$26.0M0.0%	$26.0M-3.7%	$27.0M+12.5%	$24.0M-4.0%	$25.0M-3.8%	$26.0M
Operating Income	$361.0M-75.4%	$1.5B+111.1%	$696.0M-2.7%	$715.0M-13.4%	$826.0M+1.7%	$812.0M-1.8%	$827.0M+8.0%	$766.0M
Interest Expense	$181.0M-2.7%	$186.0M-1.6%	$189.0M+0.5%	$188.0M-1.1%	$190.0M-3.6%	$197.0M-1.0%	$199.0M-1.5%	$202.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$186.0M-85.5%	$1.3B+154.3%	$506.0M-8.5%	$553.0M-13.7%	$641.0M+2.9%	$623.0M-1.9%	$635.0M+11.4%	$570.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CQP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$17.4B-0.1%	$17.5B-3.6%	$18.1B-7.8%	$19.6B+1.4%	$19.4B+1.1%	$19.1B
Current Assets	$1.3B+1.0%	$1.3B-16.2%	$1.6B-39.7%	$2.6B+18.4%	$2.2B+3.6%	$2.1B
Cash & Equivalents	$182.0M-32.6%	$270.0M-53.0%	$575.0M-36.4%	$904.0M+3.2%	$876.0M-27.6%	$1.2B
Inventory	$180.0M+19.2%	$151.0M+6.3%	$142.0M-11.3%	$160.0M-9.1%	$176.0M+64.5%	$107.0M
Accounts Receivable	$0-100.0%	$1.0M	$0-100.0%	$551.0M+0.9%	$546.0M+82.0%	$300.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$17.0B-5.2%	$18.0B-4.9%	$18.9B	N/A	N/A	N/A
Current Liabilities	$1.7B-0.2%	$1.7B+9.3%	$1.6B-35.3%	$2.4B+80.0%	$1.3B+52.3%	$883.0M
Long-Term Debt	$14.2B-4.1%	$14.8B-5.4%	$15.6B-3.7%	$16.2B-5.7%	$17.2B-2.3%	$17.6B
Total Equity	$414.0M+181.3%	-$509.0M+35.1%	-$784.0M	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$17.1B-1.9%	$17.4B+3.6%	$16.8B-0.6%	$16.9B-1.0%	$17.1B-2.1%	$17.5B+0.4%	$17.4B-0.7%	$17.5B
Current Assets	$1.3B-6.6%	$1.3B+19.6%	$1.1B+10.0%	$1.0B-12.3%	$1.2B-12.5%	$1.3B+11.7%	$1.2B-3.4%	$1.2B
Cash & Equivalents	$279.0M+53.3%	$182.0M+50.4%	$121.0M+12.0%	$108.0M+14.9%	$94.0M-65.2%	$270.0M-18.4%	$331.0M-5.7%	$351.0M
Inventory	$151.0M-16.1%	$180.0M+22.4%	$147.0M-3.9%	$153.0M-6.7%	$164.0M+8.6%	$151.0M+11.9%	$135.0M-6.3%	$144.0M
Accounts Receivable	N/A	$0	N/A	$0	$0-100.0%	$1.0M	$0-100.0%	$144.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$17.0B0.0%	$17.0B-0.9%	$17.2B-0.5%	$17.3B-1.2%	$17.5B-2.7%	$18.0B-0.3%	$18.0B-1.4%	$18.3B
Current Liabilities	$3.0B+74.6%	$1.7B+0.6%	$1.7B+2.5%	$1.7B+26.0%	$1.3B-23.3%	$1.7B-1.0%	$1.7B-8.3%	$1.9B
Long-Term Debt	$12.6B-10.9%	$14.2B0.0%	$14.2B-0.4%	$14.2B-3.4%	$14.7B-0.3%	$14.8B0.0%	$14.8B-0.3%	$14.8B
Total Equity	$78.0M-81.2%	$414.0M+219.0%	-$348.0M-2.4%	-$340.0M+10.5%	-$380.0M+25.3%	-$509.0M+18.7%	-$626.0M+17.2%	-$756.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CQP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.8B-6.7%	$3.0B-4.5%	$3.1B-25.1%	$4.1B+81.1%	$2.3B+30.8%	$1.8B
Capital Expenditures	$199.0M+29.2%	$154.0M-30.0%	$220.0M-51.2%	$451.0M-30.4%	$648.0M-33.3%	$972.0M
Free Cash Flow	$2.6B-8.7%	$2.8B-2.6%	$2.9B-21.9%	$3.7B+125.1%	$1.6B+110.9%	$779.0M
Investing Cash Flow	-$204.0M-25.9%	-$162.0M+28.6%	-$227.0M+49.7%	-$451.0M+30.4%	-$648.0M+33.3%	-$972.0M
Financing Cash Flow	-$2.7B+10.3%	-$3.1B+5.8%	-$3.2B+11.7%	-$3.7B-86.0%	-$2.0B-37.8%	-$1.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$910.0M+2.6%	$887.0M+34.8%	$658.0M+17.9%	$558.0M-16.1%	$665.0M-24.1%	$876.0M+26.8%	$691.0M-5.6%	$732.0M
Capital Expenditures	$31.0M+34.8%	$23.0M-52.1%	$48.0M-29.4%	$68.0M+13.3%	$60.0M+22.4%	$49.0M+25.6%	$39.0M+30.0%	$30.0M
Free Cash Flow	$879.0M+1.7%	$864.0M+41.6%	$610.0M+24.5%	$490.0M-19.0%	$605.0M-26.8%	$827.0M+26.8%	$652.0M-7.1%	$702.0M
Investing Cash Flow	-$33.0M-37.5%	-$24.0M+51.0%	-$49.0M+30.0%	-$70.0M-14.8%	-$61.0M-22.0%	-$50.0M-16.3%	-$43.0M-34.4%	-$32.0M
Financing Cash Flow	-$777.0M+5.9%	-$826.0M-40.2%	-$589.0M-14.6%	-$514.0M+36.8%	-$813.0M+5.2%	-$858.0M-30.8%	-$656.0M+2.5%	-$673.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CQP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	52.2%-6.8pp	58.9%-12.7pp	71.6%+41.9pp	29.7%-13.2pp	42.9%-16.5pp	59.4%
Operating Margin	34.4%-3.2pp	37.7%-14.4pp	52.1%+32.5pp	19.6%-7.5pp	27.1%-7.4pp	34.5%
Net Margin	27.8%-1.1pp	28.8%-15.2pp	44.0%+29.5pp	14.5%-2.8pp	17.3%-1.9pp	19.2%
Return on Equity	721.5%	N/A	N/A	N/A	N/A	N/A
Return on Assets	17.1%+2.7pp	14.4%-9.1pp	23.5%+10.8pp	12.7%+4.3pp	8.4%+2.2pp	6.2%
Current Ratio	0.780.0	0.77-0.2	1.01-0.1	1.08-0.6	1.64-0.8	2.42
Debt-to-Equity	34.21+63.2	-29.00-9.1	-19.91	N/A	N/A	N/A
FCF Margin	23.9%-8.4pp	32.3%+2.4pp	29.9%+8.4pp	21.5%+4.1pp	17.4%+4.8pp	12.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	23.3%-43.5pp	66.7%+19.9pp	46.8%-4.4pp	51.3%+8.3pp	43.0%-9.3pp	52.4%-10.0pp	62.4%-2.7pp	65.1%
Operating Margin	10.0%-40.5pp	50.5%+21.5pp	28.9%-0.2pp	29.1%+1.5pp	27.6%-5.4pp	33.0%-7.2pp	40.2%-0.2pp	40.4%
Net Margin	5.2%-39.1pp	44.2%+23.2pp	21.1%-1.5pp	22.5%+1.1pp	21.4%-3.9pp	25.3%-5.6pp	30.9%+0.8pp	30.1%
Return on Equity	238.5%-72.4pp	310.9%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.1%-6.3pp	7.4%+4.4pp	3.0%-0.3pp	3.3%-0.5pp	3.8%+0.2pp	3.6%-0.1pp	3.6%+0.4pp	3.3%
Current Ratio	0.42-0.4	0.78+0.1	0.66+0.0	0.61-0.3	0.88+0.1	0.77+0.1	0.69+0.0	0.65
Debt-to-Equity	161.69+127.5	34.21+74.9	-40.68+1.1	-41.80-3.1	-38.72-9.7	-29.00-5.4	-23.57-4.0	-19.58
FCF Margin	24.4%-5.3pp	29.7%+4.3pp	25.4%+5.4pp	20.0%-0.3pp	20.2%-13.4pp	33.6%+1.9pp	31.7%-5.3pp	37.1%

Note: The current ratio is below 1.0 (0.78), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Cheniere Energy's annual revenue?

Cheniere Energy (CQP) reported $10.8B in total revenue for fiscal year 2025. This represents a 23.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Cheniere Energy's revenue growing?

Cheniere Energy (CQP) revenue grew by 23.6% year-over-year, from $8.7B to $10.8B in fiscal year 2025.

Is Cheniere Energy profitable?

Yes, Cheniere Energy (CQP) reported a net income of $3.0B in fiscal year 2025, with a net profit margin of 27.8%.

What is Cheniere Energy's EBITDA?

Cheniere Energy (CQP) had EBITDA of $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Cheniere Energy have?

As of fiscal year 2025, Cheniere Energy (CQP) had $182.0M in cash and equivalents against $14.2B in long-term debt.

What is Cheniere Energy's gross margin?

Cheniere Energy (CQP) had a gross margin of 52.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Cheniere Energy's operating margin?

Cheniere Energy (CQP) had an operating margin of 34.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Cheniere Energy's net profit margin?

Cheniere Energy (CQP) had a net profit margin of 27.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Cheniere Energy's return on equity (ROE)?

Cheniere Energy (CQP) has a return on equity of 721.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Cheniere Energy's free cash flow?

Cheniere Energy (CQP) generated $2.6B in free cash flow during fiscal year 2025. This represents a -8.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Cheniere Energy's operating cash flow?

Cheniere Energy (CQP) generated $2.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cheniere Energy's total assets?

Cheniere Energy (CQP) had $17.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Cheniere Energy's capital expenditures?

Cheniere Energy (CQP) invested $199.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Cheniere Energy's current ratio?

Cheniere Energy (CQP) had a current ratio of 0.78 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Cheniere Energy's debt-to-equity ratio?

Cheniere Energy (CQP) had a debt-to-equity ratio of 34.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cheniere Energy's return on assets (ROA)?

Cheniere Energy (CQP) had a return on assets of 17.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cheniere Energy's Piotroski F-Score?

Cheniere Energy (CQP) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cheniere Energy's earnings high quality?

Cheniere Energy (CQP) has an earnings quality ratio of 0.93x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Cheniere Energy cover its interest payments?

Cheniere Energy (CQP) has an interest coverage ratio of 4.9x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Cheniere Energy?

Cheniere Energy (CQP) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.