Cheniere Energy (LNG) Q3 2026 Earnings Report
MX:LNG Q3 2026 EPS Results
- Actual EPS
- MXN 106.14
- Consensus EPS
- MXN 81.25
- Beat/Miss
- Beat by +MXN 24.89
- One Year Ago EPS
- MXN 89.23
MX:LNG Q3 2026 Revenue Results
- Actual Revenue
- MXN 115.63B
- Expected Revenue
- MXN 100.78B
- Beat/Miss
- Beat by +MXN 14.85B
- YoY Revenue Growth
- +41.85%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:LNG Upcoming Earnings
Cheniere Energy's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:LNG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive for Cheniere, with record production and cargo milestones, a third consecutive increase to 2026 guidance, substantial long-term contracting momentum, improving credit quality, shareholder-return initiatives, and continued progress on brownfield expansion projects. These strengths outweighed the stated challenges from geopolitical disruptions, constrained global LNG supply, elevated volatility, low European storage, and weaker demand in China and Pakistan.
Company Guidance
For full year 2026, Cheniere raised consolidated adjusted EBITDA guidance to $8.75 billion to $9.25 billion and distributable cash flow guidance to $6.05 billion to $6.55 billion, representing over $30 per share of DCF, while tightening CQP distribution guidance to $3.30 to $3.40 per common unit and maintaining its expected production range of 53 million to 54 million tons; the company said the guidance ranges remain $500 million wide. For 2027, Cheniere expects to produce approximately 56 million to 58 million tons of LNG, with approximately 52 million tons sold under long term contracts, approximately 5 million tons of spot volume available for CMI, approximately 250 Tbtu of spot volume, and approximately 1 million tons or 50 Tbtu of unsold open capacity, with a $1 change in market margins expected to impact EBITDA by approximately $50 million for the full year; the company does not currently forecast any volume contribution in 2027 from midscale Trains 8 and 9.
- Record LNG Cargo Milestone and Stage 3 CompletionCheniere produced and exported its 5,000th LNG cargo during the quarter, reaching the milestone 10 years after its first cargo. The cargoes represent over 340 million tons of LNG supplied globally. Corpus Christi Stage 3 Train 7 also reached substantial completion in late August, safely ahead of schedule and on budget.
- Strong Third-Quarter Financial ResultsThird-quarter consolidated adjusted EBITDA was approximately $1.9 billion, distributable cash flow was approximately $1.2 billion, and net income was approximately $1.2 billion. The company also recognized a new quarterly record of 6.97 Tbtu of LNG in net income.
- Record Production and Export VolumesCheniere produced and exported a quarterly record 188 cargoes, or 684 TBtu, an approximately 17% increase over the same period last year. Results benefited from the accelerated completion and startup of Train 7 at Corpus Christi Stage 3 and higher reliability rates. The company also achieved an all-time daily production record of over 8.33 Bcf/d across Sabine Pass and Corpus Christi.
- Third Consecutive Increase to 2026 GuidanceCheniere raised its full-year 2026 consolidated adjusted EBITDA guidance to $8.75 billion to $9.25 billion and distributable cash flow guidance to $6.05 billion to $6.55 billion. The company raised the guidance midpoints by $850 million and $750 million, respectively, and said the EBITDA midpoint is $2 billion above the initial guidance provided in February. DCF is expected to exceed $30 per share.
- Higher CQP Distribution GuidanceThe company increased the midpoint of its 2026 CQP distribution guidance by $0.10 to a range of $3.30 to $3.40 per common unit.
- New Long-Term LNG ContractsCheniere signed long-term SPAs with two new customers totaling approximately 5 million tons and extending into the 2050s. The agreements include 800,000 tonnes per annum with Petrobras for 22 years and up to 4 million tons with QatarEnergy through 2054. The contracts are expected to support brownfield growth plans at Sabine Pass and Corpus Christi.
- Strong Contracted Cash Flow VisibilityCheniere secured approximately $18 billion of fixed margins, including nearly $1 billion in the last few months of 2026, more than $2 billion of additional forward opportunistic selling of CMI cargoes, and approximately $15 billion of fixed fees into the second half of this century from the Petrobras and QatarEnergy contracts.
- Shareholder Returns and Capital AllocationThe company deployed approximately $1.5 billion under its capital allocation plan during the quarter, including approximately $730 million to repurchase 2.8 million shares and nearly $740 million of growth capital expenditures. Cheniere increased its quarterly dividend by over 12% to $0.625 per share, or $2.50 annualized. The dividend has grown approximately 90% since initiation five years ago, and the company reiterated its commitment to at least 10% annual dividend growth through the end of the decade.
- Expanded Share Repurchase ActivityCheniere repurchased over 8 million shares year to date for more than $2 billion. Approximately $8 billion remained under the current share repurchase authorization as of the call.
- Improved Corpus Christi Credit RatingS&P upgraded Corpus Christi Holdings to A-minus, marking the first A-grade rating across the Cheniere complex. Management said project ratings are expected to remain in the current ranges of low A to high BBB, with corporate ratings solidly BBB or better.
- Progress on Midscale Trains 8 and 9The midscale Trains 8 and 9 and debottlenecking project was over 58% complete at the end of September and continued to track ahead of schedule across critical engineering, procurement, and construction workstreams. The project passed 1 million man-hours in August, and fabricated steel and cold boxes had arrived at the site.
- Sabine Pass Expansion ProgressPhase 1 of the Sabine Pass expansion is expected to add well over 6 million tons per annum of production capacity. FERC issued the final environmental impact statement in September, increasing visibility to final approval around year-end, and Cheniere intends to reach FID very quickly thereafter. The company has spent almost $500 million on early engineering and procurement work and secured commitments for a term loan financing approximately 50% of the estimated project cost.
- Corpus Christi Expansion AdvancementPhase 1 of the Corpus Christi expansion advanced with FERC issuing a draft environmental impact statement in September. Cheniere expects a FERC permit around the middle of next year, with the required regulatory approvals for FID expected around year-end 2027.
- Brownfield Growth OpportunityManagement said the first phases of the Sabine Pass and Corpus Christi expansion projects represent an opportunity to grow the platform by over 20% using existing brownfield infrastructure. With recently signed long-term contracts, the company expects the overall platform to reach approximately 75 mtpa, representing approximately 25% growth from its current run-rate production profile.
- Resilient Asian LNG DemandSoutheast Asian LNG imports increased approximately 25% year to date, led by Thailand, Malaysia, and Indonesia. India’s LNG imports increased 21% year to date and 9% year over year in the third quarter despite average JKM prices that were 43% and 94% higher, respectively, compared with 2025.
- Higher 2027 Production OutlookCheniere expects to produce approximately 56 million to 58 million tons of LNG across Sabine Pass and Corpus Christi in 2027, up over 3 million tons year over year at the midpoint. The forecast includes planned maintenance and reflects Stage 3 being fully operational, no long-duration major turnarounds, and successful debottlenecking.
- Growing 2027 Contracted VolumesApproximately 52 million tons of 2027 volumes are expected to be sold under long-term contracts, up from 46 million to 47 million tons in 2026. The company expects approximately 5 million tons of spot volume available for CMI sales and approximately 1 million tons of unsold open capacity for the full year 2027 as of the call.
- Optimization and Margin CaptureCheniere said it expects approximately $700 million of optimization benefits across the platform in 2026, split approximately 50/50 between upstream and downstream activities. The company has been proactively selling and hedging cargoes as margins increased and said 4 million tons of 2027 volumes were locked in at around $10 of margin.
- Long-Term Contracting EconomicsManagement noted that long-term Henry Hub-linked FOB cargoes were loading at roughly $6/MMBtu compared with global spot prices that were at times above $30/MMBtu. The company said buyers with long-term commitments were better positioned to manage spot-market volatility.
MX:LNG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 110.33- | 200.63 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 81.25106.14 | 89.23 | 18.95% (+16.91) | |
| Aug 06, 2026 | 2026 (Q2) | 58.46275.22 | 137.14 | 100.68% (+138.08) | |
| May 07, 2026 | 2026 (Q1) | 82.36-312.79 | 29.49 | -1160.51% (-342.28) | |
| Feb 26, 2026 | 2025 (Q4) | 71.22200.63 | 81.34 | 146.65% (+119.29) | |
| Oct 30, 2025 | 2025 (Q3) | 54.7489.23 | 73.83 | 20.87% (+15.40) | |
| Aug 07, 2025 | 2025 (Q2) | 46.72137.14 | 72.14 | 90.10% (+65.00) | |
| May 08, 2025 | 2025 (Q1) | 51.5729.49 | 40.01 | -26.29% (-10.52) | |
| Feb 20, 2025 | 2024 (Q4) | 50.7081.34 | 108.21 | -24.83% (-26.86) | |
| Oct 31, 2024 | 2024 (Q3) | 34.6273.83 | 132.07 | -44.10% (-58.24) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed