Cheniere Revenue Jumps 39% to $6.173 Billion in Third Quarter of 2026
Key Facts
Cheniere Energy said on October 29 that revenue reached $6.173 billion in the third quarter of 2026, up 39% from the same period a year earlier. Net income was $1.170 billion, compared with $1.049 billion, an increase of 12%. Consolidated adjusted EBITDA also rose 18% to $1.900 billion, from $1.608 billion. The results show revenue growing faster than net income during the quarter. The company’s statement did not establish a comparison with analysts’ expectations, so the results should not be described as beating forecasts.
The company attributed the increase in net income to higher gross margins on delivered liquefied natural gas, driven by higher volumes and improved margins per million British thermal units. It also said lower income tax provisions compared with the same period supported the result. Cheniere exported 188 cargoes during the quarter, compared with 163 a year earlier, an increase of 15%. Export volumes totaled 684 trillion British thermal units, compared with 586 trillion, up 17%. Reuters estimated the year-on-year increase in cargoes at 15.3%.
Distributable cash flow was $1.23 billion in the third quarter. Cheniere raised its 2026 adjusted EBITDA guidance range to $8.75–9.25 billion, from a previous range of $7.90–8.40 billion. It also raised its estimate for full-year distributable cash flow to $6.05–6.55 billion, compared with $5.30–5.80 billion previously. This updates the company’s financial guidance for the current year, as cargoes and export volumes rose year on year. The company did not link this guidance to continued growth in financial results through 2027.
The company declared a quarterly cash distribution of $0.625 per share, an increase of more than 12% from the previous quarter. The distribution is scheduled to be paid on November 17, 2026, to shareholders of record on November 9. Work on the seventh and final train of the Corpus Christi Stage 3 project was completed in August, ahead of the guaranteed schedule and within budget, the company said. It said the project expanded its liquefied natural gas production capacity by more than 20%. The project is part of a portfolio that includes about 56 million tonnes per year of operating liquefaction capacity, about 5 million tonnes per year under construction and more than 40 million tonnes per year in regulatory approval processes.
Chief Executive Jack Fusco said completion of Corpus Christi Stage 3 and efforts to remove production bottlenecks “give us greater visibility into our preliminary production outlook for 2027.” His statement concerned production expectations, not expectations for earnings growth to continue through that year. Across the sector, the U.S. Energy Information Administration said U.S. liquefied natural gas exports rose 26% to 15.1 billion cubic feet per day in 2025. The agency forecast exports of 17.4 billion cubic feet per day in 2026 and 18.6 billion in 2027. Exports averaged 17.4 billion cubic feet per day in the first half of 2026, up 23% from the same period in 2025.
Against the backdrop of demand for U.S. cargoes, Reuters reported that supply disruptions in the Middle East prompted buyers to turn to U.S. cargoes. Cheniere shares rose 4% in premarket trading on October 29, according to Reuters. Another report published the same day said the stock climbed 6.2% in afternoon trading to $316.11, reaching its highest level in 52 weeks. These figures do not establish that it reached an all-time high. The company had announced that its third-quarter results call would be held on October 29 at 11 a.m. Eastern time.
Looking further ahead, Cheniere signed long-term sale and purchase agreements with QatarEnergy to supply a total of 4 million tonnes per year of liquefied natural gas. Deliveries are due to begin in the early 2030s, and the agreements run through 2054. In its sector outlook, the U.S. Energy Information Administration estimated U.S. liquefied natural gas exports at 17.3 billion cubic feet per day in the second half of 2026, before rising to 18.7 billion in the first half of 2027. These estimates put the expansion of U.S. exports in a timeline extending into next year. Fusco, meanwhile, linked the company’s preliminary 2027 production outlook to project completion and the removal of production bottlenecks.