Cheniere(US:LNG)2025-10-30 11:31Financial Performance - Cheniere reported Q3 2025 revenues of approximately $4.4 billion, a year-over-year increase of 18%, and year-to-date revenues of $14.5 billion, up 29%[3]. - Net income for Q3 2025 was approximately $1.0 billion, a 17% increase compared to Q3 2024, and year-to-date net income reached $3.0 billion, up 33%[3][9]. - Consolidated Adjusted EBITDA for Q3 2025 was approximately $1.6 billion, an 8% increase year-over-year, with year-to-date EBITDA of $4.9 billion, a 7% increase[3][9]. - LNG revenues for Q3 2025 reached $4,302 million, a 21% increase from $3,554 million in Q3 2024[37]. - Total revenues for the nine months ended September 30, 2025, were $14,526 million, up 29% from $11,267 million in the same period of 2024[37]. - Net income attributable to Cheniere for Q3 2025 was $1,049 million, compared to $893 million in Q3 2024, reflecting a 17% increase[37]. - Consolidated Adjusted EBITDA for Q3 2025 was $1,608 million, an 8% increase from $1,483 million in Q3 2024[44]. - Net income attributable to Cheniere for Q3 2025 was $1.05 billion, with a nine-month total of $3.03 billion, and a full-year guidance of $3.5 billion to $3.9 billion[47]. - Distributable Cash Flow for Q3 2025 was $1.86 billion, totaling $4.54 billion for the first nine months, with a full-year forecast of $5.8 billion to $6.3 billion[47]. Capital Expenditures and Guidance - Cheniere raised its full year 2025 Distributable Cash Flow guidance from $4.4 billion - $4.8 billion to $4.8 billion - $5.2 billion, primarily due to revised IRS rules related to the Corporate Alternative Minimum Tax[4][6]. - The company emphasizes that Distributable Cash Flow is a key performance measure for evaluating the ability to generate cash earnings after servicing debt and paying taxes[50]. - The guidance for full-year 2025 Distributable Cash Flow reflects current tax law and does not account for potential changes in tax regulations[48]. - Maintenance capital expenditures for Q3 2025 were $0.03 billion, with a nine-month total of $0.12 billion[47]. - Interest expense, net of capitalized interest, for Q3 2025 was $0.24 billion, totaling $0.70 billion for the first nine months[47]. Operational Highlights - Cheniere achieved substantial completion of Train 3 of the CCL Stage 3 Project in October 2025, following the completion of Trains 1 and 2 earlier in 2025[6][21]. - The company exported 163 LNG cargoes in Q3 2025, a 3% increase from the previous year, with total volumes of 586 TBtu, also up 3%[7]. - The company exported 586 TBtu of LNG during Q3 2025, with a total of 1,745 TBtu exported in the nine months ended September 30, 2025[34]. - Cheniere has approximately 50 mtpa of liquefaction capacity in operation and 11 mtpa under construction, with over 40 mtpa in the regulatory permitting process[17][27]. - The CCL Midscale Trains 8 & 9 Project is under construction, with an expected total production capacity of approximately 5 mtpa, and a positive Final Investment Decision was made in June 2025[22]. Liquidity and Assets - The company maintains a total available liquidity of approximately $9.1 billion as of September 30, 2025[12]. - As of September 30, 2025, total assets amounted to $45,102 million, an increase from $43,858 million as of December 31, 2024[42]. - Current liabilities as of September 30, 2025, totaled $3,739 million, a decrease from $4,441 million as of December 31, 2024[42]. Shareholder Returns - The company repurchased approximately 4.4 million shares for about $1.0 billion in Q3 2025 and paid quarterly dividends totaling approximately $109 million[6]. - The company reported a net income per share attributable to common stockholders of $4.76 for Q3 2025, compared to $3.95 for Q3 2024[37]. Other Considerations - The company recognized 3 TBtu of LNG sourced from third parties during Q3 2025[35]. - The cash tax payments are subject to volatility and regulatory changes, which could impact future cash tax payments significantly[48]. - The company’s capital spending includes both maintenance and expansion capital expenditures aimed at sustaining reliability and generating incremental cash flow[53].