LNG 10-Q report for 2025-09-30

Cheniere Energy, Inc., an energy infrastructure company, primarily engages in the liquefied natural gas (LNG) related businesses in the United States.

LNG 10-Q report for 2025-09-30 lng-20250930 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number  001-16383 CHENIERE ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 95-4352386 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 845 Texas Avenue , Suite 1250 Houston , Texas 77002 (Address of principal executive offices) (Zip Code) ( 713 )  375-5000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:  Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $ 0.003 par value LNG New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☒ As of October 24, 2025, the issuer had 215,234,776 shares of Common Stock outstanding. CHENIERE ENERGY, INC. TABLE OF CONTENTS Definitions 1 Part I. Financial Information Item 1. Consolidated Financial Statements 3 Consolidated Statements of Operations 3 Consolidated Balance Sheets 4 Consolidated Statements of Stockholders’ Equity and Redeemable Non-Controlling Interest 5 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 8 Note 1—Nature of Operations and Basis of Presentation 8 Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses 9 Note 3—Inventory 9 Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation 10 Note 5—Derivative Instruments 10 Note 6—Non-Controlling Interests and Variable Interest Entities 15 Note 7—Accrued Liabilities 16 Note 8—Debt 17 Note 9—Leases 19 Note 10—Revenues 20 Note 11—Related Party Transactions 22 Note 12—Income Taxes 22 Note 13—Net Income per Share Attributable to Common Stockholders 23 Note 14—Share Repurchase Programs 24 Note 15—Segment Information and Customer Concentration 24 Note 16—Supplemental Cash Flow Information 25 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures about Market Risk 41 Item 4. Controls and Procedures 41 Part II. Other Information Item 1. Legal Proceedings 42 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5. Other Information 42 Item 6. Exhibits 43 Signatures 44 i Table of Contents DEFINITIONS As used in this quarterly report, the terms listed below have the following meanings:  Common Industry and Other Terms ASU Accounting Standards Update Bcf/d billion cubic feet per day Bcfe billion cubic feet equivalent CAMT corporate alternative minimum tax DOE U.S. Department of Energy EPC engineering, procurement and construction FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision FTA countries countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin IPM agreeme Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures about Market Risk 41 Item 4. Controls and Procedures 41 Part II. Other Information Item 1. Legal Proceedings 42 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5. Other Information 42 Item 6. Exhibits 43 Signatures 44 i Table of Contents DEFINITIONS As used in this quarterly report, the terms listed below have the following meanings:  Common Industry and Other Terms ASU Accounting Standards Update Bcf/d billion cubic feet per day Bcfe billion cubic feet equivalent CAMT corporate alternative minimum tax DOE U.S. Department of Energy EPC engineering, procurement and construction FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision FTA countries countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin IPM agreements integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs LNG liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state MMBtu million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit mtpa million tonnes per annum NGA Natural Gas Act of 1938, as amended NCI non-controlling interests non-FTA countries countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPA LNG sale and purchase agreement TBtu trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit Train an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG TUA terminal use agreement 1 Table of Contents Abbreviated Legal Entity Structure The following diagram depicts our abbreviated legal entity structure as of September 30, 2025, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report: Unless the context requires otherwise, references to the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP. 2 Table of Contents PART I.    FINANCIAL INFORMATION  ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues LNG revenues $ 4,302 $ 3,554 $ 14,122 $ 10,633 Regasification revenues 34 34 102 102 Other revenues 105 175 302 532 Total revenues 4,441 3,763 14,526 11,267 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) 1,750 1,255 6,438 4,275 Operating and maintenance expense 447 450 1,479 1,364 Selling, general and administrative expense 81 99 296 299 Depreciation, amortization and accretion expense 338 306 979 912 Other operating costs and expenses 8 6 26 28 Total operating costs and expenses 2,624 2,116 9,218 6,878 Income from operations 1,817 1,647 5,308 4,389 Other income (expense) Interest expense, net of capitalized interest ( 236 ) ( 247 ) ( 702 ) ( 770 ) Loss on modification or extinguishment of debt ( 7 ) — ( 7 ) ( 9 ) Interest and dividend income 23 41 91 149 Other income (expense), net 2 ( 3 ) 21 ( 1 ) Total other expense ( 218 ) ( 209 ) ( 597 ) ( 631 ) Income before income taxes and NCI 1,599 1,438 4,711 3,758 Less: income tax provision 303 231 850 550 Net income 1,296 1,207 3,861 3,208 Less: net income attributable to NCI 247 314 833 933 Net income attributable to Cheniere $ 1,049 $ 893 $ 3,028 $ 2,275 Net income per share attributable to common stockholders—basic (1) $ 4.76 $ 3.95 $ 13.63 $ 9.91 Net income per share attributable to common stockholders—diluted (1) $ 4.75 $ 3.93 $ 13.59 $ 9.88 Weighted average number of common shares outstanding—basic 219.3 226.3 221.5 229.6 Weighted average number of common shares outstanding—diluted 219.9 227.0 222.1 230.3 ___________________ (1) In computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere is adjusted for the remeasurement of the redeemable NCI, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation. The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (1) (in millions, except share data) (unaudited) September 30, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 1,075 $ 2,638 Restricted cash and cash equivalents 323 552 Trade and other receivables, net of current expected credit losses 1,324 727 Inventory 458 501 Current derivative assets 89 155 Margin deposits 103 128 Other current assets, net 129 100 Total current assets 3,501 4,801 Property, plant and equipment, net of accumulated depreciation 35,345 33,552 Operating lease assets 2,627 2,684 Derivative assets 2,565 1,903 Deferred tax assets 17 19 Other non-current assets, net 1,047 899 Total assets $ 45,102 $ 43,858 LIABILITIES, REDEEMABLE NCI AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 279 $ 171 Accrued liabilities 1,492 2,179 Current debt, net of unamortized discount and debt issuance costs 605 351 Deferred revenue 176 163 Current operating lease liabilities 539 592 Current derivative liabilities 556 902 Other current liabilities 92 83 Total current liabilities 3,739 4,441 Long-term debt, net of unamortized discount and debt issuance costs 21,957 22,554 Operating lease liabilities 2,091 2,090 Derivative liabilities 1,464 1,865 Deferred tax liabilities 3,075 1,856 Other non-current liabilities 1,315 992 Total liabilities 33,641 33,798 Redeemable NCI 118 7 Stockholders’ equity Preferred stock: $ 0.0001 par value, 5.0 million shares authorized, none issued — — Common stock: $ 0.003 par value, 480.0 million shares authorized; 279.3 million shares and 278.7 million shares issued at September 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock: 62.1 million shares and 54.7 million shares at September 30, 2025 and December 31, 2024, respectively, at cost ( 7,826 ) ( 6,136 ) Additional paid-in-capital 4,507 4,452 Retained earnings 10,067 7,382 Total Cheniere stockholders’ equity 6,749 5,699 NCI 4,594 4,354 Total stockholders’ equity 11,343 10,053 Total liabilities, redeemable NCI and stockholders’ equity $ 45,102 $ 43,858 (1) Amounts presented include balances held by our consolidated variable interest entities ( “VIEs” ), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities . As of September 30, 2025, total assets and liabilities of our VIEs were $ 16.7 billion and $ 17.1 billion, respectively, including $ 121 million of cash and cash equivalents and $ 61 million of restricted cash and cash equivalents. The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTEREST (in millions) (unaudited) Three and Nine Months Ended September 30, 2025 Total Stockholders’ Equity Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings NCI Total Equity Redeemable NCI (1) Shares Par Value Amount Shares Amount Balance at December 31, 2024 224.0 $ 1 54.7 $ ( 6,136 ) $ 4,452 $ 7,382 $ 4,354 $ 10,053 $ 7 Net income (loss) —  —  —  —  —  353 317 670 ( 2 ) Dividends declared ($ 0.500 per common share) and dividend equivalents accrued —  —  —  —  —  ( 113 ) —  ( 113 ) —  Shares repurchased, at cost and inclusive of excise taxes ( 1.6 ) —  1.6 ( 352 ) —  —  —  ( 352 ) —  Accretion of redeemable NCI (2) —  —  —  —  —  ( 2 ) —  ( 2 ) 2 Distributions to NCI —  —  —  —  —  —  ( 200 ) ( 200 ) —  Contributions from redeemable NCI —  —  —  —  —  —  —  —  38 Vesting of share-based compensation awards 0.4 —  —  —  —  —  —  —  —  Share-based compensation —  —  —  —  40 —  —  40 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 44 ) —  —  ( 44 ) —  Balance at March 31, 2025 222.8 1 56.3 ( 6,488 ) 4,448 7,620 4,471 10,052 45 Net income (loss) —  —  —  —  —  1,626 273 1,899 ( 2 ) Dividends declared ($ 0.500 per common share declared each on April 29, 2025 and on June 17, 2025) and dividend equivalents accrued —  —  —  —  —  ( 222 ) —  ( 222 ) —  Shares repurchased, at cost and inclusive of excise taxes ( 1.4 ) —  1.4 ( 310 ) —  —  —  ( 310 ) —  Accretion of redeemable NCI (2) —  —  —  —  —  ( 3 ) —  ( 3 ) 4 Distributions to NCI —  —  —  —  —  —  ( 200 ) ( 200 ) —  Contributions from redeemable NCI —  —  —  —  —  —  —  —  11 Vesting of share-based compensation awards 0.1 —  —  —  —  —  —  —  —  Share-based compensation —  —  —  —  37 —  —  37 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 2 ) —  —  ( 2 ) —  Balance at June 30, 2025 221.5 1 57.7 ( 6,798 ) 4,483 9,021 4,544 11,251 58 Net income (loss) —  —  —  —  —  1,049 250 1,299 ( 3 ) Shares repurchased, at cost and inclusive of excise taxes ( 4.4 ) —  4.4 ( 1,028 ) —  —  —  ( 1,028 ) —  Accretion of redeemable NCI (2) —  —  —  —  —  ( 3 ) —  ( 3 ) 4 Distributions to NCI —  —  —  —  —  —  ( 200 ) ( 200 ) —  Contributions from redeemable NCI —  —  —  —  —  —  —  —  59 Vesting of share-based compensation awards 0.1 —  —  —  —  —  —  —  —  Share-based compensation —  —  —  —  28 —  —  28 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 4 ) —  —  ( 4 ) —  Balance at September 30, 2025 217.2 $ 1 62.1 $ ( 7,826 ) $ 4,507 $ 10,067 $ 4,594 $ 11,343 $ 118 (1) Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest is not a component of permanent equity on our Consolidated Balance Sheets. (2) Amount in retained earnings presented net of tax. The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents Three and Nine Months Ended September 30, 2024 Total Stockholders’ Equity Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings NCI Total Equity Redeemable NCI (1) Shares Par Value Amount Shares Amount Balance at December 31, 2023 237.0 $ 1 40.9 $ ( 3,864 ) $ 4,377 $ 4,546 $ 3,960 $ 9,020 $ — Net income —  —  —  —  —  502 337 839 —  Dividends declared ($ 0.435 per common share) and dividend equivalents accrued —  —  —  —  —  ( 103 ) —  ( 103 ) —  Shares repurchased, at cost and inclusive of excise taxes ( 7.5 ) —  7.5 ( 1,203 ) —  —  —  ( 1,203 ) —  Distributions to NCI —  —  —  —  —  —  ( 253 ) ( 253 ) —  Contributions from redeemable NCI —  —  —  —  —  —  —  —  4 Vesting of share-based compensation awards 0.6 —  —  —  —  —  —  —  —  Share-based compensation —  —  —  —  34 —  —  34 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 40 ) —  —  ( 40 ) —  Balance at March 31, 2024 230.1 1 48.4 ( 5,067 ) 4,371 4,945 4,044 8,294 4 Net income —  —  —  —  —  880 282 1,162 —  Dividends declared ($ 0.435 per common share declared each on April 26, 2024 and on June 17, 2024) and dividend equivalents accrued —  —  —  —  —  ( 200 ) —  ( 200 ) —  Shares repurchased, at cost and inclusive of excise taxes ( 3.1 ) —  3.1 ( 501 ) —  —  —  ( 501 ) —  Distributions to NCI —  —  —  —  —  —  ( 198 ) ( 198 ) —  Contributions from redeemable NCI —  —  —  —  —  —  —  —  2 Share-based compensation —  —  —  —  36 —  —  36 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 1 ) —  —  ( 1 ) —  Balance at June 30, 2024 227.0 1 51.5 ( 5,568 ) 4,406 5,625 4,128 8,592 6 Net income —  —  —  —  —  893 314 1,207 —  Shares repurchased, at cost and inclusive of excise taxes ( 1.6 ) —  1.6 ( 285 ) —  —  —  ( 285 ) —  Distributions to NCI —  —  —  —  —  —  ( 197 ) ( 197 ) —  Share-based compensation —  —  —  —  34 —  —  34 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 4 ) —  —  ( 4 ) —  Balance at September 30, 2024 225.4 $ 1 53.1 $ ( 5,853 ) $ 4,436 $ 6,518 $ 4,245 $ 9,347 $ 6 (1) Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that is redeemable for cash under certain circumstances, includ Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 5. Other Information 42 Item 6. Exhibits 43 Signatures 44 i Table of Contents DEFINITIONS As used in this quarterly report, the terms listed below have the following meanings:  Common Industry and Other Terms ASU Accounting Standards Update Bcf/d billion cubic feet per day Bcfe billion cubic feet equivalent CAMT corporate alternative minimum tax DOE U.S. Department of Energy EPC engineering, procurement and construction FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission FID final investment decision FTA countries countries with which the United States has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the United States Henry Hub the final settlement price (in U.S. dollars per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin IPM agreements integrated production marketing agreements in which the gas producer sells to us gas on a global LNG or natural gas index price, less a fixed liquefaction fee, shipping and other costs LNG liquefied natural gas, a product of natural gas that, through a refrigeration process, has been cooled to a liquid state, which occupies a volume that is approximately 1/600th of its gaseous state MMBtu million British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit mtpa million tonnes per annum NGA Natural Gas Act of 1938, as amended NCI non-controlling interests non-FTA countries countries with which the United States does not have a free trade agreement providing for national treatment for trade in natural gas and with which trade is permitted SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SPA LNG sale and purchase agreement TBtu trillion British thermal units; one British thermal unit measures the amount of energy required to raise the temperature of one pound of water by one degree Fahrenheit Train an industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG TUA terminal use agreement 1 Table of Contents Abbreviated Legal Entity Structure The following diagram depicts our abbreviated legal entity structure as of September 30, 2025, including our ownership of certain subsidiaries, and the references to these entities used in this quarterly report: Unless the context requires otherwise, references to the “Company,” “we,” “us” and “our” refer to Cheniere Energy, Inc. and its consolidated subsidiaries, including our publicly traded subsidiary, CQP. 2 Table of Contents PART I.    FINANCIAL INFORMATION  ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues LNG revenues $ 4,302 $ 3,554 $ 14,122 $ 10,633 Regasification revenues 34 34 102 102 Other revenues 105 175 302 532 Total revenues 4,441 3,763 14,526 11,267 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) 1,750 1,255 6,438 4,275 Operating and maintenance expense 447 450 1,479 1,364 Selling, general and administrative expense 81 99 296 299 Depreciation, amortization and accretion expense 338 306 979 912 Other operating costs and expenses 8 6 26 28 Total operating costs and expenses 2,624 2,116 9,218 6,878 Income from operations 1,817 1,647 5,308 4,389 Other income (expense) Interest expense, net of capitalized interest ( 236 ) ( 247 ) ( 702 ) ( 770 ) Loss on modification or extinguishment of debt ( 7 ) — ( 7 ) ( 9 ) Interest and dividend income 23 41 91 149 Other income (expense), net 2 ( 3 ) 21 ( 1 ) Total other expense ( 218 ) ( 209 ) ( 597 ) ( 631 ) Income before income taxes and NCI 1,599 1,438 4,711 3,758 Less: income tax provision 303 231 850 550 Net income 1,296 1,207 3,861 3,208 Less: net income attributable to NCI 247 314 833 933 Net income attributable to Cheniere $ 1,049 $ 893 $ 3,028 $ 2,275 Net income per share attributable to common stockholders—basic (1) $ 4.76 $ 3.95 $ 13.63 $ 9.91 Net income per share attributable to common stockholders—diluted (1) $ 4.75 $ 3.93 $ 13.59 $ 9.88 Weighted average number of common shares outstanding—basic 219.3 226.3 221.5 229.6 Weighted average number of common shares outstanding—diluted 219.9 227.0 222.1 230.3 ___________________ (1) In computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere is adjusted for the remeasurement of the redeemable NCI, net of tax, to its redemption value, as required under the two-class method. See Note 13—Net Income per Share Attributable to Common Stockholders for the full computation. The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (1) (in millions, except share data) (unaudited) September 30, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 1,075 $ 2,638 Restricted cash and cash equivalents 323 552 Trade and other receivables, net of current expected credit losses 1,324 727 Inventory 458 501 Current derivative assets 89 155 Margin deposits 103 128 Other current assets, net 129 100 Total current assets 3,501 4,801 Property, plant and equipment, net of accumulated depreciation 35,345 33,552 Operating lease assets 2,627 2,684 Derivative assets 2,565 1,903 Deferred tax assets 17 19 Other non-current assets, net 1,047 899 Total assets $ 45,102 $ 43,858 LIABILITIES, REDEEMABLE NCI AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 279 $ 171 Accrued liabilities 1,492 2,179 Current debt, net of unamortized discount and debt issuance costs 605 351 Deferred revenue 176 163 Current operating lease liabilities 539 592 Current derivative liabilities 556 902 Other current liabilities 92 83 Total current liabilities 3,739 4,441 Long-term debt, net of unamortized discount and debt issuance costs 21,957 22,554 Operating lease liabilities 2,091 2,090 Derivative liabilities 1,464 1,865 Deferred tax liabilities 3,075 1,856 Other non-current liabilities 1,315 992 Total liabilities 33,641 33,798 Redeemable NCI 118 7 Stockholders’ equity Preferred stock: $ 0.0001 par value, 5.0 million shares authorized, none issued — — Common stock: $ 0.003 par value, 480.0 million shares authorized; 279.3 million shares and 278.7 million shares issued at September 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock: 62.1 million shares and 54.7 million shares at September 30, 2025 and December 31, 2024, respectively, at cost ( 7,826 ) ( 6,136 ) Additional paid-in-capital 4,507 4,452 Retained earnings 10,067 7,382 Total Cheniere stockholders’ equity 6,749 5,699 NCI 4,594 4,354 Total stockholders’ equity 11,343 10,053 Total liabilities, redeemable NCI and stockholders’ equity $ 45,102 $ 43,858 (1) Amounts presented include balances held by our consolidated variable interest entities ( “VIEs” ), substantially all of which are related to CQP, as further discussed in Note 6—Non-Controlling Interests and Variable Interest Entities . As of September 30, 2025, total assets and liabilities of our VIEs were $ 16.7 billion and $ 17.1 billion, respectively, including $ 121 million of cash and cash equivalents and $ 61 million of restricted cash and cash equivalents. The accompanying notes a Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the fiscal year ended December 31, 2024 . Although our sources and uses of cash are presented below from a consolidated standpoint, SPL, CQP, CCH and Cheniere operate with independent capital structures. Certain restrictions or requirements under debt and equity instruments executed by our subsidiaries limit the entity’s use of cash, including the following: • SPL and CCH are required to deposit all cash received into restricted cash and cash equivalents accounts under certain of their debt agreements. The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Projects and other restricted payments. In addition, SPL and CCH’s operating costs are managed by our subsidiaries under affiliate agreements, which may require SPL and CCH to advance cash to the respective affiliates, however the cash remains restricted for operation and construction of the Liquefaction Projects; 37 Table of Contents • CQP is required under its partnership agreement to distribute to unitholders all available cash on hand at the end of a quarter less the amount of any reserves established by its general partner. Quarterly distributions by CQP are currently comprised of a base amount plus a variable amount equal to the remaining available cash per unit, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of CQP’s business; • Our 48.6% limited partner interest, 100% general partner interest and incentive distribution rights in CQP limit our right to receive cash held by CQP to the amounts specified by the provisions of CQP’s partnership agreement; and • SPL and CCH are restricted by affirmative and negative covenants included in certain of their debt agreements in their ability to make certain payments, including distributions, unless specific requirements are satisfied. Despite the restrictions noted above, we believe that sufficient flexibility exists within the Cheniere complex to enable each independent capital structure to meet its currently anticipated cash requirements. The sources of liquidity at SPL, CQP and CCH primarily fund the cash requirements of the respective entity, and any remaining liquidity not subject to restriction, as supplemented by liquidity provided by Cheniere Marketing, is available to enable Cheniere to meet its cash requirements. Corpus Christi LNG Terminal Expansion As of September 30, 2025, substantial completions of the first two of seven midscale Trains of the Corpus Christi Stage 3 Project were achieved. Additionally, in June 2025, our Board made a positive FID with respect to the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under an EPC contract for a contract price of approximately $2.9 billion, subject to adjustment only by change order. The following table summarizes the project completion and construction status of both the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project as of September 30, 2025: Corpus Christi Stage 3 Project CCL Midscale Trains 8 & 9 Project Overall project completion percentage 90.5% 21.2% Completion percentage of: Engineering 99.4% 57.6% Procurement 100.0% 33.4% Subcontract work 93.3% 3.6% Construction 75.0% 0.0% Date of expected substantial completion of remaining Trains 2H 2025 - 2H 2026 (1) 2H 2028 (1) In October 2025, substantial completion of Train 3 of the Corpus Christi Stage 3 Project was achieved. Sources and Uses of Cash The following table summarizes the sources and uses of our cash, cash equivalents and restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.  Nine Months Ended September 30, 2025 2024 Net cash provided by operating activities $ 3,484  $ 3,753  Net cash used in investing activities (2,263) (1,706) Net cash used in financing activities (3,010) (3,493) Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (3) (3) Net decrease in cash, cash equivalents and restricted cash and cash equivalents $ (1,792) $ (1,449) 38 Table of Contents Operating Cash Flows The $269 million decrease between the periods was primarily related to lower cash flows attributed to working capital from differences in timing of payments to suppliers and cash collections from the sale of LNG cargoes, partially offset by higher net cash inflows from LNG sales, as explained above in Results of Operations , and increased cash inflows from settleme

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.