LNG 10-Q report for 2026-03-31

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 2026-03-31 lng-20260331 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 March 31, 2026 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 May 1, 2026, the issuer had 209,551,868 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 6 Notes to Consolidated Financial Statements 7 Note 1—Nature of Operations and Basis of Presentation 7 Note 2—Trade and Other Receivables, Net of Current Expected Credit Losses 8 Note 3—Inventory 8 Note 4—Property, Plant and Equipment, Net of Accumulated Depreciation 9 Note 5—Derivative Instruments 9 Note 6—Non-Controlling Interests and Variable Interest Entities 14 Note 7—Accrued Liabilities 15 Note 8—Debt 16 Note 9—Leases 18 Note 10—Revenues 19 Note 11—Related Party Transactions 21 Note 12—Income Taxes 21 Note 13—Net Income per Share Attributable to Common Stockholders 21 Note 14—Share Repurchase Programs 22 Note 15—Segment Information and Customer Concentration 22 Note 16—Supplemental Cash Flow Information 23 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 37 Part II. Other Information Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39 Signatures 40 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 DAP delivered at place, which requires the buyer to take delivery at one or more designated receiving terminals 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 U.S. has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the U.S. 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 deliv Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 37 Part II. Other Information Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39 Signatures 40 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 DAP delivered at place, which requires the buyer to take delivery at one or more designated receiving terminals 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 U.S. has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the U.S. 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 U.S. 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 March 31, 2026, 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 March 31, 2026 2025 Revenues LNG revenues $ 5,722 $ 5,305 Regasification revenues 34 34 Other revenues 112 105 Total revenues 5,868 5,444 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) 8,318 3,571 Operating and maintenance expense 525 473 Selling, general and administrative expense 136 116 Depreciation, amortization and accretion expense 373 312 Other operating costs and expenses 4 11 Total operating costs and expenses 9,356 4,483 Income (loss) from operations ( 3,488 ) 961 Other income (expense) Interest expense, net of capitalized interest ( 255 ) ( 229 ) Loss on modification or extinguishment of debt ( 23 ) — Interest and dividend income 16 37 Other income (expense), net ( 3 ) 20 Total other expense ( 265 ) ( 172 ) Income (loss) before income taxes and NCI ( 3,753 ) 789 Less: income tax provision (benefit) ( 341 ) 121 Net income (loss) ( 3,412 ) 668 Less: net income attributable to NCI 90 315 Net income (loss) attributable to Cheniere $ ( 3,502 ) $ 353 Net income (loss) per share attributable to common stockholders—basic and diluted (1) $ ( 16.65 ) $ 1.57 Weighted average number of common shares outstanding—basic 210.5 223.5 Weighted average number of common shares outstanding—diluted 210.5 224.1 ___________________ (1) In January 2026, we redeemed the remaining redeemable NCI in our consolidated variable interest entity ( “VIE” ) that owns the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities . Prior to the redemption, in computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere was 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) March 31, December 31, 2026 2025 ASSETS Current assets Cash and cash equivalents $ 1,305 $ 1,099 Restricted cash and cash equivalents 463 485 Trade and other receivables, net of current expected credit losses 1,209 1,380 Inventory 678 524 Current derivative assets 25 9 Margin deposits 289 76 Other current assets, net 190 119 Total current assets 4,159 3,692 Property, plant and equipment, net of accumulated depreciation 36,744 35,755 Operating lease assets 2,657 2,700 Derivative assets 2,229 4,663 Deferred tax assets 12 12 Other non-current assets, net 1,044 1,060 Total assets $ 46,845 $ 47,882 LIABILITIES, REDEEMABLE NCI AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 241 $ 123 Accrued liabilities 2,047 2,081 Current debt, net of unamortized discount and debt issuance costs 1,606 306 Deferred revenue 111 150 Current operating lease liabilities 572 539 Current derivative liabilities 2,546 618 Other current liabilities 149 99 Total current liabilities 7,272 3,916 Long-term debt, net of unamortized discount and debt issuance costs 22,143 22,507 Operating lease liabilities 2,086 2,163 Derivative liabilities 1,810 1,208 Deferred tax liabilities 3,318 3,698 Other non-current liabilities 1,544 1,312 Total liabilities 38,173 34,804 Redeemable NCI — 136 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; 279.6 million shares and 279.2 million shares issued at March 31, 2026 and December 31, 2025, respectively 1 1 Treasury stock: 69.5 million shares and 66.8 million shares at March 31, 2026 and December 31, 2025, respectively, at cost ( 9,394 ) ( 8,852 ) Additional paid-in-capital 4,526 4,523 Retained earnings 8,622 12,243 Total Cheniere stockholders’ equity 3,755 7,915 NCI 4,917 5,027 Total stockholders’ equity 8,672 12,942 Total liabilities, redeemable NCI and stockholders’ equity $ 46,845 $ 47,882 (1) Amounts presented include balances held by our VIEs, all of which were related to CQP as of March 31, 2026, and substantially all of which were related to CQP as of December 31, 2025. As of March 31, 2026, total assets and liabilities of our VIEs were $ 16.6 billion and $ 17.0 billion, respectively, as further detailed in Note 6—Non-Controlling Interests and Variable Interest Entities , including $ 279 million of cash and cash equivalents and $ 22 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 Months Ended March 31, 2026 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, 2025 212.4 $ 1 66.8 $ ( 8,852 ) $ 4,523 $ 12,243 $ 5,027 $ 12,942 $ 136 Net income (loss) —  —  —  —  —  ( 3,502 ) 92 ( 3,410 ) ( 2 ) Dividends declared ($ 0.555 per common share) and dividend equivalents accrued —  —  —  —  —  ( 117 ) —  ( 117 ) —  Shares repurchased, at cost and inclusive of excise taxes ( 2.7 ) —  2.7 ( 542 ) —  —  —  ( 542 ) —  Accretion of redeemable NCI (2) —  —  —  —  —  ( 2 ) —  ( 2 ) 2 Distributions to NCI —  —  —  —  —  —  ( 202 ) ( 202 ) —  Vesting of share-based compensation awards 0.4 —  —  —  —  —  —  —  —  Share-based compensation —  —  —  —  39 —  —  39 —  Issued shares withheld from employees related to share-based compensation, at cost —  —  —  —  ( 36 ) —  —  ( 36 ) —  Redemption of Redeemable NCI —  —  —  —  —  —  —  —  ( 136 ) Balance at March 31, 2026 210.1 $ 1 69.5 $ ( 9,394 ) $ 4,526 $ 8,622 $ 4,917 $ 8,672 $ — Three Months Ended March 31, 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 —  —  —  —  —  353 317 670 ( 2 ) Dividends declared ($ 0.50 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 (1) Redeemable NCI represents the economic interest held by a third party in one of our consolidated VIEs that was redeemable for cash under certain circumstances, including those that are outside of our control. As such, the economic interest was not a component of permanent equity on our Consolidated Balance Sheets. In January 2026, we redeemed the remaining redeemable NCI in our consolidated VIE that has an equity interest in the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities , at a price that approximated our carrying value. As of March 31, 2026, we owned 100% of the equity interest in this entity. (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 CHENIERE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income (loss) $ ( 3,412 ) $ 668 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, amortization and accretion expense 373 312 Share-based compensation expense 78 56 Amortization of discount and debt issuance costs 10 9 Reduction of right-of-use assets 145 159 Total losses on derivative instruments, net 5,457 539 Net cash provided by (used for) settlement of derivative instruments ( 509 ) 71 Deferred taxes ( 385 ) 38 Other, net 31 ( 14 ) Changes in operating assets and liabilities: Trade and other receivables 179 ( 286 ) Inventory ( 156 ) ( 24 ) Margin deposits ( 213 ) 41 Other non-current assets 65 ( 21 ) Accounts payable and accrued liabilities ( 131 ) ( 93 ) Total deferred revenue ( 45 ) ( 57 ) Total operating lease liabilities ( 145 ) ( 152 ) Other non-current liabilities ( 216 ) — Other, net ( 46 ) ( 18 ) Net cash provided by operating activities 1,080 1,228 Cash flows from investing activities Property, plant and equipment, net of proceeds from commissioning sales of LNG of $ 42 million and $ 43 million, respectively ( 736 ) ( 623 ) Proceeds from sale of equity method investment — 80 Other, net ( 6 ) ( 6 ) Net cash used in investing activities ( 742 ) ( 549 ) Cash flows from financing activities Proceeds from issuances of debt and borrowings 2,543 125 Redemptions and repayments of debt ( 1,603 ) ( 425 ) Distributions to NCI ( 202 ) ( 200 ) Contributions from redeemable NCI — 38 Redemption of redeemable NCI ( 136 ) — Payments related to tax withholdings for share-based compensation ( 36 ) ( 44 ) Repurchase of common stock, inclusive of excise taxes paid ( 537 ) ( 363 ) Dividends to stockholders ( 117 ) ( 112 ) Other, net ( 61 ) ( 16 ) Net cash used in financing activities ( 149 ) ( 997 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents ( 5 ) ( 4 ) Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 184 ( 322 ) Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 1,584 3,190 Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 1,768 $ 2,868 The accompanying notes are an integral part of these consolidated financial statements. 6 Table of Contents C Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39 Signatures 40 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 DAP delivered at place, which requires the buyer to take delivery at one or more designated receiving terminals 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 U.S. has a free trade agreement providing for national treatment for trade in natural gas GAAP generally accepted accounting principles in the U.S. 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 U.S. 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 March 31, 2026, 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 March 31, 2026 2025 Revenues LNG revenues $ 5,722 $ 5,305 Regasification revenues 34 34 Other revenues 112 105 Total revenues 5,868 5,444 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) 8,318 3,571 Operating and maintenance expense 525 473 Selling, general and administrative expense 136 116 Depreciation, amortization and accretion expense 373 312 Other operating costs and expenses 4 11 Total operating costs and expenses 9,356 4,483 Income (loss) from operations ( 3,488 ) 961 Other income (expense) Interest expense, net of capitalized interest ( 255 ) ( 229 ) Loss on modification or extinguishment of debt ( 23 ) — Interest and dividend income 16 37 Other income (expense), net ( 3 ) 20 Total other expense ( 265 ) ( 172 ) Income (loss) before income taxes and NCI ( 3,753 ) 789 Less: income tax provision (benefit) ( 341 ) 121 Net income (loss) ( 3,412 ) 668 Less: net income attributable to NCI 90 315 Net income (loss) attributable to Cheniere $ ( 3,502 ) $ 353 Net income (loss) per share attributable to common stockholders—basic and diluted (1) $ ( 16.65 ) $ 1.57 Weighted average number of common shares outstanding—basic 210.5 223.5 Weighted average number of common shares outstanding—diluted 210.5 224.1 ___________________ (1) In January 2026, we redeemed the remaining redeemable NCI in our consolidated variable interest entity ( “VIE” ) that owns the Gregory Power Plant, as described in Note 6—Non-Controlling Interests and Variable Interest Entities . Prior to the redemption, in computing basic and diluted net income per share attributable to common stockholders, net income attributable to Cheniere was 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) March 31, December 31, 2026 2025 ASSETS Current assets Cash and cash equivalents $ 1,305 $ 1,099 Restricted cash and cash equivalents 463 485 Trade and other receivables, net of current expected credit losses 1,209 1,380 Inventory 678 524 Current derivative assets 25 9 Margin deposits 289 76 Other current assets, net 190 119 Total current assets 4,159 3,692 Property, plant and equipment, net of accumulated depreciation 36,744 35,755 Operating lease assets 2,657 2,700 Derivative assets 2,229 4,663 Deferred tax assets 12 12 Other non-current assets, net 1,044 1,060 Total assets $ 46,845 $ 47,882 LIABILITIES, REDEEMABLE NCI AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 241 $ 123 Accrued liabilities 2,047 2,081 Current debt, net of unamortized discount and debt issuance costs 1,606 306 Deferred revenue 111 150 Current operating lease liabilities 572 539 Current derivative liabilities 2,546 618 Other current liabilities 149 99 Total current liabilities 7,272 3,916 Long-term debt, net of unamortized discount and debt issuance costs 22,143 22,507 Operating lease liabilities 2,086 2,163 Derivative liabilities 1,810 1,208 Deferred tax liabilities 3,318 3,698 Other non-current liabilities 1,544 1,312 Total liabilities 38,173 34,804 Redeemable NCI — 136 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; 279.6 million shares and 279.2 million shares issued at March 31, 2026 and December 31, 2025, respectively 1 1 Treasury stock: 69.5 million shares and 66.8 million shares at March 31, 2026 and December 31, 2025, respectively, at cost ( 9,394 ) ( 8,852 ) Additional paid-in-capital 4,526 4,523 Retained earnings 8,622 12,243 Total Cheniere stockholders’ equity 3,755 7,915 NCI 4,917 5,027 Total stockholders’ equity 8,672 12,942 Total liabilities, redeemable NCI and stockholders’ equity $ 46,845 $ 47,882 (1) Amounts presented include balances held by our VIEs, all of which were related to CQP as of March 31, 2026, and substantially all of which were related to CQP as of December 31, 2025. As of March 31, 2026, total assets and liabilities of our VIEs were $ 16.6 billion and $ 17.0 billion, respectively, as further detailed in Note 6—Non-Controlling Interests and Variable Interest Entities , including $ 279 million of cash and cash equivalents and $ 22 million of restricted cash and cash equivalents. The accompanying notes are an integral part of these consolidated financial stateme 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, 2025 . 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; • 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. 33 Table of Contents 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 The following table summarizes the project completion and construction status of the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project as of March 31, 2026: Corpus Christi Stage 3 Project CCL Midscale Trains 8 & 9 Project Overall project completion percentage 96.5% 36.9% Completion percentage of: Engineering 99.7% 85.8% Procurement 100.0% 51.7% Subcontract work 96.8% 41.3% Construction 91.0% 2.5% Date of expected substantial completion 1H 2026 - 2H 2026 (1) 2H 2028 (1) As of March 31, 2026, substantial completions of the first five of seven midscale Trains of the Corpus Christi Stage 3 Project have been 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.  Three Months Ended March 31, 2026 2025 Net cash provided by operating activities $ 1,080  $ 1,228  Net cash used in investing activities (742) (549) Net cash used in financing activities (149) (997) Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (5) (4) Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents $ 184  $ (322) Operating Cash Flows The $148 million decrease between the periods was primarily related to a more significant decrease in net working capital in the current period as compared to prior period due to differences in timing of cash collections from the sale of LNG cargoes and payments to suppliers. Also contributing to the decrease in operating cash flows was cash used for settlement of derivative instruments during the three months ended March 31, 2026 compared to cash provided by settlement of derivative instruments during the same period in 2025. Partially offsetting these decreases was increased cash receipts from the sale of LNG cargoes due to higher revenue from increased Henry Hub pricing and higher production volume, as explained above in Results of Operations . Investing Cash Flows Our investing net cash outflows primari

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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.