Cheniere Energy, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cheniere Energy, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,283	5,645	7,987	9,730	9,358	17,531	33,428	20,394	15,703	19,976
Cost of revenue	582	3,120	4,597	5,079	4,161	13,773	25,632	1,356	6,021	7,150
Gross profit	701	2,525	3,390	4,651	5,197	3,758	7,796	19,038	9,682	12,826
Research and development	7	10	7	9	6	7	16
Selling, general and administrative	260	256	289	310	302	325	416	474	441	383
Operating expenses	1,313	4,213	5,963	7,369
Operating income	-30	1,388	2,024	2,361	2,631	-701	4,559	15,489	6,128	9,112
Interest expense	488	747	875	1,432	1,525	1,438	1,406	1,141	1,010	948
Interest income						3	48	206	188	102
Other non-operating income	-633	-822	-797	-1,646	-2,087	-1,577	-1,465	-911	-825	-830
Pre-tax income	-663	566	1,227	715	544	-2,278	3,094	14,578	5,303	8,282
Income tax	2	3	27	-517	43	-713	459	2,519	811	1,488
Net income to minority interests	-55	956	729	584	586	778	1,207	2,178	1,240	1,464
Net income	-610	-393	471	648	-85	-2,343	1,428	9,881	3,252	5,330
EBITDA	144	1,744	2,473	3,155	3,563	310	5,678	16,685	7,348	10,441
EPS, basic	-2.67	-1.68	1.92	2.53	-0.34	-9.25	5.69	40.99	14.24	24.19
EPS, diluted	-2.67	-1.68	1.90	2.51	-0.34	-9.25	5.64	40.72	14.20	24.13
Shares, basic (weighted)	229	233	246	256	252	253	251	241	228	220
Shares, diluted (weighted)	229	233	248	258	252	253	253	243	229	220
Dividend per share					0.00	0.33	1.39	1.62	1.81

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	876	722	981	2,474	1,628	1,404	1,353	4,066	2,638	1,099
Receivables	218	369	585	491	647	1,506	1,944		661	1,237
Inventory	160	243	316	312	292	706	826	445	501	524
Other current assets	100	96	114	92	96	207	97	96	100	47
Total current assets	2,238	3,369	4,234	4,212	3,169	5,056	5,608	6,331	4,801	3,692
Property, plant and equipment	20,635	23,978	27,245	29,673	30,421	30,288	31,528	32,456	33,552	35,755
Lease right-of-use assets			0	439	759	2,102	2,625	2,641	2,684	2,700
Goodwill	77	77	77	77	77	77	77	77	77	77
Other non-current assets	302	288	369	388	406	462	606	759	899	1,072
Total assets	23,703	27,906	31,987	35,492	35,697	39,258	41,266	43,076	43,858	47,882
Accounts payable	49	25	58	66	35	155	124	181	171	123
Accrued liabilities	637	1,078	1,169	1,281	1,175	2,299	2,679	1,780	2,179	2,081
Deferred revenue	73	111	139	161	138	155	234	179	163	150
Short-term debt	247	0	239	0	372	366	813	300	351	306
Total current liabilities	1,077	1,251	1,742	1,874	2,196	4,693	6,795	3,888	4,441	3,916
Long-term debt	21,688	25,336	28,179	30,774	30,471	29,449	24,055	23,397	22,554	22,507
Lease liabilities			0	189	597	1,541	1,971	1,971	2,090	2,163
Other non-current liabilities	49	60	58	11	7	50	175	877	992	1,312
Total liabilities	22,864	26,666	30,058	33,057	33,479	39,291	41,437	34,056	33,798	34,804
Total debt	21,688	25,336	28,179	30,774	30,471	29,449	24,055	23,397	22,554	22,507
Paid-in capital	3,211	3,248	4,035	4,167	4,273	4,377	4,314	4,377	4,452	4,523
Retained earnings	-4,234	-4,627	-4,156	-3,508	-3,593	-6,021	-4,942	4,546	7,382	12,243
Treasury stock	-374	-386	-406	-674	-872	-928	-2,342	-3,864	-6,136	-8,852
Shareholders' equity	-1,396	-1,764	-526	-14	-191	-2,571	-2,969	5,060	5,699	7,915
Minority interests	2,235	3,004	2,455	2,449	2,409	2,538	2,798	3,960	4,354	5,027
Total equity	839	1,240	1,929	2,435	2,218	-33	-171	9,020	10,053	12,942
Total liabilities and equity	23,703	27,906	31,987	35,492	35,697	39,258	41,266	43,076	43,858	47,882
Shares outstanding	238	238	257	254	252	254

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-665	563	1,200	1,232	501	-1,565	2,635	12,059	4,492	6,794
Depreciation and amortization	174	356	449	794	932	1,011	1,119	1,196	1,220	1,329
Stock-based compensation	101	91	113	131	110	140	205	250	215	161
Deferred income tax	2	-3	-5	-521	40	-715	440	2,389	330	1,859
Change in inventory	-119	-73	-73	11	21	-409	-123	377	-57	-32
Change in payables	64	225	188	52	54	1,144	250	-982	248	-232
Cash from operations	-404	1,231	1,990	1,833	1,265	2,469	10,523	8,418	5,394	5,539
Capital expenditures	-4,356	-3,357	-3,643	-3,056	-1,839	-966	-1,830	-2,121	-2,238	-3,078
Cash from investing	-4,413	-3,381	-3,654	-3,163	-1,947	-912	-1,844	-2,202	-2,279	-3,012
Debt issued	12,865	6,854	4,285	6,434	7,547	5,911	1,575	1,397	2,725	1,987
Debt repaid	-7,671	-3,632	-1,391	-4,346	-7,708	-6,810	-6,771	-2,598	-3,521	-2,092
Stock issued	0	0
Share buybacks		0	0	-249	-155	-9	-1,373	-1,473	-2,262	-2,724
Dividends paid				0	0	-85	-349	-393	-412	-451
Cash from financing	4,908	2,936	2,207	1,168	-235	-1,817	-8,014	-4,180	-4,451	-4,130
Exchange rate effect					0	0	5	2	1	-3
Net change in cash	91	786	543	-162	-917	-260	670	2,038	-1,335	-1,606
Free cash flow	-4,760	-2,126	-1,653	-1,223	-574	1,503	8,693	6,297	3,156	2,461
Interest paid	66	305	707	1,126	1,395	1,365	891	1,032	1,075	844
Income taxes paid		3	14	24	2	4	30	117	-92	32

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $268.54 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.5%	Gross profit / revenue.
Operating margin	28.9%	Operating income / revenue.
EBITDA margin	35.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.4%	Pre-tax income / revenue.
Net margin	13.1%	Net income / revenue.
FCF margin	12.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.6%	Cash from operations / revenue.
Effective tax rate	17.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	47.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Return on invested capital (ROIC)	19.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	1.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	15.1%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	32.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	48.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	28.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	42.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	24.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	63.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	55.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	69.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	62.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-19.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	34.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	38.9%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.2%	Total debt / total assets.
Liabilities / assets	76.0%	Total liabilities / total assets.
Net debt	$21.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.27x	Operating income / interest expense.
Working capital	-$611.0M	Current assets - current liabilities.
Tangible book value	$6.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	0.60x	Revenue / average property, plant and equipment.
Inventory turnover	15.5x	Cost of revenue / average inventory.
Days inventory	24 days	365 x average inventory / cost of revenue.
Receivables turnover	18.1x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	34 days	Days inventory + days sales outstanding - days payables.
FCF conversion	95.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$13.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$106.01	Revenue / diluted weighted shares.
FCF per share	$13.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$29.30	Cash from operations / diluted weighted shares.
Book value per share	$29.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.55	Tangible book value / shares outstanding.
Cash per share	$5.25	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	112.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$55.46B	Share price x shares outstanding.
Enterprise value	$77.00B	Market cap + total debt - cash - short-term investments.
P/E	19.0x	Market cap / net income. Only when net income is positive.
P/S	2.50x	Market cap / revenue.
P/B	8.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.96x	Market cap / tangible book value, when positive.
P/FCF	19.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.04x	Market cap / cash from operations, when positive.
EV/Sales	3.47x	Enterprise value / revenue.
EV/EBIT	12.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.79x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	6.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.30x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Cheniere Energy, Inc.'s revenue in fiscal 2025?

Cheniere Energy, Inc. reported revenue of $19.98B for fiscal 2025, 27.2% higher than the year before.

Was Cheniere Energy, Inc. profitable in fiscal 2025?

Yes. Net income was $5.33B, a net margin of 26.7%.

How much free cash flow did Cheniere Energy, Inc. generate in fiscal 2025?

Cash from operations of $5.54B minus capital expenditures of $3.08B left free cash flow of $2.46B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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