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Cheniere Energy vs National Fuel Gas: revenue, profit, margins and growth compared

Cheniere Energy brought in $20B of revenue in fiscal 2025, National Fuel Gas $2.3B in fiscal 2025. Revenue changed by +27.2% at Cheniere Energy and +17.1% at National Fuel Gas on the year before, so Cheniere Energy grew faster. Cheniere Energy kept 26.7% of its revenue as net profit, National Fuel Gas 22.8%. Free cash flow was $2.5B at Cheniere Energy and $187.2M at National Fuel Gas.

Side by side, latest fiscal year

LNGNFG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$20B$2.3B
Revenue growth+27.2%+17.1%
Net income$5.3B$518.5M
Net margin26.7%22.8%
Free cash flow$2.5B$187.2M
Free cash flow margin12.3%8.2%
Earnings per share (diluted)$24.13$5.68
Cash$1.1B$43.2M
Debt$22.5B$2.7B
Price to earnings11.113.9
Market value$55.5B$7.5B
Dividend yieldn/a2.66%
Rank by revenue in sector#11 of 109 · Utilities#56 of 109 · Utilities

Over the years

Revenue
LNG FY2018: $8BLNG FY2019: $9.7BLNG FY2020: $9.4BLNG FY2021: $17.5BLNG FY2022: $33.4BLNG FY2023: $20.4BLNG FY2024: $15.7BLNG FY2025: $20BNFG FY2018: $1.6BNFG FY2019: $1.7BNFG FY2020: $1.5BNFG FY2021: $1.7BNFG FY2022: $3.1BNFG FY2023: $2.3BNFG FY2024: $1.9BNFG FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
LNG $20BNFG $2.3B
Net income
LNG FY2018: $471MLNG FY2019: $648MLNG FY2020: -$85MLNG FY2021: -$2.3BLNG FY2022: $1.4BLNG FY2023: $9.9BLNG FY2024: $3.3BLNG FY2025: $5.3BNFG FY2018: $391.5MNFG FY2019: $304.3MNFG FY2020: -$123.8MNFG FY2021: $363.6MNFG FY2022: $566MNFG FY2023: $476.9MNFG FY2024: $77.5MNFG FY2025: $518.5MFY18FY19FY20FY21FY22FY23FY24FY25
LNG $5.3BNFG $518.5M
Net margin
LNG FY2018: 5.9%LNG FY2019: 6.7%LNG FY2020: -0.9%LNG FY2021: -13.4%LNG FY2022: 4.3%LNG FY2023: 48.5%LNG FY2024: 20.7%LNG FY2025: 26.7%NFG FY2018: 24.6%NFG FY2019: 18.0%NFG FY2020: -8.0%NFG FY2021: 20.9%NFG FY2022: 18.5%NFG FY2023: 21.1%NFG FY2024: 4.0%NFG FY2025: 22.8%FY18FY19FY20FY21FY22FY23FY24FY25
LNG 26.7%NFG 22.8%
Revenue growth
LNG FY2019: +21.8%LNG FY2020: -3.8%LNG FY2021: +87.3%LNG FY2022: +90.7%LNG FY2023: -39.0%LNG FY2024: -23.0%LNG FY2025: +27.2%NFG FY2019: +6.3%NFG FY2020: -8.7%NFG FY2021: +12.7%NFG FY2022: +75.7%NFG FY2023: -26.3%NFG FY2024: -13.8%NFG FY2025: +17.1%FY19FY20FY21FY22FY23FY24FY25
LNG +27.2%NFG +17.1%
Free cash flow
LNG FY2018: -$1.7BLNG FY2019: -$1.2BLNG FY2020: -$574MLNG FY2021: $1.5BLNG FY2022: $8.7BLNG FY2023: $6.3BLNG FY2024: $3.2BLNG FY2025: $2.5BNFG FY2018: $31.3MNFG FY2019: -$94.5MNFG FY2020: $24.7MNFG FY2021: $39.8MNFG FY2022: $695KNFG FY2023: $227.2MNFG FY2024: $134.7MNFG FY2025: $187.2MFY18FY19FY20FY21FY22FY23FY24FY25
LNG $2.5BNFG $187.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cheniere Energy and National Fuel Gas

Which is bigger by revenue, Cheniere Energy or National Fuel Gas?

Cheniere Energy is bigger by revenue: $20B in fiscal 2025, against $2.3B for National Fuel Gas in fiscal 2025.

Which keeps more of its revenue as profit, Cheniere Energy or National Fuel Gas?

Cheniere Energy had a net margin of 26.7% in fiscal 2025; National Fuel Gas had 22.8% in fiscal 2025.

Which grew revenue faster, Cheniere Energy or National Fuel Gas?

In their latest fiscal years revenue changed by +27.2% at Cheniere Energy and +17.1% at National Fuel Gas.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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