- 2025 Consolidated Adjusted EBITDA: Achieved $6.94 billion, surpassing guidance and setting a new annual record.
- 2025 Distributable Cash Flow (DCF): Generated $5.3 billion, exceeding the high end of guidance by $100 million.
- 2026 Guidance: EBITDA of $6.75–$7.25 billion and DCF of $4.35–$4.85 billion, reflecting sustained financial strength.
- Record LNG Production: Exported 670 cargoes (46 million+ tons) in 2025, a 22% increase in Q4 cargo volume from Q3.
- Long-Term Contract Expansion: Secured a 1.2 million-ton-per-annum SPA with CPC Corporation of Taiwan through 2050, adding 17 million tons in Q4 long-term contracts.
Operational Achievements
The company achieved a record year for LNG production in 2025, with 670 cargoes or over 46 million tons. The export of 185 LNG cargoes from its facilities in the fourth quarter marked an increase of 22 cargoes compared to the third quarter. Cheniere Energy's construction progress on Corpus Christi Stage 3 has advanced to approximately 95% complete, with the substantial completion of Trains 3 and 4 in the fourth quarter and first LNG achieved at Train 5.
LNG Market Update and Future Guidance
Anatol Feygin noted that 2025 was another year of elevated and volatile spot prices, with European LNG imports reaching a record high. The company expects robust growth in China's appetite for LNG and sees fairly ratable supply growth over the next five years, which is expected to moderate and stabilize the forward price outlook. For 2026, Cheniere Energy provided financial guidance of $6.75 billion to $7.25 billion in consolidated adjusted EBITDA and $4.35 billion to $4.85 billion in distributable cash flow.
Valuation and Dividend Insights
With a P/E Ratio of 9.35 and an EV/EBITDA of 5.39, Cheniere Energy's valuation appears reasonable. The company's ROE stands at 79.1%, indicating strong profitability. Cheniere plans to grow the dividend by about 10% a year through the decade, with a target payout ratio of over 20%. The shareholder return policy is to return an average of 60% of DCF, with roughly 50% of that 60% as buybacks.
Growth Prospects and Challenges
Cheniere Energy has over 95% of its capacity contracted for the next ten years, supporting a disciplined approach to accretive growth. The company expects to reach a run-rate DCF per share of approximately $30 by the end of this decade. However, the company faces challenges such as EPC CapEx escalation in LNG greenfield costs, which has begun to moderate. Analysts estimate next year's revenue growth at 9.0%.