Cheniere Energy (LNG) financial statements
Cheniere Energy reported revenue of $20.0B in fiscal 2025, up 35.7% a year over 9 years.
Net income was $5.3B and the operating margin 45.6%, against -2.3% in 2016.
Free cash flow was $2.5B, and the company returned $451M in dividends and $2.7B in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cheniere Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $5.6B | $7.9B | $9.2B | $9.3B | $17.5B | $33.3B | $20.4B | $15.7B | $20.0B |
| Cost of revenue | $582M | $3.1B | $4.6B | $5.1B | $4.2B | $13.8B | $25.6B | $1.4B | $6.0B | $7.2B |
| Gross profit | $700M | $2.5B | $3.3B | $4.1B | $5.1B | $3.8B | $7.7B | $19.0B | $9.7B | $12.8B |
| Research and development | $7M | $10M | $7M | $9M | $6M | $7M | $16M | — | — | — |
| Selling, general and admin | $260M | $256M | $289M | $310M | $302M | $325M | $416M | $474M | $441M | $383M |
| Operating income | -$30M | $1.4B | $2.0B | $2.4B | $2.6B | -$701M | $4.6B | $15.5B | $6.1B | $9.1B |
| Interest expense | $488M | $747M | $875M | $1.4B | $1.5B | $1.4B | $1.4B | $1.1B | $1.0B | $948M |
| Pre-tax income | -$663M | $566M | $1.2B | $715M | $544M | -$2.3B | $3.1B | $14.6B | $5.3B | $8.3B |
| Income tax | $2M | $3M | $27M | -$517M | $43M | -$713M | $459M | $2.5B | $811M | $1.5B |
| Net income | -$610M | -$393M | $471M | $648M | -$85M | -$2.3B | $1.4B | $9.9B | $3.3B | $5.3B |
| EPS (diluted) | -$2.67 | -$1.68 | $1.90 | $2.51 | -$0.34 | -$9.25 | $5.64 | $40.72 | $14.20 | $24.13 |
| Diluted shares | 229M | 233M | 248M | 258M | 252M | 253M | 253M | 243M | 229M | 220M |
| Gross margin | 54.6% | 44.7% | 41.8% | 44.5% | 55.2% | 21.4% | 23.0% | 93.4% | 61.7% | 64.2% |
| Operating margin | -2.3% | 24.6% | 25.6% | 25.8% | 28.3% | -4.0% | 13.7% | 75.9% | 39.0% | 45.6% |
| Net margin | -47.6% | -7.0% | 6.0% | 7.1% | -0.9% | -13.4% | 4.3% | 48.5% | 20.7% | 26.7% |
Balance sheet
Fiscal years, from Cheniere Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $876M | $722M | $981M | $2.5B | $1.6B | $1.4B | $1.4B | $4.1B | $2.6B | $1.1B |
| Receivables | $218M | $369M | $585M | $491M | $647M | $1.5B | $1.9B | — | $661M | $1.2B |
| Inventory | $160M | $243M | $316M | $312M | $292M | $706M | $826M | $445M | $501M | $524M |
| Total current assets | $2.2B | $3.4B | $4.2B | $4.2B | $3.2B | $5.1B | $5.6B | $6.3B | $4.8B | $3.7B |
| Property, plant and equipment | $20.6B | $24.0B | $27.2B | $29.7B | $30.4B | $30.3B | $31.5B | $32.5B | $33.6B | $35.8B |
| Goodwill | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $77M |
| Total assets | $23.7B | $27.9B | $32.0B | $35.5B | $35.7B | $39.3B | $41.3B | $43.1B | $43.9B | $47.9B |
| Total current liabilities | $1.1B | $1.3B | $1.7B | $1.9B | $2.2B | $4.7B | $6.8B | $3.9B | $4.4B | $3.9B |
| Long-term debt | $21.7B | $25.3B | $28.2B | $30.8B | $30.5B | $29.4B | $24.1B | $23.4B | $22.6B | $22.5B |
| Total liabilities | $22.9B | $26.7B | $30.1B | $33.1B | $33.5B | $39.3B | $41.4B | $34.1B | $33.8B | $34.8B |
| Shareholders' equity | -$1.4B | -$1.8B | -$526M | -$14M | -$191M | -$2.6B | -$3.0B | $5.1B | $5.7B | $7.9B |
| Net debt | $21.1B | $24.6B | $27.4B | $28.3B | $29.2B | $28.4B | $23.5B | $19.6B | $20.3B | $21.7B |
Cash flow
Fiscal years, from Cheniere Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$404M | $1.2B | $2.0B | $1.8B | $1.3B | $2.5B | $10.5B | $8.4B | $5.4B | $5.5B |
| Capital spending | $4.4B | $3.4B | $3.6B | $3.1B | $1.8B | $966M | $1.8B | $2.1B | $2.2B | $3.1B |
| Free cash flow | -$4.8B | -$2.1B | -$1.7B | -$1.2B | -$574M | $1.5B | $8.7B | $6.3B | $3.2B | $2.5B |
| Stock-based compensation | $101M | $91M | $113M | $131M | $110M | $140M | $205M | $250M | $215M | $161M |
| Dividends paid | — | — | — | $0 | $0 | $85M | $349M | $393M | $412M | $451M |
| Share buybacks (net) | — | $0 | $0 | -$249M | -$155M | -$9M | -$1.4B | -$1.5B | -$2.3B | -$2.7B |
| Net borrowing | $5.2B | $3.2B | $2.9B | $2.1B | $883M | -$899M | -$5.2B | -$1.2B | -$796M | -$105M |
| Free cash flow margin | -371.3% | -37.7% | -20.9% | -13.4% | -6.2% | 8.6% | 26.1% | 30.9% | 20.1% | 12.3% |
| Dividends per share | — | — | — | — | — | $0.34 | $1.38 | $1.62 | $1.80 | $2.05 |
Questions
What was Cheniere Energy's revenue in 2025?
$20.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cheniere Energy generate?
$2.5B in fiscal 2025 (operating cash flow minus capital spending).
From Cheniere Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.