Cheniere raises 2026 guidance, increases dividend and reports Q3 2026 results

Financial results

For the three months ended Sept 30, 2026, Cheniere reported revenues of $6.17 billion, net income of $1.17 billion, consolidated adjusted EBITDA of $1.90 billion and distributable cash flow of $1.23 billion. For the nine months, revenues were $17.77 billion, net income $736 million, consolidated adjusted EBITDA $6.04 billion and distributable cash flow $4.07 billion. The Q3 net income uplift reflected higher volumes recognized in income, stronger margins per MMBtu and lower income tax provisions; the nine-month decline was driven primarily by $3.6 billion of unfavorable fair value variances on derivative instruments related to long-term IPM agreements, partially offset by higher volumes and a nonrecurring excise tax credit.

Guidance and capital allocation

Management raised full-year 2026 guidance for consolidated adjusted EBITDA to $8.75–$9.25 billion and distributable cash flow to $6.05–$6.55 billion. The board declared a quarterly cash dividend of $0.625 per common share, payable Nov 17, 2026. In Q3 and YTD, Cheniere repurchased ~2.8 million and 7.7 million shares for ~$731 million and $1.8 billion, paid dividends totaling ~$114 million and $347 million, invested ~$740 million and $2.8 billion of growth capital, and repaid ~$54 million and $307 million of long-term debt, respectively. Available liquidity was $8,079 million as of Sept 30, 2026, and S&P upgraded CCH to A- in October 2026.

Commercial agreements

In October 2026, Sabine Pass and Corpus Christi entered long-term SPAs with QatarEnergy to supply up to 4 mtpa FOB beginning in the early 2030s through 2054 (1 mtpa subject to a positive FID for SPL expansion). In September 2026, Cheniere Marketing signed a 22-year FOB SPA with Petrobras for 0.8 mtpa.

Projects and operations

Operational milestones included substantial completion of CCL Stage 3 (Midscale Train 7) in August 2026, expanding production capacity by over 20%, and export of the company’s 5,000th LNG cargo. FERC issued the final EIS for the SPL Expansion and a draft EIS for the CCL Expansion in September 2026. Commitments were obtained for a term loan to finance ~50% of first-phase SPL Expansion costs, subject to customary conditions and a positive FID. Aggregate liquefaction capacity stands at ~56 mtpa in operation, ~5 mtpa under construction, and over 40 mtpa in regulatory permitting.