LNG Cheniere (LNG) Q3 FY25 earnings call
Cheniere delivered strong Q3 FY25 results, marked by accelerated project execution at Corpus Christi Stage 3, a significant increase in distributable cash flow guidance, and continued robust capital allocation. The company navigated operational challenges related to feed gas quality by implementing adaptive solutions, while maintaining its highly contracted business model to provide predictable financial outcomes. Management anticipates a record year for LNG production in 2026, driven by new trains coming online and strategic maintenance.
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LNG operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Employees | 1,700These outstanding financial results are once again enabled by the relentless focus on performance that I'm proud to share with my 1,700 Cheniere colleagues around the world.Source: earnings call transcript | — | 1,700We'd like to say that we're exclusively focused on Sabine and Corpus with our 1,700 people, and that's all we do.Source: earnings call transcript | — | — | — | — | — |
| Capital expenditures Stage 3 | ~$220MDuring the fourth quarter and full year, we funded approximately $220 million and $1.5 billion of CapEx on Stage 3, bringing total spend on the project to over $4.5 billion.Source: earnings call transcript | ~$325MDuring the first quarter, we funded approximately $325 million of CapEx on Stage 3, bringing total spend on the project to over $4.8 billion.Source: earnings call transcript | ~$400MDuring the second quarter, we funded approximately $400 million of CapEx on Stage 3, bringing total spend on the project to approximately $5.2 billion unlevered.Source: earnings call transcript | $300M+During the third quarter, we funded over $300 million of CapEx on Stage 3, bringing total spend to approximately $5.5 billion unlevered.Source: earnings call transcript | — | — | — | — |
| LNG cargoes exported | — | — | — | — | 185During the fourth quarter, we exported 185 LNG cargoes from our facilities.Source: earnings call transcript | 187The 187 cargoes we exported through March topped the previous record set in the fourth quarter of last year.Source: earnings call transcript | 184On the production side, we produced and exported 184 cargoes or 672 TBtu, a 20% increase over the same period last year.Source: earnings call transcript | -1.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.