LNG NYSE Russell 1000 Earnings call
Cheniere Energy (LNG) · Q2 2026 results and valuation
Share price: $304.51 · 2026-11-11
Cheniere Energy is an American liquefied natural gas company. It operates in the liquefied natural gas market. Source: Wikipedia
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income turned to a profit from a loss last quarter. Management sounded restrained, in its script and in answers to analysts.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 3.07B vs -3.50B
Revenue −2.3%
Why Against the same quarter last year (+88.7%), net income rose because results were supported by higher marketing margins from gas price volatility, increased production from new capacity at Stage 3, and the absence of unrealized noncash derivative impacts.
2 · How management spoke
Restrained
Less upbeat than 77% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Cheniere Energy increased its full-year 2026 guidance to $7.9 billion to $8.4 billion of consolidated adjusted EBITDA and $5.3 billion to $5.8 billion of DCF.
Valuation
Is Cheniere Energy undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$304.51
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.5% for 10 yrs
Fair value / share
$-70.39
Buy below
$-52.79
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
The company increased its full-year 2026 guidance to $7.9 billion to $8.4 billion of consolidated adjusted EBITDA and $5.3 billion to $5.8 billion of DCF.
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Key theme
The global LNG market is becoming larger and more diversified as the United States is expected to account for approximately 270 million tonnes of operational capacity by 2035.
Source quote
“As a result, the global LNG market is becoming both larger and more diversified, with the United States expected to account for approximately 270 million tonnes of operational capacity by 2035, alongside substantial supply from Qatar, Australia and other producers.”
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Guidance
The company forecasts that a $1 change in market margins would impact full-year EBITDA by less than $50 million.
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Figure
The company generated approximately $1.8 billion in adjusted EBITDA, $1.2 billion in distributable cash flow, and over $3 billion in net income for the quarter.
Source quote
“We generated consolidated adjusted EBITDA of approximately $1.8 billion, distributable cash flow of approximately $1.2 billion and net income of over $3 billion.”
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Key theme
Phase 1 is expected to add over 6 million tonnes per annum of production capacity, representing a total growth of approximately 10% for the platform.
Source quote
“In total, Phase 1 is expected to add over 6 million tonnes per annum of production capacity to our platform or a total growth of approximately 10%.”
4 more
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Key theme
Designating agreements to no longer be marked to fair value each period eliminates derivative accounting adjustments for those volumes in future quarters.
Source quote
“As a result of this designation, these agreements will no longer be marked to fair value each period, eliminating derivative accounting adjustments for these volumes in future quarters.”
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Guidance
The company increased its expected full year production range from 52 million to 54 million tonnes to 53 million to 54 million tonnes.
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Guidance
Adding 0.5 million tonnes added $300 million to the guidance because margins are high.
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Figure
LNG produced and exported 184 cargoes or 672 TBtu, a 20% increase over the same period last year.
Source quote
“On the production side, we produced and exported 184 cargoes or 672 TBtu, a 20% increase over the same period last year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Generally, negative seasonal price spreads have reduced the economic incentive to inject and any continued disruption through Hormuz would further reduce that starting position and leave the market more exposed...”
“I'm proud of the critical role we play in the global energy market, and I'm excited for our future as a leading global infrastructure platform.”
“During the quarter, we funded approximately $1.1 billion of growth capital across our business, as we progress construction of Stage 3 and mid-scale 8 and 9, development of the SPL...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 5.73B | 5.87B | −2.3% | 4.64B | +23.5% |
| Operating income | 4.29B | -3.49B | Turned profit | 2.53B | +69.6% |
| Net income | 3.07B | -3.50B | Turned profit | 1.63B | +88.7% |
| EPS | 14.65 | -16.65 | Turned profit | 7.30 | +100.7% |
| P/E today 19.8 | 18.1 | 48.0 | −29.9 | 14.2 | +3.9 |
Topics
Most discussed now
- New Outbound crude tanker transits recovered to approximately 25% of their pre-conflict average, while LNG tanker transit recovery was under…
- New While the market has proven remarkably resilient, the disruption has reinforced just how dependent global gas and LNG markets remain...
- Cheniere Energy's dialogue with Washington is extremely constructive, which is especially important amidst this volatile commodity market…
- Unlike crude exports, LNG production requires upstream gas supply, liquefaction facilities, marine logistics and vessel scheduling to all…
- Cheniere Energy usually take care of those types of efforts in Q2 and Q3 besides regular planned maintenance here and there,...
Faded since Q1 2026
- Fading As asset production ramps, the remainder of the year is expected to benefit from the rest of Stage 3 coming...
- Fading Cheniere Energy need to support its growth ambitions with relatively modest incremental commercial agreements, and clearly it has proven…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Material agreement; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
For the second quarter of 2026, Cheniere Energy reported revenue of $5.73 billion, up 24% from $4.641 billion in the same period of 2025.
- Regulation FD disclosure · SEC 8-K
Cheniere Energy, Inc. declared a quarterly cash dividend of $0.555 per share payable on August 18, 2026, to shareholders of record as of August 10, 2026.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Cheniere Energy, Inc. expanded its Board of Directors to ten members and appointed Britt Vitalone as an independent director to the Audit and Compensation Committees on July 14, 2026.
- Material agreement; New financial obligation · SEC 8-K
Cheniere Energy, Inc. entered into a Commitment Increase and Maturity Extension Agreement and a Revolving Credit Agreement dated June 26, 2026, with various lenders and financial institutions.
- Material agreement · SEC 8-K
Cheniere Energy Partners, L.P. closed the sale of $1 billion of 5.350% Senior Notes due 2036 and $750 million of 6.050% Senior Notes due 2056 on June 9, 2026.
- Material agreement; Regulation FD disclosure · SEC 8-K
Cheniere Energy Partners, L.P. announced the pricing of $1 billion in senior notes due 2036 and $750 million in senior notes due 2056.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.
Cash & runway
Cash & equivalents
$1.10B
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -5.8% YoY, -0.7% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 226.3M |
| Q1 2025 | 223.5M |
| Q2 2025 | 221.8M |
| Q3 2025 | 219.3M |
| Q1 2026 | 210.5M |
| Q2 2026 | 209.0M |
Shares outstanding: 206.5M (2026-07-31)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. 32 filings parsed.
Sold by insiders
100.8K shares
$29.4M · 7 transactions
Bought by insiders
5.0K shares
$1.0M · 2 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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the coming months
Train 7 substantial completion
Source quote
“We continue to expect Train 7 substantial completion in the coming months, well ahead of the guaranteed date in 2027, which will officially complete Corpus Christi Stage 3 and further reinforces Cheniere's execution track record for bringing LNG capacity online ahead of schedule and on budget.”
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later this year
regulatory approvals
Source quote
“With the regulatory approvals expected later this year and the financing process already underway, we now have excellent line of sight in an FID on a significant accretive brownfield growth project that meets or exceeds our capital investment parameters, enabling us to continue to deliver the through-cycle risk-adjusted returns our stakeholders have become accustomed to.”
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over the rest of the year
growth of the decline in global LNG exports if the conflict persists
Source quote
“Growth in production elsewhere, including our own Stage 3, largely offset those losses, but overall global LNG exports still declined by approximately 3 million tonnes year-over-year, and this decline is expected to grow over the rest of the year if the conflict persists.”
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by early 2027
building out the Corpus mid-scale trains and FID SPL Train 7
Source quote
“These forecasted results of $8-plus billion of EBITDA are levels we plan on achieving in run rate as we simply build out the Corpus mid-scale trains and FID SPL Train 7 by early 2027.”
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through the end of this decade
growing our dividend by at least 10% annually
Source quote
“and we remain committed to growing our dividend by at least 10% annually through the end of this decade.”