CQP

MKT CAP:$30B

Cheniere Energy Partners, L.P.

Market Cap

$30B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$62.58+$8.58 (+15.89%)

Apr 24, 2026

Company Details

Cheniere Energy Partners, L.P., through its subsidiaries, owns and operates natural gas liquefaction and export facility at the Sabine Pass liquefied natural gas (LNG) terminal located in Cameron Parish, Louisiana. The company's regasificat...

CEO

Jack A. Fusco

IPO Date

Mar 21, 2007

Website

cqpir.cheniere.com

Key Metrics TTM

Revenue

$10.3B

+15.4% YoY

Net Income

$2.3B

EPS (Diluted)

$4.10

Free Cash Flow

$2.7B

Revenue / Share

$21.30

Gross Margin

38.2%

Operating Margin

28.6%

Net Margin

22.5%

FCF Margin

26.3%

P/S

2.9x

P/E

13.0x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Oct 29, 2025

$2.4B+17.0%EPS $1.05

Q2 2025

Aug 6, 2025

$2.5B+29.6%EPS $0.91

Q1 2025

May 7, 2025

$3.0B+30.2%EPS $1.09

FY 2024

Feb 19, 2025

$8.7B-9.9%EPS $4.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$3.3B	$968M	$719M
Q1 22	$3.3B	$541M	$362M
Q2 22	$4.2B	$823M	$555M
Q3 22	$5.0B	-$27M	-$299M
Q4 22	$4.7B	$3.1B	$2.8B
Q1 23	$2.9B	$2.4B	$2.1B
Q2 23	$1.9B	$1.2B	$818M
Q3 23	$2.1B	$1.2B	$988M
Q4 23	$2.7B	$1.4B	$1.1B
Q1 24	$2.3B	$1.2B	$875M
Q2 24	$1.9B	$1.1B	$766M
Q3 24	$2.1B	$1.1B	$827M
Q4 24	$2.5B	$1.1B	$812M
Q1 25	$3.0B	$1.1B	$826M
Q2 25	$2.5B	$1.1B	$715M
Q3 25	$2.4B	$617M	$591M

Valuation

Quarter	P/S	P/E
Q4 21	2.2x	12.3x
Q1 22	2.5x	18.6x
Q2 22	1.7x	15.6x
Q3 22	1.7x	52.6x
Q4 22	1.6x	10.9x
Q1 23	1.4x	5.4x
Q2 23	1.6x	5.0x
Q3 23	2.2x	4.4x
Q4 23	2.6x	5.9x
Q1 24	2.6x	8.0x
Q2 24	2.7x	8.1x
Q3 24	2.6x	8.4x
Q4 24	3.0x	10.3x
Q1 25	3.4x	12.9x
Q2 25	2.7x	11.1x
Q3 25	2.5x	11.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$624M	$471M
Q1 22	$800M	$713M
Q2 22	$786M	$634M
Q3 22	$856M	$739M
Q4 22	$1.7B	$1.6B
Q1 23	$847M	$758M
Q2 23	$691M	$631M
Q3 23	$655M	$634M
Q4 23	$916M	$866M
Q1 24	$669M	$633M
Q2 24	$732M	$702M
Q3 24	$691M	$652M
Q4 24	$876M	$827M
Q1 25	$665M	$605M
Q2 25	$558M	$490M
Q3 25	$658M	$786M

Capital Expenditures

Quarter	CapEx
Q4 21	$153M
Q1 22	$87M
Q2 22	$152M
Q3 22	$117M
Q4 22	$95M
Q1 23	$89M
Q2 23	$60M
Q3 23	$21M
Q4 23	$50M
Q1 24	$36M
Q2 24	$30M
Q3 24	$39M
Q4 24	$49M
Q1 25	$60M
Q2 25	$68M
Q3 25	$128M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+231.8%	+205.9%
Q1 22	+66.6%	+116.2%
Q2 22	+113.0%	+169.6%
Q3 22	+163.4%	+310.5%
Q4 22	+44.9%	-22.8%
Q1 23	-12.3%	-73.4%
Q2 23	-53.8%	-69.2%
Q3 23	-57.2%	-78.4%
Q4 23	-43.1%	-19.1%
Q1 24	-21.3%	+80.2%
Q2 24	-2.0%	+1.2%
Q3 24	-3.4%	+7.7%
Q4 24	-8.4%	+4.0%
Q1 25	+30.2%	+52.3%
Q2 25	+29.6%	+54.3%
Q3 25	+17.0%	+47.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	$1M	$23M
Q1 22	—	$26M
Q2 22	—	$21M
Q3 22	—	$26M
Q4 22	—	$24M
Q1 23	—	$25M
Q2 23	—	$27M
Q3 23	—	$22M
Q4 23	—	$25M
Q1 24	—	$25M
Q2 24	—	$26M
Q3 24	—	$25M
Q4 24	—	$24M
Q1 25	—	$27M
Q2 25	—	$26M
Q3 25	—	$3M

Revenue Segments

Quarter	Liquefied Natural Gas	Product and Service, Other	Regasification Service
Q3 23	$2.1B	$15M	$34M
Q1 24	$2.2B	$17M	$34M
Q2 24	$1.8B	$15M	$34M
Q3 24	$2.0B	$16M	$34M
Q1 25	$2.9B	$17M	$34M
Q2 25	$2.4B	$15M	$34M
Q3 25	$2.4B	$15M	$34M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$1.2B	$0	$1.2B
Q3 22	$1.2B	$0	$1.2B
Q4 22	$904M	$0	$904M
Q1 23	$994M	$0	$994M
Q2 23	$2.1B	$0	$2.1B
Q3 23	$499M	$0	$499M
Q4 23	$575M	$0	$575M
Q1 24	$333M	$0	$333M
Q2 24	$351M	$0	$351M
Q3 24	$331M	$80M	$411M
Q4 24	$379M	$0	$379M
Q1 25	$94M	$0	$94M
Q2 25	$108M	$0	$108M
Q3 25	$164M	$0	$164M
Q4 25	$201M	$0	$201M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	484M	0.0%	0.0%
Q1 22	484M	0.0%	0.0%
Q2 22	484M	0.0%	0.0%
Q3 22	484M	0.0%	0.0%
Q4 22	484M	0.0%	0.0%
Q1 23	484M	0.0%	0.0%
Q2 23	484M	0.0%	0.0%
Q3 23	484M	0.0%	0.0%
Q4 23	484M	0.0%	0.0%
Q1 24	484M	0.0%	0.0%
Q2 24	484M	0.0%	0.0%
Q3 24	484M	0.0%	0.0%
Q4 24	484M	0.0%	0.0%
Q1 25	484M	0.0%	0.0%
Q2 25	484M	0.0%	0.0%
Q3 25	484M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$1M	2K
Q1 22	$1M	2K
Q2 22	$2M	2K
Q3 22	$2M	2K
Q4 22	$2M	2K
Q1 23	$1M	2K
Q2 23	$840.4K	2K
Q3 23	$925.2K	2K
Q4 23	$1M	2K
Q1 24	$997.8K	2K
Q2 24	$823.5K	2K
Q3 24	$893.5K	2K
Q4 24	$1M	2K
Q1 25	$1M	2K
Q2 25	$1M	2K
Q3 25	$1M	2K

Revenue / Employee