Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,099 [1] $ 2,638
Restricted cash and cash equivalents 485 [1] 552
Trade and other receivables, net of current expected credit losses 1,380 727
Inventory 524 501
Current derivative assets 9 155
Margin deposits 76 128
Other current assets, net 119 100
Total current assets 3,692 4,801
Property, plant and equipment, net of accumulated depreciation 35,755 33,552
Operating lease assets 2,700 2,684
Derivative assets 4,663 1,903
Deferred tax assets 12 19
Other non-current assets, net 1,060 899
Total assets 47,882 [1] 43,858
Current liabilities    
Accounts payable 123 171
Accrued liabilities 2,081 2,179
Current debt, net of unamortized discount and debt issuance costs 306 351
Deferred revenue 150 163
Current operating lease liabilities 539 592
Current derivative liabilities 618 902
Other current liabilities 99 83
Total current liabilities 3,916 4,441
Long-term debt, net of unamortized discount and debt issuance costs 22,507 22,554
Non-current operating lease liabilities 2,163 2,090
Derivative liabilities 1,208 1,865
Deferred tax liabilities 3,698 1,856
Other non-current liabilities 1,312 992
Total liabilities 34,804 33,798
Commitments and contingencies (see Note 19)
Redeemable NCI 136 7
Stockholders’ equity    
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued 0 0
Common stock: $0.003 par value, 480.0 million shares authorized; 279.2 million shares and 278.7 million shares issued at December 31, 2025 and 2024, respectively 1 1
Treasury stock: 66.8 million shares and 54.7 million shares at December 31, 2025 and 2024, respectively, at cost (8,852) (6,136)
Additional paid-in-capital 4,523 4,452
Retained earnings 12,243 7,382
Total Cheniere stockholders’ equity 7,915 5,699
NCI 5,027 4,354
Total stockholders’ equity 12,942 10,053
Total liabilities, redeemable NCI and stockholders’ equity $ 47,882 [1] $ 43,858
[1] Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), substantially all of which are related to CQP. As of December 31, 2025, total assets and liabilities of our VIEs were $17.3 billion and $17.0 billion, respectively, as further detailed in Note 8—Non-Controlling Interests and Variable Interest Entities, including $182 million of cash and cash equivalents and $22 million of restricted cash and cash equivalents.