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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 6,794 $ 4,492 $ 12,059
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion expense 1,329 1,220 1,196
Share-based compensation expense 161 215 250
Amortization of discount and debt issuance costs 38 42 44
Reduction of right-of-use assets 623 670 623
Total gains on derivative instruments, net (3,844) (1,315) (7,890)
Net cash provided by (used for) settlement of derivative instruments 289 (100) (79)
Deferred taxes 1,859 330 2,389
Other, net 25 28 3
Changes in operating assets and liabilities:      
Trade and other receivables (640) 380 840
Inventory (32) (57) 377
Margin deposits 52 (111) 116
Other non-current assets (156) (80) (64)
Accounts payable and accrued liabilities (232) 248 (982)
Total deferred revenue (41) (2) 3
Total operating lease liabilities (619) (658) (607)
Other, net (67) 92 140
Net cash provided by operating activities 5,539 5,394 8,418
Cash flows from investing activities      
Property, plant and equipment, net of proceeds from commissioning sales of LNG of $174 million, zero and zero, respectively (3,078) (2,238) (2,121)
Investments in equity method investments (2) (12) (61)
Other, net 68 (29) (20)
Net cash used in investing activities (3,012) (2,279) (2,202)
Cash flows from financing activities      
Proceeds from issuances of debt and borrowings 1,987 2,725 1,397
Redemptions and repayments of debt (2,092) (3,521) (2,598)
Distributions to NCI (803) (846) (1,016)
Contributions from redeemable NCI 122 6 0
Payments related to tax withholdings for share-based compensation (51) (46) (63)
Repurchase of common stock, inclusive of excise taxes paid (2,724) (2,262) (1,473)
Dividends to stockholders (451) (412) (393)
Other, net (118) (95) (34)
Net cash used in financing activities (4,130) (4,451) (4,180)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (3) 1 2
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (1,606) (1,335) 2,038
Cash, cash equivalents and restricted cash and cash equivalents—beginning of period 3,190 4,525 2,487
Cash, cash equivalents and restricted cash and cash equivalents—end of period $ 1,584 $ 3,190 $ 4,525