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

Revenues (Tables)

v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Year Ended December 31,
2025 2024 2023
Revenues from contracts with customers
LNG revenues (excluding net derivative gain (loss) below)
 $ 19,091  $ 14,972  $ 19,459 
Regasification revenues 136  135  135 
     Other revenues (1) 237  307  187 
Total revenues from contracts with customers 19,464  15,414  19,781 
Net derivative gain (loss) (see Note 6)
344  (73) 110 
Sublease income (see Note 11)
145  322  503 
Other revenues 23  40  — 
Total revenues $ 19,976  $ 15,703  $ 20,394 
(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.
Contract Assets
The following table shows our contract assets, net of current expected credit losses, which are included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):
December 31,
2025 2024
Contract assets, net of current expected credit losses $ 424  $ 331 
Contract Liabilities
The following table reflects the changes in our contract liabilities, which are included in deferred revenue and other non-current liabilities on our Consolidated Balance Sheets (in millions):
Year Ended December 31, 2025
Deferred revenue, beginning of period $ 318 
Cash received but not yet recognized in revenue 123 
Revenue recognized from prior period deferral (169)
Deferred revenue, end of period $ 272 
Transaction Price Allocated to Future Performance Obligations The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:
December 31, 2025 December 31, 2024
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues $ 107.7  8 $ 104.7  8
Regasification revenues 0.4  2 0.5  3
Total revenues $ 108.1  $ 105.2 
(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.
Revenue, Remaining Performance Obligation, Variable Consideration
The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:
Year Ended December 31,
2025 2024
LNG revenues 67  % 59  %
Regasification revenues 8  % 8  %