Quarterly report [Sections 13 or 15(d)]

Revenues (Tables)

v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended March 31,
2026 2025
Revenues from contracts with customers
LNG revenues (excluding net derivative gain (loss) below)
 $ 6,504  $ 5,186 
Regasification revenues 34  34 
     Other revenues (1) 49  69 
Total revenues from contracts with customers 6,587  5,289 
Net derivative gain (loss) (see Note 5)
(782) 117 
Sublease income (see Note 9)
52  35 
Other revenues 11  3 
Total revenues $ 5,868  $ 5,444 
(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):
March 31, December 31,
2026 2025
Contract assets, net of current expected credit losses $ 416  $ 424 
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):
Three Months Ended March 31, 2026
Deferred revenue, beginning of period $ 272 
Cash received but not yet recognized in revenue 86 
Revenue recognized from prior period deferral (125)
Deferred revenue, end of period $ 233 
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:
March 31, 2026 December 31, 2025
Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1) Unsatisfied Transaction Price (in billions) Weighted Average Recognition Timing (years) (1)
LNG revenues $ 111.4  9 $ 107.7  8
Regasification revenues 0.4  2 0.4  2
Total revenues $ 111.8  $ 108.1 
(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:
Three Months Ended March 31,
2026 2025
LNG revenues 75  % 71  %
Regasification revenues 8  % 8  %