Cheniere Energy Partners, L.P.
CQP NYSE Natural Gas Distribution Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$10.8B
23.6%
vs prior year
Operating margin
Operating income as a share of revenue.
34.4%
3.2 pts
Net income
Profit after all expenses, interest and tax.
$3.0B
19.0%
Free cash flow
Cash from operations minus capital spending.
$2.6B
8.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Cheniere Energy Partners, L.P. does
No business description yet.
- Legal name
- Cheniere Energy Partners, L.P.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001383650-26-000005
0001383650
Revenue and margins
Cheniere Energy Partners, L.P. had $10.8B of revenue in fiscal 2025, up 23.6% on the year before.
FY16
Revenue $1.1B
FY17
Revenue $4.3B
FY18
Revenue $6.4B
FY19
Revenue $6.8B
FY20
Revenue $6.2B
FY21
Revenue $9.4B
FY22
Revenue $17.2B
FY23
Revenue $9.7B
FY24
Revenue $8.7B
FY25
Revenue $10.8B
Q3 '23
Revenue $2.1B
Q4 '23
Revenue $2.7B
Q1 '24
Revenue $2.3B
Q2 '24
Revenue $1.9B
Q3 '24
Revenue $2.1B
Q4 '24
Revenue $2.5B
Q1 '25
Revenue $3.0B
Q2 '25
Revenue $2.5B
Q3 '25
Revenue $2.4B
Q4 '25
Revenue $2.9B
Q1 '26
Revenue $3.6B
Q2 '26
Revenue $2.6B
FY16
Gross 62.7%
Operating 22.7%
Net −15.5%
FCF −210.5%
FY17
Gross 46.1%
Operating 26.9%
Net 11.4%
FCF −7.3%
FY18
Gross 47.0%
Operating 30.8%
Net 19.8%
FCF 16.7%
FY19
Gross —
Operating 29.8%
Net 17.2%
FCF 3.2%
FY20
Gross —
Operating 34.5%
Net 19.2%
FCF 12.6%
FY21
Gross —
Operating 27.1%
Net 17.3%
FCF 17.4%
FY22
Gross —
Operating 19.6%
Net 14.5%
FCF 21.5%
FY23
Gross —
Operating 52.1%
Net 44.0%
FCF 29.9%
FY24
Gross —
Operating 37.7%
Net 28.8%
FCF 32.3%
FY25
Gross —
Operating 34.4%
Net 27.8%
FCF 23.9%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 46.4%
Net 37.2%
FCF 29.8%
Q4 '23
Gross —
Operating 41.0%
Net 33.7%
FCF 32.2%
Q1 '24
Gross —
Operating 38.1%
Net 29.7%
FCF 27.6%
Q2 '24
Gross —
Operating 40.4%
Net 30.1%
FCF 37.1%
Q3 '24
Gross —
Operating 40.2%
Net 30.9%
FCF 31.7%
Q4 '24
Gross —
Operating 33.0%
Net 25.3%
FCF 33.6%
Q1 '25
Gross —
Operating 27.6%
Net 21.4%
FCF 20.2%
Q2 '25
Gross —
Operating 29.1%
Net 22.5%
FCF 20.0%
Q3 '25
Gross —
Operating 29.0%
Net 21.0%
FCF 25.4%
Q4 '25
Gross —
Operating 50.5%
Net 44.2%
FCF 29.7%
Q1 '26
Gross —
Operating 10.0%
Net 5.2%
FCF 24.4%
Q2 '26
Gross —
Operating 51.9%
Net 44.9%
FCF 16.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$171M
FY17
Net income $490M
FY18
Net income $1.3B
FY19
Net income $1.2B
FY20
Net income $1.2B
FY21
Net income $1.6B
FY22
Net income $2.5B
FY23
Net income $4.3B
FY24
Net income $2.5B
FY25
Net income $3.0B
Q3 '23
Net income $791M
Q4 '23
Net income $906M
Q1 '24
Net income $682M
Q2 '24
Net income $570M
Q3 '24
Net income $635M
Q4 '24
Net income $623M
Q1 '25
Net income $641M
Q2 '25
Net income $553M
Q3 '25
Net income $506M
Q4 '25
Net income $1.3B
Q1 '26
Net income $186M
Q2 '26
Net income $1.2B
FY16
Diluted EPS −$0.20
FY17
Diluted EPS −$1.32
FY18
Diluted EPS $2.51
FY19
Diluted EPS $2.25
FY20
Diluted EPS $2.32
FY21
Diluted EPS $3.00
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets −1.1%
FY17
Return on capital —
Return on equity —
Return on assets 3.0%
FY18
Return on capital —
Return on equity —
Return on assets 7.2%
FY19
Return on capital —
Return on equity —
Return on assets 6.3%
FY20
Return on capital —
Return on equity —
Return on assets 6.1%
FY21
Return on capital —
Return on equity —
Return on assets 8.5%
FY22
Return on capital —
Return on equity —
Return on assets 12.8%
FY23
Return on capital —
Return on equity —
Return on assets 22.5%
FY24
Return on capital —
Return on equity —
Return on assets 14.1%
FY25
Return on capital —
Return on equity —
Return on assets 17.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.6B in fiscal 2025, 23.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$2.3B
FY17
Free cash flow −$313M
FY18
Free cash flow $1.1B
FY19
Free cash flow $216M
FY20
Free cash flow $779M
FY21
Free cash flow $1.6B
FY22
Free cash flow $3.7B
FY23
Free cash flow $2.9B
FY24
Free cash flow $2.8B
FY25
Free cash flow $2.6B
Q3 '23
Free cash flow $634M
Q4 '23
Free cash flow $866M
Q1 '24
Free cash flow $633M
Q2 '24
Free cash flow $702M
Q3 '24
Free cash flow $652M
Q4 '24
Free cash flow $827M
Q1 '25
Free cash flow $605M
Q2 '25
Free cash flow $490M
Q3 '25
Free cash flow $610M
Q4 '25
Free cash flow $864M
Q1 '26
Free cash flow $879M
Q2 '26
Free cash flow $433M
FY16
Cash from operations $0.0M
Capital spending $2.3B
FY17
Cash from operations $977M
Capital spending $1.3B
FY18
Cash from operations $1.9B
Capital spending $804M
FY19
Cash from operations $1.5B
Capital spending $1.3B
FY20
Cash from operations $1.8B
Capital spending $972M
FY21
Cash from operations $2.3B
Capital spending $648M
FY22
Cash from operations $4.1B
Capital spending $451M
FY23
Cash from operations $3.1B
Capital spending $220M
FY24
Cash from operations $3.0B
Capital spending $154M
FY25
Cash from operations $2.8B
Capital spending $199M
Cash from operations
Capital spending
Q3 '23
Cash from operations $655M
Capital spending $21.0M
Q4 '23
Cash from operations $916M
Capital spending $50.0M
Q1 '24
Cash from operations $669M
Capital spending $36.0M
Q2 '24
Cash from operations $732M
Capital spending $30.0M
Q3 '24
Cash from operations $691M
Capital spending $39.0M
Q4 '24
Cash from operations $876M
Capital spending $49.0M
Q1 '25
Cash from operations $665M
Capital spending $60.0M
Q2 '25
Cash from operations $558M
Capital spending $68.0M
Q3 '25
Cash from operations $658M
Capital spending $48.0M
Q4 '25
Cash from operations $887M
Capital spending $23.0M
Q1 '26
Cash from operations $910M
Capital spending $31.0M
Q2 '26
Cash from operations $699M
Capital spending $266M
Cash from operations
Capital spending
Dividends, buybacks and share count
Cheniere Energy Partners, L.P. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.18B
FY18
Diluted shares 0.35B
FY19
Diluted shares 0.35B
FY20
Diluted shares 0.40B
FY21
Diluted shares 0.48B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Cheniere Energy Partners, L.P. can carry it.
FY16
Cash $0.0M
Debt $14.4B
FY17
Cash $0.0M
Debt $16.0B
FY18
Cash $0.0M
Debt $16.1B
FY19
Cash $1.8B
Debt $17.6B
FY20
Cash $1.2B
Debt $17.6B
FY21
Cash $876M
Debt $17.2B
FY22
Cash $904M
Debt $16.2B
FY23
Cash $575M
Debt $15.9B
FY24
Cash $270M
Debt $15.2B
FY25
Cash $182M
Debt $14.5B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $876M | $904M | $575M | $270M | $182M |
| Debt incl. finance leases | $17.2B | $16.2B | $15.9B | $15.2B | $14.5B |
| Net debt / EBITDA | 5.2x | 3.8x | 2.7x | 3.8x | 3.3x |
| Interest coverage | 3.1x | 3.9x | 6.1x | 4.1x | 4.9x |
| Current ratio | 1.6x | 1.1x | 1.0x | 0.8x | 0.8x |
| Quick ratio | 1.5x | 1.0x | 0.9x | 0.7x | 0.7x |
| Total assets | $19.4B | $19.6B | $18.1B | $17.5B | $17.4B |
| Total liabilities | — | — | $18.9B | $18.0B | $17.0B |
| Net debt (− = net cash) | $16.3B | $15.3B | $15.3B | $14.9B | $14.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | — | — | — | — |
| Gross margin rose | — | ✕ | ✓ | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 7 / 9 | 7 / 9 | 5 / 8 | 4 / 8 | 6 / 8 | 6 / 7 | 3 / 7 | 4 / 7 | 6 / 7 |
| Accruals ratio | −1.1% | −2.9% | −3.4% | −2.0% | −2.9% | −3.4% | −8.5% | 6.1% | −2.6% | 1.3% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $4.3B | $6.4B | $6.8B | $6.2B | $9.4B | $17.2B | $9.7B | $8.7B | $10.8B |
| Gross profit | $690M | $2.0B | $3.0B | — | — | — | — | — | — | — |
| Research and development | $0.0M | $3.0M | $2.0M | $0.0M | $0.0M | $1.0M | — | — | — | — |
| Operating income | $250M | $1.2B | $2.0B | $2.0B | $2.1B | $2.6B | $3.4B | $5.0B | $3.3B | $3.7B |
| Interest expense | $357M | $614M | $733M | $885M | $909M | $831M | $870M | $823M | $800M | $753M |
| Income tax | — | — | — | — | — | — | — | $0.0M | $0.0M | $0.0M |
| Net income | −$171M | $490M | $1.3B | $1.2B | $1.2B | $1.6B | $2.5B | $4.3B | $2.5B | $3.0B |
| Diluted EPS | −$0.20 | −$1.32 | $2.51 | $2.25 | $2.32 | $3.00 | — | — | — | — |
| Diluted shares | 0.06B | 0.18B | 0.35B | 0.35B | 0.40B | 0.48B | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $0.0M | $977M | $1.9B | $1.5B | $1.8B | $2.3B | $4.1B | $3.1B | $3.0B | $2.8B |
| Capital expenditure | $2.3B | $1.3B | $804M | $1.3B | $972M | $648M | $451M | $220M | $154M | $199M |
| Free cash flow | −$2.3B | −$313M | $1.1B | $216M | $779M | $1.6B | $3.7B | $2.9B | $2.8B | $2.6B |
| Depreciation and amortization | $156M | $339M | $424M | $527M | $551M | $557M | $634M | $672M | $680M | $688M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.0M | $1.8B | $1.2B | $876M | $904M | $575M | $270M | $182M |
| Total debt | $14.4B | $16.0B | $16.1B | $17.6B | $17.6B | $17.2B | $16.2B | $15.9B | $15.1B | $14.5B |
| Finance lease liabilities | — | — | — | — | — | — | $22.0M | $18.0M | $73.0M | $68.0M |
| Current assets | $958M | $2.1B | $2.4B | $2.7B | $2.1B | $2.2B | $2.6B | $1.6B | $1.3B | $1.3B |
| Current liabilities | $856M | $829M | $1.1B | $966M | $883M | $1.3B | $2.4B | $1.6B | $1.7B | $1.7B |
| Inventory | $97.0M | $95.0M | $99.0M | $116M | $107M | $176M | $160M | $142M | $151M | $180M |
| Property and equipment, net | $14.2B | $15.1B | $15.4B | $16.4B | $16.7B | $16.8B | $16.7B | $16.2B | $15.8B | $15.3B |
| Total assets | $15.5B | $17.6B | $18.0B | $19.4B | $19.1B | $19.4B | $19.6B | $18.1B | $17.5B | $17.4B |
| Total liabilities | — | — | — | — | — | — | — | $18.9B | $18.0B | $17.0B |
| Margins | ||||||||||
| Gross margin | 62.7% | 46.1% | 47.0% | — | — | — | — | — | — | — |
| Operating margin | 22.7% | 26.9% | 30.8% | 29.8% | 34.5% | 27.1% | 19.6% | 52.1% | 37.7% | 34.4% |
| EBITDA margin | 36.9% | 34.7% | 37.4% | 37.5% | 43.4% | 33.0% | 23.3% | 59.1% | 45.5% | 40.8% |
| Net margin | −15.5% | 11.4% | 19.8% | 17.2% | 19.2% | 17.3% | 14.5% | 44.0% | 28.8% | 27.8% |
| FCF margin | −210.5% | −7.3% | 16.7% | 3.2% | 12.6% | 17.4% | 21.5% | 29.9% | 32.3% | 23.9% |
| Returns | ||||||||||
| Return on capital employed | 1.7% | 6.9% | 11.7% | 11.1% | 11.6% | 14.2% | 19.6% | 30.5% | 20.8% | 23.6% |
| Return on assets | −1.1% | 3.0% | 7.2% | 6.3% | 6.1% | 8.5% | 12.8% | 22.5% | 14.1% | 17.1% |
| Growth | ||||||||||
| Revenue growth | — | 291.3% | 49.3% | 6.4% | −9.8% | 53.0% | 82.4% | −43.8% | −9.9% | 23.6% |
| Net income growth | — | — | 160.0% | −7.8% | 0.7% | 37.8% | 53.3% | 70.3% | −41.0% | 19.0% |
| EPS growth | — | — | — | −10.4% | 3.1% | 29.3% | — | — | — | — |
| FCF growth | — | — | — | −79.8% | 260.6% | 110.9% | 125.1% | −21.9% | −2.6% | −8.7% |
| Share count change | — | 212.6% | 95.3% | 0.0% | 14.5% | 21.2% | — | — | — | — |
| Financial health | ||||||||||
| Net debt / EBITDA | 35.5x | 10.7x | 6.7x | 6.2x | 6.1x | 5.2x | 3.8x | 2.7x | 3.8x | 3.3x |
| Interest coverage | 0.7x | 1.9x | 2.7x | 2.3x | 2.3x | 3.1x | 3.9x | 6.1x | 4.1x | 4.9x |
| Current ratio | 1.1x | 2.6x | 2.2x | 2.8x | 2.4x | 1.6x | 1.1x | 1.0x | 0.8x | 0.8x |
| Quick ratio | 1.0x | 2.5x | 2.1x | 2.7x | 2.3x | 1.5x | 1.0x | 0.9x | 0.7x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 210.5% | 30.0% | 12.5% | 19.5% | 15.8% | 6.9% | 2.6% | 2.3% | 1.8% | 1.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 7.0 | 5.0 | 4.0 | 6.0 | 6.0 | 3.0 | 4.0 | 6.0 |
| Accruals ratio | −1.1% | −2.9% | −3.4% | −2.0% | −2.9% | −3.4% | −8.5% | 6.1% | −2.6% | 1.3% |
Source: SEC EDGAR XBRL filings (CIK 0001383650). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.