Revenue growth of 20.4% in 2026Q1 was offset by a significant margin compression, with gross margins falling from 51.3% in 2025Q4 to 9.9% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 11.37B | 10.76B | 8.7B | 9.66B | 17.21B | 9.43B | 6.17B | 6.84B | 6.43B | 4.3B | 1.1B | 270.03M | 268.7M | 268.19M | 264.33M | 283.79M | 399.28M | 416.79M | 15M | 0 | 0 | 0 |
| Revenue Growth % | 20.96% | 23.6% | -9.93% | -43.83% | 82.38% | 52.98% | -9.81% | 6.41% | 49.3% | 291.19% | 307.45% | 0.5% | 0.19% | 1.46% | -6.86% | -28.92% | -4.2% | 2678.6% | - | - | - | - |
| Cost of Goods Sold | 7.81B | 7.06B | 4.25B | 3.42B | 12.73B | 5.95B | 3.13B | 3.91B | 3.93B | 100M | 568M | 65.7M | 58.6M | 57.49M | 57.79M | 11.92M | 12.09M | 11.83M | 11.47M | 9.74M | 0 | 0 |
| COGS % of Revenue | - | 65.65% | 48.87% | 35.34% | 74.01% | 63.05% | 50.8% | 57.15% | 61.14% | 2.32% | 51.63% | 24.33% | 21.81% | 21.43% | 21.86% | 4.2% | 3.03% | 2.84% | 76.47% | - | - | - |
| Gross Profit | 3.56B | 3.69B | 4.45B | 6.25B | 4.47B | 3.49B | 3.03B | 2.93B | 6.31B | 4.2B | 532M | 209M | 210.1M | 210.71M | 206.71M | 271.87M | 387.19M | 404.96M | 3.53M | -9.74M | 0 | 0 |
| Gross Margin % | 31.27% | 34.35% | 51.13% | 64.66% | 25.99% | 36.95% | 49.2% | 42.85% | 98.18% | 97.68% | 48.35% | 77.4% | 78.19% | 78.57% | 78.2% | 95.8% | 96.97% | 97.16% | 23.53% | - | - | - |
| Gross Profit Growth % | - | -16.97% | -28.79% | 39.74% | 28.28% | 14.9% | 3.55% | -53.56% | 50.07% | 690.23% | 154.55% | -0.52% | -0.29% | 1.93% | -23.97% | -29.78% | -4.39% | 11371.87% | 136.24% | - | - | - |
| Operating Expenses | 456M | 110M | 1.17B | 1.21B | 1.09B | 929M | 904M | 883M | 4.33B | 3.05B | 282.26M | 232M | 210.97M | 243.39M | 173.89M | 103.92M | 76.19M | 88.87M | 20.67M | 2.78M | -13.48M | 4.72M |
| OpEx % of Revenue | - | 1.02% | 13.44% | 12.55% | 6.35% | 9.85% | 14.66% | 12.91% | 67.38% | 70.82% | 25.65% | 85.92% | 78.52% | 90.75% | 65.79% | 36.62% | 19.08% | 21.32% | 137.81% | - | - | - |
| Selling, General & Admin | -12M | 12M | 100M | 99M | 97M | 94M | 110M | 113M | 86M | 92M | 102.85M | 137M | 125.65M | 154.13M | 110.96M | 63.52M | 26.46M | 3.72M | 4.84M | 12.48M | 5.7M | 4.71M |
| SG&A % of Revenue | - | 0.11% | 1.15% | 1.02% | 0.56% | 1% | 1.78% | 1.65% | 1.34% | 2.14% | 9.35% | 50.74% | 46.76% | 57.47% | 41.98% | 22.38% | 6.63% | 0.89% | 32.29% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 2M | 3M | 522K | 4M | 10.47M | 0 | 0 | 36.47M | 10.56M | 0 | 2.34M | 0 | 4.53M | 0 |
| R&D % of Revenue | - | - | - | - | - | 0.02% | - | - | 0.03% | 0.07% | 0.05% | 1.48% | 3.9% | - | - | 12.85% | 2.65% | - | 15.61% | - | - | - |
| Other Operating Expenses | 4M | 98M | 1.07B | 1.11B | 995M | 833M | 794M | 770M | 4.24B | 2.95B | 178.89M | 91M | 74.85M | 89.26M | 62.94M | 3.92M | 39.16M | 85.15M | 13.49M | -9.71M | -23.71M | 13K |
| Operating Income | 3.1B | 3.58B | 3.28B | 5.04B | 3.38B | 2.56B | 2.13B | 2.04B | 1.98B | 1.16B | 250.44M | 3M | 515K | -32.03M | 38.24M | 122.08M | 280.8M | 327.92M | -17.14M | -12.52M | -10.28M | -4.72M |
| Operating Margin % | 27.26% | 33.32% | 37.68% | 52.11% | 19.64% | 27.1% | 34.46% | 29.83% | 30.8% | 26.86% | 22.76% | 1.11% | 0.19% | -11.94% | 14.47% | 43.02% | 70.33% | 78.68% | -114.27% | - | - | - |
| Operating Income Growth % | - | 9.3% | -34.87% | 48.99% | 32.19% | 20.33% | 4.17% | 3.08% | 71.19% | 361.6% | 8247.87% | 482.52% | 101.61% | -183.75% | -68.67% | -56.52% | -14.37% | 2013.07% | -36.95% | -21.79% | -117.78% | - |
| EBITDA | 3.79B | 4.27B | 3.96B | 5.71B | 4.01B | 3.11B | 2.68B | 2.57B | 2.4B | 1.5B | 406.06M | 68.7M | 59.12M | 25.46M | 95.74M | 179.97M | 323.1M | 360.66M | -9.15M | -8.69M | -9.53M | -4.71M |
| EBITDA Margin % | 33.34% | 39.72% | 45.5% | 59.06% | 23.33% | 33.01% | 43.39% | 37.54% | 37.4% | 34.74% | 36.91% | 25.44% | 22% | 9.49% | 36.22% | 63.42% | 80.92% | 86.53% | -60.98% | - | - | - |
| EBITDA Growth % | -3.17% | 7.9% | -30.62% | 42.2% | 28.9% | 16.37% | 4.25% | 6.82% | 60.74% | 268.17% | 491.02% | 16.22% | 132.22% | -73.41% | -46.8% | -44.3% | -10.42% | 4042.95% | -5.28% | 8.85% | -102.55% | - |
| D&A (Non-Cash Add-back) | 691M | 688M | 680M | 672M | 634M | 557M | 551M | 527M | 424M | 339M | 155.62M | 65.7M | 58.6M | 57.49M | 57.5M | 57.88M | 42.3M | 32.74M | 7.99M | 3.83M | 745K | 13K |
| EBIT | 3.24B | 3.74B | 3.31B | 5.08B | 3.37B | 2.46B | 2.09B | 2.06B | 2.01B | 1.1B | 186M | -134M | -233M | -79.72M | 38.24M | 122.08M | 280.8M | 334.13M | 1.54M | -137.61M | 0 | 0 |
| Net Interest Income | -378M | -753M | -767M | -777M | -849M | -830M | -909M | -885M | -733M | -614M | -357M | -185M | -177.03M | -178.4M | -171.65M | -173.59M | -174.02M | -146.28M | -66.11M | 140.89M | 0 | 0 |
| Interest Income | 4M | 0 | 33M | 46M | 21M | 1M | 0 | 0 | 0 | 0 | 0 | 227M | 0 | 0 | 170.97M | 0 | 0 | 930K | 13.78M | 52.23M | 0 | 0 |
| Interest Expense | 382M | 753M | 800M | 823M | 870M | 831M | 909M | 885M | 733M | 614M | 357M | 184.6M | 177.03M | 178.4M | 0 | 173.59M | 174.02M | 147.21M | 79.89M | -88.66M | 0 | 0 |
| Other Income/Expense | -567M | -598M | -770M | -782M | -882M | -927M | -942M | -865M | -705M | -666M | -421M | -321.93M | -410.55M | -226.09M | -213.68M | -175.65M | -173.23M | -141.01M | -61.2M | -36.44M | -68.1M | 343K |
| Pretax Income | 2.53B | 2.99B | 2.51B | 4.25B | 2.5B | 1.63B | 1.18B | 1.18B | 1.27B | 490M | -171.19M | -318.89M | -410.04M | -258.12M | -175.43M | -53.56M | 107.57M | 186.91M | -78.34M | -48.95M | -78.38M | -4.38M |
| Pretax Margin % | 22.27% | 27.77% | 28.84% | 44.02% | 14.52% | 17.28% | 19.18% | 17.18% | 19.83% | 11.38% | -15.56% | -118.1% | -152.6% | -96.24% | -66.37% | -18.87% | 26.94% | 44.85% | -522.29% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.26M | -456K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -94.74% | 10.42% |
| Net Income | 2.52B | 2.99B | 2.51B | 4.25B | 2.5B | 1.63B | 1.18B | 1.18B | 1.27B | 490M | -171M | -319M | -410.04M | -239.97M | -150.14M | -31.02M | 107.57M | 186.91M | -78.34M | -48.95M | -60.77M | -4.26M |
| Net Margin % | 22.19% | 27.77% | 28.84% | 44.02% | 14.52% | 17.28% | 19.18% | 17.18% | 19.83% | 11.38% | -15.54% | -118.14% | -152.6% | -89.48% | -56.8% | -10.93% | 26.94% | 44.85% | -522.29% | - | - | - |
| Net Income Growth % | 2.15% | 19% | -41% | 70.3% | 53.25% | 37.79% | 0.68% | -7.77% | 160% | 386.55% | 46.39% | 22.2% | -70.87% | -59.83% | -384.01% | -128.84% | -42.45% | 338.58% | -60.04% | 19.45% | -1325.57% | - |
| Net Income (Continuing) | 2.53B | 2.99B | 2.51B | 4.25B | 2.5B | 1.63B | 1.18B | 1.18B | 1.27B | 490M | -171M | -319M | -410.04M | -258.12M | -175.43M | -53.56M | 107.57M | 186.91M | -78.34M | -48.95M | -60.77M | -4.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -2.86B | -2.74B | -2.33B | -1.82B | -1.01B | -306M | -175M | -81M | -16M | 12M | 11.18M | 16.58M | 0 | 35.12M | 29.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.21 | 6.17 | 4.25 | 6.95 | 3.27 | 3.00 | 2.32 | 2.25 | 2.51 | 1.20 | -0.20 | -0.43 | -0.89 | -0.03 | 0.27 | -0.50 | 1.70 | -0.57 | -0.48 | -0.30 | -0.38 | -0.03 |
| EPS Growth % | 13.91% | 45.18% | -38.85% | 112.54% | 9% | 29.31% | 3.11% | -10.36% | 109.17% | 700% | 53.49% | 51.69% | -2866.67% | -111.11% | 154% | -129.41% | 398.25% | -18.75% | -60% | 21.05% | -1344.87% | - |
| EPS (Basic) | - | 6.17 | 4.25 | 6.95 | 3.27 | 3.00 | 2.32 | 2.25 | 2.51 | 1.20 | -0.20 | -0.43 | -0.89 | -0.03 | 0.27 | -0.50 | 1.70 | -0.57 | -0.48 | -0.30 | -0.38 | -0.03 |
| Diluted Shares Outstanding | 484M | 484M | 484M | 484M | 484M | 484M | 399.3M | 484M | 484M | 484M | 337.8M | 337.8M | 337.8M | 330.12M | 212.16M | 163.29M | 161.8M | 161.8M | 161.8M | 161.8M | 161.8M | 161.8M |
| Basic Shares Outstanding | 484M | 484M | 484M | 484M | 484M | 484M | 399.3M | 484M | 484M | 484M | 337.8M | 337.8M | 192.46M | 189.62M | 212.16M | 163.29M | 161.8M | 161.8M | 161.8M | 161.8M | 161.8M | 161.8M |
| Dividend Payout Ratio | - | 69.1% | 89.04% | 68.34% | 105.48% | 89.02% | 114.88% | 107.23% | 87.36% | 60% | - | - | - | - | - | - | 151.76% | 150.16% | - | - | - | - |
Commodity Spread Volatility
As reported in recent financial filings, CQP experienced a 20.4% revenue increase in 2026Q1, yet this growth appears inconsistent against the backdrop of prior quarterly fluctuations, suggesting that top-line performance remains highly sensitive to external commodity price environments rather than purely organic volume expansion across the terminal.
The revenue trajectory exhibits significant quarter-over-quarter variance, which complicates the assessment of long-term growth durability. While the partnership benefits from take-or-pay contracts, the headline figures suggest that spot market exposure and feedstock cost pass-throughs continue to introduce substantial noise into the top-line results.
According to the latest income statement data, CQP's gross margin contracted sharply to 9.9% in 2026Q1, a significant departure from the 51.3% levels observed in 2025Q4, indicating that the partnership's profitability is highly susceptible to the narrowing of spreads between domestic gas costs and global LNG indices.
The dramatic compression in gross margins suggests that the partnership's ability to capture value is not as insulated as the take-or-pay model might imply. Investors should monitor whether this margin volatility is a temporary timing issue related to cargo lifting or a structural shift in the profitability of the liquefaction trains.
Based on reported figures, the operating margin plummeted to 9.1% in 2026Q1 from 50.3% in 2025Q4, demonstrating that the partnership's fixed-cost structure provides limited protection when gross profits face significant downward pressure, thereby challenging the assumption of consistent operating leverage during periods of market volatility.
The sharp decline in operating income relative to revenue suggests that the partnership's cost base is not sufficiently flexible to offset sudden drops in gross profit. This lack of operating leverage warrants further investigation into the fixed versus variable components of the partnership's operational expenses.
Financial statements indicate that net income fell to $186.0 million in 2026Q1, representing a substantial decline from the $1.3 billion reported in 2025Q4, which suggests that reported earnings are subject to significant non-operating distortions that may not reflect the underlying cash-generating capacity of the Sabine Pass terminal.
The wide variance in net income suggests that GAAP figures are heavily influenced by non-cash items, such as derivative adjustments, which often obscure the partnership's true economic performance. Analysts should prioritize cash flow metrics over net income to better understand the sustainability of distributions to unitholders.
Quick answers to the most common questions about buying CQP stock.
For fiscal year 2025, Cheniere Energy Partners, L.P. (CQP) reported total revenue of $10.76B.
Cheniere Energy Partners, L.P. (CQP) is profitable, generating $2.99B in net income for the fiscal year ending 2025 with a net profit margin of 27.8%.
Cheniere Energy Partners, L.P. (CQP) reported an operating income of $3.58B, resulting in an operating profit margin of 33.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cheniere Energy Partners, L.P. (CQP) generated $3.69B in gross profit for the year, representing a gross profit margin of 34.3%. This demonstrates the company's core pricing power and production efficiency.