Cheniere Energy Partners, L.P. (CQP) Income Statement

21Y historyFree accessUpdated daily

Revenue has normalized to $2.6B with a 7.1% year-over-year increase in 2026Q3, while operating margin of 31.7% and net margin of 24.8% reflect a profitability profile that is strong on average but heavily influenced by cargo timing, as gross margin swung from 9.9% in 2026Q1 to 70.4% in 2026Q2.

Annual statement

CQP Income Statement

Cheniere Energy Partners, L.P. (CQP) annual income statement — 21-year revenue, gross profit & net income history

Annual Quarterly

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	11.67B	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 %	13.17%	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	6.7B	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	4.97B	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 %	42.57%	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	1.02B	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	-35M	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	3.95B	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 %	33.84%	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	4.64B	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 %	39.8%	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 %	27.91%	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)	695M	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	3.64B	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	-370M	-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	0	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	370M	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	-675M	-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	3.27B	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 %	28.06%	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	3.26B	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 %	27.97%	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 %	40.46%	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)	3.27B	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	-3.04B	-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)	6.74	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 %	44.88%	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%	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityStrong

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Leverage and rate sensitivity

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Reaccelerating After 2024 Trough

Based on the reported quarterly figures, CQP's revenue moved from a year-over-year decline of 8.4% in 2024Q4 to growth of 30.2% in 2025Q1 before settling at 7.1% in 2026Q3, indicating that top-line momentum is normalizing rather than compounding.

The swing from contraction to rapid expansion in early 2025 likely reflects commodity-price-driven pass-through revenue rather than a step-change in contracted volumes, since the take-or-pay structure should dampen volatility. The deceleration to single-digit growth by the most recent quarter suggests the earlier surge may not be durable, and investors should monitor whether reservation-fee revenue sustains the base. Growth durability therefore appears more dependent on spot marketing margins than on the underlying fixed-fee stream.

Gross Margin Volatility Tied to Cargo Timing

As reported in the income statement, CQP's gross margin ranged from 9.9% in 2026Q1 to 70.4% in 2026Q2, a spread that appears too wide to reflect structural pricing power alone and may instead reflect the timing of feedstock costs against cargo sales.

A gross margin that swings more than sixty points within a single year points to the lumpy recognition of feedstock and cargo revenue rather than a steady unit-economics profile. The reported operating margin of 31.7% in the latest quarter nonetheless indicates that fixed infrastructure costs are well covered once volumes flow. Investors should treat quarterly gross margin prints with caution and weight multi-period averages more heavily.

Operating Income Tracks Revenue Rather Than Scaling

Based on the quarterly data, operating income of $815.0M in 2026Q3 against gross profit of $1.3B implies that SG&A is minimal at roughly $3.0M, so operating leverage is driven almost entirely by the cost of revenue line.

With SG&A essentially flat near $3.0M across most quarters, overhead efficiency is not a meaningful differentiator for CQP. Operating income appears to move in step with gross profit, which suggests operating leverage is embedded in the fixed-cost liquefaction base rather than in administrative scaling. The primary question for analysts is therefore the sustainability of gross profit, not overhead discipline.

Net Income Diverges From Operating Trend

According to reported figures, net income of $639.0M in 2026Q3 reflects a net margin of 24.8% against an operating margin of 31.7%, and the gap between these lines may reflect financing costs, derivative effects, or other non-operating items that the data does not fully disclose.

The consistent gap between operating and net margins, combined with a reported EPS of 1.01 in the latest quarter, warrants reconciliation against distributable cash flow before drawing conclusions about per-unit earnings power. The absence of stock-based compensation disclosure means that dilution effects cannot be assessed from this data. Earnings quality should therefore be viewed through cash distributions rather than headline net income.

Rate Sensitivity and Thin Equity Base

Based on reported figures, the elevated debt-to-equity ratio of 35.47 and the extreme return on equity of 721.5% suggest that a thin equity base amplifies both distribution capacity and refinancing sensitivity, which investors should monitor closely.

A high ROE driven by a small equity base can overstate economic returns and may mask the risk that refinancing costs rise faster than contracted revenues can adjust. If interest rates remain elevated, the spread between cash generation and debt service could compress, pressuring distribution coverage. The bear case therefore centers on whether leverage, rather than operations, becomes the binding constraint on unitholder returns.

CQP — Frequently Asked Questions

Quick answers to the most common questions about buying CQP stock.

What was Cheniere Energy Partners, L.P.'s (CQP) revenue in 2025?

For fiscal year 2025, Cheniere Energy Partners, L.P. (CQP) reported total revenue of $10.76B.

Is Cheniere Energy Partners, L.P. (CQP) profitable?

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%.

What is Cheniere Energy Partners, L.P.'s operating profit margin?

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.

What is Cheniere Energy Partners, L.P.'s gross profit and gross margin?

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.