Financial Analysis

COMMITMENTS AND CONTINGENCIES Commitments We have various future contractual commitments which do not meet the definition of a liability as of December 31, 2025 and thus are not recognized as liabilities in our Consolidated Financial Statements. Executed contracts containing such future commitments include agreements for capital expenditures, the use of LNG vessels contracted for future delivery, natural gas transportation and storage services, goods and services necessary to operate our Liquefaction Projects and letters of credit. CCL has contractual commitments under lump sum turnkey contracts with Bechtel for the engineering, procurement and construction of the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project. The total contract price of the EPC contracts, inclusive of amounts incurred under change orders, for the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project were approximately $6.0 billion and $2.9 billion, respectively, of which we had remaining obligations of approximately $0.7 billion and $1.6 billion, respectively, as of December 31, 2025. Environmental and Regulatory Matters Our LNG terminals and pipelines are subject to extensive regulation under federal, state and local statutes, rules, regulations and laws. These laws require that we engage in consultations with appropriate federal and state agencies and that we obtain and maintain applicable permits and other authorizations. Failure to comply with such la …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLAN We have a defined contribution plan ( 401(k) Plan ) which allows eligible employees to contribute up to 75% of their compensation up to the Internal Revenue Service maximum. We match each employees deferrals (contributions) up to 6% of compensation and may make additional contributions at our discretion. Employees are immediately vested in the contributions made by us. Our contributions to the 401(k) Plan were $20 million, $18 million and $17 million for the years ended December 31, 2025, 2024 and 2023, respectively. We have made no discretionary contributions to the 401(k) Plan to date. …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

DEBT Debt consisted of the following (in millions): December 31, 2025 2024 SPL: Senior Secured Notes: 5.625% due 2025 $ $ 300 5.875% due 2026 (the 2026 SPL Senior Notes ) (1) 200 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 due 2037 with weighted average rate of 4.747% and 4.746% at December 31, 2025 and 2024, respectively (2) 1,730 1,782 Total SPL Senior Secured Notes 6,780 8,432 Revolving credit and guaranty agreement (the SPL Revolving Credit Facility ) Total debt - SPL 6,780 8,432 CQP: Senior Notes: 4.500% due 2029 (the 2029 CQP Senior Notes ) 1,500 1,500 4.000% due 2031 (the 2031 CQP Senior Notes ) 1,500 1,500 3.25% due 2032 (the 2032 CQP Senior Notes ) 1,200 1,200 5.950% due 2033 1,400 1,400 5.750% due 2034 1,200 1,200 5.550% due 2035 1,000 Total CQP Senior Notes 7,800 6,800 Revolving credit and guaranty agreement (the CQP Revolving Credit Facility ) Total debt - CQP 7,800 6,800 CCH: Senior Secured Notes: 5.125% due 2027 1,201 1,201 3.700% due 2029 1,125 1,125 3.788% weighted average rate due 2039 (2) 2,539 2,539 Total CCH Senior Secured Notes 4,865 4,865 Term loan facility agreement (the CCH Credit Facility ) 550 Working capital facility agreement (the CCH Working Capital Facility ) Total debt - CCH 5,415 4,865 Cheniere: Senior Notes: 4.625% due 2028 1,500 1,500 5.650% due 2034 1,500 1,500 Total Cheniere Senior Notes 3,000 3,000 Revolving credit agreement (the Cheniere Revolving Credit Facility ) Total debt - Cheniere 3,000 3 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

SHARE-BASED COMPENSATION Our Amended and Restated 2020 Incentive Plan (the 2020 Plan ) is a broad-based incentive plan which allows for the issuance of stock options and stock appreciation rights and awards of bonus stock, phantom stock, restricted stock, restricted stock units and performance awards and other stock-based awards to employees, consultants and non-employee directors. The 2020 Plan provides for the issuance of 12.5 million shares of our common stock, of which we had 7.5 million shares available for future issuance as of December 31, 2025. Our outstanding awards as of December 31, 2025 primarily consisted of restricted stock units ( RSUs ) and performance stock units ( PSUs ). Other outstanding awards were not material to our Consolidated Financial Statements. Restricted Stock Units RSUs are stock awards that contain a graded vesting period of up to three years and, with the exception of awards to certain officers which contain a cash settlement option, as described in Liability-Classified Awards below, will settle in stock upon vesting subject to restrictions on transfer and to a risk of forfeiture if the recipient terminates employment with us prior to the lapse of the restrictions. Performance Stock Units PSUs provide for cliff vesting after a period of approximately three years with payouts dependent upon the achievement of metrics compared to pre-established performance targets over the defined performance period, including a performance condition consisting …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

INCOME TAXES The jurisdictional components of income before income taxes and non-controlling interests on our Consolidated Statements of Operations are as follows (in millions): Year Ended December 31, 2025 2024 2023 U.S. federal $ 7,239 $ 4,696 $ 11,176 International 1,043 607 3,402 Total income before income taxes and non-controlling interests $ 8,282 $ 5,303 $ 14,578 Income tax provision included in our reported net income consisted of the following (in millions): Year Ended December 31, 2025 2024 2023 Current: U.S. federal $ (383) $ 471 $ 130 State 1 2 1 Foreign 11 8 (1) Total current (371) 481 130 Deferred: U.S. federal 1,846 319 2,377 State 12 9 15 Foreign 1 2 (3) Total deferred 1,859 330 2,389 Total income tax provision $ 1,488 $ 811 $ 2,519 The table below provides the updated requirements of ASU No. 2023-09 for 2025. See Note 2Summary of Significant Accounting Policies for additional details on the adoption of ASU No. 2023-09 . Our income tax rates do not bear a customary relationship to statutory income tax rates. A reconciliation of the U.S. federal statutory income tax rate of 21% to our effective income tax rate for the year ended December 31, 2025 is as follows: Year Ended December 31, 2025 Amount (in millions) Percent (2) U.S. federal statutory tax rate $ 1,739 21.0 % State and local income taxes, net of federal income tax effect (1) 11 0.1 Foreign tax effects United Kingdom Cheniere Marketing income not taxable in the U.K. under transfer pricing principles (24 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES We are the lessee of LNG vessels leased under time charters ( vessel charters ) as well as tug vessels, office space and facilities, land sites and equipment. The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions): December 31, Consolidated Balance Sheets Location 2025 2024 Right-of-use assetsOperating Operating lease assets $ 2,700 $ 2,684 Right-of-use assetsFinancing Property, plant and equipment, net of accumulated depreciation 861 478 Total right-of-use assets $ 3,561 $ 3,162 Current operating lease liabilities Current operating lease liabilities $ 539 $ 592 Current finance lease liabilities Other current liabilities 88 44 Non-current operating lease liabilities Operating lease liabilities 2,163 2,090 Non-current finance lease liabilities Other non-current liabilities 843 486 Total lease liabilities $ 3,633 $ 3,212 The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions): Consolidated Statements of Operations Location Year Ended December 31, 2025 2024 2023 Operating lease cost (a) Operating costs and expenses (1) $ 796 $ 839 $ 783 Finance lease cost: Amortization of right-of-use assets Depreciation, amortization and accretion expense 90 53 50 Interest on lease liabilities Interest expense, net of capitalized interest 52 35 35 Total lease cost $ 938 $ 927 $ 868 (a) Included in operating le …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), which we adopted prospectively on December 31, 2025. This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The adoption of this guidance did not have an impact on our results of operations and financial condition, but updated the required disclosures see Note 14Income Taxes . ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2027. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions): Year Ended December 31, 2025 2024 2023 Other revenues Operating agreement and construction management agreement with equity method investee (1) $ 1 $ 9 $ 10 Operating and maintenance expense Natural gas transportation and storage agreements with equity method investees (1) 32 24 9 Natural gas transportation and storage agreements with other related party (2) 28 73 62 (1) On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million, $9 million and $10 million of other revenues and $1 million, $8 million and $9 million of operating and maintenance expense from the investee during the years ended December 31, 2025, 2024 and 2023, respectively. (2) These arrangements were with a party that was related to the entity that indirectly owns a portion of CQPs limited partner interests. Due to the sale of such interests by that entity effective May 13, 2025, this party is no longer considered a related party as of that date. Below is a summary of our related party balances, all in the ordinary course of business, as reported on our Consolidated Balance Sheets (in millions): December 3 …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES 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. LNG Revenues We have numerous SPAs with third party customers for the sale of LNG on an FOB basis or a DAP basis. Our customers generally purchase LNG for a price consisting of a fixed fee per MMBtu of LNG (a portion of which is subject to annual adjustment for inflation) plus a variable fee per MMBtu of LNG generally equal to 115% of Henry Hub. The fixed fee component is the amount payable to us regardless of a cancellation or suspension of LNG cargo deliveries by the customers. The variable fee component is the amount generally payable to us only upon delivery of LNG plus all future adjustments to the fixed fee for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific Train. We intend to primarily use LNG sourced from our Sabine Pass LNG Terminal or our Corpus Christi LNG Terminal to …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION AND CUSTOMER CONCENTRATION We have determined that we operate as a single operating and reportable segment. Our executive team is organized by function, rather than legal entity or discrete financial data oversight, with no business component managers reporting to the chief operating decision maker ( CODM ), who is our president and chief executive officer. The CODM regularly analyzes financial and operational data on a single basis of segmentation at the consolidated level, consistent with our integrated service offering, in order to allocate resources and assess performance. The measure of profit and loss regularly provided to the CODM that is most consistent with GAAP is net income attributable to Cheniere, as presented in our Consolidated Statements of Operations. This measure contributes to the CODMs assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are cost of sales, operating and maintenance expense and selling, general and administrative expense, as reported in our Consolidated Statements of Operations. Also provided regularly to the CODM are changes in the fair value of our derivative instruments, which are inclusive of significant noncash items, which were $3.6 billion, $1.3 billion and $8.0 billion in gains for the …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Debt consisted of the following (in millions): September 30, December 31, 2025 2024 SPL: Senior Secured Notes: 5.625% due 2025 $ $ 300 5.875% due 2026 500 1,500 5.00% due 2027 1,500 1,500 4.200% due 2028 1,350 1,350 4.500% due 2030 2,000 2,000 due 2037 with weighted average rate of 4.747% and 4.746% at September 30, 2025 and December 31, 2024, respectively (1) 1,730 1,782 Total SPL Senior Secured Notes 7,080 8,432 Revolving credit and guaranty agreement (the SPL Revolving Credit Facility ) Total debt - SPL 7,080 8,432 CQP: Senior Notes: 4.500% due 2029 1,500 1,500 4.000% due 2031 1,500 1,500 3.25% due 2032 1,200 1,200 5.950% due 2033 1,400 1,400 5.750% due 2034 1,200 1,200 5.550% due 2035 (2) 1,000 Total CQP Senior Notes 7,800 6,800 Revolving credit and guaranty agreement (the CQP Revolving Credit Facility ) Total debt - CQP 7,800 6,800 CCH: Senior Secured Notes: 5.125% due 2027 1,201 1,201 3.700% due 2029 1,125 1,125 3.788% weighted average rate due 2039 (1) 2,539 2,539 Total CCH Senior Secured Notes 4,865 4,865 Term loan facility agreement (the CCH Credit Facility ) Working capital facility agreement (the CCH Working Capital Facility ) Total debt - CCH 4,865 4,865 Cheniere: 4.625% Senior Notes due 2028 1,500 1,500 5.650% Senior Notes due 2034 1,500 1,500 Total Cheniere Senior Notes 3,000 3,000 Revolving credit agreement (the Cheniere Revolving Credit Facility ) Total debt - Cheniere 3,000 3,000 Total debt 22,745 23,097 Current debt, net of unamortized discount and debt …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents a disaggregation of revenue earned (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues from contracts with customers LNG revenues (excluding net derivative gain (loss) below) $ 4,200 $ 3,569 $ 13,802 $ 10,614 Regasification revenues 34 34 102 102 Other revenues (1) 59 80 185 231 Total revenues from contracts with customers 4,293 3,683 14,089 10,947 Net derivative gain (loss) (see Note 5 ) 102 (15) 320 19 Sublease income (see Note 9 ) 39 83 102 266 Other revenues 7 12 15 35 Total revenues $ 4,441 $ 3,763 $ 14,526 $ 11,267 (1) Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.

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INCOME TAXES We recorded an income tax provision of $303 million and $850 million during the three and nine months ended September 30, 2025, respectively, and an income tax provision of $231 million and $550 million for the same periods of 2024, respectively, which was calculated using the annual effective tax rate method. Our effective tax rate was 18.9% and 18.0% during the three and nine months ended September 30, 2025, respectively, as compared to 16.1% and 14.6% for the same periods of 2024, respectively. Our effective tax rate increased between the comparable periods primarily due to: (1) decreased ratio of pre-tax income attributable to CQP, which is partially not taxable to us, (2) increased tax expense due to a valuation allowance on a capital loss carryover generated on the sale of all of our equity interests in an equity method investment during the three months ended March 31, 2025 and (3) a reduced Foreign Derived Intangible Income ( FDII ) deduction. The effective tax rate for the comparable three and nine month periods was lower than the statutory rate of 21.0% primarily due to CQPs income that is partially not taxable to us. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law with significant changes to the Internal Revenue Code that impact us, including, among other provisions, reinstating 100% accelerated tax bonus depreciation on qualifying assets acquired after January 19, 2025 and modifying the export-promoting FDII deduction rules …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES We are the lessee of LNG vessels leased under time charters ( vessel charters ) as well as tug vessels, office space and facilities, land sites and equipment. Future annual minimum lease payments for operating and finance leases as of September 30, 2025 are as follows (in millions): Years Ending December 31, Operating Leases Finance Leases 2025 $ 181 $ 37 2026 639 141 2027 545 143 2028 376 146 2029 287 146 Thereafter 1,172 646 Total lease payments (1) 3,200 1,259 Less: Interest (570) (307) Present value of lease liabilities $ 2,630 $ 952 (1) Does not include approximately $3.0 billion of legally binding minimum payments for leases executed as of September 30, 2025 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years. The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases: September 30, 2025 December 31, 2024 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term (in years) 7.3 8.8 7.0 8.8 Weighted-average discount rate (1) 5.2% 6.6% 5.0% 7.4% (1) The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quanti …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) . This guidance further enhances income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The adoption of this guidance will not have an impact on our results of operations and financial condition but will have an impact on the annual disclosures required in the relevant notes to the consolidated financial statements. This guidance applies prospectively, with retrospective application permitted. We are progressing on the implementation and evaluating the method of adoption. We will adopt this guidance and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the year ending December 31, 2025. ASU 2024-03 In November 2024, the FASB issued ASU No. 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , as clarified by ASU No. 2025-01 in January 2025. This guidance requires disaggregated disclosures about certain income statement expense line items on an annual and interim basis. We continue to evaluate the impact of the provisions of this guidance on our disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for our annual report for the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Below is a summary of our related party transactions, all in the ordinary course of business, as reported on our Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Other revenues Operating agreement and construction management agreement with equity method investee (1) $ $ 3 $ 1 $ 7 Operating and maintenance expense Natural gas transportation and storage agreements with equity method investees (1) 8 10 24 15 Natural gas transportation and storage agreements with other related party (2) 15 28 44 (1) On February 13, 2025, we sold all of our equity interests in one of our equity method investments to a third party. Additionally, we assigned certain operating and construction management agreements to the purchaser of such interests. Included in the table above are $1 million of other revenues and $1 million of operating and maintenance expense from the investee during the nine months ended September 30, 2025 and $3 million and $7 million of other revenues and $2 million and $7 million of operating and maintenance expense from the investee during the three and nine months ended September 30, 2024, respectively. (2) These arrangements were with a party that was related to the entity that indirectly owns a portion of CQPs limited partner interests. Due to the sale of such interests by that entity effective May 13, 2025, this party is no longer considered a related party a …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES The following table represents a disaggregation of revenue earned (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues from contracts with customers LNG revenues (excluding net derivative gain (loss) below) $ 4,200 $ 3,569 $ 13,802 $ 10,614 Regasification revenues 34 34 102 102 Other revenues (1) 59 80 185 231 Total revenues from contracts with customers 4,293 3,683 14,089 10,947 Net derivative gain (loss) (see Note 5 ) 102 (15) 320 19 Sublease income (see Note 9 ) 39 83 102 266 Other revenues 7 12 15 35 Total revenues $ 4,441 $ 3,763 $ 14,526 $ 11,267 (1) Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes. For the three and nine months ended September 30, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis. Contract Assets and Liabilities 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): September 30, December 31, 2025 2024 Contract assets, net of current expected credit losses $ 401 $ 331 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): Nine Months Ended Septem …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION AND CUSTOMER CONCENTRATION We have determined that we operate as a single operating and reportable segment. The measure of profit and loss regularly provided to the chief operating decision maker ( CODM ) that is most consistent with GAAP is net income attributable to Cheniere, as presented in our Consolidated Statements of Operations. This measure contributes to the CODMs assessment of performance and resource allocation, which includes monitoring of budget versus actual results, establishing compensation and deciding on capital allocation priorities. Significant expenses regularly provided to the CODM, and included in the measure of profit and loss, are cost of sales, operating and maintenance expense and selling, general and administrative expense, as reported in our Consolidated Statements of Operations. Also provided regularly to the CODM are changes in the fair value of our derivative instruments, which are inclusive of significant noncash items, which were $574 million and $506 million in gains for the three months ended September 30, 2025 and 2024, respectively, and $1.5 billion and $826 million in gains for the nine months ended September 30, 2025 and 2024, respectively. Interest income, which is included in interest and dividend income on our Consolidated Statements of Operations, was $23 million and $41 million for the three months ended September 30, 2025 and 2024, respectively, and $88 million and $149 million for the nine months ended Septemb …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing