Cheniere Energy, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
LNG$293.49+3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $6,794 | $4,492 | $12,059 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion expense | 1,329 | 1,220 | 1,196 |
| Share-based compensation expense | 161 | 215 | 250 |
| Amortization of discount and debt issuance costs | 38 | 42 | 44 |
| Reduction of right-of-use assets | 623 | 670 | 623 |
| Total gains on derivative instruments, net | (3,844) | (1,315) | (7,890) |
| Net cash provided by (used for) settlement of derivative instruments | 289 | (100) | (79) |
| Deferred taxes | 1,859 | 330 | 2,389 |
| Other, net | 25 | 28 | 3 |
| Changes in operating assets and liabilities: | |||
| Trade and other receivables | (640) | 380 | 840 |
| Inventory | (32) | (57) | 377 |
| Margin deposits | 52 | (111) | 116 |
| Other non-current assets | (156) | (80) | (64) |
| Accounts payable and accrued liabilities | (232) | 248 | (982) |
| Total deferred revenue | (41) | (2) | 3 |
| Total operating lease liabilities | (619) | (658) | (607) |
| Other, net | (67) | 92 | 140 |
| Net cash provided by operating activities | 5,539 | 5,394 | 8,418 |
| Cash flows from investing activities | |||
| Property, plant and equipment, net of proceeds from commissioning sales of LNG of $174 million, zero and zero, respectively | (3,078) | (2,238) | (2,121) |
| Investments in equity method investments | (2) | (12) | (61) |
| Other, net | 68 | (29) | (20) |
| Net cash used in investing activities | (3,012) | (2,279) | (2,202) |
| Cash flows from financing activities | |||
| Proceeds from issuances of debt and borrowings | 1,987 | 2,725 | 1,397 |
| Redemptions and repayments of debt | (2,092) | (3,521) | (2,598) |
| Distributions to NCI | (803) | (846) | (1,016) |
| Contributions from redeemable NCI | 122 | 6 | — |
| Payments related to tax withholdings for share-based compensation | (51) | (46) | (63) |
| Repurchase of common stock, inclusive of excise taxes paid | (2,724) | (2,262) | (1,473) |
| Dividends to stockholders | (451) | (412) | (393) |
| Other, net | (118) | (95) | (34) |
| Net cash used in financing activities | (4,130) | (4,451) | (4,180) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (3) | 1 | 2 |
| Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | (1,606) | (1,335) | 2,038 |
| Cash, cash equivalents and restricted cash and cash equivalents—beginning of period | 3,190 | 4,525 | 2,487 |
| Cash, cash equivalents and restricted cash and cash equivalents—end of period | $1,584 | $3,190 | $4,525 |
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