Cheniere Energy, Inc.

The following table summarizes the sources and uses of our cash, cash equivalents and restricted cash and cash equivalents (in millions). The table presents capital expenditures on a cash basis; therefore, these amounts differ from the amounts of capital expenditures, including accruals, which are referred to elsewhere in this report. Additional discussion of these items follows the table.

Operating Cash Flows

The $145 million increase between the periods was primarily related to higher net cash inflows from LNG sales, as explained above in Results of Operations, and increased cash inflows from settlement of derivative instruments. Partially offsetting the increase was lower cash flows attributed to working capital from differences in timing of cash collections from the sale of LNG cargoes and payments to suppliers.

As described in Results of Operations, the OBBBA was signed into law during the third quarter of 2025 and includes, among other provisions, reinstating 100% accelerated tax bonus depreciation on qualifying assets acquired after January 19, 2025, which deferred our cash tax obligations, ultimately reducing our income tax payable to a nominal amount in 2025, and modifying the export-promoting FDII deduction rules, renamed to the FDDEI under the OBBBA, which is expected to reduce our income taxes payable relative to prior policy in future periods. Additionally, on September 30, 2025, the IRS issued Notice 2025-49, which revised rules for calculating CAMT adjusted financial statement income, deferring our cash tax obligations and entitling us to a refund of $380 million of previously paid CAMT, which we received in December 2025.

Investing Cash Flows

Our investing net cash outflows primarily related to: (1) construction costs for the Corpus Christi Stage 3 Project, which were $1.3 billion and $1.5 billion during the years ended December 31, 2025 and 2024, respectively; (2) $1.0 billion of costs paid for the CCL Midscale Trains 8 & 9 Project during the year ended December 31, 2025, primarily related to procurement and engineering; and (3) optimization and other site improvement projects during both periods. The $0.2 billion decrease in construction costs for the Corpus Christi Stage 3 Project between the periods was primarily related to a decline in expenditures in the current year related to the EPC contract as the project approaches completion. We expect to continue to incur capital expenditures for the Corpus Christi Stage 3 Project and the CCL Midscale Trains 8 & 9 Project as construction progresses on these projects.

Financing Cash Flows

The following table summarizes our financing activities (in millions):

Proceeds from Issuances of Debt and Borrowings

The following table shows the proceeds from issuances of debt and borrowings, including intra-year activity (in millions):

Debt Redemptions and Repayments

The following table shows the redemptions and repayments of debt, including intra-year activity (in millions):

Repurchase of Common Stock

During the years ended December 31, 2025 and 2024, we paid $2.7 billion and $2.3 billion to repurchase approximately 12.1 million and 13.8 million shares of our common stock, respectively, under our share repurchase program. Additionally, during the year ended December 31, 2025, we paid $33 million of excise taxes related to our repurchase of common stock during the fiscal years 2023 and 2024, since the IRS imposes an excise tax of 1% on the fair market value of our stock repurchases less our stock issuances. In April 2026, we expect to pay $26 million of excise taxes related to our repurchases during the fiscal year 2025. As of December 31, 2025, we had approximately $1.2 billion remaining under our share repurchase program. In February 2026, our Board approved an increase in our share repurchase authorization to approximately $10 billion from 2026 through 2030 with a $9 billion increase to the existing authorization.

Cash Dividends to Stockholders

During the year ended December 31, 2025, we paid aggregate dividends of $2.055 per share of common stock for a total of $451 million and during the year ended December 31, 2024, we paid aggregate dividends of $1.805 per share of common stock for a total of $412 million.

On January 27, 2026, we declared a quarterly dividend of $0.555 per share of common stock that is payable on February 27, 2026 to stockholders of record as of the close of business on February 6, 2026.