Annual report [Section 13 and 15(d), not S-K Item 405]

Revenues (Tables)

v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
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 $ 8,200  $ 6,550  $ 6,991 
LNG revenues—affiliate 2,358  1,954  2,475 
Regasification revenues 136  135  135 
Other revenues 64  65  63 
Total revenues from contracts with customers $ 10,758  $ 8,704  $ 9,664 
Contract Balances Reconciliation
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):
Year Ended December 31, 2025
Deferred revenue, beginning of period $ 229 
Cash received but not yet recognized in revenue 108 
Revenue recognized from prior period deferral (121)
Deferred revenue, end of period $ 216 

The following table reflects the changes in our contract liabilities to affiliate, which are included in deferred revenue—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
Year Ended December 31, 2025
Deferred revenue—affiliate, beginning of period $ 9 
Cash received but not yet recognized in revenue 4 
Revenue recognized from prior period deferral (3)
Deferred revenue—affiliate, end of period $ 10 
Transaction Price Allocated to Future Performance Obligations The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:
December 31, 2025 December 31, 2024
Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1) Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1)
LNG revenues $ 41.0  7 $ 44.4  7
LNG revenues—affiliate 0.5  1 0.7  1
Regasification revenues 0.4  2 0.5  3
Total revenues $ 41.9  $ 45.6 
(1)The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.
Revenue, Remaining Performance Obligation, Variable Consideration
The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:
Year Ended December 31,
2025 2024
LNG revenues 60  % 51  %
LNG revenues—affiliate 72  % 64  %
Regasification revenues 8  % 8  %