Quarterly report [Sections 13 or 15(d)]

Revenues

v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues REVENUES
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended March 31,
2026 2025
Revenues from contracts with customers
LNG revenues $ 2,702  $ 2,267 
LNG revenues—affiliate 846  671 
Regasification revenues 34  34 
Other revenues 17  17 
Total revenues from contracts with customers 3,599  2,989 
Net derivative gain (see Note 6)
1  — 
Total revenues $ 3,600  $ 2,989 
Contract Liabilities

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):
Three Months Ended March 31, 2026
Deferred revenue, beginning of period $ 216 
Cash received but not yet recognized in revenue 83 
Revenue recognized from prior period deferral (111)
Deferred revenue, end of period $ 188 

The following table reflects the changes in our contract liabilities to affiliate, which are included in other current liabilities—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
Three Months Ended March 31, 2026
Deferred revenue—affiliate, beginning of period $ 10 
Cash received but not yet recognized in revenue 1 
Revenue recognized from prior period deferral (5)
Deferred revenue—affiliate, end of period $ 6 
Transaction Price Allocated to Future Performance Obligations

Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration, which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:
March 31, 2026 December 31, 2025
Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1) Unsatisfied
Transaction Price
(in billions)		 Weighted Average Recognition Timing (years) (1)
LNG revenues $ 40.2  7 $ 41.0  7
LNG revenues—affiliate 0.4  1 0.5  1
Regasification revenues 0.4  2 0.4  2
Total revenues $ 41.0  $ 41.9 
(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.

The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs and TUAs that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price, and allocable to wholly unsatisfied future performance obligations or otherwise constrained, will vary based on (1) the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and (3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned.

The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:
Three Months Ended March 31,
2026 2025
LNG revenues 69  % 63  %
LNG revenues—affiliate 75  % 75  %
Regasification revenues 8  % 8  %