Quarterly report [Sections 13 or 15(d)]

Revenues (Tables)

v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
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 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):
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 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.
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:
Three Months Ended March 31,
2026 2025
LNG revenues 69  % 63  %
LNG revenues—affiliate 75  % 75  %
Regasification revenues 8  % 8  %