Quarterly report [Sections 13 or 15(d)]

Revenues (Tables)

v3.25.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue earned (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenues from contracts with customers
LNG revenues $ 1,837  $ 1,479  $ 5,961  $ 4,653 
LNG revenues—affiliate 518  526  1,738  1,441 
Regasification revenues 34  34  102  102 
Other revenues 15  16  47  48 
Total revenues from contracts with customers $ 2,404  $ 2,055  $ 7,848  $ 6,244 
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):
Nine Months Ended September 30, 2025
Deferred revenue, beginning of period $ 229 
Cash received but not yet recognized in revenue 138 
Revenue recognized from prior period deferral (118)
Deferred revenue, end of period $ 249 

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):
Nine Months Ended September 30, 2025
Deferred revenue—affiliate, beginning of period $ 9 
Cash received but not yet recognized in revenue 1 
Revenue recognized from prior period deferral (3)
Deferred revenue—affiliate, end of period $ 7 
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:
September 30, 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 $ 41.9  7 $ 44.4  7
LNG revenues—affiliate 0.3  1 0.7  1
Regasification revenues 0.4  2 0.5  3
Total revenues $ 42.6  $ 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:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
LNG revenues 58  % 50  % 60  % 49  %
LNG revenues—affiliate 68  % 65  % 72  % 63  %
Regasification revenues 8  % 8  % 8  % 8  %