Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

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 (excluding net derivative gain (loss) below)	$	4,200	$	3,569	$	13,802	$	10,614
Regasification revenues	34		34		102		102
Other revenues (1)	59		80		185		231
Total revenues from contracts with customers	4,293		3,683		14,089		10,947
Net derivative gain (loss) (see Note 5)	102		(15)		320		19
Sublease income (see Note 9)	39		83		102		266
Other revenues	7		12		15		35
Total revenues	$	4,441	$	3,763	$	14,526	$	11,267

(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes.

For the three and nine months ended September 30, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis.

Contract Assets and Liabilities

The following table shows our contract assets, net of current expected credit losses, which are included in other current assets, net and other non-current assets, net on our Consolidated Balance Sheets (in millions):

	September 30,		December 31,
	2025		2024
Contract assets, net of current expected credit losses	$	401	$	331

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	$	318
Cash received but not yet recognized in revenue	149
Revenue recognized from prior period deferral	(162)
Deferred revenue, end of period	$	305

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:

	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	$	107.6	8	$	104.7	8
Regasification revenues	0.4		2	0.5		3
Total revenues	$	108.0		$	105.2

(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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
LNG revenues	64	%	60	%	67	%	57	%
Regasification revenues	8	%	8	%	8	%	8	%