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 (excluding net derivative gain (loss) below)	$	19,091	$	14,972	$	19,459
Regasification revenues	136		135		135
Other revenues (1)	237		307		187
Total revenues from contracts with customers	19,464		15,414		19,781
Net derivative gain (loss) (see Note 6)	344		(73)		110
Sublease income (see Note 11)	145		322		503
Other revenues	23		40		—
Total revenues	$	19,976	$	15,703	$	20,394

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

Contract Assets

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):

	December 31,
	2025		2024
Contract assets, net of current expected credit losses	$	424	$	331

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):

	Year Ended December 31, 2025
Deferred revenue, beginning of period	$	318
Cash received but not yet recognized in revenue	123
Revenue recognized from prior period deferral	(169)
Deferred revenue, end of period	$	272

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	$	107.7	8	$	104.7	8
Regasification revenues	0.4		2	0.5		3
Total revenues	$	108.1		$	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.

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	67	%	59	%
Regasification revenues	8	%	8	%