Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026		Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,305	[1]	$ 1,099
Restricted cash and cash equivalents	463	[1]	485
Trade and other receivables, net of current expected credit losses	1,209		1,380
Inventory	678		524
Current derivative assets	25		9
Margin deposits	289		76
Other current assets, net	190		119
Total current assets	4,159		3,692
Property, plant and equipment, net of accumulated depreciation	36,744		35,755
Operating lease assets	2,657		2,700
Derivative assets	2,229		4,663
Deferred tax assets	12		12
Other non-current assets, net	1,044		1,060
Total assets	46,845	[1]	47,882
Current liabilities
Accounts payable	241		123
Accrued liabilities	2,047		2,081
Current debt, net of unamortized discount and debt issuance costs	1,606		306
Deferred revenue	111		150
Current operating lease liabilities	572		539
Current derivative liabilities	2,546		618
Other current liabilities	149		99
Total current liabilities	7,272		3,916
Long-term debt, net of unamortized discount and debt issuance costs	22,143		22,507
Non-current operating lease liabilities	2,086		2,163
Derivative liabilities	1,810		1,208
Deferred tax liabilities	3,318		3,698
Other non-current liabilities	1,544		1,312
Total liabilities	38,173		34,804
Redeemable NCI	0		136
Stockholders’ equity
Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued	0		0
Common stock: $0.003 par value, 480.0 million shares authorized; 279.6 million shares and 279.2 million shares issued at March 31, 2026 and December 31, 2025, respectively	1		1
Treasury stock: 69.5 million shares and 66.8 million shares at March 31, 2026 and December 31, 2025, respectively, at cost	(9,394)		(8,852)
Additional paid-in-capital	4,526		4,523
Retained earnings	8,622		12,243
Total Cheniere stockholders’ equity	3,755		7,915
NCI	4,917		5,027
Total stockholders’ equity	8,672		12,942
Total liabilities, redeemable NCI and stockholders’ equity	$ 46,845	[1]	$ 47,882

[1] Amounts presented include balances held by our VIEs, all of which were related to CQP as of March 31, 2026, and substantially all of which were related to CQP as of December 31, 2025. As of March 31, 2026, total assets and liabilities of our VIEs were $16.6 billion and $17.0 billion, respectively, as further detailed in Note 6—Non-Controlling Interests and Variable Interest Entities, including $279 million of cash and cash equivalents and $22 million of restricted cash and cash equivalents.