Revenues (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

The following table represents a disaggregation of revenue earned (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues from contracts with customers
LNG revenues (excluding net derivative gain (loss) below)	$	5,600	$	4,414	$	12,104	$	9,602
Regasification revenues	34		34		68		68
Other revenues (1)	43		59		91		126

Total revenues from contracts with customers	5,677		4,507		12,263		9,796
Net derivative gain (loss) (see Note 5)	40		101		(742)		218
Sublease income (see Note 9)	11		28		63		63
Other revenues	4		5		16		8
Total revenues	$	5,732	$	4,641	$	11,600	$	10,085

(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):


	June 30,		December 31,

	2026		2025
Contract assets, net of current expected credit losses	$	449	$	424

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):



	Six Months Ended June 30, 2026
Balance, beginning of period	$	272
Cash received but not yet recognized in revenue	94
Revenue recognized from prior period deferral	(133)
Balance, end of period	$	233

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:


	June 30, 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	$	109.9	9	$	107.7	8
Regasification revenues	0.3		2	0.4		2
Total revenues	$	110.2		$	108.1

(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 June 30,				Six Months Ended June 30,

	2026		2025		2026		2025
LNG revenues	72	%	66	%	74	%	69	%
Regasification revenues	8	%	8	%	8	%	8	%