Cheniere Corpus Christi Holdings, LLC
Cheniere Corpus Christi Holdings filed its Q3 FY2026 10-Q, reporting total revenues of $2.723B (+84.2% YoY) and Q3 net income of $555M, down from $1.009B. For the nine months, revenue reached $7.562B but net income swung to a $553M loss from a $2.409B profit a year ago, driven by a $5.154B surge in cost of sales and $2.196B in non-cash derivative losses. The company holds $45.6B in unsatisfied transaction price from long-term LNG contracts.
- Q3 FY2026 revenue hit $2.723B, up 84.2% YoY from $1.478B, driven by surging affiliate LNG revenues.
- Q3 net income fell to $555M from $1.009B a year ago as cost of sales ballooned to $1.506B from $106M.
- Nine-month net income swung to a $553M loss vs. $2.409B profit, with cost of sales jumping to $6.307B from $1.153B.
- Total unsatisfied transaction price from long-term LNG contracts stands at $45.6B, up from $42.7B at year-end 2025.
- S&P upgraded senior secured notes to A- in October 2026; Moody's upgraded to Baa1 in February 2026.
Price data unavailable.
A voluntary filer with $45.6B in contracted LNG revenue backlog swung to a nine-month net loss on derivative-driven cost spikes, testing the durability of its long-term cash flow narrative.
The $45.6B unsatisfied transaction price and 8-year weighted-average recognition period underscore the long-duration, fee-based cash flow profile typical of U.S. LNG exporters. The Midscale Trains 8 & 9 Project (~5 mtpa under construction) aligns with broader Gulf Coast capacity expansion.
The nine-month $553M net loss was driven by a $2.196B non-cash derivative loss on instruments, reflecting significant mark-to-market exposure to commodity price swings. The NPNS scope exception adopted in June 2026 covers only ~64% of fixed minimum IPM volumes, leaving material derivative volatility on the remaining contracts.