The GAAP EPS miss is entirely non-cash derivative noise from IPM mark-to-market — the underlying cash-generating business (Adjusted EBITDA +13%, revenue +20%) is solid. Distribution guidance is reaffirmed, providing a floor for the yield. Watch for the investor call at 11am ET for commentary on SPL Expansion Project FID timing and forward LNG margin trends. The stock may gap down on headline EPS miss but should recover as the market digests the cash-flow story.
Price Chart
Executive Summary
Cheniere Energy Partners reported Q1 2026 revenue of $3.6B (+20% YoY) and Adjusted EBITDA of $1.175B (+13% YoY), but GAAP net income collapsed 71% to $186M due to $677M in non-cash mark-to-market derivative losses. The company reconfirmed full-year 2026 distribution guidance of $3.10-$3.40 per unit. The headline EPS of $0.19 is a massive miss vs $1.07 consensus, driven entirely by accounting noise from IPM derivative volatility, while the underlying cash-generating business (Adjusted EBITDA) continues to grow.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $3.6B, +20% YoY from $2.989B
- GAAP net income $186M, -71% YoY from $641M
- Adjusted EBITDA $1.175B, +13% YoY from $1.038B
- GAAP EPS $0.19 vs consensus $1.07 — an 82% miss
- Non-cash derivative losses of $677M (vs +$149M gain in Q1 2025) drove the GAAP earnings collapse
- Full-year 2026 distribution guidance reconfirmed at $3.10-$3.40 per unit
- Q1 2026 distribution declared at $0.790/unit ($0.775 base + $0.015 variable)
- LNG cargoes flat at 112; volumes up 1% to 412 TBtu
- Total available liquidity $2.132B as of March 31, 2026
Financial Impact
GAAP net income fell $455M YoY due to $677M non-cash derivative losses; Adjusted EBITDA grew $137M (+13%) on higher margins per MMBtu
Risk Factors
- Continued international gas price volatility could drive further non-cash derivative losses in future quarters
- SPL Expansion Project FID remains subject to regulatory approvals and financing — no timeline provided
- Variable distribution component declined to $0.015 from $0.055 in Q4 2025, signaling tighter cash allocation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001383650-26-000016 |
| Document: cqp-20260507.htm | 0001383650-26-000016 |
| Document: 0001383650-26-000016-index-headers.html | 0001383650-26-000016 |
| Document: 0001383650-26-000016-index.html | 0001383650-26-000016 |
| Document: 0001383650-26-000016.txt | 0001383650-26-000016 |
| 8-K Data (Synthetic) | 0001383650-26-000016 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $66.04 $68.41 | ▲ +3.59% | ▲ +2.99% | $61.13 (−7.43%) |
Jul 16, 2026 11w ago | 3 | $62.38 $69.05 | ▲ +10.69% | ▲ +6.25% | $61.13 (−2.00%) |
Jun 9, 2026 16w ago | 8-K | $66.14 $64.88 | ▼ −1.91% | ▼ −5.53% | $61.13 (−7.57%) |
May 28, 2026 18w ago | 8-K | $60.87 $60.53 | ▼ −0.56% | ▲ +2.59% | $61.13 (+0.43%) |
May 27, 2026 18w ago | 8-K | $60.62 $60.05 | ▼ −0.94% | ▲ +0.96% | $61.13 (+0.84%) |
May 7, 2026 21w ago | 8-K | $62.40 $62.04 | ▼ −0.58% | ▼ −3.71% | $61.13 (−2.04%) |
Apr 6, 2026 25w ago | 8-K | $64.29 $66.70 | ▲ +3.75% | ▼ −5.23% | $61.13 (−4.91%) |
Feb 26, 2026 31w ago | 8-K | $59.99 $69.35 | ▲ +15.60% | ▲ +22.00% | $61.13 (+1.90%) |
US Market Status
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