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Revenues (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table represents a disaggregation of revenue earned (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenues from contracts with customers |  |  |  |  |  |  |  |  |  |
LNG revenues (excluding net derivative gain (loss) below) |  | $ | 4,200 |  |  | $ | 3,569 |  |  | $ | 13,802 |  |  | $ | 10,614 |  |  |
Regasification revenues |  | 34 |  |  | 34 |  |  | 102 |  |  | 102 |  |  |
Other revenues (1) |  | 59 |  |  | 80 |  |  | 185 |  |  | 231 |  |  |
Total revenues from contracts with customers |  | 4,293 |  |  | 3,683 |  |  | 14,089 |  |  | 10,947 |  |  |
Net derivative gain (loss) (see Note 5) |  | 102 |  |  | (15) |  |  | 320 |  |  | 19 |  |  |
Sublease income (see Note 9) |  | 39 |  |  | 83 |  |  | 102 |  |  | 266 |  |  |
Other revenues |  | 7 |  |  | 12 |  |  | 15 |  |  | 35 |  |  |
Total revenues |  | $ | 4,441 |  |  | $ | 3,763 |  |  | $ | 14,526 |  |  | $ | 11,267 |  |  |
(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):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Contract assets, net of current expected credit losses |  | $ | 401 |  |  | $ | 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):
|  | Nine Months Ended September 30, 2025 |  |
Deferred revenue, beginning of period |  | $ | 318 |  |  |
Cash received but not yet recognized in revenue |  | 149 |  |  |
Revenue recognized from prior period deferral |  | (162) |  |  |
Deferred revenue, end of period |  | $ | 305 |  |  |
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:
|  | September 30, 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 |  | $ | 107.6 |  |  | 8 |  | $ | 104.7 |  |  | 8
Regasification revenues |  | 0.4 |  |  | 2 |  | 0.5 |  |  | 3
Total revenues |  | $ | 108.0 |  |  |  |  | $ | 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
LNG revenues | 64 | % |  | 60 | % |  | 67 | % |  | 57 | % |  |
Regasification revenues | 8 | % |  | 8 | % |  | 8 | % |  | 8 | % |  |

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