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Revenues | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenues | REVENUES The following table represents a disaggregation of revenue earned (in millions):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Revenues from contracts with customers |  |  |  |  |  |  |  |  |  |
LNG revenues (excluding net derivative gain (loss) below) |  | $ | 6,504 |  |  | $ | 5,186 |  |  |  |  |  |  |
Regasification revenues |  | 34 |  |  | 34 |  |  |  |  |  |  |
Other revenues (1) |  | 49 |  |  | 69 |  |  |  |  |  |  |
Total revenues from contracts with customers |  | 6,587 |  |  | 5,289 |  |  |  |  |  |  |
Net derivative gain (loss) (see Note 5) |  | (782) |  |  | 117 |  |  |  |  |  |  |
Sublease income (see Note 9) |  | 52 |  |  | 35 |  |  |  |  |  |  |
Other revenues |  | 11 |  |  | 3 |  |  |  |  |  |  |
Total revenues |  | $ | 5,868 |  |  | $ | 5,444 |  |  |  |  |  |  |
(1)Includes revenues from LNG vessel subcharters that do not qualify as leases for accounting purposes. Contract Assets and Liabilities 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):
|  | March 31, |  | December 31,
|  | 2026 |  | 2025
Contract assets, net of current expected credit losses |  | $ | 416 |  |  | $ | 424 |
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):
|  | Three Months Ended March 31, 2026 |  |
Deferred revenue, beginning of period |  | $ | 272 |  |  |
Cash received but not yet recognized in revenue |  | 86 |  |  |
Revenue recognized from prior period deferral |  | (125) |  |  |
Deferred revenue, end of period |  | $ | 233 |  |  |
Transaction Price Allocated to Future Performance Obligations Because many of our sales contracts have long-term durations, we are contractually entitled to significant future consideration, which we have not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied:
|  | March 31, 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 |  | $ | 111.4 |  |  | 9 |  | $ | 107.7 |  |  | 8
Regasification revenues |  | 0.4 |  |  | 2 |  | 0.4 |  |  | 2
Total revenues |  | $ | 111.8 |  |  |  |  | $ | 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. The following potential future sources of revenue are omitted from the table above under exemptions we have elected: (1) all performance obligations that are part of a contract that has an original expected duration of one year or less and (2) substantially all variable consideration under our SPAs and TUAs that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation when that performance obligation qualifies as a series. The amount of revenue from variable fees that is not included in the transaction price, and allocable to wholly unsatisfied future performance obligations or otherwise constrained, will vary based on (1) the future prices of the underlying variable index, primarily Henry Hub, throughout the contract terms, to the extent customers elect to take delivery of their LNG, (2) adjustments to the consumer price index and (3) the outcome of certain contingent events, including the achievement of milestones upon which delivery of LNG under certain contracts is conditioned. The following table summarizes the percentage of variable consideration earned under contracts with customers included in the table above:
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2026 |  | 2025 |  |
LNG revenues |  |  |  |  | 75 | % |  | 71 | % |  |
Regasification revenues |  |  |  |  | 8 | % |  | 8 | % |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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