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Revenues | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenues | REVENUES 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 |  | $ | 1,837 |  |  | $ | 1,479 |  |  | $ | 5,961 |  |  | $ | 4,653 |  |  |
LNG revenues—affiliate |  | 518 |  |  | 526 |  |  | 1,738 |  |  | 1,441 |  |  |
Regasification revenues |  | 34 |  |  | 34 |  |  | 102 |  |  | 102 |  |  |
Other revenues |  | 15 |  |  | 16 |  |  | 47 |  |  | 48 |  |  |
Total revenues from contracts with customers |  | $ | 2,404 |  |  | $ | 2,055 |  |  | $ | 7,848 |  |  | $ | 6,244 |  |  |
For the three and nine months ended September 30, 2025 and 2024, we did not have any material revenue arrangements that were presented within our Consolidated Statements of Operations on a net basis. 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 |  | $ | 229 |
Cash received but not yet recognized in revenue |  | 138 |
Revenue recognized from prior period deferral |  | (118) |
Deferred revenue, end of period |  | $ | 249 |
The following table reflects the changes in our contract liabilities to affiliate, which are included in deferred revenue—affiliate and other non-current liabilities—affiliate on our Consolidated Balance Sheets (in millions):
|  | Nine Months Ended September 30, 2025
Deferred revenue—affiliate, beginning of period |  | $ | 9 |
Cash received but not yet recognized in revenue |  | 1 |
Revenue recognized from prior period deferral |  | (3) |
Deferred revenue—affiliate, end of period |  | $ | 7 |
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:
|  | 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 |  | $ | 41.9 |  |  | 7 |  | $ | 44.4 |  |  | 7
LNG revenues—affiliate |  | 0.3 |  |  | 1 |  | 0.7 |  |  | 1
Regasification revenues |  | 0.4 |  |  | 2 |  | 0.5 |  |  | 3
Total revenues |  | $ | 42.6 |  |  |  |  | $ | 45.6 |  |  |
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
LNG revenues | 58 | % |  | 50 | % |  | 60 | % |  | 49 | % |  |
LNG revenues—affiliate | 68 | % |  | 65 | % |  | 72 | % |  | 63 | % |  |
Regasification revenues | 8 | % |  | 8 | % |  | 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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