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Revenues (Tables)

9 Months Ended

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						$	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

Contract Balances Reconciliation

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

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.

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			58		%				50		%				60		%				49		%
LNG revenues—affiliate			68		%				65		%				72		%				63		%
Regasification revenues			8		%				8		%				8		%				8		%

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Revenue, Remaining Performance Obligation, Variable Consideration

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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