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Sabine Pass Liquefaction, LLC earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 7% year over year to $2.5B · 27¢ of every $1 of revenue kept as net profit · operating margin 29.4%
Sabine Pass Liquefaction, LLC made $2.5B in Q3 2026 (+7% Y/Y). Operating margin 29.4%, net earnings $688M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $2.5B in Q3 2026, up 7% year over year and roughly flat from the previous quarter.
Operating profit was $0.74B, a 29.4% margin (up 3.0 points year over year). Of the extra revenue versus Q3 2025, 71% reached operating profit, above the 26% margin then. Total costs grew 3% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.69B, up 30% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.90B (up 45% year over year), 131% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization. Working capital and other items added $0.07B. Capital expenditures of $0.01B left free cash flow of $0.89B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $2.5B | +7% | 29.4% | $688M | $900M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $2.5B | +5% | 41.7% | $978M | $720M |
| Q1 2026 | 10-Q | May 7, 2026 | $3.5B | +21% | 10.3% | $286M | $883M |
| Q4 2025 | 10-K | Feb 26, 2026 | $2.9B | +19% | 30.4% | $785M | $887M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $2.4B | +18% | 26.5% | $528M | $621M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $2.4B | +30% | 26.9% | $566M | $537M |
| Q1 2025 | 10-Q | May 8, 2025 | $2.9B | +31% | 25.5% | $648M | $666M |
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About Sabine Pass Liquefaction, LLC
We are a Delaware limited liability company formed by CQP, a publicly traded limited partnership (NYSE: CQP), and based in Houston. We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG as of June 30, 2026 (the “Liquefaction Project” ) at a natural gas liquefaction and export facility located in Cameron Parish, Louisiana at Sabine Pass (the “Sabine Pass LNG Terminal” ). The Sabine Pass LNG Terminal also has assets owned by our affiliates that are used in our operations through agreements with them, including five LNG storage tanks, vaporizers and three marine berths owned and operated by SPLNG and a 94 -mile natural gas supply pipeline owned and operated by CTPL.
In its own words, from its 10-Q, filed Aug 6, 2026.
Sabine Pass Liquefaction, LLC against its Natural Gas Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +7%. Operating margin: 29.4% against the peers' median 31.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Sabine Pass Liquefaction, LLC | Q3 2026 | $2.5B | +7% | 29.4% |
| LNG Cheniere Energy | Q3 2026 | $6.2B | +39% | 31.0% |
| VG Venture Global | Q2 2026 | $4.6B | +48% | 47.8% |
| Cheniere Corpus Christi Holdings, LLC | Q3 2026 | $2.7B | +84% | 21.2% |
| CQP Cheniere Energy Partners, L.P. | Q3 2026 | $2.6B | +7% | 31.7% |
| ATO Atmos Energy | Q3 FY26 | $879M | +5% | 36.4% |
| NFG National Fuel Gas | Q3 FY26 | $537M | +1% | 38.9% |
| SR Spire | Q3 FY26 | $420M | -0.4% | 5.6% |
| NJR New Jersey Resources | Q3 FY26 | $349M | +17% | 9.1% |
Source: Sabine Pass Liquefaction, LLC 10-Q on SEC EDGAR · CIK 1499200 · Natural Gas Distribution