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Sabine Pass Liquefaction, LLC cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$886M in Q3 2026 · $3.2B over twelve months

Operating cash flow$900M
Capital spending−$14.0M
Free cash flow+$886M
Cash / net income1.3×

Analysis

In Q3 2026, Sabine Pass Liquefaction, LLC generated $900M of operating cash flow and spent $14.0M on capital projects, leaving free cash flow of $886M. That is $303M more than in Q3 2025 ($583M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.4B; the largest uses were net borrowing (+) / repaid (−) ($2.1B), other financing ($1.1B), capital spending ($228M); the cash balance fell by $8.0M.

Operating cash flow was $900M against net income of $688M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$142M, payables +$23.0M, receivables +$19.0M.

Free cash flow

Sabine Pass Liquefaction, LLC: free cash flow by quarterSabine Pass Liquefaction, LLC: free cash flow by quarter$814MQ4 2024$631MQ1 2025$491MQ2 2025$583MQ3 2025$872MQ4 2025$861MQ1 2026$543MQ2 2026$886MQ3 2026
Operating cash flow less capital spending.
Sabine Pass Liquefaction, LLC: operating cash flow against capital spendingSabine Pass Liquefaction, LLC: operating cash flow against capital spendingOperating cash flowCapital spending$853M$39.0MQ4 2024$666M$35.0MQ1 2025$537M$46.0MQ2 2025$621M$38.0MQ3 2025$887M$15.0MQ4 2025$883M$22.0MQ1 2026$720M$177MQ2 2026$900M$14.0MQ3 2026
Latest (Q3 2026): Operating cash flow $900M, Capital spending $14.0M.

Capital allocation, year by year

Sabine Pass Liquefaction, LLC: where the cash came from (up) and went (down), by fiscal yearSabine Pass Liquefaction, LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY2021: Operating cash flow $1.9BFY2021: Net borrowing −$518MFY2021: Capital spending −$612M$1.9BFY2021FY2022: Operating cash flow $3.0BFY2022: Net borrowing −$1.0BFY2022: Capital spending −$434M$3.0BFY2022FY2023: Operating cash flow $2.8BFY2023: Net borrowing −$1.7BFY2023: Capital spending −$146M$2.8BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing −$2.0BFY2024: Capital spending −$97.0M$2.8BFY2024FY2025: Operating cash flow $2.7BFY2025: Net borrowing −$1.7BFY2025: Capital spending −$134M$2.7BFY2025
Over these 5 years operating cash flow totalled $13.3B; the largest uses were net borrowing ($6.9B) and capital spending ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$35.0M
Debt$4.8B
Net debt$4.8B
Due within a year$307M

Sabine Pass Liquefaction, LLC funds itself: free cash flow was $3.2B over the last twelve months, and $35.0M of cash and investments stands against $4.8B of debt ($307M due within a year, 0.1× covered by cash).

Sabine Pass Liquefaction, LLC: debt maturities by year (FY2025)Sabine Pass Liquefaction, LLC: debt maturities by year (FY2025)$307MYear 1$1.6BYear 2$1.5BYear 3$124MYear 4$2.1BYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $35.0M of cash and investments now.

Where the cash came from and went

Sabine Pass Liquefaction, LLC: sources (+) and uses (−) of cash, Q3 2026Sabine Pass Liquefaction, LLC: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$900MOther financing−$820MNet borrowing (+) / repaid (−)−$54.0MCapital spending−$14.0MCash drawn (+) / kept (−)−$12.0M
Sabine Pass Liquefaction, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Sabine Pass Liquefaction, LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.4BNet borrowing (+) / repaid (−)−$2.1BOther financing−$1.1BCapital spending−$228MCash drawn (+) / kept (−)$8.0M

From profit to cash

Sabine Pass Liquefaction, LLC: net income to operating cash flow, Q3 2026Sabine Pass Liquefaction, LLC: net income to operating cash flow, Q3 2026Net income$688MDepreciation & amortization$142MOther non-cash−$17.0MReceivables$19.0MInventory$1.0MPayables$23.0MOther operating capital$2.0MOperating cash flow$900M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 202579313
Q3 202579412
Q2 2025710513
Q1 202567310
Q4 2024710413

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$900M−$14.0M−$54.0M−$12.0M$886M
Q2 2026$720M−$177M−$1.5B−$1.0M$543M
Q1 2026$883M−$22.0M−$253M−$3.0M$861M
Q4 2025$887M−$15.0M−$300M$24.0M$872M
Q3 2025$621M−$38.0M−$1.1B−$7.0M$583M
Q2 2025$537M−$46.0M—$40.0M$491M
Q1 2025$666M−$35.0M−$300M$33.0M$631M
Q4 2024$853M−$39.0M−$350M−$29.0M$814M

Sabine Pass Liquefaction, LLC: income statement and cash flow

Sabine Pass Liquefaction, LLC, Q3 2026: revenue $2.5B (+7% year over year), operating margin 29.4%. The chart follows the revenue to costs, profit and cash.

Sabine Pass Liquefaction, LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.