NET INCOME PER COMMON UNIT

Net income per common unit for a given period is based on the distributions we incur to the common unitholders with respect to earnings or losses of the reporting period plus an allocation of undistributed net income or loss based on provisions of the partnership agreement, divided by the weighted average number of common units outstanding. Distributions declared by us during the period are presented on the Consolidated Statements of Partners’ Equity (Deficit). On January 28, 2026, we declared a cash distribution of $0.830 per common unit to unitholders of record as of February 9, 2026, and the related general partner distribution, which was paid on February 13, 2026 with respect to the three months ended December 31, 2025. These distributions consist of a base amount of $0.775 per unit and a variable amount of $0.055 per unit.

The two-class method dictates that net income for a period be reduced by the amount of available cash that will be distributed with respect to that period and that any residual amount representing undistributed net income be allocated to common unitholders and other participating unitholders to the extent that each unit may share in net income as if all of the net income for the period had been distributed in accordance with the partnership agreement. Undistributed income is allocated to participating securities based on the distribution waterfall for available cash specified in the partnership agreement. Undistributed losses (including those resulting from distributions in excess of net income) are allocated to common units and other participating securities on a pro rata basis based on provisions of the partnership agreement. Distributions are treated as distributed earnings in the computation of earnings per common unit in the current period even though cash distributions are not necessarily derived from current period earnings.

The following table provides a reconciliation of net income and the allocation of net income to the common units, the general partner units and IDRs for purposes of computing basic and diluted net income per unit (in millions, except per unit data). The amounts in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.



	Total		Limited Partner Common Units		General Partner Units		IDR


















Year Ended December 31, 2025
Net income	$	2,987
Less: declared distributions (1)	2,062		1,597		41		424
Assumed allocation of undistributed net income (2)	$	925	907		18		—
Assumed allocation of net income			$	2,504	$	59	$	424

Weighted average units outstanding			484
Basic and diluted net income per unit			$	5.17


Year Ended December 31, 2024
Net income	$	2,510
Less: declared distributions (1)	2,014		1,574		40		400

Assumed allocation of undistributed net income (2)	$	496	486		10		—
Assumed allocation of net income			$	2,060	$	50	$	400

Weighted average units outstanding			484
Basic and diluted net income per unit (3)			$	4.25

Year Ended December 31, 2023
Net income	$	4,254
Less: declared distributions (1)	2,861		1,997		57		807

Assumed allocation of undistributed net income (2)	$	1,393	1,366		28		—
Assumed allocation of net income			$	3,363	$	85	$	807

Weighted average units outstanding			484
Basic and diluted net income per unit			$	6.95

(1)Represents distributions declared with respect to earnings of the respective period presented.

(2)Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income (loss).

(3)Basic and diluted net income per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Cheniere Energy Partners, L.P. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures