Cheniere Energy, Inc.LNG

Cheniere Energy, Inc. Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
We utilize the two-class method for computing earnings per share, which requires an allocation of earnings as if all earnings were distributed during the period to the common stockholders and participating securities. The redeemable NCI held by a third party in one of our consolidated VIEs is considered participating because, under certain circumstances, it is redeemable for cash at a return. Therefore, the accretion of the redeemable NCI to its redemption value, net of tax, which is recognized as a deemed dividend within retained earnings, is deducted from net income in computing net income per share attributable to common stockholders. In January 2026, we redeemed the remaining redeemable NCI in our consolidated VIE that owns the Gregory Power Plant, a natural gas-fired combined cycle facility located immediately proximal to the Corpus Christi LNG Terminal, at a price that approximated our carrying value.
The following table provides a reconciliation of net income attributable to common stockholders and basic and diluted weighted average common shares outstanding (in millions, except per share data):
Year Ended December 31,
202520242023
Net income attributable to Cheniere$5,330 $3,252 $9,881 
Less: accretion of redeemable NCI, net of tax
15 — — 
Net income attributable to common stockholders$5,315 $3,252 $9,881 
Weighted average common shares outstanding:
Basic219.7 228.4 241.0 
Dilutive unvested stock0.6 0.7 1.6 
Diluted220.3 229.1 242.6 
Net income per share attributable to common stockholders—basic (1)
$24.19 $14.24 $40.99 
Net income per share attributable to common stockholders—diluted (1)
$24.13 $14.20 $40.72 
(1)Earnings per share in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

On January 27, 2026, we declared a quarterly dividend of $0.555 per share of common stock that is payable on February 27, 2026 to stockholders of record as of the close of business on February 6, 2026.

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.

Other Available Disclosures

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