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Side-by-side financial comparison of Cheniere Energy Partners, L.P. (CQP) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Cheniere Energy Partners, L.P. is the larger business by last-quarter revenue ($2.9B vs $637.9M, roughly 4.6× NATIONAL FUEL GAS CO). Cheniere Energy Partners, L.P. runs the higher net margin — 44.2% vs 28.5%, a 15.7% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 18.3%). Cheniere Energy Partners, L.P. produced more free cash flow last quarter ($864.0M vs $-2.7M). Over the past eight quarters, Cheniere Energy Partners, L.P.'s revenue compounded faster (12.6% CAGR vs 6.9%).
Total revenue of oil and gas companies is listed in billions of U.S. dollars. Total revenue is usually self-reported by companies, and often reported by neutral, unbiased, reliable publications. Reported data may be subsequently revised or restated due to a wide range of issues such as exchange rates, contract settlements, or mid-year discontinuation of products or services. Fiscal years are for January 1 to December 31, except where noted. Empty cells indicate that no data for that year has ...
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CQP vs NFG — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $637.9M |
| Net Profit | $1.3B | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | 50.5% | 43.3% |
| Net Margin | 44.2% | 28.5% |
| Revenue YoY | 18.3% | 24.1% |
| Net Profit YoY | 106.6% | 303.8% |
| EPS (diluted) | — | $1.98 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.9B | $637.9M | ||
| Q3 25 | $2.4B | $443.1M | ||
| Q2 25 | $2.5B | $527.4M | ||
| Q1 25 | $3.0B | $734.8M | ||
| Q4 24 | $2.5B | $513.8M | ||
| Q3 24 | $2.1B | $310.0M | ||
| Q2 24 | $1.9B | $338.6M | ||
| Q1 24 | $2.3B | $558.7M |
| Q4 25 | $1.3B | $181.6M | ||
| Q3 25 | $506.0M | $107.3M | ||
| Q2 25 | $553.0M | $149.8M | ||
| Q1 25 | $641.0M | $216.4M | ||
| Q4 24 | $623.0M | $45.0M | ||
| Q3 24 | $635.0M | $-167.6M | ||
| Q2 24 | $570.0M | $-54.2M | ||
| Q1 24 | $682.0M | $166.3M |
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% | ||
| Q1 24 | — | 81.0% |
| Q4 25 | 50.5% | 43.3% | ||
| Q3 25 | 29.0% | 40.6% | ||
| Q2 25 | 29.1% | 43.7% | ||
| Q1 25 | 27.6% | 43.2% | ||
| Q4 24 | 33.0% | 16.8% | ||
| Q3 24 | 40.2% | -63.4% | ||
| Q2 24 | 40.4% | -15.2% | ||
| Q1 24 | 38.1% | 44.9% |
| Q4 25 | 44.2% | 28.5% | ||
| Q3 25 | 21.0% | 24.2% | ||
| Q2 25 | 22.5% | 28.4% | ||
| Q1 25 | 21.4% | 29.4% | ||
| Q4 24 | 25.3% | 8.8% | ||
| Q3 24 | 30.9% | -54.1% | ||
| Q2 24 | 30.1% | -16.0% | ||
| Q1 24 | 29.7% | 29.8% |
| Q4 25 | — | $1.98 | ||
| Q3 25 | — | $1.18 | ||
| Q2 25 | — | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $0.49 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.59 | ||
| Q1 24 | — | $1.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $182.0M | $271.4M |
| Total DebtLower is stronger | $14.2B | $2.7B |
| Stockholders' EquityBook value | — | $3.6B |
| Total Assets | $17.4B | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.0M | $271.4M | ||
| Q3 25 | $121.0M | $43.2M | ||
| Q2 25 | $108.0M | $39.3M | ||
| Q1 25 | $94.0M | $40.0M | ||
| Q4 24 | $270.0M | $48.7M | ||
| Q3 24 | $331.0M | $38.2M | ||
| Q2 24 | $351.0M | $81.4M | ||
| Q1 24 | $333.0M | $50.8M |
| Q4 25 | $14.2B | $2.7B | ||
| Q3 25 | $14.2B | $2.7B | ||
| Q2 25 | $14.2B | $2.7B | ||
| Q1 25 | $14.7B | $2.7B | ||
| Q4 24 | $14.8B | $2.7B | ||
| Q3 24 | $14.8B | $2.7B | ||
| Q2 24 | $14.8B | $2.7B | ||
| Q1 24 | $13.6B | $2.4B |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $-76.2M | ||
| Q3 24 | — | $-15.5M | ||
| Q2 24 | — | $5.0M | ||
| Q1 24 | — | $75.3M |
| Q4 25 | $17.4B | $9.2B | ||
| Q3 25 | $16.8B | $8.7B | ||
| Q2 25 | $16.9B | $8.4B | ||
| Q1 25 | $17.1B | $8.5B | ||
| Q4 24 | $17.5B | $8.3B | ||
| Q3 24 | $17.4B | $8.3B | ||
| Q2 24 | $17.5B | $8.5B | ||
| Q1 24 | $17.5B | $8.7B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× | ||
| Q1 24 | — | 31.68× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $887.0M | $274.9M |
| Free Cash FlowOCF − Capex | $864.0M | $-2.7M |
| FCF MarginFCF / Revenue | 29.7% | -0.4% |
| Capex IntensityCapex / Revenue | 0.8% | 43.5% |
| Cash ConversionOCF / Net Profit | 0.69× | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $887.0M | $274.9M | ||
| Q3 25 | $658.0M | $237.8M | ||
| Q2 25 | $558.0M | $388.4M | ||
| Q1 25 | $665.0M | $253.8M | ||
| Q4 24 | $876.0M | $220.1M | ||
| Q3 24 | $691.0M | $197.9M | ||
| Q2 24 | $732.0M | $281.8M | ||
| Q1 24 | $669.0M | $315.3M |
| Q4 25 | $864.0M | $-2.7M | ||
| Q3 25 | $610.0M | $-47.8M | ||
| Q2 25 | $490.0M | $195.3M | ||
| Q1 25 | $605.0M | $59.9M | ||
| Q4 24 | $827.0M | $-20.3M | ||
| Q3 24 | $652.0M | $-49.1M | ||
| Q2 24 | $702.0M | $79.5M | ||
| Q1 24 | $633.0M | $80.3M |
| Q4 25 | 29.7% | -0.4% | ||
| Q3 25 | 25.4% | -10.8% | ||
| Q2 25 | 20.0% | 37.0% | ||
| Q1 25 | 20.2% | 8.2% | ||
| Q4 24 | 33.6% | -4.0% | ||
| Q3 24 | 31.7% | -15.8% | ||
| Q2 24 | 37.1% | 23.5% | ||
| Q1 24 | 27.6% | 14.4% |
| Q4 25 | 0.8% | 43.5% | ||
| Q3 25 | 2.0% | 64.4% | ||
| Q2 25 | 2.8% | 36.6% | ||
| Q1 25 | 2.0% | 26.4% | ||
| Q4 24 | 2.0% | 46.8% | ||
| Q3 24 | 1.9% | 79.7% | ||
| Q2 24 | 1.6% | 59.7% | ||
| Q1 24 | 1.6% | 42.1% |
| Q4 25 | 0.69× | 1.51× | ||
| Q3 25 | 1.30× | 2.21× | ||
| Q2 25 | 1.01× | 2.59× | ||
| Q1 25 | 1.04× | 1.17× | ||
| Q4 24 | 1.41× | 4.89× | ||
| Q3 24 | 1.09× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 0.98× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CQP
| Liquefied Natural Gas | $2.9B | 98% |
| Regasification Service | $34.0M | 1% |
| Other | $17.0M | 1% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
