Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of company revenue |
The following table presents the Company’s revenue for the three and six months ended June 30, 2026 and 2025 (in thousands):
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For the three months ended June 30, |
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For the six months ended June 30, |
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2026 |
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|
2025 |
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|
2026 |
|
|
2025 |
|
Revenue from leases |
$ |
148,423 |
|
|
$ |
136,481 |
|
|
$ |
290,655 |
|
|
$ |
269,258 |
|
Revenue from contracts with customers |
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|
|
|
|
|
|
|
|
|
|
Regasification and other services |
|
12,031 |
|
|
|
12,352 |
|
|
|
28,062 |
|
|
|
27,940 |
|
LNG, gas and power |
|
168,811 |
|
|
|
55,723 |
|
|
|
443,987 |
|
|
|
222,448 |
|
Total revenue |
$ |
329,265 |
|
|
$ |
204,556 |
|
|
$ |
762,704 |
|
|
$ |
519,646 |
|
|
| Schedule of revenue from leases |
The Company’s revenue from leases is presented within revenues in the consolidated statements of income and for the three and six months ended June 30, 2026 and 2025 consists of the following (in thousands):
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For the three months ended June 30, |
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For the six months ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
|
Operating lease income |
$ |
132,398 |
|
|
$ |
119,806 |
|
|
$ |
258,664 |
|
|
$ |
235,732 |
|
Sales-type lease income |
|
16,025 |
|
|
|
16,675 |
|
|
|
31,991 |
|
|
|
33,526 |
|
Total revenue from leases |
$ |
148,423 |
|
|
$ |
136,481 |
|
|
$ |
290,655 |
|
|
$ |
269,258 |
|
|
| Schedule of leased property and equipment |
The following represents the amount of property and equipment that is leased to customers as of June 30, 2026 and December 31, 2025 (in thousands):
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June 30, 2026 |
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|
December 31, 2025 |
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Property and equipment |
$ |
2,515,109 |
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|
$ |
2,514,180 |
|
Accumulated depreciation |
|
(1,086,118 |
) |
|
|
(1,054,808 |
) |
Property and equipment, net |
$ |
1,428,991 |
|
|
$ |
1,459,372 |
|
|
| Schedule of minimum future revenue |
As of June 30, 2026, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands):
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|
Year |
Sales-type |
|
|
Operating |
|
Remainder of 2026 |
$ |
44,166 |
|
|
$ |
220,676 |
|
2027 |
|
87,612 |
|
|
|
457,830 |
|
2028 |
|
80,849 |
|
|
|
367,676 |
|
2029 |
|
84,055 |
|
|
|
367,769 |
|
2030 |
|
87,612 |
|
|
|
310,939 |
|
Thereafter |
|
239,839 |
|
|
|
721,141 |
|
Total undiscounted |
$ |
624,133 |
|
|
$ |
2,446,031 |
|
Less: imputed interest |
|
(270,315 |
) |
|
|
|
Net investment in sales-type leases |
|
353,818 |
|
|
|
|
Less: current portion |
|
(29,733 |
) |
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|
|
Non-current net investment in sales-type leases |
$ |
324,085 |
|
|
|
|
|
| Schedule of disaggregated revenues |
The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):
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For the three months ended June 30, 2026 |
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|
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|
Revenue from contracts with customers |
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|
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Revenue from |
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Regas |
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|
LNG, gas |
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Total |
|
|
leases |
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and other |
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and power |
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|
revenue |
|
North America (1) |
$ |
— |
|
|
$ |
668 |
|
|
$ |
114,123 |
|
|
$ |
114,791 |
|
Asia Pacific |
|
16,031 |
|
|
|
11,158 |
|
|
|
54,366 |
|
|
|
81,555 |
|
Latin America |
|
54,132 |
|
|
|
— |
|
|
|
— |
|
|
|
54,132 |
|
Europe |
|
28,971 |
|
|
|
68 |
|
|
|
— |
|
|
|
29,039 |
|
Middle East (2) |
|
44,496 |
|
|
|
— |
|
|
|
— |
|
|
|
44,496 |
|
Other |
|
4,793 |
|
|
|
137 |
|
|
|
322 |
|
|
|
5,252 |
|
Total revenue |
$ |
148,423 |
|
|
$ |
12,031 |
|
|
$ |
168,811 |
|
|
$ |
329,265 |
|
|
|
|
|
|
|
|
|
|
|
|
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For the three months ended June 30, 2025 |
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|
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|
Revenue from contracts with customers |
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|
|
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Revenue from |
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|
Regas |
|
|
LNG, gas |
|
|
Total |
|
|
leases |
|
|
and other |
|
|
and power |
|
|
revenue |
|
North America (1) |
$ |
— |
|
|
$ |
984 |
|
|
$ |
55,334 |
|
|
$ |
56,318 |
|
Asia Pacific |
|
16,675 |
|
|
|
11,011 |
|
|
|
389 |
|
|
|
28,075 |
|
Latin America |
|
51,654 |
|
|
|
— |
|
|
|
— |
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|
|
51,654 |
|
Europe (3) |
|
29,403 |
|
|
|
259 |
|
|
|
— |
|
|
|
29,662 |
|
Middle East (2) |
|
38,749 |
|
|
|
— |
|
|
|
— |
|
|
|
38,749 |
|
Other |
|
— |
|
|
|
98 |
|
|
|
— |
|
|
|
98 |
|
Total revenue |
$ |
136,481 |
|
|
$ |
12,352 |
|
|
$ |
55,723 |
|
|
$ |
204,556 |
|
|
|
|
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|
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|
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For the six months ended June 30, 2026 |
|
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|
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|
Revenue from contracts with customers |
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|
|
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|
Revenue from |
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|
Regas |
|
|
LNG, gas |
|
|
Total |
|
|
leases |
|
|
and other |
|
|
and power |
|
|
revenue |
|
North America (1) |
$ |
— |
|
|
$ |
5,528 |
|
|
$ |
301,479 |
|
|
$ |
307,007 |
|
Asia Pacific |
|
31,997 |
|
|
|
22,121 |
|
|
|
140,729 |
|
|
|
194,847 |
|
Latin America |
|
108,239 |
|
|
|
— |
|
|
|
1,005 |
|
|
|
109,244 |
|
Europe |
|
57,535 |
|
|
|
135 |
|
|
|
— |
|
|
|
57,670 |
|
Middle East (2) |
|
85,054 |
|
|
|
— |
|
|
|
452 |
|
|
|
85,506 |
|
Other |
|
7,830 |
|
|
|
278 |
|
|
|
322 |
|
|
|
8,430 |
|
Total revenue |
$ |
290,655 |
|
|
$ |
28,062 |
|
|
$ |
443,987 |
|
|
$ |
762,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2025 |
|
|
|
|
|
Revenue from contracts with customers |
|
|
|
|
|
Revenue from |
|
|
Regas |
|
|
LNG, gas |
|
|
Total |
|
|
leases |
|
|
and other |
|
|
and power |
|
|
revenue |
|
North America (1) |
$ |
— |
|
|
$ |
6,027 |
|
|
$ |
82,717 |
|
|
$ |
88,744 |
|
Asia Pacific |
|
33,526 |
|
|
|
21,455 |
|
|
|
95,741 |
|
|
|
150,722 |
|
Latin America |
|
101,672 |
|
|
|
— |
|
|
|
— |
|
|
|
101,672 |
|
Europe (3) |
|
57,475 |
|
|
|
259 |
|
|
|
43,990 |
|
|
|
101,724 |
|
Middle East (2) |
|
76,585 |
|
|
|
— |
|
|
|
— |
|
|
|
76,585 |
|
Other |
|
— |
|
|
|
199 |
|
|
|
— |
|
|
|
199 |
|
Total revenue |
$ |
269,258 |
|
|
$ |
27,940 |
|
|
$ |
222,448 |
|
|
$ |
519,646 |
|
(1)Includes the Caribbean. (2)Includes Pakistan and the United Arab Emirates. (3)Includes locations on the Mediterranean Sea.
|
| Schedule of changes in long-term contract liabilities |
The following table reflects the changes in the Company’s deferred revenues as of June 30, 2026 (in thousands):
|
|
|
|
|
June 30, 2026 |
|
Deferred revenues, beginning of period |
$ |
86,331 |
|
Cash received but not yet recognized |
|
33,546 |
|
Revenue recognized from prior period deferral |
|
(61,214 |
) |
Deferred revenues, end of period |
$ |
58,663 |
|
|
| Schedule of expected recognized revenue from contracts |
The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):
|
|
|
|
Remainder of 2026 |
$ |
400,783 |
|
2027 |
|
1,573,468 |
|
2028 |
|
2,134,053 |
|
2029 |
|
2,015,487 |
|
2030 |
|
1,906,760 |
|
Thereafter |
|
9,310,045 |
|
Total expected revenue |
$ |
17,340,596 |
|
|