US Results: Cheniere Raises 2026 EBITDA Guidance, Caterpillar Q3 Sales Rise 17%
Six large US-listed companies filed third-quarter results with the US Securities and Exchange Commission on 29 October; Cheniere Energy raised its 2026 guidance and posted 39% higher third-quarter revenue.
The set spans LNG, machinery, payments, exchanges, industrial gases and tobacco. In the third quarter, Caterpillar’s sales rose 17% and Mastercard’s net revenue 14%. Intercontinental Exchange (ICE) called it the best third quarter in its history, Altria raised its earnings guidance, and Linde’s third-quarter net income fell 12% even as sales grew.
Cheniere lifts its outlook while nine-month profit falls on derivatives
Cheniere raised its full-year consolidated adjusted EBITDA guidance to $8.75 billion to $9.25 billion, a midpoint 10.4% higher than before. The previous range was $7.90 billion to $8.40 billion, and distributable cash flow guidance rose to $6.05 billion to $6.55 billion.
Third-quarter net income attributable to Cheniere rose 11.5% to $1.17 billion, which the company put down to higher volumes and higher margins per MMBtu of LNG delivered, plus a lower tax provision. It exported 188 cargoes in the quarter, against 163 a year earlier.
The nine months tell a different story: net income was $736 million, against $3.0 billion a year earlier. The company attributes the fall mainly to $3.6 billion of unfavorable changes in the fair value of derivatives (before tax and non-controlling interests), chiefly tied to its long-term Integrated Production Marketing agreements, partly offset by higher volumes, higher margins and a one-off excise tax credit. Nine-month adjusted EBITDA rose 23%.
The quarterly dividend rises to $0.625 a share, up more than 12%. The seventh and final train of the Corpus Christi Stage 3 project reached substantial completion in August, completing a project that the company says expanded its LNG production capacity by more than 20%. The QatarEnergy supply agreements for up to 4 million tonnes a year were set out on 22 October.
Third-quarter 2026 results
| Company | Sales ($m) | Net income ($m) | Change in net income |
|---|---|---|---|
| Cheniere Energy | 6,173 | 1,170 | 11.5% |
| Caterpillar | 20,682 | 3,287 | 42.9% |
| Mastercard | 9,807 | 4,628 | 17.9% |
| ICE | 2,765 | 940 | 15.2% |
| Linde | 9,404 | 1,692 | -12.3% |
| Altria | 6,132 | 2,518 | 6.0% |
Sales is each company’s headline revenue line: net revenue for Mastercard and Altria, revenues less transaction-based expenses for ICE, sales and revenues for Caterpillar, revenues for Cheniere and sales for Linde. Altria’s net revenues include excise taxes; net of them, its third-quarter revenues rose 3.6% to $5.4 billion. Net income is attributable to each company’s shareholders.
Caterpillar, Mastercard and ICE grow by double digits
Caterpillar’s third-quarter sales and revenues rose 17% to $20.7 billion. Higher sales volume added $2.2 billion to the quarter’s sales and favorable price realization $663 million. Chief executive Joe Creed cited strong order rates and a record backlog, without giving the backlog’s size.
Operating profit for the quarter jumped 38% to $4.2 billion. It included $128 million of tariff recoveries under the International Emergency Economic Powers Act.
Mastercard’s third-quarter net revenue rose 14% to $9.8 billion. Cross-border volume grew 11% in the quarter on a local-currency basis. It bought back $3.0 billion of its shares in the quarter and paid $763 million in dividends.
ICE’s third-quarter net revenue rose 14.7% to $2.8 billion. Energy revenue in its exchanges segment rose 25% in the quarter to $603 million. The US antitrust waiting period on its MarketAxess acquisition ended on 21 October; other approvals are still pending.
Linde’s third-quarter net income falls 12%, Altria raises its outlook
Linde’s third-quarter sales rose 9% to $9.4 billion. Net income for the quarter fell 12% to $1.69 billion. The quarter carried $425 million of cost reduction and other charges before tax, including $183 million of non-cash charges mainly tied to its US homecare business.
Third-quarter adjusted net income, which excludes those charges and purchase accounting effects, rose 7%. Over nine months, net income rose 2.0% to $5.48 billion. The company expects full-year adjusted earnings per share of $17.82 to $17.92, and its project backlog stands at $11 billion.
Altria’s third-quarter net revenues, which include excise taxes, rose 1.0% to $6.1 billion. Domestic cigarette shipment volume fell 2.9% in the quarter. It now expects 2026 adjusted diluted earnings per share of $5.66 to $5.74 and has expanded its share repurchase program by $1 billion.
Nine months to 30 September 2026
| Company | Sales ($m) | Net income ($m) | Change in net income |
|---|---|---|---|
| Cheniere Energy | 17,773 | 736 | -75.7% |
| Caterpillar | 58,640 | 9,429 | 45.5% |
| Mastercard | 27,482 | 12,898 | 18.2% |
| ICE | 8,408 | 3,311 | 34.4% |
| Linde | 27,474 | 5,477 | 2.0% |
| Altria | 17,671 | 6,999 | 20.1% |
Same revenue and net income definitions as the quarterly table.
Total assets (in $ millions)
| Company | 30 Sep 2026 | 31 Dec 2025 |
|---|---|---|
| Cheniere Energy | 48,835 | 47,882 |
| Caterpillar | 106,843 | 98,585 |
| Mastercard | 58,149 | 54,157 |
| ICE | 177,030 | 136,887 |
| Linde | 88,075 | 86,817 |
| Altria | 34,478 | 35,017 |
From each company’s condensed consolidated balance sheet. ICE’s total assets include cash and cash equivalent margin deposits and guaranty funds of $113.3 billion at 30 September 2026 ($76.8 billion at 31 December 2025), matched by an equal liability.
What to watch: Cheniere pays its $0.625 dividend on 17 November to shareholders of record on 9 November, and ICE expects its MarketAxess purchase to close in the first quarter of 2027.
Figures are from the companies’ third-quarter earnings releases filed with the US Securities and Exchange Commission on 29 October 2026; percentages and comparisons not attributed to a source are The Edge’s calculations.
Sources: Cheniere Energy, Caterpillar, Mastercard, Intercontinental Exchange, Linde, Altria, US Securities and Exchange Commission, The Edge.
