Venture Global, Inc. (VG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$17.0B

Revenue growth

100.7%

Net income, last twelve months

$3.3B

Earnings per share

$1.27

Gross margin

53.5%

Operating margin

37.6%

Net margin

19.7%

Free cash flow

-$7.0B

Return on equity

38.9%

Market value

$38.0B

Price to earnings

11.3x

Dividend yield

0.2%

Cash

$3.1B

Debt

$41.8B

Debt to equity

4.88

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 11 August 2026.

• Revenue and operating income rose. Revenue was $4.6 billion, up 48% from a year earlier. Income from operations was $2.2 billion, up 111%. Six-month revenue was $9.2 billion, up 53%.
• Net income and EBITDA increased. Net income attributable to common stockholders was $1.3 billion, up 266%. Consolidated Adjusted EBITDA was $2.5 billion, up 79%. Management attributed the increases mainly to Plaquemines volumes and higher implied liquefaction fees.
• Cargo exports and sales rose. The company exported 127 cargos, up from 89, and sold 466.4 TBtu of LNG, up 42%. Six-month cargo exports were 257, up 69%.
• Diluted EPS rose to $0.51. Diluted EPS was $0.51 for the quarter against $0.14 a year earlier. Six-month diluted EPS was $0.70 against $0.29.
• Calcasieu Pass output held through maintenance. Major scheduled gas turbine maintenance was completed at Calcasieu Pass. Management said the modular design allows redundancy of critical components and a more stable production profile.
• Plaquemines Phase 1 in final stages. Phase 1 is in final construction, commissioning and assurance testing before commercial operation. Management said the team is working to safely complete the remaining Phase 1 scopes.
• CP2 construction advancing on schedule. CP2 has 16 liquefaction modules on site, roofs raised on all four LNG tanks, and five gas and steam turbines on foundations. Management attributed the pace to its in-house EPC efforts.
• Contracted share of 2026 cargos rose. Contracted 2026 cargos reached 91% of available cargos, at a weighted average liquefaction fee of $5.05/MMBtu.
• Over 2 MTPA of new or increased SPAs. The company executed over 2 MTPA of new or increased LNG offtake agreements. The new five-year SPA with EnBW starts in 2026.
• Vitol and TotalEnergies agreements signed. Two additional five-year SPAs were signed in Q2, as previously announced: TotalEnergies for 0.85 MTPA, and an increase with Vitol to 1.7 MTPA from 1.5 MTPA.
• Fee assumption for unsold cargos. Remaining unsold 2026 cargos assume a fixed liquefaction fee range of $12.50 to $13.50/MMBtu, reflecting market forward prices and recently executed cargo sales. Management said gas price changes could affect guidance.
• Cost of sales rose with volumes. Cost of sales was $1.66 billion for the quarter, against $1.42 billion a year earlier. Six-month cost of sales was $4.44 billion against $2.48 billion.
• Operating expense rose, development expense fell. Operating and maintenance expense was $335 million against $217 million. Development expense fell to $23 million from $57 million.
• Swap result turned to a gain. The gain on interest rate swaps was $124 million for the quarter, against a $112 million loss a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2023

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 38 held.

Every filing

The newest filings with the SEC of 73 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

444 funds held it at 30 Jun 2026: 256 added and 79 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Cheniere Energy, Inc. (LNG): revenue $21.5B, market value $61.5B
• Cheniere Energy Partners, L.P. (CQP): revenue $11.5B, market value $31.4B
• Atmos Energy Corp. (ATO): revenue $4.9B, market value $28.7B
• National Fuel Gas Co. (NFG): revenue $2.5B, market value $7.6B
• New Jersey Resources Corp. (NJR): revenue $2.2B, market value $5.4B
• Spire Inc. (SR): revenue $2.5B, market value $5.1B
• One Gas, Inc. (OGS): revenue $2.3B, market value $4.9B
• MDU Resources Group Inc. (MDU): revenue $1.8B, market value $4.1B
• Northwest Natural Holding Co. (NWN): revenue $1.3B, market value $2.1B

What the company does

Venture Global exports liquefied natural gas (LNG) from the United States. Its integrated assets span LNG production, natural gas transportation, shipping and regasification, and its export projects are in Louisiana. Natural gas is cooled to -260°F to make LNG, which reduces its volume to 1/600th of the original for shipping by tanker. The company has an operating facility at Calcasieu, a second at Plaquemines in testing and commissioning, and a third, CP2, under construction. Its Class A common stock has traded on the New York Stock Exchange under the symbol VG since 24 January 2025, and it had over 2,000 full-time employees as of 31 December 2025.

How the business is organised

The company reports four segments: the Calcasieu Project, the Plaquemines Project, the CP2 Project, and its sales and shipping business. Each LNG project covers the liquefaction facility, the export terminal and the pipelines that feed it. The company owns all or a majority interest in each project. The sales and shipping business is run through the wholly owned VG Commodities, which sells LNG that exceeds what the projects have contracted directly and manages the shipping fleet.

What it builds

The company's design uses many electric motor driven, mid-scale liquefaction trains instead of two or three large ones. The trains are prefabricated in Italy and shipped fully assembled to the site. The company calls this approach "design-one, build-many".

- It declared commercial operations on 15 April 2025. - All 36 trains were operating at 31 December 2025 while testing and commissioning continued. - Phase 1 reached a final investment decision on 28 July 2025. - For CP3, no FERC or DOE filings had been made at the time of the filing.

The company manages construction itself under an owner-led engineering, procurement and construction management model. Plaquemines is built under contracts with KZJV, and CP2 under contracts with Worley. Baker Hughes supplies the liquefaction and power equipment under a master agreement.

How it sells LNG

The company sells LNG at three stages: commissioning sales before commercial operations, long-term contracted sales and purchase agreements (SPAs), and sales of excess capacity. At 31 December 2025 it had executed 47.0 mtpa of SPAs, and about 96% of contracted volumes are under 20-year fixed price agreements. Customers pay a fixed liquefaction fee on a take-or-pay basis, plus a variable commodity fee equal to at least 115% of Henry Hub per MMBtu. A transportation charge applies if the sale is on a DPU basis. Sales are made FOB, DPU or DES. DES prices include transportation and are indexed to foreign gas markets such as TTF or JKM.

The facilities are designed to produce up to 40% more than guaranteed nameplate capacity each year. LNG above nameplate is sold to VG Commodities under intercompany SPAs, giving it access to up to 18.2 mtpa. VG Commodities can resell that LNG to third parties. It has also signed firm-start SPAs for 2.5 mtpa, with deliveries starting between 2029 and 2030.

Gas supply, ships and regasification

The company buys natural gas from domestic producers under long-term supply and transportation agreements, generally with 10 to 20 year terms. Its pipelines connect to supply from the Haynesville, Permian and Marcellus/Utica basins. It is developing the Blackfin, Marais and Cloud Connector pipelines. Blackfin is a 48-inch intrastate pipeline of about 190 miles, developed with WhiteWater Midstream, LLC. Cloud Connector is a 340-mile intrastate pipeline planned for the Plaquemines Expansion Project.

The company has contracted to acquire nine LNG tankers, seven of which have been delivered, and has chartered two more. It has secured regasification capacity at the Alexandroupolis LNG terminal in Greece and at the Grain LNG terminal in the United Kingdom.

Regulation and competition

The FERC authorizes the siting, construction and operation of its LNG terminals and pipelines. The DOE authorizes exports, with separate standards for countries that have a free trade agreement with the United States (FTA Nations) and those that do not (Non-FTA Nations). PHMSA sets safety standards for LNG facilities. The company competes with national energy companies such as QatarEnergy, multinational majors including BP, Chevron, ConocoPhillips, ExxonMobil, Shell and Total, independent producers such as Cheniere and Freeport LNG, and trading firms such as Glencore, Trafigura and Vitol. The filing notes that many competitors are also customers.

Its people

The workforce includes teams in project development, construction management, finance, legal and LNG marketing. A collective bargaining agreement covers 117 international employees and is negotiated annually. The company reports an aggregate total recordable incident rate of 0.17, against a 2024 industry average of 2.2.

*From Venture Global's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2007855/000200785526000013/vg-20251231.htm)*

From the company's 10-K.