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Venture GlobalVG

Legal name
Venture Global, Inc.
Sector
Energy
Industry
Natural Gas Distribution
Exchange
NYSE

Stock Price $VG

Latest filings

You are here#16 of 31 in Utilities by market cap

Filing record · 2025–202610-K210-Q58-K38

VG filed 2 annual reports (10-K), 5 quarterly reports (10-Q) and 38 current reports (8-K) between 2025 and 2026.

  1. FY2024 annual report10-K · Mar ’25Mar ’25
  2. Material agreement8-K · Feb ’26Feb ’26
  3. Material agreement8-K · Jun ’26Jun ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  3. $13.77B
YoY changeLargest recent move−37.0%in FY24Latest +176.9%

1 older move runs past ±150% (largest +176.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VG Financial Metrics51 metrics

Income Statement12

Balance Sheet21

Cash Flow13

Per Share5

02—Overview

Venture Global Financial Overview 2024–2025

Updated Nov 4, 2026

Revenue nearly tripled in a single year: $4.97 billion in FY2024 to $13.77 billiona in FY2025, a 177% jump. Yet the stock closed FY2025 at just $6.82, or 7.9x earnings. The market is pricing Venture Global as if its growth carries heavy baggage, and the data shows why.

The core thesis: Plaquemines turned Venture Global from a one-plant story into a cash-generating machine, but the company is funding that expansion with debt and carrying large legal exposure. Revenue grew from $7.90 billion in FY2023 to $13.77 billionb in FY2025, with a dip to $4.97 billion in between, as commissioning-cargo pricing collapsed and then volume surged. Income from operations rose from $1.76 billion to $5.16 billion in FY2025. Net income attributable to common stockholders reached $2.26 billion, or $0.86 per diluted share, versus $0.57 in FY2024. Momentum held into Q2 2026, when revenue hit $4.58 billion and income from operations doubled to $2.19 billion.

The cost is on the balance sheet. FY2025 operating cash flow of $6.57 billionc covered under half of $13.37 billion in capital expenditures, and subsidiary debt reached about $34.8 billion. By June 30, 2026, net debt had climbed to $41.81 billion. Liquidity is ample at $21.52 billion of cash and borrowing capacity, but BP seeks $3.7 billion to over $6.0 billion in damages from the Calcasieu arbitration. A 7.9x multiple at the close of FY2025 says investors want a discount for that risk.

Recent Developments (Q1 and Q2 2026)

Guidance moved more than any reported number. In Q1 2026, full-year Adjusted EBITDA guidance rose to $8.2–$8.5 billiond from $5.2–$5.8 billion, then to $8.7–$9.1 billion with Q2 2026 results. Quarterly revenue was $4.60 billion in Q1, up 59%, and Q2 Adjusted EBITDA hit $2.49 billion, up 79%. The company contracted 91% of available 2026 cargos at $5.05 per MMBtu. It also sanctioned CP2 Phase 2, raised $8.6 billion of financing, and refinanced 8.125% notes with $2.25 billion of longer-dated debt. In October 2026, a tribunal also found a COD breach in the Galp arbitration, though damages sit under a $170 million cap.

Bull case: earnings are scaling and the stock traded at 14.6x earnings as of the Q2 2026 report date (August 10, 2026), not today. Bear case: Q1 operating cash flow fell to $763 millione while debt kept rising, and a $17.2 billion power-equipment framework adds future spending.

What to watch: Galp damages hearing timing and the May 2027 BP hearing; first power island purchase order by end of 2026

03—Filings

Recent SEC Filings

  1. 8-KVenture Global 8-K Report, Material Agreement (Oct 15, 2026)Venture Global, Inc. (NYSE: VG) reported in a Form 8-K filed October 15, 2026 that its subsidiary Venture Global LNG, Inc. entered into two frame agreements on October 9, 2026: a Power Frame Agreement with GE Vernova Operations LLC and Baker Hughes Energy Services LLC for power generation equipment for up to 16 power islands with scheduled deliveries through 2034, and a Grid Frame Agreement with GE Grid Solutions, LLC for power transformer and gas insulated switchgear equipment supporting up to 21 power island projects, also with deliveries through 2034. Neither frame agreement creates binding purchase obligations beyond reservation fees and capacity reservations; the company expects to place its first power island purchase order by the end of 2026. If the company elects to proceed with all purchase orders under both agreements, the aggregate amount payable, including reservation fees, would be approximately $17.2 billion, subject to adjustment. The equipment is intended for LNG export projects, bolt-on expansions, or LNG-adjacent data center development that the company says it intends to pursue. The accompanying press release (Exhibit 99.1) describes the expansion as a staged, market-driven build-out of behind-the-meter Island-Mode power, with up to 10 GW of compute capacity potentially available by the end of 2034, subject to customer commitments and market demand. The company currently operates about 4.5 gigawatts of modular, gas-fired generation across six power islands ordered, in construction, or operating, and says the LNG business and existing contractual commitments are unaffected. Investors should note that the agreements are framework arrangements with optionality rather than committed capital outlays, and that the data center and AI utility plans depend on future customer commitments, permitting, and commercial arrangements. Reservation capacity under the Grid Frame Agreement expires on a schedule ending in mid-December 2026 if definitive reservation agreements are not signed, while Power Frame Agreement reservation rights expire in stages from October 2027 to October 2029. Copies of the agreements are to be filed with the Form 10-Q for the quarter ended September 30, 2026.
  2. 8-KVenture Global 8-K Report, Regulation FD Disclosure (Oct 8, 2026)Venture Global, Inc. (VG) disclosed in an 8-K filed October 8, 2026 (Item 7.01, furnished rather than filed) that the ICC International Court of Arbitration informed Venture Global Calcasieu Pass, LLC (VGCP) on October 7, 2026 that a partial final award had been issued in the arbitration with Galp Trading S.A. (Galp) over LNG sales from the Calcasieu Project under their long-term sales and purchase agreement (SPA). The majority of the arbitration tribunal found that VGCP breached its obligation to declare commercial operation date (COD) of the Calcasieu Project in a timely manner. One of the three arbitrators dissented on that finding. Remedies have not yet been determined. A separate damages hearing has not been scheduled but is anticipated in 2027 or 2028, and a final award is expected to follow. The filing states that the final award will be subject to the $170 million seller aggregate liability cap in the SPA. The company says it is disappointed with the decision, believes it contradicts prior arbitration findings involving Shell and Repsol, is evaluating all available options, and will continue to vigorously defend its position. The company also states the award does not change the SPA's terms as currently performed, citing twenty cargoes delivered to Galp since the Calcasieu Project's commercial operation date on April 15, 2025.
  3. 8-KVenture Global 8-K Report, Financial Results (Oct 7, 2026)Venture Global, Inc. filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) on October 7, 2026 to disclose preliminary operating metrics for the quarter ended September 30, 2026. For the quarter, the company sold and recognized in revenue 465.8 TBtu of LNG at an implied weighted average fixed liquefaction fee of $6.79 per MMBtu, and exported 124 cargos from its LNG facilities. By facility, Calcasieu Pass recognized 137.7 TBtu of LNG from 37 cargos, and Plaquemines recognized 328.1 TBtu from 87 cargos. The filing also states that five delivered-ex-ship (DES) cargos, totaling 20.4 TBtu, were exported during the quarter but will be recognized as revenue in the following quarter, reflecting the timing of revenue recognition for delivered cargos. The company notes that these volume and fee measures are only a few indicators of operating performance and should not be relied on as sole indicators of quarterly financial results. The implied fee excludes the impact of gas supply basis. Net income, cash flow and other full quarterly results were not part of this filing and will be announced with the company's third-quarter earnings report. The filing states that this information is furnished, not filed, under Section 18 of the Exchange Act.
  4. 8-KVenture Global 8-K Report, Material Agreement (Sep 2, 2026)Venture Global, Inc. (VG) disclosed in a Form 8-K filed September 2, 2026 that its wholly-owned subsidiary, Venture Global LNG, Inc. ("VGLNG"), entered into a 364-day senior secured revolving credit agreement with Bank of America, N.A. as administrative agent and a group of lenders. The facility allows VGLNG to borrow up to $3.0 billion, matures on September 1, 2027, and may be used for general corporate purposes of VGLNG and its subsidiaries. The facility is secured by a first-priority perfected security interest in substantially all existing and future assets of VGLNG and any future guarantors, subject to certain exceptions. No guarantors existed as of the signing date, though certain subsidiaries will be required to guarantee the facility if they incur or guarantee specified amounts of indebtedness in the future. The agreement includes restrictive and maintenance covenants limiting restricted payments, additional indebtedness, liens, mergers and asset sales, investments, and affiliate transactions, along with customary events of default. Borrowings bear interest at SOFR or base rate plus an applicable margin of 2.50% per annum for SOFR-based loans and 1.50% per annum for base rate loans, subject to reductions of up to 1.00% per annum based on achieving certain ratings requirements. VGLNG may prepay without premium or penalty. The accompanying press release (Exhibit 99.1) states that proceeds are expected to fund certain project costs for the CP2 and Plaquemines bolt-on expansions before their respective final investment decisions. The filing states that a copy of the credit agreement will be filed with the Form 10-Q for the quarter ended September 30, 2026.
  5. 8-KVenture Global 8-K Report, Financial Results (Aug 11, 2026)Venture Global, Inc. (NYSE: VG) reported second quarter 2026 results in an Item 2.02 8-K furnishing a press release as Exhibit 99.1. For the three months ended June 30, 2026, revenue was $4,578 million versus $3,101 million a year earlier (up 48%), income from operations was $2,188 million (up 111%), and net income attributable to common stockholders was $1,347 million (up 266%). Consolidated Adjusted EBITDA, a non-GAAP measure, was $2,491 million (up 79%). LNG volumes exported rose to 127 cargos from 89 (up 43%), and volumes sold rose 42%. Full-year 2026 Consolidated Adjusted EBITDA guidance was raised to $8.7 billion to $9.1 billion from $8.2 billion to $8.5 billion, assuming a weighted average liquefaction fee of $12.50 to $13.50 per MMBtu for remaining unsold cargos. The company now expects 149 to 154 cargos from Calcasieu Pass and 351 to 364 cargos from Plaquemines in 2026. Contracted 2026 cargos reached 91% of available cargos at a weighted average liquefaction fee of $5.05 per MMBtu. Management reaffirmed a Plaquemines Phase 1 commercial operation date target in Q4 2026 and a CP2 first LNG target in the second half of 2027. Balance sheet growth was significant: total assets reached $61,515 million at June 30, 2026, compared with $53,446 million at December 31, 2025, and long-term debt, net, was $41,527 million compared with $33,393 million. The board declared a $0.04 per share dividend for the third quarter, payable September 30, 2026, to holders of record as of September 15, 2026. Investors should note that the guidance is non-GAAP and not reconciled to GAAP, and that the filing's forward-looking statements flag risks including commissioning-cargo sales volatility, financing needs, and arbitration proceedings.
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04—See also

Related Companies

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