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VG · Venture Global

2 filings

10-K

VG 10-K Annual Reports

Venture Global - 2 annual reports

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

2025
Venture Global Annual Report, Year Ended Dec 31, 2025
Venture Global, Inc. reported 2025 revenue of $13.77 billion, up from $4.97 billion in 2024, and income from operations of $5.16 billion, up from $1.76 billion. Net income attributable to common stockholders was $2.26 billion, compared with $1.48 billion in 2024. The increase was driven mainly by LNG sales volumes at the Plaquemines Project, which began LNG production in December 2024 and ramped up through 2025, partially offset by lower Calcasieu Project sales prices after its April 15, 2025 COD and higher feed gas costs. Cash from operating activities rose to $6.57 billion, but capital expenditures were $13.37 billion, and the company funded the gap largely through debt issuance. The company's balance sheet grew substantially, with total assets of $53.45 billion and total debt at the subsidiary level of approximately $34.8 billion as of December 31, 2025, including $11.1 billion of VGLNG-issued or guaranteed debt and $23.7 billion of project-level financing. The company disclosed $13.5 billion of additional borrowing capacity and cash plus available borrowing capacity of $16.9 billion. Key execution items include the CP2 Project, where Phase 1 reached FID in July 2025 with $15.1 billion of project financing and total Phase 1 and 2 project costs are estimated at $32.5 to $33.5 billion, of which $9.9 billion had been paid. Plaquemines remains in construction and commissioning, with an estimated $0.6 to $1.0 billion of Total Project Cost yet to be paid. Significant risks for investors include four pending arbitrations with Calcasieu Project post-COD SPA customers. BP has been awarded a partial final award with damages sought of $3.7 billion to potentially more than $6.0 billion, and the damages phase is expected in 2026 or 2027. Other customers seek damages that the company says are subject to a $595 million aggregate liability cap, but the customers dispute that cap. Shareholder securities litigation related to the IPO also remains pending. Concentrated control by VG Partners, which holds approximately 97.6% of combined voting power, is another key consideration for Class A holders.
Mar 2, 2026
2024
Venture Global Annual Report, Year Ended Dec 31, 2024
Venture Global, Inc. (NYSE: VG) reported net income of $1.7 billion for 2024, down from $3.6 billion in 2023, as revenue fell to $4.97 billion from $7.90 billion. The filing attributes the decline mainly to lower LNG sales prices on commissioning cargos, with income from operations falling to $1.76 billion from $4.85 billion. Revenue was driven by commissioning sales from the Calcasieu Project, which has not yet reached commercial operations (COD), now targeted for April 15, 2025. The Plaquemines Project began producing LNG in December 2024, with $11.4 billion of its assets placed in service from an accounting perspective. The company is developing five LNG projects in Louisiana with a total expected peak production capacity of 143.8 mtpa. Post-COD SPAs total 39.25 mtpa, with a stated expected total contracted revenue of approximately $107 billion from third-party SPAs. Subsidiaries carried about $29.6 billion of outstanding debt at December 31, 2024. The company completed its IPO in January 2025, selling 70 million Class A shares at $25.00 for net proceeds of about $1.7 billion, and VG Partners retains roughly 97.8% of combined voting power. The filing describes significant risks: extended Calcasieu commissioning, arbitration claims by Calcasieu customers seeking damages of approximately $6.7 billion to $7.4 billion (subject to a liability cap of about $1.6 billion), regulatory uncertainty for the CP2 Project, and cost estimates that may rise. Investors should weigh these against the company's contracted backlog and expected commissioning proceeds.
Mar 6, 2025