01—Abstract
Summary
Summary of the 10-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. reported 2025 revenue of $13.77 billiona, 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 billionb, 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 billionc 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 billiond 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.
02—Key points
Key Highlights
- Revenue rose to $13.77 billion in 2025 from $4.97 billion in 2024, and income from operations rose to $5.16 billion from $1.76 billion, primarily reflecting Plaquemines Project sales volumes.
- Net income attributable to common stockholders was $2.26 billion, or $0.86 per diluted share, versus $1.48 billion, or $0.57 per diluted share, in 2024.
- Operating cash flow was $6.57 billion, while capital expenditures were $13.37 billion; the company had $16.9 billion of total cash and available borrowing capacity as of December 31, 2025.
- Total subsidiary debt was approximately $34.8 billion, including $11.1 billion of VGLNG debt and $23.7 billion of project-level financing.
- CP2 Phase 1 reached FID in July 2025 with $15.1 billion in project financing; Phase 1 and 2 Total Project Cost is estimated at $32.5 to $33.5 billion, with $9.9 billion paid to date.
- Calcasieu Project faces four pending customer arbitrations, including a BP partial final award with damages claimed of $3.7 billion to more than $6.0 billion, creating material contingent exposure.
- VG Partners holds approximately 97.6% of combined voting power, giving it control over matters requiring stockholder approval, including director elections and change-of-control transactions.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 2, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $13.77B$4.97B | +176.9% |
| R&D Expenses | $344.00M$635.00M | −45.8% |
| Operating Expenses | $8.61B$3.21B | +168.4% |
| Operating Income | $5.16B$1.76B | +192.5% |
| Net Income | $2.73B$1.75B | +56.5% |
| EPS (Basic) | $0.93$0.63 | +47.6% |
| EPS (Diluted) | $0.86$0.57 | +50.9% |
| Shares Outstanding (Basic) | 2.43B2.35B | +3.2% |
| Shares Outstanding (Diluted) | 2.63B2.58B | +1.9% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue and operating income in 2025?
The filing attributes the increase primarily to $10.1 billion of higher LNG sales volumes, mainly at the Plaquemines Project after LNG production began in December 2024 and ramped up during 2025. This was partially offset by $1.3 billion of lower LNG sales prices, primarily at the Calcasieu Project after its COD in April 2025.
How is the company financing its large construction program?
The company relied on substantial debt issuance, with $16.3 billion of debt issued and drawn in 2025, including $10.0 billion for Plaquemines, $5.2 billion for CP2 and $1.1 billion for pipeline projects. It also completed a $1.7 billion net IPO in January 2025. The company expects to finance greenfield and expansion projects with approximately 50% to 75% project-level debt and 25% to 50% project-level equity.
What are the main legal risks for the Calcasieu Project?
Four post-COD SPA customers are in arbitration alleging COD delays. BP seeks damages of $3.7 billion to potentially more than $6.0 billion, and an award is expected to be issued after a damages hearing in 2026 or 2027. The company believes three other customers' claims are subject to an aggregate liability cap of $595 million, though those customers dispute that the cap applies. Adverse outcomes could cause debt acceleration and affect the trading price of Class A common stock.
What is the status of the CP2 Project and its costs?
CP2 Phase 1 achieved FID in July 2025 and began on-site construction in June 2025. Total Project Cost for Phases 1 and 2 is estimated at $32.5 billion to $33.5 billion, with $9.9 billion paid as of December 31, 2025. In February 2026, the company executed a new 20-year post-COD SPA for 1.5 mtpa from Phase 2, increasing contracted post-COD capacity from 26.0 mtpa to 27.5 mtpa.
What control do Class A stockholders have?
VG Partners owns all 1,968,604,458 Class B shares and holds approximately 97.6% of the combined voting power. Class B shares carry ten votes per share. VG Partners can elect the board and approve mergers, and the company is a controlled company under NYSE rules, so it is not required to maintain an independent compensation or nominating committee.
06—Continue