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VG · Venture Global

5 filings

10-Q

VG 10-Q Quarterly Reports

Venture Global - 5 quarterly reports

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

2026-Q2
Venture Global Quarterly Report for Q2 Ended Jun 30, 2026
Venture Global, Inc. reported a strong second quarter of 2026, with revenue of $4.58 billion for the three months ended June 30, 2026, up from $3.10 billion a year earlier, and income from operations of $2.19 billion versus $1.04 billion. Net income attributable to common stockholders rose to $1.35 billion ($0.54 basic EPS) from $368 million ($0.15). The growth was driven mainly by higher LNG sales volumes from the Plaquemines Project as commissioning progressed and production ramped up, partly offset by higher operating and maintenance expense and higher interest expense, net of $489 million. For the six months, revenue was $9.18 billion and income from operations was $3.34 billion. Cash from operating activities was $2.84 billion, while capital expenditures totaled $6.90 billion, and total cash plus available borrowing capacity stood at $21.52 billion as of June 30, 2026. Debt rose to $41.81 billion net carrying value at June 30, 2026 from $34.21 billion at December 31, 2025, as the company completed a series of refinancings and new facilities, including $8.6 billion of additional CP2 Phase 2 project financing after FID, a $1.75 billion Calcasieu Funding TLB Facility, $2.25 billion of VGLNG senior secured notes, and a $1.5 billion VG Shipping Facility. Total stockholders' equity increased to $8.57 billion, and the company redeemed the $1.6 billion CP Funding Redeemable Preferred Units. The most significant risk flagged for investors is the Calcasieu Project's post-COD SPA arbitrations. The BP partial final award found VGCP breached its obligations to declare COD timely; BP seeks damages of $3.7 billion to potentially more than $6.0 billion, with a damages hearing scheduled for May 2027. Two other customers seek damages in excess of $2.4 billion in aggregate, while the company believes liability limitations of $425 million apply. The filing states that adverse outcomes could exceed accruals and could restrict project distributions or accelerate project debt.
Aug 11, 2026
2026-Q1
Venture Global Quarterly Report for Q1 Ended Mar 31, 2026
Venture Global, Inc. reported first-quarter 2026 revenue of $4.60 billion, up from $2.89 billion a year earlier, and income from operations of $1.15 billion versus $1.08 billion. Net income rose to $625 million from $517 million, and net income attributable to common stockholders was $488 million, or $0.19 per diluted share, compared with $0.15 a year earlier. Growth was driven mainly by higher LNG sales volumes at the Plaquemines Project as it continues to ramp up, partly offset by lower weighted average LNG prices, which fell to $9.51 per MMBtu from $12.78, and higher feed gas costs. Interest expense, net rose to $444 million from $276 million, and cash from operating activities declined to $763 million from $1.11 billion. Capital spending remained heavy, with capital expenditures of $3.18 billion in the quarter, mainly for the CP2 Project. In March 2026, Phase 2 of the CP2 Project reached final investment decision and the company obtained $8.6 billion of additional project financing, bringing total CP2 Credit Facilities to $20.7 billion. Total outstanding debt was $37.14 billion at March 31, 2026, up from $34.81 billion at year-end 2025. Cash and cash equivalents were $1.60 billion, and total cash and available borrowing capacity was $22.33 billion. Legal disputes remain a key watch item. The Calcasieu Project is in arbitration with several post-COD SPA customers. BP's partial final award found a breach, and BP seeks damages of $3.7 billion to potentially over $6.0 billion, with a damages hearing scheduled for May 2027. A settlement with Edison was signed in March 2026. The other two customers seek more than $2.4 billion in aggregate, and the company believes liability limits of $425 million apply to those disputes.
May 12, 2026
2025-Q3
Venture Global Quarterly Report for Q3 Ended Sep 30, 2025
Venture Global, Inc. reported a sharp rise in its third-quarter 2025 results, driven by the Plaquemines Project entering commercial LNG production. Revenue for the three months ended September 30, 2025 was $3.3 billion, up from $926 million a year earlier, and income from operations was $1.3 billion versus $189 million. For the nine months, revenue was $9.3 billion and income from operations was $3.4 billion. Net income attributable to common stockholders was $429 million for the quarter and $1.2 billion for the nine months. Calcasieu Project revenue and margins were lower after it declared commercial operations on April 15, 2025 and began selling under post-COD SPAs at lower realized prices. Cash from operating activities rose to $4.5 billion for the nine months, while cash used in investing activities totaled $9.6 billion, reflecting continued construction spending. Balance sheet leverage increased. Total debt, net, was $32.6 billion at September 30, 2025, and total assets reached $50.1 billion. The company financed the first phase of the CP2 Project, with $15.1 billion in project financing at FID in July 2025, and closed $6.5 billion of VGPL senior secured notes during the period. Blackfin pipeline project financing of $1.6 billion was also completed. On November 7, 2025, VGLNG entered a $2.0 billion senior secured revolving credit agreement maturing in 2030, with no borrowings at signing. The most significant risk for investors is litigation with Calcasieu Project post-COD SPA customers. In October 2025, an arbitration tribunal issued a partial final award in favor of BP finding that VGCP breached its obligations to declare COD in a timely manner. Remedies, with BP seeking damages above $1.0 billion, will be determined in a separate hearing expected in 2026. Four other customers seek $3.8 billion to $4.5 billion in aggregate, which the company believes is capped at $765 million under liability limitations. The company also faces securities class action and derivative suits related to its IPO.
Nov 10, 2025
2025-Q2
Venture Global Quarterly Report for Q2 Ended Jun 30, 2025
Venture Global, Inc. (VG) reported a sharp rise in its second-quarter 2025 results as the Plaquemines Project moved into production and sales. Revenue for the three months ended June 30, 2025 was $3.1 billion, up from $1.1 billion a year earlier, and income from operations was $1.0 billion versus $363 million. Net income attributable to common stockholders was $368 million, compared with $303 million. For the six months, revenue was $6.0 billion and income from operations was $2.1 billion, while net income attributable to common stockholders fell to $764 million from $951 million, reflecting a $304 million loss on interest rate swaps and higher interest expense. Calcasieu Project declared commercial operations on April 15, 2025, and the company reported cash and cash equivalents of $2.2 billion at June 30, 2025, with $19.8 billion of Plaquemines Project assets placed in service from an accounting perspective. Financing activity was heavy during the period. VGPL issued $2.5 billion of senior secured notes in April 2025 and, in July 2025, issued a further $4.0 billion, with proceeds used to prepay Plaquemines Construction Term Loan balances. In July 2025, the first phase of the CP2 Project reached final investment decision and the company obtained $15.1 billion of project financing. Total debt, net of unamortized discount and issuance costs, was $29.97 billion at June 30, 2025. The filing also discloses material legal and contract risk. Calcasieu Project post-COD SPA customers are pursuing arbitration claims for damages between $6.7 billion and $7.4 billion, subject to an aggregate liability cap of approximately $1.6 billion, and several securities class and derivative actions tied to the IPO are pending.
Aug 12, 2025
2025-Q1
Venture Global Quarterly Report for Q1 Ended Mar 31, 2025
Venture Global, Inc. reported a first quarter 2025 (three months ended March 31, 2025) with revenue of $2.89 billion, up from $1.41 billion a year earlier, and income from operations of $1.08 billion versus $617 million. The increase was driven mainly by higher LNG sales volumes at the Plaquemines Project, which began LNG production in December 2024 and continued ramping up, along with higher weighted average LNG prices. Net income fell to $517 million from $698 million, primarily because of a $192 million loss on interest rate swaps compared with a $374 million gain a year earlier, a swing of $566 million. Net income attributable to common stockholders was $396 million, or $0.15 per diluted share. Balance sheet and liquidity were supported by the January 2025 IPO, which raised $1.7 billion in net proceeds from 70 million Class A shares at $25.00. Cash and cash equivalents were $3.61 billion at March 31, 2025, and total cash and available borrowing capacity was $4.77 billion. Property, plant and equipment, net rose to $37.0 billion, and total debt outstanding was $29.9 billion. Capital expenditures continued at high levels, with $3.5 billion of purchases of property, plant and equipment in the quarter. Key risks include disputes with Calcasieu Project post-COD SPA customers, who seek damages of $6.7 billion to $7.4 billion against an aggregate liability cap of about $1.6 billion. The Calcasieu Project declared COD on April 15, 2025, and the company disclosed new securities class action complaints related to the IPO registration statement. Subsequent events include a $2.5 billion Plaquemines-related notes offering and $3.0 billion of new CP2 bridge facilities in May 2025.
May 13, 2025