01—Abstract
Summary
Summary of the 10-Q filed May 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. reported first-quarter 2026 revenue of $4.60 billiona, 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 millionb 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 billionc 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 billiond, 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.
02—Key points
Key Highlights
- Revenue rose to $4.60 billion from $2.89 billion, and income from operations rose to $1.15 billion from $1.08 billion.
- Net income attributable to common stockholders was $488 million, or $0.19 per diluted share, versus $0.15 in the prior-year quarter.
- LNG volumes sold reached 480.8 TBtu versus 228.3 TBtu, while the weighted average price of LNG volumes sold fell to $9.51 per MMBtu from $12.78.
- Phase 2 of the CP2 Project reached FID in March 2026 with $8.6 billion of additional project financing; total CP2 Credit Facilities reached $20.7 billion.
- Net cash from operating activities fell to $763 million from $1.11 billion, and capital expenditures were $3.18 billion.
- Total debt rose to $37.14 billion from $34.81 billion at December 31, 2025.
- BP arbitration partial final award found a breach; BP seeks damages of $3.7 billion to potentially over $6.0 billion, with a damages hearing scheduled for May 2027.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 12, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $4.60B$2.89B | +58.9% |
| R&D Expenses | $46.00M$182.00M | −74.7% |
| Operating Expenses | $3.45B$1.81B | +90.1% |
| Operating Income | $1.15B$1.08B | +6.6% |
| Net Income | $488.00M$517.00M | −5.6% |
| EPS (Basic) | $0.20$0.17 | +17.6% |
| EPS (Diluted) | $0.19$0.15 | +26.7% |
| Shares Outstanding (Basic) | 2.46B2.40B | +2.7% |
| Shares Outstanding (Diluted) | 2.63B2.64B | −0.3% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue and operating income?
Revenue increased $1.7 billion, or 59%, primarily from $3.1 billion of higher LNG sales volumes, mainly at the Plaquemines Project as LNG production continued to ramp up. Lower net LNG sales prices of $1.4 billion partially offset this. Income from operations rose $71 million, or 7%, to $1.15 billion.
How did the company's debt and financing change?
Total outstanding debt was $37.14 billion at March 31, 2026, up from $34.81 billion at December 31, 2025. The CP2 Phase 2 financing upsized the CP2 Construction Term Loan by $7.9 billion. In April 2026, the company issued $750 million of 6.000% senior secured notes due 2036 and a $1.75 billion Calcasieu Funding TLB Facility, and used the proceeds to repay the Calcasieu Pass Construction Term Loan and redeem the CP Funding Redeemable Preferred Units.
What are the main legal risks disclosed?
The Calcasieu Project faces arbitration with several post-COD SPA customers. BP's partial final award found VGCP breached its obligations to declare COD timely, and BP seeks damages of $3.7 billion to potentially over $6.0 billion, with a damages hearing scheduled for May 2027. The company believes BP's damages theory is without merit. The other two customers seek more than $2.4 billion in aggregate, and the company believes liability limits of $425 million apply. A settlement with Edison was reached in March 2026 and is expected to be completed by the end of the second quarter of 2026.
Why did net cash from operations decline?
Net cash from operating activities fell $351 million, or 32%, to $763 million. Cash receipts from LNG sales increased, notably at Plaquemines, but these were offset by higher cash payments for feed gas, including $1.9 billion of higher payments at Plaquemines, and lower cash receipts at Calcasieu due to lower LNG prices.
06—Continue