01—Abstract
Summary
Summary of the 10-Q filed August 11, 2026. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. reported a strong second quarter of 2026, with revenue of $4.58 billiona 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 billionb ($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 billionc, 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 billiond 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.
02—Key points
Key Highlights
- Revenue rose to $4.58 billion for Q2 2026 from $3.10 billion, a 48% increase, driven primarily by Plaquemines Project LNG volumes during commissioning and ramp-up.
- Income from operations was $2.19 billion for Q2 2026 versus $1.04 billion, and net income attributable to common stockholders was $1.35 billion, or $0.54 per basic share.
- Total debt, net of unamortized costs, increased to $41.81 billion at June 30, 2026 from $34.21 billion at December 31, 2025, reflecting new project financings for CP2 Phase 2 and other facilities.
- Net cash from operating activities was $2.84 billion for the six months ended June 30, 2026, while capital expenditures were $6.90 billion, mainly for the CP2 Project ($5.61 billion).
- Total cash and available borrowing capacity was $21.52 billion at June 30, 2026, including $3.12 billion of cash and cash equivalents.
- Calcasieu Project arbitrations remain a key risk: BP's partial final award seeks damages of $3.7 billion to potentially over $6.0 billion, with a damages hearing scheduled for May 2027.
- The CP2 Project's Phase 2 reached FID in March 2026 with $8.6 billion of additional financing, and CP2 Expansion (11.7 mtpa) was filed with FERC in May 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 11, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $4.58B$3.10B | +47.6% |
| R&D Expenses | $23.00M$57.00M | −59.6% |
| Operating Expenses | $2.39B$2.06B | +15.9% |
| Operating Income | $2.19B$1.04B | +110.8% |
| Net Income | $1.35B$475.00M | +183.6% |
| EPS (Basic) | $0.54$0.15 | +260.0% |
| EPS (Diluted) | $0.51$0.14 | +264.3% |
| Shares Outstanding (Basic) | 2.49B2.42B | +2.7% |
| Shares Outstanding (Diluted) | 2.64B2.63B | +0.3% |
05—Questions
Frequently Asked Questions
What drove the increase in revenue and operating income this quarter?
Revenue increased by $1.48 billion, or 48%, to $4.58 billion for the three months ended June 30, 2026, primarily due to $1.3 billion from higher LNG sales volumes from the Plaquemines Project as commissioning and production ramp-up progressed, along with $102 million from higher net LNG sales prices. Income from operations rose to $2.19 billion from $1.04 billion.
How much debt does Venture Global carry and how did it change?
Total outstanding debt was $42.39 billion at June 30, 2026 ($41.81 billion net of $572 million of unamortized discount and issuance costs), compared with $34.81 billion ($34.21 billion net) at December 31, 2025. The increase reflects new CP2 construction financing, a Calcasieu Funding TLB Facility, VGLNG senior secured notes, and a VG Shipping Facility, partly offset by repayments.
What is the status of the Calcasieu Project customer disputes?
The Calcasieu Project remains in arbitration with three post-COD SPA customers. A partial final award in the BP arbitration found VGCP breached its obligations to declare COD timely, with remedies to be determined at a damages hearing scheduled for May 2027. BP seeks damages from $3.7 billion to potentially over $6.0 billion. The Edison arbitration was settled and terminated in June 2026. The other two customers seek more than $2.4 billion in aggregate, and the company believes a $425 million aggregate liability limitation applies.
What were the main changes to the company's capital structure in 2026?
The company redeemed the $1.6 billion CP Funding Redeemable Preferred Units using a new $1.75 billion Calcasieu Funding TLB Facility, redeemed $2.25 billion of 8.125% VGLNG 2028 Notes with new 6.375% and 6.625% notes, and repaid $1.0 billion under CP2 Holdings EBL Facilities. Total stockholders' equity rose to $8.57 billion from $6.74 billion, and retained earnings increased to $6.47 billion.
What is the outlook on liquidity and capital needs?
Management expects to meet short-term cash needs using operating cash flows and available liquidity, which totaled $21.52 billion including cash and available credit facility capacity. Long-term needs may be met through operating cash flows and future debt or equity offerings. The filing notes that CP2 Construction Term Loan commitments had $11.58 billion available, and the company's maximum undiscounted exposure under credit arrangements for the CP2 facilities was $872 million.
06—Continue