What drove the improvement in results compared with the prior year?

Net income for the quarter increased $776 million from a net loss in Q3 2024, largely driven by higher income from operations of $1.1 billion, mainly due to higher LNG sales volumes of $1.9 billion at the Plaquemines Project. This was partially offset by lower LNG sales prices net of feed gas costs of $645 million at the Calcasieu Project, higher interest expense of $293 million, and other items.

How sensitive is guidance to fixed liquefaction fees?

The company states that a $1.00/MMBtu change in fixed liquefaction fees would impact full-year 2025 Consolidated Adjusted EBITDA by $50 million to $60 million, compared with $230 million to $240 million previously. The company assumes a fixed liquefaction fee range of $4.50/MMBtu to $5.50/MMBtu for remaining unsold 2025 cargos.

What new commercial and project milestones did the company report?

The company announced a 1.0 MTPA 20-year SPA with Naturgy and a 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade, and earlier signed SPAs with PETRONAS, SEFE and Eni that bring second-half 2025 contracted quantities to 5.25 MTPA. Plaquemines has 34 of 36 liquefaction trains producing LNG, and the company reaffirmed COD timing for Phase 1 and Phase 2 at Plaquemines.

What is the company's financial position at September 30, 2025?

Total assets were $50,079 million, up from $43,491 million at December 31, 2024, and long-term debt, net was $31,743 million. Cash and cash equivalents were $1,879 million, compared with $3,608 million at December 31, 2024. Total equity was $9,171 million.

VG 8-K: Earnings & Results

Q: Why is the full-year 2025 Consolidated Adjusted EBITDA guidance being reduced?

The company lowered its guidance to $6.35 billion to $6.50 billion from $6.40 billion to $6.80 billion, citing a lower assumed fixed liquefaction fee on remaining unsold cargos, reserves taken relative to ongoing arbitrations, and two expected DES loadings that will be realized upon delivery in early 2026. The filing also notes lower expected fixed liquefaction fees reflecting higher domestic natural gas prices.

01—Abstract

Summary

Summary of the 8-K filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.

Venture Global, Inc. (NYSE: VG) reported third quarter 2025 results on November 10, 2025, with revenue of $3.3 billion^a for the quarter (up 260% from Q3 2024) and $9.3 billion for the nine months ended September 30, 2025.

Income from operations was $1.3 billion^b for the quarter and $3.4 billion for the nine months, and net income attributable to common stockholders was $0.4 billion for the quarter and $1.2 billion for the nine months. Consolidated Adjusted EBITDA, a non-GAAP measure, was $1.5 billion for the quarter (up 439%) and $4.3 billion for the nine months. The company attributes the year-over-year improvement primarily to higher LNG sales volumes at the Plaquemines Project, partially offset by lower LNG sales prices net of feed gas costs at the Calcasieu Project, higher interest expense, and interest rate swap changes.

The company exported a record 100 cargos in the quarter and reduced and narrowed its full-year 2025 Consolidated Adjusted EBITDA guidance to $6.35 billion to $6.50 billion^c from $6.40 billion to $6.80 billion. The reduction reflects lower expected fixed liquefaction fees tied to higher domestic natural gas prices, two DES loadings expected to be realized in early 2026, and accounting reserves related to ongoing arbitrations. Management reaffirmed the commercial operation date timing for Phase 1 and Phase 2 at Plaquemines, and stated it remains on track to reach COD at Phase 1 in 54 months.

Balance sheet activity included total assets of $50.1 billion^d as of September 30, 2025, up from $39.4 billion a year earlier, and a $2 billion corporate revolving credit facility. The company also reported new long-term LNG sales and purchase agreements, including a 1.0 MTPA 20-year SPA with Naturgy and a 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade, plus additional SPAs earlier in the quarter that bring total second-half 2025 contracted quantities to 5.25 MTPA.

02—Key points

Key Highlights

Revenue of $3,329 million in Q3 2025 versus $926 million in Q3 2024; nine-month revenue of $9,324 million versus $3,448 million.
Income from operations of $1,320 million for Q3 2025 and $3,438 million for the nine months ended September 30, 2025.
Net income attributable to common stockholders of $429 million in Q3 2025, compared with a net loss of $(347) million in Q3 2024; nine-month figure was $1,193 million.
Consolidated Adjusted EBITDA (non-GAAP) of $1,525 million for Q3 2025 and $4,264 million for the nine months, with full-year 2025 guidance narrowed to $6.35 billion to $6.50 billion.
Record 100 LNG cargos exported in Q3 2025, and 252 cargos year-to-date; full-year 2025 export expectation is 382 to 386 cargos.
Secured a $2 billion corporate revolving credit facility and closed a $15.1 billion project financing for CP2 Phase 1 and the CP Express Pipeline.
Calcasieu Project exported its 500th cargo on November 8, 2025, and the CP2 Project received final U.S. Department of Energy authorization for LNG exports to non-free trade agreement nations.

03—Questions

Frequently Asked Questions

Why is the full-year 2025 Consolidated Adjusted EBITDA guidance being reduced?
The company lowered its guidance to $6.35 billion to $6.50 billion from $6.40 billion to $6.80 billion, citing a lower assumed fixed liquefaction fee on remaining unsold cargos, reserves taken relative to ongoing arbitrations, and two expected DES loadings that will be realized upon delivery in early 2026. The filing also notes lower expected fixed liquefaction fees reflecting higher domestic natural gas prices.
What drove the improvement in results compared with the prior year?
Net income for the quarter increased $776 million from a net loss in Q3 2024, largely driven by higher income from operations of $1.1 billion, mainly due to higher LNG sales volumes of $1.9 billion at the Plaquemines Project. This was partially offset by lower LNG sales prices net of feed gas costs of $645 million at the Calcasieu Project, higher interest expense of $293 million, and other items.
How sensitive is guidance to fixed liquefaction fees?
The company states that a $1.00/MMBtu change in fixed liquefaction fees would impact full-year 2025 Consolidated Adjusted EBITDA by $50 million to $60 million, compared with $230 million to $240 million previously. The company assumes a fixed liquefaction fee range of $4.50/MMBtu to $5.50/MMBtu for remaining unsold 2025 cargos.
What new commercial and project milestones did the company report?
The company announced a 1.0 MTPA 20-year SPA with Naturgy and a 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade, and earlier signed SPAs with PETRONAS, SEFE and Eni that bring second-half 2025 contracted quantities to 5.25 MTPA. Plaquemines has 34 of 36 liquefaction trains producing LNG, and the company reaffirmed COD timing for Phase 1 and Phase 2 at Plaquemines.
What is the company's financial position at September 30, 2025?
Total assets were $50,079 million, up from $43,491 million at December 31, 2024, and long-term debt, net was $31,743 million. Cash and cash equivalents were $1,879 million, compared with $3,608 million at December 31, 2024. Total equity was $9,171 million.

04—Continue

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