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Venture Global 8-K Report, Financial Results (Mar 2, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed March 2, 2026
Period End
March 2, 2026
Security
VG
In the record · 2025–202610-K210-Q58-K38

VG filed 2 annual reports (10-K), 5 quarterly reports (10-Q) and 38 current reports (8-K) between 2025 and 2026.

  1. Material agreement8-K · Dec ’25Dec ’25
  2. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.

Venture Global, Inc. (NYSE: VG) reported fourth quarter and full year 2025 results in a press release furnished as Exhibit 99.1 to this Form 8-K.

For the full year 2025, the company generated revenue of $13.8 billiona (up 177% from FY 2024), income from operations of $5.2 billion (up 192%), net income attributable to common stockholders of $2.3 billion (up 53%), and Consolidated Adjusted EBITDA of $6.3 billion (up 198%). The company exported a record 380 cargos and sold 1,408.8 TBtu of LNG in 2025. For the fourth quarter, revenue was $4.4 billion, income from operations $1.7 billion, net income attributable to common stockholders $1.1 billion, and Consolidated Adjusted EBITDA $2.0 billion.

Total assets reached $53.4 billionb at December 31, 2025. The company provided 2026 guidance of Consolidated Adjusted EBITDA of $5.20 billion to $5.80 billion, including $1.15 billion to $1.25 billion in Q1 2026, which reflects impacts from Winter Storm Fern and margin compression. It expects 486 to 527 total cargos in 2026 across the Calcasieu and Plaquemines projects.

The company reaffirmed a targeted Plaquemines Phase I commercial operation date in Q4 2026 and a Phase II COD in mid-2027. Construction at CP2 Phase I is on track for first production in late 2027, and the company anticipates a final investment decision on CP2 Phase II in the first half of 2026.

The release also highlights new long-term contracts, including a 20-year LNG sales agreement with Hanwha Aerospace for 1.5 MTPA starting in 2030, and a five-year agreement with Trafigura for about 0.5 MTPA starting in 2026. The company notes that Q4 2025 net income was affected by non-cash unfavorable changes in interest rate swaps of $476 millionc for the quarter and $994 million for the full year, and that higher interest expense also weighed on results.

02—Key points

Key Highlights

  1. FY 2025 revenue of $13.8 billion, up 177% from FY 2024; income from operations of $5.2 billion, up 192%.
  2. FY 2025 net income attributable to common stockholders of $2.3 billion, up 53%; Consolidated Adjusted EBITDA of $6.3 billion, up 198%.
  3. Record 380 cargos exported and 1,408.8 TBtu of LNG sold in FY 2025; Q4 2025 exported 128 cargos.
  4. 2026 guidance: Consolidated Adjusted EBITDA of $5.20 billion to $5.80 billion, with Q1 2026 guided to $1.15 billion to $1.25 billion amid Winter Storm Fern and margin compression.
  5. 2026 export outlook of 486 to 527 total cargos, with 145 to 156 from Calcasieu and 341 to 371 from Plaquemines.
  6. Plaquemines Phase I COD reaffirmed for Q4 2026 and Phase II COD targeted for mid-2027; CP2 Phase I first production expected late 2027; CP2 Phase II FID anticipated in H1 2026.
  7. New contracts: 20-year SPA with Hanwha Aerospace for 1.5 MTPA from 2030 and five-year agreement with Trafigura for about 0.5 MTPA from 2026; about 9.75 MTPA of new contracted quantities since 2025.

03—Questions

Frequently Asked Questions

  1. How did Venture Global perform in 2025?

    Revenue rose to $13.8 billion from $4.97 billion in 2024, income from operations reached $5.2 billion, net income attributable to common stockholders was $2.3 billion, and Consolidated Adjusted EBITDA was $6.3 billion. The company exported a record 380 cargos during the year.

  2. What is the company's 2026 guidance?

    Consolidated Adjusted EBITDA is guided to $5.20 billion to $5.80 billion for full-year 2026, including $1.15 billion to $1.25 billion in Q1 2026. The guidance assumes a fixed liquefaction fee range of $5.00 to $6.00 per MMBtu for remaining unsold 2026 cargos, and each $1.00 per MMBtu change would affect Consolidated Adjusted EBITDA by $575 million to $625 million.

  3. What are the key project milestones to watch?

    The company targets Plaquemines Project Phase I commercial operation in Q4 2026 and Phase II in mid-2027. CP2 Phase I is on track for first production in late 2027, and CP2 Phase II final investment decision is anticipated in the first half of 2026, subject to securing additional long-term SPAs and construction financing.

  4. What factors weighed on fourth-quarter net income?

    Q4 2025 net income of $1.1 billion was partly offset by lower LNG sales prices net of feed gas cost of $1.0 billion, mainly at Calcasieu, non-cash unfavorable changes in interest rate swaps of $476 million, and higher interest expense of $330 million.

  5. What new contracts did Venture Global announce?

    On February 26, 2026, the company announced a 20-year LNG Sales and Purchase Agreement with Hanwha Aerospace for 1.5 MTPA starting in 2030. On March 2, 2026, it announced a binding five-year agreement with Trafigura for about 0.5 MTPA starting in 2026. Four additional SPAs signed in Q4 2025 bring total new contracted quantities since 2025 to about 9.75 MTPA.

04—Continue

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