What drove the strong year-over-year earnings increase in Q2 2026?

The filing attributes the increase in net income and Consolidated Adjusted EBITDA primarily to higher LNG sales volumes, predominantly from Plaquemines as a result of commissioning progress, and higher LNG sales prices net of feed gas costs due to higher implied liquefaction fees for LNG sold under commissioning sales agreements.

What is the updated 2026 Consolidated Adjusted EBITDA guidance and what assumptions support it?

Guidance is $8.7 billion to $9.1 billion, up from $8.2 billion to $8.5 billion. It assumes a fixed liquefaction fee range of $12.50 to $13.50 per MMBtu for remaining unsold 2026 cargos. Each $1.00 per MMBtu change in fixed liquefaction fees would affect full-year 2026 Consolidated Adjusted EBITDA by $180 million to $210 million, and the filing notes that natural gas price changes could also affect guidance.

What are the key project milestones management is targeting?

Management targets Plaquemines Project Phase 1 commercial operation in Q4 2026 and Phase 2 in mid-2027, with FID on the Plaquemines Expansion Phase 1 in the first half of 2027 and first LNG in 2029. For CP2, first LNG is targeted for the second half of 2027, with CP2 Expansion FID in early 2027 and first production in late 2028, subject to regulatory approvals.

Are there risks investors should consider beyond the headline results?

Yes. The filing notes that Consolidated Adjusted EBITDA is a non-GAAP measure with material limitations, and that GAAP reconciliation of forward guidance is not provided. Forward-looking risks cited include volatility in uncommissioned and excess cargo sales, the need for significant additional capital, EPC contractor performance, regulatory approvals, pending arbitrations and other proceedings, and tariff and trade-policy uncertainty.

VG 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Venture Global, Inc. (NYSE: VG) reported second quarter 2026 results in an Item 2.02 8-K furnishing a press release as Exhibit 99.1.

For the three months ended June 30, 2026, revenue was $4,578 million^a versus $3,101 million a year earlier (up 48%), income from operations was $2,188 million (up 111%), and net income attributable to common stockholders was $1,347 million (up 266%). Consolidated Adjusted EBITDA, a non-GAAP measure, was $2,491 million (up 79%). LNG volumes exported rose to 127 cargos from 89 (up 43%), and volumes sold rose 42%.

Full-year 2026 Consolidated Adjusted EBITDA guidance was raised to $8.7 billion to $9.1 billion^b from $8.2 billion to $8.5 billion, assuming a weighted average liquefaction fee of $12.50 to $13.50 per MMBtu for remaining unsold cargos. The company now expects 149 to 154 cargos from Calcasieu Pass and 351 to 364 cargos from Plaquemines in 2026. Contracted 2026 cargos reached 91% of available cargos at a weighted average liquefaction fee of $5.05 per MMBtu.

Management reaffirmed a Plaquemines Phase 1 commercial operation date target in Q4 2026 and a CP2 first LNG target in the second half of 2027. Balance sheet growth was significant: total assets reached $61,515 million^c at June 30, 2026, compared with $53,446 million at December 31, 2025, and long-term debt, net, was $41,527 million compared with $33,393 million.

The board declared a $0.04^d per share dividend for the third quarter, payable September 30, 2026, to holders of record as of September 15, 2026. Investors should note that the guidance is non-GAAP and not reconciled to GAAP, and that the filing's forward-looking statements flag risks including commissioning-cargo sales volatility, financing needs, and arbitration proceedings.

02—Key points

Key Highlights

Q2 2026 revenue of $4,578 million (up 48% from $3,101 million) and income from operations of $2,188 million (up 111%).
Net income attributable to common stockholders of $1,347 million for Q2 2026, up 266% from $368 million in Q2 2025.
Consolidated Adjusted EBITDA of $2,491 million for Q2 2026, up 79% year over year; full-year 2026 guidance raised to $8.7 billion to $9.1 billion.
Exported 127 cargos in Q2 2026 versus 89 a year earlier; full-year 2026 guidance of 149 to 154 cargos from Calcasieu Pass and 351 to 364 from Plaquemines.
Contracted 91% of available 2026 cargos at a weighted average liquefaction fee of $5.05 per MMBtu; over 2 MTPA of new or increased LNG offtake agreements executed.
Total assets grew to $61,515 million at June 30, 2026, from $53,446 million at December 31, 2025, while long-term debt, net, rose to $41,527 million from $33,393 million.
Declared a $0.04 per share third-quarter dividend, payable September 30, 2026.

03—Questions

Frequently Asked Questions

What drove the strong year-over-year earnings increase in Q2 2026?
The filing attributes the increase in net income and Consolidated Adjusted EBITDA primarily to higher LNG sales volumes, predominantly from Plaquemines as a result of commissioning progress, and higher LNG sales prices net of feed gas costs due to higher implied liquefaction fees for LNG sold under commissioning sales agreements.
What is the updated 2026 Consolidated Adjusted EBITDA guidance and what assumptions support it?
Guidance is $8.7 billion to $9.1 billion, up from $8.2 billion to $8.5 billion. It assumes a fixed liquefaction fee range of $12.50 to $13.50 per MMBtu for remaining unsold 2026 cargos. Each $1.00 per MMBtu change in fixed liquefaction fees would affect full-year 2026 Consolidated Adjusted EBITDA by $180 million to $210 million, and the filing notes that natural gas price changes could also affect guidance.
What are the key project milestones management is targeting?
Management targets Plaquemines Project Phase 1 commercial operation in Q4 2026 and Phase 2 in mid-2027, with FID on the Plaquemines Expansion Phase 1 in the first half of 2027 and first LNG in 2029. For CP2, first LNG is targeted for the second half of 2027, with CP2 Expansion FID in early 2027 and first production in late 2028, subject to regulatory approvals.
Are there risks investors should consider beyond the headline results?
Yes. The filing notes that Consolidated Adjusted EBITDA is a non-GAAP measure with material limitations, and that GAAP reconciliation of forward guidance is not provided. Forward-looking risks cited include volatility in uncommissioned and excess cargo sales, the need for significant additional capital, EPC contractor performance, regulatory approvals, pending arbitrations and other proceedings, and tariff and trade-policy uncertainty.

04—Continue

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