Venture Global (VG) Q3 2025 Financial Results Summary
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Venture Global (VG) Q3 2025 Financial Results Summary
On November 10, 2025, Venture Global, Inc. (“Venture Global”) released its financial results for the quarter ended September 30, 2025.
Financial Highlights
- Revenue:
- Q3 2025: $3.3 billion
- Year-over-Year Growth: +260% from Q3 2024 ($926 million)
-
Nine Months 2025: $9.3 billion
- Year-over-Year Growth: +170% from nine months ended September 30, 2024 ($3.4 billion)
-
Income from Operations:
- Q3 2025: $1.3 billion
- Year-over-Year Growth: +598% from Q3 2024 ($189 million)
-
Nine Months 2025: $3.4 billion
- Year-over-Year Growth: +194% from nine months ended September 30, 2024 ($1.2 billion)
-
Net Income:
- Q3 2025: $0.4 billion
- Change: Increased from a net loss in Q3 2024 (-$347 million)
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Nine Months 2025: $1.2 billion
- Year-over-Year Growth: +98% from nine months ended September 30, 2024 ($604 million)
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Consolidated Adjusted EBITDA:
- Q3 2025: $1.5 billion
- Year-over-Year Growth: +439% from Q3 2024 ($283 million)
- Nine Months 2025: $4.3 billion
- Year-over-Year Growth: +201% from nine months ended September 30, 2024 ($1.4 billion)
LNG Export Milestones
- Total Exported Cargoes:
-
Q3 2025: 100 cargos
- Year-over-Year Growth: +223% from Q3 2024 (31 cargos)
- Total Volumes: 372 TBtu
- Year-over-Year Growth: +237% from Q3 2024 (110.4 TBtu)
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New Long-term LNG Sales and Purchase Agreements (SPAs):
- 1.0 MTPA 20-year SPA with Naturgy of Spain
- 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade S.A. of Greece
- Total contracted quantities in second half of 2025 have reached 5.25 MTPA, which includes:
- 1.0 MTPA 20-year SPA with PETRONAS LNG Ltd.
- Additional 0.75 MTPA to a previous 20-year SPA with SEFE Energy GmbH
- 2.0 MTPA 20-year SPA with Eni S.P.A.
Project Updates
- Calcasieu Project:
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Reached milestone of exporting the 500th cargo on November 8, 2025.
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CP2 Project:
- Received final authorization from the U.S. Department of Energy for LNG exports to non-free trade agreement nations.
- Final investment decision reached for Phase 1 with the closure of $15.1 billion project financing.
Financial Strength and Capital Transactions
- Secured a $2 billion corporate revolving credit facility with over twelve banks.
- Raised $1.575 billion through the Blackfin Pipeline joint venture.
- Closed a $4.0 billion offering of senior secured notes in July 2025.
Updated Financial Outlook
- Consolidated Adjusted EBITDA Guidance for 2025: Revised from $6.40 billion – $6.80 billion to $6.35 billion – $6.50 billion due to:
-
Adjustments for lower expected fixed liquefaction fees related to ongoing price variations and arbitration reserves.
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Exporting Projected Cargos:
- A total of 382 to 386 cargos is expected from all projects for the year.
Dividends and Share Repurchase
- Venture Global did not declare a quarterly dividend in the current reporting period.
- No share repurchase program was mentioned in the financial results.
Conclusion
Venture Global’s third quarter 2025 results demonstrate a strong performance marked by significant growth across all financial metrics and the execution of major agreements reinforcing its position in the LNG market. The ongoing projects and expansions highlight the company’s focus on increasing production capacity and meeting global demand effectively.
For further updates, Venture Global will host a conference call on November 10, 2025, at 9:00 AM ET.
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| REVENUE | $3,329 | $926 | $9,324 | $3,448 |
| OPERATING EXPENSE | ||||
| Cost of sales (exclusive of depreciation | 1,388 | 272 | 3,866 | 937 |
| and amortization shown separately below) | ||||
| Operating and maintenance expense | 245 | 143 | 714 | 378 |
| General and administrative expense | 105 | 77 | 313 | 224 |
| Development expense | 53 | 156 | 292 | 511 |
| Depreciation and amortization | 218 | 89 | 701 | 229 |
| Total operating expense | 2,009 | 737 | 5,886 | 2,279 |
| INCOME FROM OPERATIONS | 1,320 | 189 | 3,438 | 1,169 |
| OTHER INCOME (EXPENSE) | ||||
| Interest income | 27 | 53 | 121 | 187 |
| Interest expense, net | -421 | -128 | -1,007 | -467 |
| Gain (loss) on interest rate swaps | -144 | -480 | -448 | 70 |
| Loss on financing transactions | -141 | -6 | -204 | -14 |
| Loss on foreign currency transactions | -4 | — | -4 | — |
| Total other income (expense), net | -683 | -561 | -1,542 | -224 |
| (BENEFIT) | 637 | -372 | 1,896 | 945 |
| Income tax expense (benefit) | 87 | -78 | 354 | 189 |
| NET INCOME (LOSS) | 550 | -294 | 1,542 | 756 |
| Less: Net income attributable to | 44 | 37 | 121 | 107 |
| redeemable stock of subsidiary | ||||
| Less: Net income attributable to | 10 | 15 | 26 | 44 |
| non-controlling interests | ||||
| Less: Dividends on VGLNG Series A | 67 | 1 | 202 | 1 |
| Preferred Shares | ||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON | $429 | -347 | $1,193 | $604 |
| STOCKHOLDERS | ||||
| BASIC EARNINGS (LOSS) PER SHARE | ||||
| Net income (loss) attributable to common | $0.18 | -0.15 | $0.49 | $0.26 |
| stockholders per share—basic | ||||
| Weighted average number of shares of common | 2,433 | 2,350 | 2,418 | 2,350 |
| stock outstanding—basic | ||||
| DILUTED EARNINGS (LOSS) PER SHARE | ||||
| Net income (loss) attributable to common | $0.16 | -0.15 | $0.45 | $0.23 |
| stockholders per share—diluted | ||||
| Weighted average number of shares of common | 2,641 | 2,350 | 2,639 | 2,577 |
| stock outstanding—diluted |
1 Refer to the Venture Global, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $1,879 | $3,608 |
| Restricted cash | 334 | 169 |
| Accounts receivable | 633 | 364 |
| Inventory, net | 227 | 171 |
| Derivative assets | 90 | 154 |
| Prepaid expenses and other current | 95 | 93 |
| assets | ||
| Total current assets | 3,258 | 4,559 |
| Property, plant and equipment, net | 43,258 | 34,675 |
| Right-of-use assets | 760 | 602 |
| Noncurrent restricted cash | 1,329 | 837 |
| Deferred financing costs | 510 | 384 |
| Noncurrent derivative assets | 384 | 1,482 |
| Other noncurrent assets | 580 | 952 |
| TOTAL ASSETS | $50,079 | $43,491 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable | $947 | $1,536 |
| Accrued and other liabilities | 2,120 | 1,816 |
| Current portion of long-term debt, net | 856 | 190 |
| Total current liabilities | 3,923 | 3,542 |
| Long-term debt, net | 31,743 | 29,086 |
| Noncurrent operating lease liabilities | 708 | 536 |
| Deferred tax liabilities, net | 2,024 | 1,637 |
| Other noncurrent liabilities | 860 | 794 |
| Total liabilities | 39,258 | 35,595 |
| Redeemable stock of subsidiary | 1,650 | 1,529 |
| Equity | ||
| Venture Global, Inc. stockholders’ | ||
| equity | ||
| Class A common stock, par value $0.01 | ||
| per share (477 million and 2,350 million | ||
| shares issued and outstanding as of | 4 | 23 |
| September 30, 2025 and December 31, | ||
| 2024, respectively) | ||
| Class B common stock, par value $0.01 | ||
| per share (1,969 million and 0 shares | ||
| issued and outstanding as of | 20 | — |
| September 30, 2025 and December 31, | ||
| 2024, respectively) | ||
| Additional paid in capital | 2,214 | 512 |
| Retained earnings | 3,694 | 2,611 |
| Accumulated other comprehensive loss | -240 | -249 |
| Total Venture Global, Inc. stockholders’ | 5,692 | 2,897 |
| equity | ||
| Non-controlling interests | 3,479 | 3,470 |
| Total equity | 9,171 | 6,367 |
| TOTAL LIABILITIES AND EQUITY | $50,079 | $43,491 |
1 Refer to the Venture Global, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission.