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Venture Global LNG (VG) investor relations material

Venture Global LNG Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary10 Nov, 2025

Executive summary

  • Achieved record Q3 2025 results with $3.3 billion revenue (up 260% YoY), $1.3 billion income from operations (up 598% YoY), $429 million net income (vs. $347 million loss in Q3 2024), and $1.5 billion Adjusted EBITDA (up 439% YoY).

  • Exported 100 LNG cargoes in Q3, including the 500th from Calcasieu Pass, and reached 144–148 cargoes from Plaquemines year-to-date.

  • Signed over 5.25 MTPA in new 20-year SPAs in H2 2025, including with Naturgy and Atlantic Sea LNG, enhancing European energy security.

  • Achieved record production capacity of ~67 MTPA in operation or under construction, targeting 100 MTPA by 2030.

  • Raised over $84 billion in capital since inception, including $30 billion year-to-date and major new financings.

Financial highlights

  • Q3 2025 revenue: $3.3 billion (vs. $0.9–$0.93 billion Q3 2024); net income: $429 million (vs. $347 million loss Q3 2024); Adjusted EBITDA: $1.5 billion (vs. $283 million Q3 2024).

  • Income from operations rose to $1.3 billion, up 598% year-over-year.

  • Year-to-date revenue: $9.3 billion (vs. $3.4 billion 2024); YTD Adjusted EBITDA: $4.3 billion (vs. $1.4 billion 2024).

  • Basic EPS for Q3 2025: $0.18 (vs. -$0.15 Q3 2024); nine-month EPS: $0.49 (vs. $0.26 2024).

  • Total assets: $50.1 billion (up from $39.4 billion YoY); equity: $9.2 billion (up from $6.4 billion at year-end 2024).

Outlook and guidance

  • 2025 Adjusted EBITDA guidance narrowed to $6.35–$6.5 billion, reflecting arbitration reserves, timing of cargo deliveries, and lower fixed liquefaction fees.

  • Sensitivity to liquefaction fee changes reduced to $50–$60 million per $1/MMBTU.

  • Expect to export 148 cargos from Calcasieu Pass and 234–238 from Plaquemines in 2025.

  • Full year 2026 guidance to be provided next quarter.

  • Guidance sensitive to changes in fixed liquefaction fees and natural gas price spreads.

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Frequently asked questions

Venture Global LNG is an energy company engaged in the development, construction, and operation of liquefied natural gas (LNG) export facilities. The company focuses on long-term, low-cost LNG production using modular liquefaction systems. Its activities include the sourcing of natural gas, processing and liquefaction, and the export of LNG to global markets. Venture Global LNG’s infrastructure projects are primarily located along the U.S. Gulf Coast, serving customers through long-term supply agreements. The company is headquartered in Arlington, Virginia, and its shares are listed on the NASDAQ.

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