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Venture Global LNG
Venture Global LNG (VG) investor relations material
Venture Global LNG Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved record financial and operational milestones in 2025, including going public, commercial operations at Calcasieu Pass, and launching CP2 construction, with 380 cargos exported and all 36 Plaquemines trains started.
Nearly tripled revenue, income from operations, and EBITDA year-over-year, with Q4 EBITDA exceeding $2 billion and net income over $1 billion.
Signed multiple long-term and mid-term contracts, including a 20-year SPA with Hanwha Aerospace, a five-year deal with Trafigura, and eight new SPAs totaling ~9.75 MTPA in 2025.
On track to become North America's largest LNG producer, supported by $134 billion in contracted third-party revenue and 49 MTPA of long/intermediate-term offtake agreements.
Targeting 486–527 cargos in 2026, with 69% already contracted and further capacity expansions planned.
Financial highlights
Q4 2025 revenue was $4.4 billion, up 192% year-over-year; full-year revenue reached $13.8 billion, up 177%.
Q4 income from operations was $1.7 billion, up 189% year-over-year; full-year income from operations was $5.2 billion, up 192%.
Q4 net income was $1.1 billion, up 23% year-over-year; full-year net income was $2.3 billion, up 53%.
Q4 consolidated adjusted EBITDA was $2.0 billion, up 191% year-over-year; full-year adjusted EBITDA was $6.3 billion, up 198%.
Total assets grew to $53.4 billion as of December 31, 2025, up from $43.5 billion a year earlier.
Outlook and guidance
2026 consolidated EBITDA guidance is $5.2–$5.8 billion, with Q1 2026 expected at $1.15–$1.25 billion, reflecting impacts from Winter Storm Fern and margin compression.
Expect to export 486–527 cargos in 2026, with 69% already contracted; Calcasieu Pass expected to export 145–156 cargos and Plaquemines 341–371 cargos.
Plaquemines Project Phase I COD targeted for Q4 2026; CP2 Phase II FID expected in H1 2026.
Liquefaction fee for unsold cargos in 2026 assumed at $5.00–$6.00/MMBtu; a $1.00/MMBtu change would impact Adjusted EBITDA by $575–$625 million.
Bolt-on expansions at CP2 and Plaquemines expected to add 13 MTPA at lower cost and faster timelines.
Explain Calcasieu post-COD SPA margin compression
CP2 Phase II construction financing progress
Rationale for 35 MTPA capacity increase filings
What drives the 35 MTPA peak capacity at projects?
How will 80+ MTPA capacity be funded without parent equity?
How does your low-cost model impact market dynamics?
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Next Venture Global LNG earnings date
Q1 202611 May, 2026
Venture Global LNG
Next Venture Global LNG earnings date
Q1 202611 May, 2026
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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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