Venture Global (VG) Q1 2026 earnings summary

Executive summary

• Revenue reached $4.6 billion for Q1 2026, up 59% year-over-year, with net income of $488 million, up 23% from Q1 2025, and 130 LNG cargos exported, more than doubling year-over-year.

• Achieved significant milestones including FID and $8.6 billion financing for CP2 Phase II, major progress at Plaquemines, and new/expanded LNG supply agreements, increasing contracted cargos to 84% for 2026.

• Total assets increased to $56.3 billion, up $11.2 billion from March 2025.

• Raised 2026 EBITDA guidance to $8.2–$8.5 billion, reflecting strong contracting and operational performance.

• Positioned to become North America's largest LNG producer by 2027 and targeting over 100 MTPA by 2030.

Financial highlights

• Q1 2026 revenue was $4.6 billion, up 59% year-over-year, driven by higher LNG sales volumes (481 TBtu vs. 228 TBtu), partially offset by lower LNG sales prices.

• Net income attributable to common stockholders was $488 million, up 23% from Q1 2025.

• Consolidated adjusted EBITDA reached $1.4 billion, a 2% increase year-over-year, with a 30% EBITDA margin.

• Income from operations was $1.2 billion, up 7% year-over-year.

• Cash and restricted cash at $3.1 billion as of March 31, 2026; $2.0 billion revolving credit facility undrawn.

Outlook and guidance

• 2026 consolidated adjusted EBITDA guidance raised to $8.2–$8.5 billion, assuming liquefaction fees of $9.50–$10.50/MMBtu and 84% contracted position.

• Expected 2026 cargo exports tightened to 494–523 cargos, with 147–154 from Calcasieu and 347–369 from Plaquemines.

• Plaquemines Project Phase I COD reaffirmed for Q4 2026, Phase II for mid-2027, and CP2 first LNG expected in H2 2027.

• Sensitivity to liquefaction fees is $300–$350 million per $1/MMBtu change; EBITDA sensitivity to TTF prices has materially reduced.

• Capex for 2026 expected at $12–$13 billion.