Venture Global (VG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 43% YoY to $4.756B, operating income rose 74% to $2.295B, and Consolidated Adjusted EBITDA increased 69% to $2.583B.

• Plaquemines Phase 1 declared commercial operations on Oct. 31, 2026, 53 months after FID; 124 cargos were exported in Q3.

• 2026 Adjusted EBITDA guidance rose to $10.0B–$10.3B; LNG growth plans advanced alongside a proposed AI utility and data-center power offering.

Financial highlights

• Q3 revenue was $4.756B, up 43% YoY; operating income was $2.295B, up 74%.

• Net income attributable to common stockholders was $2.546B, up 493% YoY; reported net income was $2.628B.

• Consolidated Adjusted EBITDA was $2.583B, up 69% YoY from $1.525B; higher LNG sales volumes and prices net of feed-gas costs drove growth.

• LNG sales volume was 465.8 TBtu, up 25% YoY; exports totaled 124 cargos and 467.1 TBtu.

• Nine-month revenue was $13.933B, net income attributable to common stockholders $4.381B, and Adjusted EBITDA $6.446B.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance increased to $10.0B–$10.3B from $8.7B–$9.1B; expected cargoes are 509–518.

• Guidance assumes $21–$22/MMBtu liquefaction fees on remaining unsold 2026 cargoes; a $1/MMBtu fee change affects EBITDA by $20M–$30M.

• 2026 cargo outlook is 152–154 for Calcasieu Pass and 357–364 for Plaquemines; 99% of expected 2026 cargoes are contracted.

• 2027 outlook remains 575–625 cargoes, including 10–20 CP2 cargoes; first CP2 LNG is targeted for mid-2027.

• Plaquemines Phase 2 COD is targeted for mid-2027; CP2 Phase 3 FID is targeted for early 2027, with first production in late 2028.