Venture Global (VG) Q4 2025 earnings summary

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.