Venture Global LNG (VG) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 performance with 130 LNG cargos exported, revenue of $4.6 billion (up 59% year-over-year), and net income of $488 million (up 23%), positioning to become North America's largest LNG producer by 2027 and targeting over 100 MTPA by 2030.

• Consolidated Adjusted EBITDA reached $1.4 billion, up 2% year-over-year, with an 84% contracted portfolio for 2026 as of May 8, 2026.

• Raised over $11 billion in project financing and refinancing, simplifying capital structure and reducing cost of capital.

• Total assets increased by over $11 billion year-over-year to $56 billion.

• Significant progress on major projects, including FID and financing for CP2 Phase II and advancement of Plaquemines Project Phases I and II.

Financial highlights

• Q1 2026 revenue was $4.6 billion, up $1.7 billion or 59% from Q1 2025, driven by higher sales volumes (481 TBtu vs. 228 TBtu), partially offset by lower net LNG sales prices.

• Income from operations reached $1.2 billion, up $71 million or 7% year-over-year.

• Net income attributable to common stockholders was $488 million, a $92 million or 23% increase from Q1 2025.

• Consolidated Adjusted EBITDA was $1.4 billion, up 2% year-over-year, with a 30% EBITDA margin.

• Cash & 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 for unsold cargos.

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

• 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: $1/MMBtu change in liquefaction fee impacts Adjusted EBITDA by $300–$350 million.