Venture Global Q4 and Full Year 2025 Earnings: Revenue Hits $13.8 Billion 

Venture Global (NYSE: VG) posted Q4 2025 diluted EPS of $0.41, beating the consensus estimate of $0.35 by 17.14%. Full-year revenue soared 177% to $13.8 billion, driven by surging LNG export volumes from the Plaquemines Project. Quarterly revenue of $4.4 billion, however, missed the $4.7 billion estimate. Shares surged 16.6% on March 2, 2026, fueled by the earnings beat and geopolitical tensions boosting LNG prices.

About Venture Global

Venture Global, Inc. (NYSE: VG) is an American producer and exporter of low-cost liquefied natural gas (LNG) headquartered in Arlington, Virginia. Founded in 2013, the company began producing LNG from its first facility, Calcasieu Pass, in 2022 and has rapidly grown to become one of the largest LNG exporters in the United States. Its vertically integrated model spans the full LNG supply chain, including production, natural gas transport, shipping, and regasification. The company’s first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America.

Venture Global went public on January 24, 2025, at an IPO price of $25.00 per share. As of March 4, 2026, VG trades at $11.46 with a market capitalization of approximately $28.16 billion and an enterprise value of $60.99 billion. The company has a trailing P/E ratio of approximately 12.27 and employs around 1,500 people. Total assets reached $53.4 billion as of December 31, 2025, a $10.0 billion increase from the prior year.

Top Financial Highlights

1. Strong quarter-on-quarter scale-up was reflected in revenue, which reached $4.445 billion in Q4 2025, up 192% from $1.524 billion in Q4 2024.
2. Operating performance improved sharply, with income from operations at $1.718 billion, up 189% from $594 million a year earlier.
3. Net income attributable to common stockholders increased, totaling $1.067 billion versus $871 million in Q4 2024, a 23% rise.
4. Per-share earnings moved higher, as diluted EPS came in at $0.41 compared with $0.33 in the prior-year quarter.
5. Cash generation remained strong on an adjusted basis, with consolidated adjusted EBITDA of $2.001 billion in Q4 2025, up 191% from $688 million.
6. Full-year revenue expansion was substantial, rising to $13.769 billion in 2025 from $4.972 billion in 2024, an increase of 177%.
7. Full-year profitability strengthened, with net income of $2.260 billion, up 53% from $1.475 billion.
8. Adjusted EBITDA for the full year also increased significantly, reaching $6.265 billion versus $2.104 billion, up 198%.
9. Liquidity ended the year at a solid level, with cash and cash equivalents of $2.355 billion as of December 31, 2025.
10. Balance sheet size grew year over year, as total assets rose to $53.446 billion from $43.491 billion.
11. Leverage remained notable, with long-term debt reported at $33.393 billion (net of current portion).
12. Additional funding flexibility was maintained, supported by a secured, undrawn $2.0 billion corporate revolving credit facility.
13. Export activity increased materially in 2025, with 380 LNG cargos exported and 1,409 TBtu of LNG sold, up 181% from FY 2024.
14. Quarterly shipment volumes also rose sharply, with 128 cargos exported in Q4 2025 versus 33 in Q4 2024, alongside 478 TBtu sold.
15. Forward outlook for 2026 EBITDA was set at a defined range, guided at $5.2 billion to $5.8 billion.
16. Contract coverage for the next year was highlighted, with 69% of expected 2026 production contracted.

Summary and Review of Financial Results

• Revenue for the three months ended December 31, 2025 reached $4,445 million, compared with $1,524 million in the same quarter of 2024, reflecting a 192% increase. For the full year, revenue totaled $13,769 million in 2025, up from $4,972 million in 2024, representing 177% growth.
• Income from operations for the three months ended December 31, 2025 stood at $1,718 million, compared with $594 million in the corresponding period of 2024, marking a 189% rise. On an annual basis, income from operations reached $5,156 million in 2025, compared with $1,763 million in 2024, an increase of 192%.
• Net income for the three months ended December 31, 2025 was reported at $1,067 million, compared with $871 million in the same quarter of 2024, showing a 23% improvement. For the full year, net income totaled $2,260 million in 2025, up from $1,475 million in 2024, representing 53% growth.
• Consolidated adjusted EBITDA for the three months ended December 31, 2025 reached $2,001 million, compared with $688 million in 2024, reflecting a 191% increase. For the year, consolidated adjusted EBITDA totaled $6,265 million in 2025, rising from $2,104 million in 2024, which represents 198% growth.
• LNG cargos exported during the three months ended December 31, 2025 totaled 128 cargos, compared with 33 cargos in the same period of 2024, reflecting a 288% increase. Over the full year, 380 cargos were exported in 2025, compared with 141 cargos in 2024, representing 170% growth.
• LNG volumes exported during the three months ended December 31, 2025 reached 479.2 TBtu, compared with 120.7 TBtu in 2024, showing a 297% increase. For the year, exported LNG volumes totaled 1,415.4 TBtu in 2025, compared with 508.4 TBtu in 2024, representing 178% growth.
• LNG volumes sold during the three months ended December 31, 2025 reached 478.3 TBtu, compared with 127.6 TBtu in 2024, reflecting a 275% increase. On an annual basis, LNG volumes sold totaled 1,408.8 TBtu in 2025, compared with 500.6 TBtu in 2024, representing 181% growth.

Beat or Miss?

Venture Global delivered a meaningful earnings beat on diluted EPS, surpassing estimates by 17.14%. However, the top line fell short of the $4.7 billion revenue consensus by approximately 6.3%, attributed primarily to lower LNG sales prices at the Calcasieu Pass facility following the commencement of post-COD SPA contracts in April 2025. The revenue miss was partially offset by strong volume growth as commissioning of the Plaquemines Project continued to ramp.

What Leadership Is Saying?

“At the beginning of 2025, we set a number of ambitious operational targets and I am pleased to be able to say that the team has exceeded every one of those targets in just one year — we shipped 380 cargos, signed eight new 20-year SPA agreements enabling CP2 Phase I FID, and have demonstrated the capability to generate approximately 40% over nameplate at Plaquemines.” By Michael Sabel, CEO, Executive Co-Chairman, and Founder

​”Beginning with revenue, our top line was $4.4 billion for Q4 2025, a $2.9 billion increase from $1.5 billion during the equivalent period in 2024… Shifting to consolidated adjusted EBITDA, we earned $2.0 billion during Q4 2025, a $1.3 billion or 191% increase from $688 million in Q4 2024. This increase in consolidated adjusted EBITDA was driven chiefly by higher sales volumes, partially offset by lower prices.” By Jonathan Thayer, Chief Financial Officer​

Historical Performance

Q4 2025 vs. Q4 2024

The massive year-over-year growth in revenue and EBITDA was driven primarily by higher LNG sales volumes of 478 TBtu (up from 128 TBtu), predominantly from the Plaquemines Project as commissioning progressed. This was partially offset by lower LNG sales prices at Calcasieu Pass after the transition to post-COD SPA pricing in April 2025. Operating expenses also scaled significantly as facilities ramped up production and tanker operations expanded.

Competitor Performance: Q4 2025

Venture Global showed the highest revenue growth rate among major U.S. LNG players in Q4 2025, driven by its aggressive ramp-up of commissioning volumes at Plaquemines. Cheniere Energy, the sector leader, posted stronger absolute net income of $2.30 billion in Q4 and full-year EBITDA of $6.94 billion, benefiting from a more mature operational portfolio with record production of 670 cargoes. Sempra Energy’s Q4 results reflected its more diversified utility and infrastructure model, with revenue essentially flat and GAAP net income declining 47% due to non-recurring items.

How the Market Reacted?

Shares of Venture Global surged approximately 16.6% on March 2, 2026, closing at $11.38, compared to a prior close of $9.69. The stock had been under significant pressure in prior weeks, down roughly 35% over the preceding month, making the earnings-driven rally particularly sharp from a technical standpoint. Beyond the earnings beat, the spike was amplified by geopolitical tensions in the Middle East over the weekend, which disrupted Qatari LNG supply flows and boosted global LNG price expectations.

CEO Mike Sabel noted during the call that Venture Global, with the largest available incremental LNG capacity, “stands ready to help keep the market stabilized and supplied” amid the disruption. On March 3, VG traded up a further 0.70% to close at $11.46 on elevated trading volume of over 50.6 million shares.