Venture Global LNG (VG) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with $3.3 billion revenue (up 260% YoY), $1.3 billion income from operations (up 598% YoY), $429 million net income (vs. $347 million loss in Q3 2024), and $1.5 billion Adjusted EBITDA (up 439% YoY).

• Exported 100 LNG cargoes in Q3, including the 500th from Calcasieu Pass, and reached 144–148 cargoes from Plaquemines year-to-date.

• Signed over 5.25 MTPA in new 20-year SPAs in H2 2025, including with Naturgy and Atlantic Sea LNG, enhancing European energy security.

• Achieved record production capacity of ~67 MTPA in operation or under construction, targeting 100 MTPA by 2030.

• Raised over $84 billion in capital since inception, including $30 billion year-to-date and major new financings.

Financial highlights

• Q3 2025 revenue: $3.3 billion (vs. $0.9–$0.93 billion Q3 2024); net income: $429 million (vs. $347 million loss Q3 2024); Adjusted EBITDA: $1.5 billion (vs. $283 million Q3 2024).

• Income from operations rose to $1.3 billion, up 598% year-over-year.

• Year-to-date revenue: $9.3 billion (vs. $3.4 billion 2024); YTD Adjusted EBITDA: $4.3 billion (vs. $1.4 billion 2024).

• Basic EPS for Q3 2025: $0.18 (vs. -$0.15 Q3 2024); nine-month EPS: $0.49 (vs. $0.26 2024).

• Total assets: $50.1 billion (up from $39.4 billion YoY); equity: $9.2 billion (up from $6.4 billion at year-end 2024).

Outlook and guidance

• 2025 Adjusted EBITDA guidance narrowed to $6.35–$6.5 billion, reflecting arbitration reserves, timing of cargo deliveries, and lower fixed liquefaction fees.

• Sensitivity to liquefaction fee changes reduced to $50–$60 million per $1/MMBTU.

• Expect to export 148 cargos from Calcasieu Pass and 234–238 from Plaquemines in 2025.

• Full year 2026 guidance to be provided next quarter.

• Guidance sensitive to changes in fixed liquefaction fees and natural gas price spreads.