Venture Global, Inc. (VG) financials
NYSE · Energy · Oil & Gas Midstream · 2,000 employees · CEO Michael A. Sabel
- Price
- $14.79 +0.14%
- Market cap
- $37B
- Enterprise value
- $76.6B
- Last report
- Q2 '26 filed 2026-08-11
- Next report
- 2026-11-10 EPS est. $0.50
Revenue (TTM)$17B+100.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)37.7%+4.8 pp vs a year agoOperating income $6.39B
Net income (TTM)$3.65B+133.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$9.41B+9.4% vs a year agoCapex $17B
Diluted EPS (TTM)$1.28+151.0% vs a year agoSum of the last 4 quarters
Net cash-$39.6B-40.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $37B EV $76.6B
- Revenue
- $17B Trailing 12 months
- Revenue growth
- +37% FY2026 consensus
- Profit margin
- 21.5% Net income / revenue, TTM
- P/E
- 10.9× Forward 8.3× (FY2026)
- P/S
- 2.2× Price / sales, TTM
- EV / EBITDA
- 10.5× TTM
- Free cash flow
- -$9.41B Trailing 12 months
- Net income
- $3.65B Trailing 12 months
- Revenue estimate
- $18.9B FY2026 consensus
- Earnings
- 2026-11-10 Revenue est. $4.71B
- Dividend
- $0.07 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-11): revenue missed by 2.5%, EPS beat by 5.3%Revenue $4.58B vs $4.69B expected (-2.5%); EPS $0.51 vs $0.48 (+5.3%).
- Revenue growth slowing: 47.6% year on yearQ2 '26 revenue $4.58B, against an average of 172.5% over the four quarters before.
- Operating margin 37.7% (TTM), +4.8 pp on a year agoOperating income grew 130.0% while revenue grew 100.7%.
- 39.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.59B vs operating income $6.39B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 100.3% of revenue (a year ago 164.7%)$17B invested in the last 4 quarters (+22.2% on a year earlier). Free cash flow -$9.41B = -257.9% of net income.
- Diluted share count up 0.3% in a year2.64B diluted shares in Q2 '26, 2.64B a year earlier.
- Net debt $39.6BCash + short-term investments $3.19B, debt incl. leases $42.8B; a year ago net debt $28.2B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.58B | $3.1B | +47.6% |
| Gross margin | 57.3% | 45.6% | +11.7 pp |
| Operating income | $2.16B | $1.04B | +108.1% |
| Operating margin | 47.2% | 33.5% | +13.7 pp |
| Net income | $1.42B | $435M | +226.2% |
| Diluted EPS | $0.51 | $0.14 | +264.3% |
| Operating cash flow | $2.84B | $1.46B | +94.4% |
| Capex | $6.9B | $2.98B | +131.5% |
| Free cash flow | -$4.07B | -$1.52B | -167.1% |
| R&D | $0 | $57M | -100.0% |
| Stock-based compensation | $27M | $0 | – |
Reported vs consensus
2026-08-11| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.58B | $4.69B | -2.5% |
| EPS (as estimated) | $0.51 | $0.48 | +5.3% |
From the report of 2026-08-11 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Liquefied Natural Gas | $4.56B | +47.9% | 99.5% | – | – | |
| Product and Service, Other | $22M | +4.8% | 0.5% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $103M | -52.0% | 94.4% | – | – | |
| Non-US | $0 | -100.0% | 0.0% | – | – | |
| CANADA | $6.11M | -32.2% | 5.6% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Calcasieu Project Segment | – | – | $67M | -63.4% | – | – | $480M |
| Plaquemines Project Segment | – | – | $2.21B | +140.2% | – | – | $6.15B |
| CP2 Project Segment | – | – | -$55M | -96.4% | – | – | -$192M |
| Direct Sales And Shipping Segment | – | – | – | – | – | – | – |
| Corporate Reconciling Items And Eliminations | – | – | -$247M | -142.2% | – | – | -$518M |
| Sales And Shipping Segment | – | – | $211M | +229.7% | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $7.59B
- Capex
- -$17B
- Buybacks
- $0
- Dividends
- -$487M
- Acquisitions
- $0
- Net debt issued
- $13.2B
- Stock-based compensation
- $39M
- Free cash flow
- -$9.41B
- Returned to shareholders / FCF
- -5.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 10.9× | 23.3× 4 of 5 years | 7.3× – 39.3× |
| EV / EBITDA | 10.5× | 15.9× 4 of 5 years | 8.5× – 27.3× |
| EV / Sales | 4.5× | 9.8× 4 of 5 years | 3.6× – 16.9× |
| Price / FCF | -3.9× | – | – |
| Price / Book | 4.3× | 18.5× 3 of 5 years | 2.5× – 32.9× |
| FCF yield | -25.4% | -14.9% | -41.1% – -1.6% |
| Return on invested capital | 9.1% | 10.0% | 0.0% – 23.0% |
| Return on equity | 46.3% | -145.6% | -998.9% – 177.5% |
Analysts
Consensus target $17.00 (+14.9%)
range $13.00 – $22.00 · rating Buy
Strong buy0
Buy19
Hold12
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $18.9B | +37.2% | $1.79 | +107.8% | 8.3× | 9 |
| FY2027 | $17.5B | -7.3% | $1.23 | -31.3% | 12.1× | 10 |
| FY2028 | $22.5B | +28.3% | $1.79 | +46.0% | 8.3× | 9 |
| FY2029 | $25.7B | +14.3% | $2.16 | +20.5% | 6.9× | 3 |
| FY2030 | $26.2B | +2.1% | $1.71 | -21.0% | 8.7× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 263 figures Venture Global, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $828M | $601M | +37.8% | $737M | $1.54B | -52.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $844M | $673M | +25.4% | $918M | $364M | +152.2% |
| Accrued Liabilities, Current | $2.71B | $2.06B | +31.4% | $2.8B | $1.82B | +53.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$232M | -$242M | +4.1% | -$239M | -$249M | +4.0% |
| Additional Paid in Capital | $2.31B | $2.18B | +6.1% | $2.24B | $512M | +337.1% |
| Amortization of Debt Issuance Costs and Discounts | $67M | $38M | +76.3% | $175M | $141M | +24.1% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $16.5B2025-12-31 | – | – | $16.5B | – | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33M | 14M | +135.7% | 14M | – | – |
| Asset Retirement Obligation | $208M2025-12-31 | $502M | -58.6% | $208M | $502M | -58.6% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $23M | $28M | -17.9% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $22M | $63M | -65.1% |
| Asset Retirement Obligation, Revision of Estimate | $02025-12-31 | – | – | -$339M | $0 | – |
| Assets | $61.5B | $46.5B | +32.3% | $53.4B | $43.5B | +22.9% |
| Assets, Current | $4.53B | $3.98B | +13.9% | $4.04B | $4.56B | -11.4% |
| Assets, Fair Value Disclosure | $639M | $1.86B | -65.6% | $636M | $3.02B | -78.9% |
| Capital Expenditures Incurred but Not yet Paid | $118M | $201M | -41.3% | $1.58B | $2.09B | -24.5% |
| Cash and Cash Equivalents, at Carrying Value | $3.12B | $2.25B | +38.9% | $2.36B | $3.61B | -34.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.59B | $2.92B | +57.1% | $3.43B | $4.61B | -25.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.54B | -$1.11B | +238.4% | -$1.19B | -$1.26B | +5.5% |
| Common Stock, Capital Shares Reserved for Future Issuance | 172M2025-09-30 | – | – | – | – | – |
| Common Stock, Dividends, Per Share, Declared | $0.02 | – | – | $0.03 | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.35B | $372M | +262.9% | $2.27B | $1.49B | +52.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.42B | $478M | +197.1% | $2.74B | $1.76B | +56.1% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $1.66B | $1.42B | +17.0% | $5.92B | $1.35B | +338.2% |
| Costs and Expenses | $2.39B | $2.06B | +15.9% | $8.61B | $3.21B | +168.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$7M | -$14M | +50.0% |
| Current Income Tax Expense (Benefit) | – | – | – | -$10M | -$10M | 0.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$3M | $4M | -175.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $572M | $532M | +7.5% | $607M | $275M | +120.7% |
| Debt Issuance Costs, Noncurrent, Net | $877M | $146M | +500.7% | $543M | $384M | +41.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $656M | $439M | +49.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$5M | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $640M | $447M | +43.2% |
| Deferred Income Tax Liabilities, Net | $2.72B | $1.92B | +41.4% | $2.32B | $1.64B | +41.7% |
| Deferred Income Taxes and Tax Credits | $296M | $115M | +157.4% | $638M | $446M | +43.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$11M | $8M | -237.5% |
| Deferred Tax Assets, Gross | $2.64B2025-12-31 | $2B | +31.7% | $2.64B | $2B | +31.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.28B2025-12-31 | $1.64B | +39.1% | $2.28B | $1.64B | +39.1% |
| Deferred Tax Assets, Other | $8M2025-12-31 | $6M | +33.3% | $8M | $6M | +33.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $40M2025-12-31 | $34M | +17.6% | $40M | $34M | +17.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $55M2025-12-31 | $45M | +22.2% | $55M | $45M | +22.2% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | $30M2025-12-31 | $80M | -62.5% | $30M | $80M | -62.5% |
| Deferred Tax Assets, Valuation Allowance | $207M2025-12-31 | $133M | +55.6% | $207M | $133M | +55.6% |
| Deferred Tax Liabilities, Derivatives | $14M2025-12-31 | $344M | -95.9% | $14M | $344M | -95.9% |
| Deferred Tax Liabilities, Gross | $4.74B2025-12-31 | $3.5B | +35.3% | $4.74B | $3.5B | +35.3% |
| Deferred Tax Liabilities, Leasing Arrangements | $220M2025-12-31 | $194M | +13.4% | $220M | $194M | +13.4% |
| Deferred Tax Liabilities, Net | $2.31B2025-12-31 | $1.64B | +41.3% | $2.31B | $1.64B | +41.3% |
| Deferred Tax Liabilities, Other | $5M2025-12-31 | $8M | -37.5% | $5M | $8M | -37.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $3.38B2025-12-31 | $1.76B | +91.4% | $3.38B | $1.76B | +91.4% |
| Depreciation | $257M | $263M | -2.3% | $930M | $316M | +194.3% |
| Depreciation, Depletion and Amortization | $260M | $267M | -2.6% | $941M | $322M | +192.2% |
| Derivative Asset, Current | $97M | $102M | -4.9% | $65M | $154M | -57.8% |
| Derivative Asset, Fair Value, Gross Asset | $393M | $615M | -36.1% | $296M | $1.65B | -82.0% |
| Derivative Asset, Fair Value, Gross Liability | $18M | $3M | +500.0% | $15M | $12M | +25.0% |
| Derivative Asset, Noncurrent | $278M | $510M | -45.5% | $216M | $1.48B | -85.4% |
| Derivative Liability, Current | $79M | – | – | $104M | $13M | +700.0% |
| Derivative Liability, Fair Value, Gross Asset | $18M | $3M | +500.0% | $15M | $12M | +25.0% |
| Derivative Liability, Fair Value, Gross Liability | $238M | $254M | -6.3% | $271M | $39M | +594.9% |
| DerivativeAssetFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement | $375M | $612M | -38.7% | $281M | $1.64B | -82.8% |
| DerivativeLiabilityFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement | $220M | $251M | -12.4% | $256M | $27M | +848.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31
Some figures could not be updated in the last refresh; they show older data or none.
Data as of 2026-11-02