Venture Global, Inc.
VG · NYSE
VG · NYSE
Expected to report Nov 9, 2026 — estimated from last year’s reporting date.
Consensus is $0.56 EPS for Sep 2026 across 6 estimates, ranging $0.49 to $0.67.
Venture Global’s second quarter was defined by Plaquemines moving from construction toward commercial-scale production. EPS of $0.51 modestly exceeded the $0.49 consensus estimate and was sharply above $0.19 in Q1 2026 and $0.14 in Q2 2025. Revenue was $4.58 billion, essentially flat with Q1’s $4.60 billion but 48% above the year-ago period. The more important sequential change was below the revenue line: operating income rose to $2.19 billion from $1.15 billion, while net income attributable to common stockholders increased to $1.35 billion from $625 million.
Higher Plaquemines volumes drove the print. LNG sold rose 42% year over year to 466.4 TBtu, with Plaquemines volumes up 80% to 342.1 TBtu; stronger volume and higher implied liquefaction fees more than offset lower commodity fees and commissioning-related operating costs. Calcasieu remained profitable but operating income fell 63% year over year to $67 million as it operated under lower post-COD SPA fees. Management raised 2026 Adjusted EBITDA guidance to $8.7 billion-$9.1 billion and increased contracted cargo coverage to 91%. At the same time, the company remains heavily investment-led: six-month capex was $6.90 billion, mainly for CP2, versus $2.84 billion of operating cash flow, with total debt at $42.39 billion.
Plaquemines was the central earnings driver. The project’s LNG volumes sold increased to 342.1 TBtu from 190.5 TBtu in Q2 2025, while operating income rose 140% to $2.21 billion. Revenue increased $1.7 billion on higher production, although lower commodity fees reduced net pricing by $34 million. Cost of sales increased $338 million and operating and maintenance expense rose $48 million as commissioning and production ramp-up continued.
The production ramp translated into a substantial year-over-year increase in consolidated LNG activity. Venture Global exported 127 cargos and 478.3 TBtu and sold 466.4 TBtu in the quarter. Revenue increased 48% to $4.58 billion, while Consolidated Adjusted EBITDA rose 79% to $2.49 billion. Management’s 2026 outlook assumes $12.50-$13.50/MMBtu fixed liquefaction fees on remaining unsold cargos, making market pricing an important swing factor.
Venture Global continued to convert future capacity into contracted volumes while advancing its construction pipeline. It increased contracted 2026 cargos to 91% at a weighted average liquefaction fee of $5.05/MMBtu and executed more than 2 MTPA of new or expanded agreements during the quarter. CP2 remains on schedule for first LNG in the second half of 2027, while the company is pursuing brownfield expansions at both CP2 and Plaquemines.
The quarter combined strong operating profitability with a large financing and construction program. Six-month operating cash flow increased 10% to $2.84 billion, but investing cash use was $6.68 billion, including $6.90 billion of capital expenditures. Financing provided $5.01 billion, supporting liquidity and project spending. Cash and cash equivalents were $3.12 billion, with $16.93 billion of available borrowing capacity.
Customer arbitrations remain a material overhang despite the strong operating result. BP is seeking $3.7 billion to potentially more than $6.0 billion in damages, plus interest, costs and attorneys’ fees, following a partial award finding that Calcasieu breached certain obligations related to the timing of COD and operating standards. The damages hearing is scheduled for May 2027. Two other customer disputes seek more than $2.4 billion in aggregate, although Venture Global believes contractual liability limits total $425 million.
