Venture Global has reported financial results for the quarter ended September 30, 2025. As a reminder, Venture Global will host a conference call for investors and analysts beginning at 9:00 am Eastern Time (ET), November 10, 2025, to discuss third quarter results.
- Generated revenue of approximately $3.3 billion (an increase of 260% from Q3 2024), income from operations of approximately $1.3 billion (an increase of 598% from Q3 2024), net income(1)of approximately $0.4 billion (an increase from a net loss in Q3 2024), and Consolidated Adjusted EBITDA(2) of approximately $1.5 billion (an increase of 439% from Q3 2024).
- Exported 100 cargos totaling 372 TBtu of liquefied natural gas (“LNG”), a new record for Venture Global, and an increase of 69 cargos totaling 261 TBtu, or 237%, from Q3 2024.
- Total assets of $50.1 billion, an increase of $10.7 billion from $39.4 billion as of September 30, 2024.
- Announced this week two new long-term LNG sales and purchase agreements (“SPAs”): 1.0 MTPA 20-year SPA with Naturgy of Spain and 0.5 MTPA 20-year SPA with Atlantic-SEE LNG Trade S.A. of Greece.
- As previously announced during Q3 2025, Venture Global signed three additional LNG SPAs which, in conjunction with those signed in November, brings total contracted quantities in the second half of 2025 to 5.25 MTPA.
- Executed a 1.0 MTPA 20-year SPA with PETRONAS LNG Ltd.
- Executed an additional 0.75 MTPA to a previous 20-year SPA with SEFE Energy GmbH.
- Executed a 2.0 MTPA 20-year SPA with Eni S.P.A.
- The Calcasieu Project reached another milestone, exporting the project’s 500th cargo on November 8, 2025.
- The CP2 Project received final authorization from the U.S. Department of Energy for LNG exports to non-free trade agreement nations.
- As previously announced during Q3 2025, Venture Global reached a final investment decision for Phase 1 of the CP2 Project and the associated CP Express Pipeline with the successful closing of a $15.1 billion project financing.
- Other recent key financial milestones achieved during the quarter through today include:
- Secured a $2 billion corporate revolving credit facility with more than twelve of the world’s leading banks, providing increased liquidity and flexibility.
- Raised $1.575 billion through the Blackfin Pipeline joint venture, which provides capital for the completion of the project and an $889 million distribution to Venture Global.
- As previously announced, Venture Global Plaquemines LNG, LLC closed a $4.0 billion offering of senior secured notes in July 2025.
___________
(1) net income as used herein refers to net income attributable to common stockholders on our condensed consolidated statements of operations.
(2) consolidated adjusted ebitda is a non-gaap measure. see reconciliation of non-gaap measures below for further information, including a reconciliation of consolidated adjusted ebitda to net income (loss) attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with gaap. consolidated adjusted ebitda includes portions attributable to non-controlling interests.
With 34 of 36 liquefaction trains at the Plaquemines Project now producing LNG, we expect total cargos across our projects to be 382 – 386 cargos for the year. We are reducing and tightening the range of our Consolidated Adjusted EBITDA(2) guidance to $6.35 billion – $6.50 billion from $6.40 billion – $6.80 billion, adjusting for lower expected fixed liquefaction fees reflecting higher domestic natural gas prices, two expected DES loadings that will be realized upon delivery at their destinations in early 2026 and accounting reserves relating to ongoing arbitrations.
“The Venture Global team continues to excel operationally, as evidenced by the significant accomplishments we achieved this quarter, including the 100 cargos we exported in Q3, our elevated financial performance year-over-year and successful capital transactions, and the execution of over 5 MTPA in new LNG supply agreements,” said Venture Global CEO Mike Sabel. “We are pleased with the construction and commissioning process at Plaquemines, which is progressing well and safely despite power island construction delays and normal-course challenges inherent in projects of this scale and complexity. This quarter we reaffirmed our COD timing for Phase 1 and Phase 2, and thanks to incremental investments made by VG including temporary power at no additional cost to our customers, we remain on track to reach COD at Phase 1 in 54 months. The early-stage construction progress at CP2 is also well positioned to bring new LNG supply to global markets on schedule. Our record of execution positions Venture Global as an important leader in the LNG market, enabling us to provide flexible short and medium term supply as well as the lowest-cost long-term LNG to the world.”