Aug 11, 2026, 6:31 AM ETEnergy

Venture Global — Q2 2026 Earnings Summary

VGVENTURE GLOBAL INC

Financial Performance

Revenue for the three months ended June 30, 2026, was $4.6 billion, a 48% increase year-over-year from $3.1 billion in Q2 2025; for the six months ended June 30, 2026, revenue was $9.2 billion, a 53% increase from $6.0 billion in the same period of 2025.
Income from operations for Q2 2026 was $2.2 billion, up 111% from $1.0 billion in Q2 2025; for the first six months of 2026, it was $3.3 billion, up 58% from $2.1 billion in 2025.
Net income attributable to common stockholders for Q2 2026 was $1.3 billion, a 266% increase from $368 million in Q2 2025; for the six months ended June 30, 2026, net income was $1.8 billion, a 140% increase from $764 million in 2025.
Consolidated Adjusted EBITDA for Q2 2026 was $2.5 billion, up 79% from $1.4 billion in Q2 2025; for the six months ended June 30, 2026, it was $3.9 billion, up 41% from $2.7 billion in 2025.
Total assets increased to $61.5 billion as of June 30, 2026, from $46.5 billion as of June 30, 2025.
Cash and cash equivalents were $3.1 billion as of June 30, 2026, compared to $2.4 billion as of December 31, 2025.
Long-term debt, net, increased to $41.5 billion as of June 30, 2026, from $33.4 billion as of December 31, 2025.

Full-year 2026 Consolidated Adjusted EBITDA guidance was raised to $8.7 billion – $9.1 billion, up from the previous range of $8.2 billion – $8.5 billion.
The updated guidance assumes a weighted average liquefaction fee of $12.50/MMBtu – $13.50/MMBtu for remaining unsold cargos in 2026.
A +/- $1.00/MMBtu change in fixed liquefaction fees is expected to impact full-year 2026 Consolidated Adjusted EBITDA by $180 million – $210 million.
Contracted 2026 cargos increased to 91% of available cargos at a weighted average liquefaction fee of $5.05/MMBtu.
The expected cargo range for 2026 was tightened and raised to 500 – 518 cargos, up from the previous range of 494 – 523.
Plaquemines Project Phase 1 is targeted for Commercial Operation Date (COD) in Q4 2026, with Phase 2 COD targeted for mid-2027.
Plaquemines Expansion Phase 1 targets First Investment Decision (FID) in the first half of 2027 and first LNG in 2029, subject to regulatory approvals.
CP2 Project is on schedule for first LNG in the second half of 2027; CP2 Expansion targets FID in early 2027 with first production in late 2028.
2026 export volume guidance is 149 – 154 cargos from Calcasieu Pass and 351 – 364 cargos from Plaquemines.

Exported 127 LNG cargos and sold 466.4 TBtu of LNG in Q2 2026, representing increases of 38 cargos and 137.2 TBtu (42%) compared to Q2 2025.
Delivered the 1,000th cargo across exporting projects, four years after the first export in 2022.
Executed over 2 MTPA of new or increased LNG offtake agreements, including increasing the SPA with Atlantic-SEE to 1.0 MTPA and entering a new five-year SPA with EnBW for 0.82 MTPA.
Signed additional five-year SPAs with TotalEnergies for 0.85 MTPA and increased the existing SPA with Vitol to 1.7 MTPA.
Calcasieu Pass produced 37 cargos in Q2 2026, surpassing SPA obligations despite major scheduled maintenance on gas turbines.
CP2 construction progress includes 16 liquefaction modules on site, roofs raised on all four LNG tanks, and five gas and steam turbines on foundations.

Venture Global is one of the largest LNG exporters in the United States with over 100 MTPA of capacity in production, construction, or development.
The company utilizes a modular approach at Calcasieu Pass, enabling redundancy of critical components and a more stable production profile.
The company is developing carbon capture and sequestration projects at each of its LNG facilities.

Risks include potential inability to maintain profitability, positive operating cash flow, or adequate liquidity due to volatility in LNG markets and uncontracted commissioning cargos.
Significant capital requirements exist for project construction, with risks related to securing financing on acceptable terms.
Operational risks include potential delays in obtaining regulatory approvals, construction cost overruns, and inability to produce LNG in excess of nameplate capacity.
Dependence on EPC contractors and suppliers for project completion and LNG tanker delivery poses execution risks.
Exposure to international trade agreements, tariffs, and ongoing legal challenges or disputes could impact results.
Risks related to natural gas price volatility, including the potential for decreases in gas prices impacting the ability to pay feed gas costs.
Potential for customer or company termination of SPAs if conditions are not met.

CEO Mike Sabel stated the company has proven its ability to successfully build and operate complex machines, citing "exceptional results" in operations, construction, and financing.
Management highlighted significant year-over-year financial gains, high-end production performance, on-schedule CP2 construction driven by in-house EPC efforts, and refinancings translating to over $100 million in annual cost savings.
Management emphasized safety as the top priority for the second half of the year while focusing on moving Plaquemines Phase I into commercial operations and continuing CP2 construction momentum.

Declared a cash dividend of $0.04 per share for the third quarter, a 122% increase from the previous quarter.
Venture Global LNG, Inc. issued $2.25 billion of senior secured notes to repay in full the VGLNG senior secured notes due 2028.
Calcasieu Pass Funding, LLC closed a $1.75 billion senior secured term loan B credit facility to redeem redeemable preferred equity interests.
Venture Global Shipping Holdings, LLC closed a $1.5 billion senior secured term loan credit facility for general corporate purposes.
Venture Global Calcasieu Pass, LLC issued $750 million senior secured notes to repay in full the Calcasieu Pass construction term loan.
Consolidated Adjusted EBITDA includes portions attributable to non-controlling interests, projected to be $150 million – $170 million for 2026.