Venture Global Q3 2026 earnings review

Consolidated Adjusted EBITDA rose 69.4% and full-year EBITDA guidance was raised.

Venture Global, Inc. · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

Venture Global Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Venture Global (VG) Q3 2026 earnings review

Consolidated Adjusted EBITDA rose 69.4% and full-year EBITDA guidance was raised

  1. 1.Revenue of $4.8B rose 42.9% and beat the $4.6B Zacks consensus
  2. 2.Income from operations rose 73.9% to $2.3B; Consolidated Adjusted EBITDA rose 69.4% to $2.6B
  3. 3.Net income to common holders rose 493.5% to $2.5B, or $0.96 diluted, after a $1.4B swap gain
  4. 4.Full-year Adjusted EBITDA guidance was raised to $10.0B–$10.3B, from $8.7B–$9.1B
  5. 5.The regular-session share-price reaction is shown in the results table

Note: Zacks revenue consensus is from a Nov 5, 2026 Yahoo Finance article. Diluted EPS is compared with the Yahoo Finance GAAP estimate. The cash-flow statement in the 10-Q is for the nine months only.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; Zacks via Yahoo Finance, Nov 5, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close

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2 · Executive summary

Revenue beat the Zacks consensus by 3.4%, and diluted EPS beat the Yahoo Finance GAAP estimate

Q3 2026 results vs. third-party consensus

MetricActualConsensusVarianceResult
Q3 revenue$4.8B$4.6B+$156M / +3.4%Beat
Q3 diluted EPS$0.96$0.49+$0.47 / +95.9%Beat

Share price, Nov 9 regular close to Nov 10 regular-session close

Venture Global (NYSE)Nov 9 closeNov 10 close, 4:10 PM ESTChange ($)Change (%)
VG$11.80$12.00+$0.20+1.7%

Both prices are from the CNBC quote page. The Nov 10 figure is the regular-session close. CNBC does not state a reason for the move.

Note: Revenue consensus is the Zacks Consensus Estimate of $4.6 billion, published in a Yahoo Finance article dated Nov 5, 2026. Diluted EPS consensus is the Yahoo Finance GAAP estimate of $0.49 for the quarter ended Sep 30, 2026, as shown on the analysis page on Nov 10, 2026. The company does not report a separate adjusted EPS figure.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; Zacks via Yahoo Finance, Nov 5, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close

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3 · Q3 results vs. consensus

Full-year Consolidated Adjusted EBITDA guidance was raised to $10.0B to $10.3B

Full-year 2026 guidance, issued Nov 10

MetricPriorUpdatedDeepCell-calculated midpoint
Consolidated Adjusted EBITDA$8.7B–$9.1B$10.0B–$10.3B$10.2B
Expected cargos500–518509–518n.a.

Note: MMBtu is million British thermal units. The cargo range was tightened and the midpoint raised from 500–518 to 509–518. The EBITDA range assumes a weighted-average liquefaction fee of $21.00–$22.00 per MMBtu on remaining unsold cargos. Contracted 2026 cargos are 99% of available cargos at a $6.46 per MMBtu weighted-average liquefaction fee. Midpoints are DeepCell calculations (arithmetic midpoints of the official ranges), not company-stated dollar figures. No third-party full-year consensus is used on this page.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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4 · FY 2026 outlook

Revenue rose 42.9% and income from operations rose 73.9%

  1. LNG revenue led the increaseLNG revenue rose 43.1% to $4.7B.
  2. Operating income increasedIncome from operations rose 73.9% to $2.3B.
  3. Adjusted EBITDA increasedConsolidated Adjusted EBITDA rose 69.4% to $2.6B.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$3,329M$4,756M42.9%
Income from operations$1,320M$2,295M73.9%
Net income to common holders$429M$2,546M493.5%
Diluted EPS ($)$0.16$0.96From $0.16 a year earlier

Note: LNG is liquefied natural gas. The release rounds revenue to $4.8 billion and income from operations to $2.3 billion; the income statement shows $4,756 million and $2,295 million.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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5 · Q3 key financials

LNG revenue rose 43.1% and accounted for nearly all of the quarter

Revenue by line

$M, Q3 2025 vs. Q3 2026

LineQ3 2025Q3 2026YoY
LNG revenue$3,309M$4,734M43.1%
Other revenue$20M$22M10.0%
Total revenue$3,329M$4,756M42.9%
The company exported 124 cargos and sold 465.8 TBtu of LNG, up 25.0% year on year“Our strong operational performance and outlook on pricing have allowed us to raise the midpoint of our volume and Consolidated Adjusted EBITDA guidance for FY 2026, and we remain confident in our business heading into next year.” Mike Sabel, CEO

Note: LNG is liquefied natural gas; TBtu is trillion British thermal units. LNG and other revenue are the two lines in Form 10-Q Note 3. The release describes record sales in the quarter.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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6 · Revenue by line

LNG revenue added $1,425M of the $1,427M year-on-year increase

Revenue bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $3,329M$M · LNG revenue: $1,425M$M · Other revenue: $2M$M · Q3 2026: $4,756MQ3 2025LNG revenueOther revenueQ3 2026$0M$2,000M$4,000M$6,000M$3,329M$1,425M$2M$4,756M
Other revenue added $2M

Note: LNG is liquefied natural gas. The bridge uses the Form 10-Q LNG and other revenue lines, which sum to income-statement revenue.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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7 · Revenue bridge

Consolidated Adjusted EBITDA rose 69.4% to $2.6B

Consolidated Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $1,525Mv · Q3 2026: $2,583MQ3 2025Q3 2026$0M$1,000M$2,000M$3,000M$3,500M$1,525M$2,583M
LNG revenue was 100% of the quarter

Note: LNG is liquefied natural gas. Consolidated Adjusted EBITDA is a non-GAAP measure; the reconciliation is in Exhibit 99.1. It includes amounts attributable to non-controlling interests.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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8 · Adjusted EBITDA

Income from operations rose to $2.3B as revenue growth exceeded the rise in operating expense

Income from operations bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,320M$M · Revenue: $1,427M$M · Cost of sales: -$356M$M · Operating and maintenance: -$58M$M · General and administrative: -$8M$M · Development: $20M$M · Depreciation and amortization: -$50M$M · Q3 2026: $2,295MQ3 2025RevenueCost ofsalesOperati…Generaland adm…Develop…Depreci…Q3 2026$0M$1,000M$2,000M$3,000M$3,500M$1,320M$1,427M-$356M-$58M-$8M$20M-$50M$2,295M
The $1.4B gain on interest rate swaps sits below operating income and is not in this bridge

Note: Cost of sales is exclusive of depreciation and amortization, which is shown separately. Development expense declined year on year.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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9 · Operating income bridge

Operating margin rose 860 basis points to 48.3%

Operating and Adjusted EBITDA margin

Q3 2025 vs Q3 2026

Operating margin · Q3 2025: 39.7%Operating margin · Q3 2026: 48.3%Consolidated Adjusted EBITDA margin · Q3 2025: 45.8%Consolidated Adjusted EBITDA margin · Q3 2026: 54.3%Q3 2025Q3 20260%20%40%70%39.7%48.3%45.8%54.3%
Consolidated Adjusted EBITDA margin was 54.3%

Note: Operating margin is income from operations divided by revenue. Consolidated Adjusted EBITDA margin uses the company non-GAAP measure.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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10 · Margin analysis

Nine-month operating cash flow was $4.7B, while capital expenditures were $10.7B

  1. Operating cash flow increasedNine-month operating cash flow rose to $4,743M from $4,455M.
  2. Capital expenditure remained largeNine-month capital expenditures were $10.7B, and implied nine-month free cash flow was -$6.0B.
  3. Common dividends increasedNine-month dividends on common stock were $190M, and the board declared a $0.04 per-share cash dividend payable Dec 31, 2026.

Cash flow, nine months

$MNine months 2025Nine months 2026
Operating cash flow$4,455M$4,743M
Capital expenditures$9,740M$10,742M
Free cash flow (operating cash flow less capital expenditures)-$5,285M-$5,999M

Note: The 10-Q cash-flow statement is for the nine months only; no quarterly cash-flow statement is in Exhibit 99.1. Free cash flow is operating cash flow less capital expenditures, computed from those two lines.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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11 · Cash flow and financing

The company raised the midpoint of its 2026 cargo range to 509–518 cargos

  1. Plaquemines Phase 1 reached commercial operationsCommercial operations at Plaquemines Phase 1 began on October 31, 2026, 53 months after the final investment decision.
  2. Contracted cargos are almost fully placedContracted 2026 cargos are 99% of available cargos, at a $6.46 per MMBtu weighted-average liquefaction fee.
  3. New long-term offtake was signedThe company executed 2.0 million tonnes per annum of new or increased 20-year LNG offtake agreements during and after the quarter.

2026 volume framework

MetricPriorUpdated
Expected cargos500–518509–518
Contracted share of 2026 cargosn.a.99%
Cargos exported in Q3n.a.124

Note: LNG is liquefied natural gas; MMBtu is million British thermal units; TBtu is trillion British thermal units. The start of LNG production at the CP2 Project is now described as mid-year 2027. Q3 2025 cargo and volume comparatives are given as increases of 24 cargos and 92.8 TBtu, or 25%.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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12 · Projects and offtake

Total assets rose to $68.1B and cash and cash equivalents rose to $3.4B

  1. Cash increased from year-endCash and cash equivalents were $3.4B, up $1.1B from Dec 31, 2025. Cash, cash equivalents and restricted cash were $5.1B.
  2. Debt increased with project spendTotal debt, net, was $44.6B at Sep 30, 2026, versus $34.2B at year-end.
  3. Equity increased with retained earningsTotal equity was $14.5B.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$2,355M$3,420M
Total assets$53,446M$68,108M
Total debt, net$34,205M$44,612M
Total equity$10,300M$14,493M

Note: The release also cites total assets of $68.1 billion as of Sep 30, 2026, versus $50.1 billion as of Sep 30, 2025. The balance-sheet table uses the year-end 2025 comparative from Exhibit 99.1.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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13 · Balance sheet and debt

Pricing on unsold cargos, project timing and pending disputes are the main watch items

Indicator
What to watch
Implication
Latest reading
Unsold-cargo pricing
The EBITDA range assumes a $21–$22 per MMBtu liquefaction fee on remaining unsold cargos
A lower fee would reduce EBITDA versus the new range
Assumed fee $21.00 to $22.00 per MMBtu
CP2 and Plaquemines timing
First LNG at CP2 is now mid-year 2027; Plaquemines Phase 2 remains mid-2027
A delay would shift volume and earnings
CP2 first LNG, mid-year 2027
Interest-rate swap volatility
A large mark-to-market gain lifted net income this quarter
Net income can move independently of operating income
Swap gain $1.4B in Q3
Customer disputes
The 10-Q discusses pending SPA disputes at Calcasieu
Outcomes could affect cash and revenue
Disclosed in the 10-Q

LNG is liquefied natural gas; SPA is sales and purchase agreement; MMBtu is million British thermal units. Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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14 · Key risks to guidance

15 · Appendix: Revenue detail

Appendix: Consolidated Adjusted EBITDA reconciling items

ClaimEvidenceCalculation
Net income to common holders$2,546MIncome statement
Income from operations$2,295MAfter interest, tax, swaps and other items in the reconciliation
Depreciation and amortization$268MAdded back
Consolidated Adjusted EBITDA$2,583MCompany non-GAAP measure

Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

Appendix: other 2026 guidance items

ClaimEvidenceCalculation
Prior EBITDA guidance midpoint$8.9BDeepCell-calculated midpoint of $8.7–$9.1 billion
Updated EBITDA guidance midpoint$10.2BDeepCell-calculated midpoint of $10.0–$10.3 billion
Assumed unsold-cargo fee, low$21.00 per MMBtuIn line with current forward curves, per the release
Assumed unsold-cargo fee, high$22.00 per MMBtuSame source

MMBtu is million British thermal units. Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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17 · Appendix: Guidance detail

Appendix: dividend and quarterly volumes

ClaimEvidenceCalculation
Dividend declared per share$0.04Payable Dec 31, 2026; record date Dec 15, 2026
Cargos exported in Q3124Up 24 cargos from Q3 2025
LNG sold in Q3465.8 TBtuUp 25.0% year on year
Nine-month common dividends$190MFrom the 10-Q cash-flow statement

LNG is liquefied natural gas; TBtu is trillion British thermal units. Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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18 · Appendix: Dividend and volumes

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$3,329M$4,756M42.9%
Cost of sales$1,388M$1,744M25.6%
Operating and maintenance expense$245M$303M23.7%
Depreciation and amortization$218M$268M22.9%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Income from operations$1,320M$2,295M73.9%
Interest-rate swap gain (loss)-$144M$1,368Mn.m.
Net income to common holders$429M$2,546M493.5%
Consolidated Adjusted EBITDA$1,525M$2,583M69.4%

Note: n.m. means not meaningful. The interest-rate swap line flipped from a loss in Q3 2025 to a gain in Q3 2026. Cost of sales is exclusive of depreciation and amortization.Source: Venture Global Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Venture Global Form 8-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/2007855/000200785526000091/0002007855-26-000091-index.html
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/2007855/000200785526000091/vgincq32026earningsrelease.htm
  • Form 10-Q, filed Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/2007855/000200785526000088/0002007855-26-000088-index.html
  • Investor relations release, Nov 10, 2026 — https://investors.ventureglobal.com/news/news-details/2026/Venture-Global-Reports-Third-Quarter-2026-Results/default.aspx
  • Consensus: Zacks Q3 revenue estimate via Yahoo Finance, Nov 5, 2026 — https://finance.yahoo.com/energy/articles/venture-global-report-q3-earnings-172200470.html
  • Consensus: Yahoo Finance GAAP diluted EPS estimate, Nov 10, 2026 — https://finance.yahoo.com/quote/VG/analysis/
  • Share price: CNBC VG quote, Nov 9, 2026 regular close and Nov 10, 2026 regular-session close at 4:10 PM EST — https://www.cnbc.com/quotes/VG
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's reconciliation tables. The cash-flow statement used here is the nine-month statement in the 10-Q.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Venture Global's Form 8-K of November 10, 2026 (Exhibit 99.1) and Form 10-Q for the quarter ended September 30, 2026. Consensus estimates (Zacks, via Yahoo Finance; Yahoo Finance GAAP EPS) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Consolidated Adjusted EBITDA includes portions attributable to non-controlling interests.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. The share prices are the CNBC regular-session closes on November 9, 2026 and November 10, 2026.

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21 · Disclosures

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