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Venture Global (VG) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Venture Global (VG) Q2 2026 earnings results →

Q2 2026 Revenue up 48% year over year to $4.6B · 29¢ of every $1 of revenue kept as net profit · operating margin 47.8%

Venture Global made $4.6B in Q2 2026 (+48% Y/Y): LNG revenue $4.6B, Other revenue $22.0M. Operating margin 47.8%, net earnings $1.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.

Revenue$4.6B
Year over year+48%
Operating margin47.8%
Net earnings$1.3B
Operating cash flow$2.1B

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Venture Global Q2 2026 revenue breakdown: Sankey diagram of revenue (LNG revenue, Other revenue), costs, profit and cash flow
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What changed this quarter

Revenue was $4.6B in Q2 2026, up 48% year over year and roughly flat from the previous quarter. LNG revenue was the largest line at 100% of revenue. LNG revenue added $1.5B year over year (up 48%), 100% of the total change.

Operating profit was $2.2B, a 47.8% margin (up 14.3 points year over year). Of the extra revenue versus Q2 2025, 78% reached operating profit, above the 33% margin then. Total costs grew 16% against revenue growth of 48%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $1.3B, up 266% year over year. The effective tax rate was 19.2%.

Operating cash flow was $2.1B (up 42% year over year), 146% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.38B. Capital expenditures of $3.7B exceeded it, leaving free cash flow of −$1.6B.

Quarterly history

Venture Global revenue by quarterVenture Global revenue by quarter$1.5BQ4 2024$2.9BQ1 2025$3.1BQ2 2025$3.3BQ3 2025$4.4BQ4 2025$4.6BQ1 2026$4.6BQ2 2026
Venture Global net earnings by quarterVenture Global net earnings by quarter$871MQ4 2024$396MQ1 2025$368MQ2 2025$429MQ3 2025$1.1BQ4 2025$488MQ1 2026$1.3BQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 11, 2026$4.6B+48%47.8%$1.3B$2.1B
Q1 202610-QMay 12, 2026$4.6B+59%25.0%$488M$763M
Q4 202510-KMar 2, 2026$4.4B+192%38.7%$1.1B$2.1B
Q3 202510-QNov 10, 2025$3.3B+260%39.7%$429M$1.9B
Q2 202510-QAug 12, 2025$3.1B+180%33.5%$368M$1.5B
Q1 202510-QMay 13, 2025$2.9B+105%37.3%$396M$1.1B
Q4 202410-KMar 6, 2025$1.5B—39.0%$871M$673M

Charts

Venture Global: revenue growth, year over year and quarter over quarterVenture Global: revenue growth, year over year and quarter over quarterY/YQ/Q+105%+90%Q1 2025+180%+7%Q2 2025+260%+7%Q3 2025+192%+34%Q4 2025+59%+3%Q1 2026+48%0%Q2 2026
Latest (Q2 2026): Y/Y +48%, Q/Q 0%.
Venture Global: where the cash came from (+) and went (−), TTM to Q2 2026Venture Global: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$20.7BCapital spending−$13.8BNet borrowing (+) / repaid (−)−$12.3BOperating cash flow$6.8BCash drawn (+) / kept (−)−$1.7BOther investing$328M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Venture Global: profit against cash, quarter by quarterVenture Global: profit against cash, quarter by quarterNet incomeOperating cash flow−$294M$280MQ3 2024$990M$673MQ4 2024$517M$1.1BQ1 2025$475M$1.5BQ2 2025$550M$1.9BQ3 2025$1.2B$2.1BQ4 2025$625M$763MQ1 2026$1.4B$2.1BQ2 2026
Latest (Q2 2026): Net income $1.4B, Operating cash flow $2.1B.
Venture Global: diluted shares by fiscal yearVenture Global: diluted shares by fiscal year2.14BFY20232.58BFY20242.63BFY2025
+23.0% since FY2023: more shares outstanding (issuance, stock pay).
Venture Global: long-term debt falling due (FY2025)Venture Global: long-term debt falling due (FY2025)$817M2026$310M2027$5.5B2028$6.5B2029$4.4B2030$17.3BLater
Cash $2.4B, short-term investments —, long-term debt $34.2B at 2025-12-31.
Venture Global in its industry: growth against margin (17 companies, SIC 4924)Venture Global in its industry: growth against margin (17 companies, SIC 4924)revenue growth, year over year →↑ operating marginmedian +7%median 14%LNGCheniere Corpus Christi Holdings, LLCCQPSabine Pass Liquefaction, LLCATONFGSRSpire Alabama IncNJRMDUNFEEENorthwest Natural Gas CoNWNSLNGCETYVG (+48%, 48%)
Natural Gas Distribution; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Venture Global

Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Our integrated assets span the LNG supply chain, including LNG production, natural gas transportation, shipping and regasification. Our innovative approach, which is both scalable and repeatable, allows us to bring low-cost LNG to a global market years faster than traditional LNG projects. We believe supplying this clean, affordable fuel promotes global energy security and diversification and is essential to meeting growing global energy demand.

In its own words, from its 10-K, filed Mar 2, 2026.

Venture Global against its Natural Gas Distribution peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +48% against the peers' median +7%. Operating margin: 47.8% against the peers' median 31.0%.

CompanyQuarterRevenueY/YOp. margin
VG Venture GlobalQ2 2026$4.6B+48%47.8%
LNG Cheniere EnergyQ3 2026$6.2B+39%31.0%
Cheniere Corpus Christi Holdings, LLCQ3 2026$2.7B+84%21.2%
CQP Cheniere Energy Partners, L.P.Q3 2026$2.6B+7%31.7%
Sabine Pass Liquefaction, LLCQ3 2026$2.5B+7%29.4%
ATO Atmos EnergyQ3 FY26$879M+5%36.4%
NFG National Fuel GasQ3 FY26$537M+1%38.9%
SR SpireQ3 FY26$420M-0.4%5.6%
NJR New Jersey ResourcesQ3 FY26$349M+17%9.1%

Source: Venture Global 10-Q on SEC EDGAR · CIK 2007855 · Natural Gas Distribution

13F: who owns VG and who is buying

Largest holders of VG (13F)Largest holders of VG (13F)Allianz Asset Management GmbH$1.9BVanguard Portfolio Management LLC$180MD. E. Shaw$174MVanguard Capital Management LLC$160MBlackstone$159MBlackRock$154MVanguard Group$152MGoldman Sachs Group$124MTortoise Capital Advisors, L.L.C.$106MState Street$101M
Funds' net buying of VG by quarter (13F)Funds' net buying of VG by quarter (13F)$4.7B2025-03−$313M2025-06$315M2025-09$70.4M2025-12−$388M2026-03−$74.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VG

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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