Filing Flows › Venture Global (VG) › Q1 2026 › vs Q1 2025
Venture Global (VG) Q1 2026 vs Q1 2025 (year over year)
Venture Global's revenue rose $1.7B (+59%) from $2.9B in Q1 2025 to $4.6B in Q1 2026. The biggest changes: LNG revenue +$1.7B (+59%); Other revenue +$10.0M (+71%). Operating margin 25.0% against 37.3% (-12.3 pts).
Venture Global, Q1 2026: revenue $4.6B (+59% year over year), operating margin 25.0%, net earnings $488M, operating cash flow $763M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.0% | 37.3% | -12.3 pts |
| Net margin | 10.6% | 13.7% | -3.1 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| LNG revenue | $4.6B | $2.9B | $1.7B | +59% |
| Other revenue | $24.0M | $14.0M | $10.0M | +71% |
| Revenue | $4.6B | $2.9B | $1.7B | +59% |
| Operating profit | $1.2B | $1.1B | $71.0M | +7% |
| Costs & expenses | $3.4B | $1.8B | $1.6B | +90% |
| Pre-tax earnings | $736M | $668M | $68.0M | +10% |
| Other expense, net | $415M | $412M | $3.0M | +0.7% |
| Cost of revenue | $2.8B | $1.1B | $1.7B | +163% |
| Research & development | $46.0M | $182M | −$136M | -75% |
| General & admin | $97.0M | $105M | −$8.0M | -8% |
| Other operating costs | $521M | $468M | $53.0M | +11% |
| Net earnings | $488M | $396M | $92.0M | +23% |
| Minority interests | $137M | $121M | $16.0M | +13% |
| Income tax | $111M | $151M | −$40.0M | -26% |
| Depreciation & amortization | $251M | $216M | $35.0M | +16% |
| Share-based compensation | $12.0M | $12.0M | $0 | 0% |
| Working capital & other | $12.0M | $490M | −$478M | -98% |
| Operating cash flow | $763M | $1.1B | −$351M | -32% |
| Capital expenditures | $3.2B | $3.5B | −$285M | -8% |
| Negative free cash flow (OCF − capex) | $2.4B | $2.4B | $66.0M | +3% |
Questions
How much did Venture Global's revenue grow year over year in Q1 2026?
Venture Global's revenue rose $1.7B (+59%) from $2.9B in Q1 2025 to $4.6B in Q1 2026.
What drove Venture Global's revenue change in Q1 2026?
LNG revenue +$1.7B (+59%); Other revenue +$10.0M (+71%).