Filing Flows › Venture Global (VG) › Q1 2026 › vs Q4 2025
Venture Global (VG) Q1 2026 vs Q4 2025 (quarter over quarter)
Venture Global's revenue rose $154M (+3%) from $4.4B in Q4 2025 to $4.6B in Q1 2026. The biggest changes: LNG revenue +$157M (+4%); Other revenue −$3.0M (-11%). Operating margin 25.0% against 38.7% (-13.6 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.0% | 38.7% | -13.6 pts |
| Net margin | 10.6% | 24.0% | -13.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| LNG revenue | $4.6B | $4.4B | $157M | +4% |
| Other revenue | $24.0M | $27.0M | −$3.0M | -11% |
| Revenue | $4.6B | $4.4B | $154M | +3% |
| Operating profit | $1.2B | $1.7B | −$567M | -33% |
| Costs & expenses | $3.4B | $2.7B | $721M | +26% |
| Pre-tax earnings | $736M | $1.5B | −$731M | -50% |
| Other expense, net | $415M | $251M | $164M | +65% |
| Cost of revenue | $2.8B | $2.1B | $730M | +36% |
| Research & development | $46.0M | $52.0M | −$6.0M | -12% |
| General & admin | $97.0M | $120M | −$23.0M | -19% |
| Other operating costs | $521M | $501M | $20.0M | +4% |
| Net earnings | $488M | $1.1B | −$579M | -54% |
| Minority interests | $137M | $124M | $13.0M | +10% |
| Income tax | $111M | $276M | −$165M | -60% |
| Depreciation & amortization | $251M | $240M | $11.0M | +5% |
| Share-based compensation | $12.0M | $12.0M | $0 | 0% |
| Working capital & other | $12.0M | $792M | −$780M | -98% |
| Operating cash flow | $763M | $2.1B | −$1.3B | -64% |
| Capital expenditures | $3.2B | $3.6B | −$444M | -12% |
| Negative free cash flow (OCF − capex) | $2.4B | $1.5B | $904M | +60% |
Questions
How much did Venture Global's revenue grow quarter over quarter in Q1 2026?
Venture Global's revenue rose $154M (+3%) from $4.4B in Q4 2025 to $4.6B in Q1 2026.
What drove Venture Global's revenue change in Q1 2026?
LNG revenue +$157M (+4%); Other revenue −$3.0M (-11%).