Filing Flows › Venture Global (VG) › Q3 2025
Venture Global (VG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Venture Global (VG) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +260% from a year earlier and +7% from the quarter before. Operating margin was 39.7%, net earnings $429M (12.9% of revenue).
Venture Global, Q3 2025: revenue $3.3B (+260% year over year), operating margin 39.7%, net earnings $429M, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +7% | +260% |
| Operating profit | $1.3B | +27% | +598% |
| Net earnings | $429M | +17% | — |
| Operating cash flow | $1.9B | +29% | +572% |
What changed
Revenue was $3.3B in Q3 2025, up 260% year over year and up 7% from the previous quarter. LNG was the largest line at 99% of revenue. LNG added $2.4B year over year (up 259%), 99% of the total change.
Operating profit was $1.3B, a 39.7% margin (up 19.2 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 20% margin then. Total costs grew 173% against revenue growth of 260%. The fastest-growing cost line was Cost of revenue (+410%). Net earnings were $0.43B. The effective tax rate was 13.7%.
Operating cash flow was $1.9B (up 572% year over year), 342% of net income including minority interests. Non-cash charges added back $0.22B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $3.3B exceeded it, leaving free cash flow of −$1.4B.
Questions
What was Venture Global's revenue in the third quarter 2025?
Venture Global (VG) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +260% from a year earlier and +7% from the quarter before.
Was Venture Global profitable in the third quarter 2025?
Operating profit was $1.3B (39.7% of revenue) and net earnings $429M.
Source: Venture Global 10-Q on SEC EDGAR.