Venture Global, Inc.

Listed Company

VGCIK 0002007855NYSENon-AcceleratedNatural Gas DistributionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$13.77B

Net Income

$2.73B

Total Assets

$53.45B

Equity

$6.74B

Shares Out

—

Op. Cash Flow

$6.57B

Business

Venture Global, Inc. develops, constructs and operates natural gas liquefaction facilities and associated pipeline infrastructure to produce and sell liquefied natural gas (LNG). It offers LNG sales under long-term and commissioning sale and purchase agreements, provides liquefaction capacity, and pursues bolt-on expansions and project development services using a modular, mid-scale liquefaction design developed with Baker Hughes. Key business areas include project development and construction, LNG marketing and sales, and operations of completed projects such as Calcasieu, CP2, CP3 and Delta. The company distributes LNG to international and domestic customers through contracted sales agreements and spot-market sales, supported by pipeline interconnections and commercial arrangements.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
REVENUE	13,769	4,972	7,897
Cost of sales (exclusive of depreciation and amortization shown separately below)	5,920	1,351	1,684
Operating and maintenance expense	975	589	391
General and administrative expense	433	312	224
Development expense	344	635	490
Depreciation and amortization	941	322	277
Insurance recoveries, net	0	0	−19
Total operating expense	8,613	3,209	3,047
INCOME FROM OPERATIONS	5,156	1,763	4,850
Interest income	151	244	172
Interest expense, net	−1,454	−584	−641
Gain (loss) on interest rate swaps	−220	774	174
Loss on financing transactions	−267	−14	−123
Loss on foreign currency transactions	−3	0	0
Total other income (expense)	−1,793	420	−418
INCOME BEFORE INCOME TAX EXPENSE	3,363	2,183	4,432
Income tax expense	630	437	816
NET INCOME	2,733	1,746	3,616
Less: Net income attributable to redeemable stock of subsidiary	167	144	130
Less: Net income attributable to non-controlling interests	36	59	805
Less: Dividends on VGLNG Series A Preferred Shares	270	68	0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC	2,260	1,475	2,681
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, DILUTED	2,260	1,475	2,681
Net income attributable to common stockholders per sharebasic (in usd per share)	0.93	0.63	1.3
Weighted average number of shares of common stock outstandingbasic (in shares)	2,426	2,350	2,070
Net income attributable to common stockholders per sharediluted (in usd per share)	0.86	0.57	1.25
Weighted average number of shares of common stock outstandingdiluted (in shares)	2,635	2,585	2,143

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	2,355	3,608	—	—
Restricted cash	195	169	—	—
Accounts receivable	918	364	—	—
Inventory, net	253	171	—	—
Derivative assets	65	154	—	—
Prepaid expenses and other current assets	254	93	—	—
Total current assets	4,040	4,559	—	—
Property, plant and equipment, net	46,588	34,675	—	—
Right-of-use assets	737	602	—	—
Noncurrent restricted cash	875	837	—	—
Deferred financing costs	543	384	—	—
Noncurrent derivative assets	216	1,482	—	—
Other noncurrent assets	447	952	—	—
TOTAL ASSETS	53,446	43,491	—	—
Accounts payable	737	1,536	—	—
Accrued and other liabilities	2,795	1,816	—	—
Current portion of long-term debt, net	812	190	—	—
Total current liabilities	4,344	3,542	—	—
Long-term debt, net	33,393	29,086	—	—
Noncurrent operating lease liabilities	696	536	—	—
Deferred tax liabilities, net	2,320	1,637	—	—
Other noncurrent liabilities	697	794	—	—
Total liabilities	41,450	35,595	—	—
Commitments and contingencies (Note 15)	—	—	—	—
Redeemable stock of subsidiary	1,696	1,529	1,385	1,255
Additional paid in capital	2,238	512	—	—
Retained earnings	4,720	2,611	—	—
Accumulated other comprehensive loss	−239	−249	—	—
Total Venture Global, Inc. stockholders' equity	6,743	2,897	—	—
Non-controlling interests	3,557	3,470	—	—
Total equity	10,300	6,367	—	—
TOTAL LIABILITIES AND EQUITY	53,446	43,491	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
(Gain) loss on derivatives, net	342	−777	−174
Cash from settlement of derivatives, net	1,252	214	203
Loss on financing transactions	265	15	122
Deferred taxes	638	446	674
Non-cash interest expense	133	76	85
Stock-based compensation	46	22	28
Accounts receivable	−564	−90	−75
Inventory	−61	−127	−18
Prepaid expenses and other current assets	−10	−2	−96
Accounts payable and accrued liabilities	873	288	−55
Other, net	−22	16	−37
Net cash from operating activities	6,566	2,149	4,550
Capital expenditures	−13,365	−13,717	−8,091
Purchase of equity method investments	−19	−106	−539
Other investing activities	164	−336	−95
Net cash used by investing activities	−13,220	−14,159	−8,725
Issuance of debt and draws on credit facilities	16,329	9,360	16,153
IPO issuance of Class A common stock	1,750	0	0
Issuance of VGLNG Series A Preferred Shares	0	3,000	0
Repayment of debt	−11,071	−905	−5,918
Purchase of non-controlling interests	0	0	−1,564
Financing and issuance costs	−1,004	−142	−591
Payments of dividends and subsidiary distributions	−465	−139	−164
Financed capital expenditures	−76	−381	−108
Other financing activities	2	−41	−173
Net cash from financing activities	5,465	10,752	7,635
Net increase (decrease) in cash, cash equivalents and restricted cash	−1,189	−1,258	3,460

Filings

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