Venture Global, Inc.VG

Venture Global, Inc. Earnings Per Share Disclosure

10-KFiled Mar 2, 20262 min read
Earnings per Share
Earnings per share is calculated using the two-class method and presented on a combined basis since the Class A common stock and the Class B common stock have identical rights and privileges, except for voting rights. There was no Class B common stock outstanding during the years ended December 31, 2024 and 2023. The number of weighted average shares outstanding prior to the 2023 Merger were calculated based on the one-for-one exchange ratio of 2.0 billion shares of the Company's Class A common stock issued to VG Partners in exchange for 100% of the Legacy VG Partners members' equity interests in connection with the 2023 Merger.
The following table sets forth the computation of net income per share attributable to the Class A and the Class B common stock outstanding (share amounts in millions):

Years ended December 31,
202520242023
Net income$2,733 $1,746 $3,616 
Less: Net income attributable to redeemable stock of subsidiary167 144 130 
Less: Net income attributable to non-controlling interests36 59 805 
Less: Dividends on VGLNG Series A preferred shares270 68 — 
Net income attributable to common stockholders$2,260 $1,475 $2,681 
Weighted average shares of common stock outstanding
Basic2,426 2,350 2,070 
Dilutive stock options outstanding209 235 73 
Diluted2,635 2,585 2,143 
Net income attributable to common stockholders per share—basic(a)
$0.93 $0.63 $1.30 
Net income attributable to common stockholders per share—diluted(a)
$0.86 $0.57 $1.25 
Anti-dilutive stock options excluded from diluted net income per share
14 — — 
____________
(a)    Earnings per share may not recalculate exactly due to rounding.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&ELeasesSegmentsDebtCommitmentsNew Standards