Persistent capital intensity is evidenced by a CapEx/Revenue ratio that reached 119.8% in 2025Q1, contributing to ongoing free cash flow deficits that hit $2.4 billion in 2026Q1.
| Cash from Operations | 6.21B | 6.57B | 2.15B | 4.55B | 3.7B |
| Operating CF Margin % | - | 47.69% | 43.22% | 57.62% | 57.41% |
| Operating CF Growth % | 754.66% | 205.54% | -52.77% | 22.91% | - |
| Net Income | 2.66B | 2.73B | 1.75B | 3.62B | 3.1B |
| Depreciation & Amortization | 976M | 941M | 322M | 277M | 158M |
| Stock-Based Compensation | 12M | 46M | 22M | 28M | 26M |
| Deferred Taxes | 298M | 638M | 446M | 674M | 446M |
| Other Non-Cash Items | 2.16B | 1.99B | -472M | 236M | -355M |
| Working Capital Changes | 91M | 216M | 85M | -281M | 330M |
| Change in Receivables | -177M | -564M | -90M | -75M | -190M |
| Change in Inventory | -26M | -61M | -127M | -18M | -26M |
| Change in Payables | 284M | 873M | 0 | 0 | 0 |
| Cash from Investing | -12.75B | -13.22B | -14.16B | -8.72B | -2.9B |
| Capital Expenditures | -9.46B | -13.37B | -13.72B | -8.09B | -4.62B |
| CapEx % of Revenue | 61.1% | 97.07% | 275.88% | 102.46% | 71.62% |
| Acquisitions | 0 | 0 | -106M | -539M | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -3.29B | 164M | -336M | -79M | 1.7B |
| Cash from Financing | 5.55B | 5.46B | 10.75B | 7.63B | 235M |
| Debt Issued (Net) | 6.01B | 4.25B | 8.46B | 10.23B | 2.63B |
| Equity Issued (Net) | 0 | 1.75B | 3B | 0 | 0 |
| Dividends Paid | -455M | -465M | -139M | -164M | -6M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2M | -74M | -564M | -2.44B | -2.38B |
| Net Change in Cash | -1.73B | -1.19B | -1.26B | 3.46B | 1.04B |
| Free Cash Flow | -6.87B | -6.8B | -11.57B | -3.54B | -916M |
| FCF Margin % | -44.36% | -49.38% | -232.66% | -44.84% | -14.21% |
| FCF Growth % | 38.85% | 41.23% | -226.69% | -286.57% | - |
| FCF per Share | -2.61 | -2.58 | -4.78 | -1.37 | -0.36 |
| FCF Conversion (FCF/Net Income) | -2.58x | 2.43x | 1.39x | 1.70x | 1.99x |
| Interest Paid | 0 | 0 | 338M | 368M | 220M |
| Taxes Paid | 0 | 0 | 10M | 127M | 0 |
Capital intensity and litigation
As reported in financial statements, Venture Global's OCF/NI ratio has fluctuated wildly, reaching a high of 3.80 in 2025Q3 before settling at 1.28 in 2026Q1, which suggests that reported net income is a poor proxy for the company's actual cash-generating capacity during this development phase.
The significant divergence between net income and operating cash flow indicates that non-cash items and aggressive accounting for commissioning cargoes are heavily influencing the bottom line. Investors should monitor this gap, as it suggests that the company's earnings quality is currently secondary to the timing of cash receipts from spot-market cargo sales.
Based on recent SEC filings, Venture Global has consistently reported negative free cash flow, with quarterly deficits reaching as deep as $3.5 billion in 2024Q3, underscoring the massive capital requirements necessary to sustain its modular liquefaction construction strategy despite periods of positive operating cash flow.
The persistent negative FCF trajectory highlights the company's reliance on external financing to bridge the gap between operational cash generation and the heavy capital expenditure required for infrastructure expansion. This trend suggests that the company remains in a high-risk growth phase where cash burn is an inherent feature of the business model.
According to the provided data, Venture Global's CapEx/Revenue ratio has remained exceptionally high, peaking at 119.8% in 2025Q1, which reflects the company's aggressive investment in modular liquefaction trains that are essential for its long-term competitive positioning in the global LNG market.
The extreme capital intensity suggests that the company is prioritizing rapid capacity expansion over immediate cash flow self-sufficiency. This level of spending warrants further investigation into whether these assets will achieve the expected returns once the transition from commissioning to long-term contract operations is fully realized.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent, swinging from a $226 million inflow in 2025Q4 to a $222 million outflow in 2026Q1, which suggests that the company's cash position is highly sensitive to the timing of cargo deliveries and payments.
These fluctuations in working capital appear to be driven by the operational complexities of managing multiple liquefaction trains and the associated inventory of feed gas and LNG. Investors should monitor these shifts as they may indicate underlying challenges in managing supply chain efficiency and counterparty payment cycles.
Quick answers to the most common questions about buying VG stock.
Venture Global, Inc. (VG) generated $6.57B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Venture Global, Inc. (VG) reported negative free cash flow of $6.80B in 2025, indicating capital requirements exceeded cash from operations.
Venture Global, Inc. (VG) spent $13.37B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Venture Global, Inc. (VG) returned $465.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.