Revenue growth has been explosive, reaching $4.6B in 2026Q2 with a 176.93% year-over-year increase, while gross margins have expanded to 57.3% due to the favorable arbitrage on commissioning cargoes.
Venture Global, Inc. (VG) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 16.95B | 13.77B | 4.97B | 7.9B | 6.45B |
| Revenue Growth % | 100.72% | 176.93% | -37.04% | 22.47% | - |
| Cost of Goods Sold | 8.84B | 6.98B | 1.67B | 1.68B | 2.25B |
| COGS % of Revenue | - | 50.7% | 33.65% | 21.32% | 34.91% |
| Gross Profit | 8.11B | 6.79B | 3.3B | 6.21B | 4.2B |
| Gross Margin % | 47.83% | 49.3% | 66.35% | 78.68% | 65.09% |
| Gross Profit Growth % | - | 105.76% | -46.9% | 48.03% | - |
| Operating Expenses | 1.72B | 1.75B | 1.54B | 1.36B | 642M |
| OpEx % of Revenue | - | 12.74% | 30.89% | 17.26% | 9.96% |
| Selling, General & Admin | 434M | 433M | 312M | 224M | 191M |
| SG&A % of Revenue | - | 3.14% | 6.28% | 2.84% | 2.96% |
| Research & Development | 154M | 0 | 635M | 490M | 311M |
| R&D % of Revenue | - | - | 12.77% | 6.2% | 4.82% |
| Other Operating Expenses | 4M | 1.32B | 589M | 649M | 140M |
| Operating Income | 6.39B | 5.03B | 1.76B | 4.85B | 3.56B |
| Operating Margin % | 37.7% | 36.56% | 35.46% | 61.42% | 55.13% |
| Operating Income Growth % | - | 185.54% | -63.65% | 36.43% | - |
| EBITDA | 7.36B | 5.97B | 2.08B | 5.13B | 3.71B |
| EBITDA Margin % | 43.42% | 43.39% | 41.93% | 64.92% | 57.58% |
| EBITDA Growth % | 106.39% | 186.57% | -59.33% | 38.08% | - |
| D&A (Non-Cash Add-back) | 969M | 941M | 322M | 277M | 158M |
| EBIT | 6.31B | 4.82B | 2.77B | 5.07B | 4.14B |
| Net Interest Income | -1.69B | -1.3B | -340M | -469M | -574M |
| Interest Income | 111M | 151M | 244M | 172M | 18M |
| Interest Expense | 1.8B | 1.45B | 584M | 641M | 592M |
| Other Income/Expense | -1.8B | -1.67B | 420M | -418M | -11M |
| Pretax Income | 4.59B | 3.36B | 2.18B | 4.43B | 3.54B |
| Pretax Margin % | 27.1% | 24.42% | 43.91% | 56.12% | 54.96% |
| Income Tax | 810M | 630M | 437M | 816M | 447M |
| Effective Tax Rate % | 17.64% | 18.73% | 20.02% | 18.41% | 12.61% |
| Net Income | 3.65B | 2.7B | 1.54B | 2.68B | 1.86B |
| Net Margin % | 21.52% | 19.59% | 31.03% | 33.95% | 28.82% |
| Net Income Growth % | 144.67% | 74.79% | -42.45% | 44.29% | - |
| Net Income (Continuing) | 3.78B | 2.73B | 1.75B | 3.62B | 3.1B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.51B | 3.56B | 3.47B | 575M | 695M |
| EPS (Diluted) | 1.38 | 0.86 | 0.61 | 1.04 | 0.94 |
| EPS Growth % | 149.02% | 40.98% | -41.35% | 10.64% | - |
| EPS (Basic) | - | 0.93 | 0.61 | 1.14 | 0.94 |
| Diluted Shares Outstanding | 2.64B | 2.63B | 2.42B | 2.58B | 2.58B |
| Basic Shares Outstanding | 2.49B | 2.43B | 2.42B | 2.07B | 2.35B |
| Dividend Payout Ratio | - | 17.24% | 9.01% | 6.12% | 0.32% |
Quick answers to the most common questions about buying VG stock.
For fiscal year 2025, Venture Global, Inc. (VG) reported total revenue of $13.77B. This represents a 113.5% increase compared to $6.45B in 2022.
Venture Global, Inc. (VG) is profitable, generating $2.70B in net income for the fiscal year ending 2025 with a net profit margin of 19.6%.
Venture Global, Inc. (VG) reported an operating income of $5.03B, resulting in an operating profit margin of 36.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Venture Global, Inc. (VG) generated $6.79B in gross profit for the year, representing a gross profit margin of 49.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commissioning revenue cliff risk
Metrics are mathematically derived from official filings.
Explosive Growth Driven by Commissioning Cargoes
Venture Global's revenue growth has been extraordinary, with a 176.93% surge in the most recent period, driven by the sale of high-margin commissioning cargoes from its Calcasieu Pass facility before long-term contracts commence.
The revenue trajectory shows a dramatic acceleration from a -6.6% decline in 2024Q4 to triple-digit growth in subsequent quarters, indicating the company is in a peak monetization phase of its pre-commercial inventory. This growth is not organic in the traditional sense but is a function of timing, as the company sells spot cargoes at favorable global prices while its long-term contract base remains largely unutilized. The durability of this growth rate is highly questionable, as it represents a one-time inventory liquidation rather than a sustainable volume or pricing trend.
Inflated Margins from Spot Arbitrage
Gross margins have expanded to 57.3% in 2026Q2, significantly above the 29.0% peer average for Cheniere, suggesting the current profitability is heavily reliant on the temporary spread between low-cost US feed gas and high international LNG spot prices.
The margin profile is structurally different from mature LNG peers due to the commissioning cargo strategy. While Cheniere's margins reflect a blended mix of long-term contracts and spot sales, Venture Global's current margins appear to be almost entirely driven by the latter. This creates a significant risk of margin compression as the company transitions to its contracted volumes, which typically carry lower, fixed-fee economics. The 49.30% gross margin cited in the company intelligence appears to be a blended figure that may already be moderating from the peak 70.6% seen in 2024Q3.
Operating Leverage Masked by Project Finance
Operating income scaled to $2.2B on $4.6B revenue in 2026Q2, demonstrating powerful operating leverage, but the reported 3.39% Debt/Equity ratio likely understates the true financial leverage of the enterprise due to off-balance-sheet project financing.
The income statement shows exceptional operating leverage, with operating income growing faster than revenue as fixed costs are spread over a larger revenue base. However, the balance sheet signal is complicated by the company's capital structure. The low reported debt-to-equity ratio is inconsistent with the capital-intensive nature of LNG infrastructure and suggests significant project-level debt is housed in non-recourse entities. This structure may provide operational flexibility but also obscures the true financial risk profile from a consolidated perspective.
The Commissioning Cliff and Contractual Disputes
The strongest bear case centers on the impending cliff in revenue and margins as commissioning cargoes are exhausted, compounded by unresolved arbitration with major customers like Shell and BP that could disrupt the transition to long-term contracted volumes.
Short-sellers would focus on the non-recurring nature of the current earnings power. The 176.93% revenue growth is a mirage that will reverse once the pre-commercial inventory is sold. Furthermore, the legal disputes over contract commencement dates for Calcasieu Pass cargoes introduce a material risk: if the company is forced to honor lower contract prices for cargoes already sold at spot rates, it could face significant financial adjustments. The market may be pricing in a smooth transition to stable, contracted cash flows that is not guaranteed given the ongoing litigation.
The 2025Q4 Operational Breakout
The inflection point occurred in 2025Q4, when revenue jumped 191.7% year-over-year and operating income reached $1.7B, marking the full-scale commercialization of the Calcasieu Pass facility and the beginning of the commissioning cargo monetization phase.
This quarter represents the operational payoff of the modular construction strategy, as the facility moved from a capital-spending phase to a cash-generating phase. The lasting impact is the establishment of a new, higher baseline for revenue and cash flow, but it also sets the stage for the eventual transition to lower-margin contracted volumes. The inflection was driven by volume (more cargoes shipped) rather than price, as the company capitalized on its ability to produce LNG ahead of schedule.
Fixed Cost Absorption Drives Profitability
Cost of Goods Sold as a percentage of revenue has fallen from 60.2% in 2025Q1 to 42.7% in 2026Q2, indicating that the high fixed costs of the liquefaction terminal are being absorbed over a rapidly expanding revenue base.
The primary cost driver is feed gas procurement, which is variable, but the business model has high fixed costs in depreciation and maintenance of the liquefaction trains. The dramatic improvement in the COGS ratio suggests the company is operating well above its break-even utilization rate. However, this efficiency is partly a function of the high-margin spot sales; when revenue normalizes to contracted levels, the fixed cost burden will represent a much larger percentage of the top line, potentially pressuring operating margins.