Revenue growth remains highly erratic, peaking at 191.7% in 2025Q4 before decelerating to 58.9% in 2026Q1, while gross margins have faced structural compression from 70.6% to 35.0% over the same period.
| Sales/Revenue | 15.47B | 13.77B | 4.97B | 7.9B | 6.45B |
| Revenue Growth % | 128.97% | 176.93% | -37.04% | 22.47% | - |
| Cost of Goods Sold | 8.58B | 6.98B | 1.67B | 1.68B | 2.25B |
| COGS % of Revenue | - | 50.7% | 33.65% | 21.32% | 34.91% |
| Gross Profit | 6.9B | 6.79B | 3.3B | 6.21B | 4.2B |
| Gross Margin % | 44.58% | 49.3% | 66.35% | 78.68% | 65.09% |
| Gross Profit Growth % | - | 105.76% | -46.9% | 48.03% | - |
| Operating Expenses | 1.63B | 1.75B | 1.54B | 1.36B | 642M |
| OpEx % of Revenue | - | 12.74% | 30.89% | 17.26% | 9.96% |
| Selling, General & Admin | 425M | 433M | 312M | 224M | 191M |
| SG&A % of Revenue | - | 3.14% | 6.28% | 2.84% | 2.96% |
| Research & Development | 211M | 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 | 5.27B | 5.03B | 1.76B | 4.85B | 3.56B |
| Operating Margin % | 34.05% | 36.56% | 35.46% | 61.42% | 55.13% |
| Operating Income Growth % | - | 185.54% | -63.65% | 36.43% | - |
| EBITDA | 6.25B | 5.97B | 2.08B | 5.13B | 3.71B |
| EBITDA Margin % | 40.36% | 43.39% | 41.93% | 64.92% | 57.58% |
| EBITDA Growth % | 111.84% | 186.57% | -59.33% | 38.08% | - |
| D&A (Non-Cash Add-back) | 976M | 941M | 322M | 277M | 158M |
| EBIT | 5.07B | 5.03B | 2.77B | 5.07B | 4.14B |
| Net Interest Income | -1.5B | -1.3B | -340M | -469M | -574M |
| Interest Income | 123M | 151M | 244M | 172M | 18M |
| Interest Expense | 1.62B | 1.45B | 584M | 641M | 592M |
| Other Income/Expense | -1.84B | -1.67B | 420M | -418M | -11M |
| Pretax Income | 3.43B | 3.36B | 2.18B | 4.43B | 3.54B |
| Pretax Margin % | 22.17% | 24.42% | 43.91% | 56.12% | 54.96% |
| Income Tax | 590M | 630M | 437M | 816M | 447M |
| Effective Tax Rate % | 17.2% | 18.73% | 20.02% | 18.41% | 12.61% |
| Net Income | 2.66B | 2.7B | 1.54B | 2.68B | 1.86B |
| Net Margin % | 17.22% | 19.59% | 31.03% | 33.95% | 28.82% |
| Net Income Growth % | 56.34% | 74.79% | -42.45% | 44.29% | - |
| Net Income (Continuing) | 2.84B | 2.73B | 1.75B | 3.62B | 3.1B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.48B | 3.56B | 3.47B | 575M | 695M |
| EPS (Diluted) | 1.01 | 0.86 | 0.61 | 1.04 | 0.94 |
| EPS Growth % | 45.16% | 40.98% | -41.35% | 10.64% | - |
| EPS (Basic) | - | 0.93 | 0.61 | 1.14 | 0.94 |
| Diluted Shares Outstanding | 2.63B | 2.63B | 2.42B | 2.58B | 2.58B |
| Basic Shares Outstanding | 2.46B | 2.43B | 2.42B | 2.07B | 2.35B |
| Dividend Payout Ratio | - | 17.24% | 9.01% | 6.12% | 0.32% |
Regulatory and contract litigation
According to recent financial disclosures, Venture Global's revenue growth has exhibited extreme volatility, peaking at 191.7% in 2025Q4 before decelerating to 58.9% in 2026Q1, reflecting the company's reliance on opportunistic spot-market cargo sales during the pre-commercial phase of its liquefaction infrastructure development.
The erratic top-line performance suggests that revenue is currently driven by the timing of commissioning cargoes rather than a predictable, contract-based model. Investors should monitor whether this growth trajectory stabilizes as the company transitions toward long-term Sale and Purchase Agreements, which typically offer lower but more consistent margins.
Based on reported income statements, gross margins have contracted significantly from a high of 70.6% in 2024Q3 to 35.0% by 2026Q1, indicating that the initial arbitrage-heavy environment is normalizing as the company scales its operational footprint and faces increased feed gas procurement costs.
The sharp decline in gross profitability suggests that the early-stage advantage of selling uncontracted spot cargoes is fading. This trend warrants further investigation into whether the current margin profile represents a sustainable steady-state or if further compression is likely as the company shifts to fixed-fee contract structures.
As reported in recent filings, operating margins have fluctuated between 20.4% and 45.2% over the last ten quarters, suggesting that while the company is scaling, its ability to leverage fixed costs remains highly sensitive to the underlying volatility of global natural gas price spreads.
The lack of consistent operating leverage implies that SG&A and other overheads are not yet scaling in a linear fashion with revenue growth. This inconsistency may indicate that the company is still in a heavy investment phase, where operational expenses are periodically spiked by project-specific requirements.
Based on an analysis of the income statement, the company's net income appears highly susceptible to non-operating items and the timing of commissioning revenue, with net margins swinging from a negative 37.4% in 2024Q3 to a positive 61.5% in 2024Q4, highlighting significant earnings quality risks.
Short-term earnings volatility suggests that the reported net income may not be a reliable indicator of long-term cash-generating capability. Investors should be wary of the potential for a 'margin cliff' when the company moves away from spot-market sales and into the lower-margin, long-term contract environment.
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.