Venture Global reported a strong fourth quarter and full year 2025, driven by significant increases in revenue and income from operations, largely due to the commissioning progress at the Plaquemines Project and increased LNG sales volumes. The company also announced new long-term LNG sales agreements and made progress on construction projects, positioning it for continued growth in 2026.
Full Year 2025 revenue increased 177% to $13.8 billion, income from operations increased 192% to $5.2 billion, and Consolidated Adjusted EBITDA increased 198% to $6.3 billion.
positiveFourth Quarter 2025 revenue increased 192% to $4.4 billion, income from operations increased 189% to $1.7 billion, and Consolidated Adjusted EBITDA increased 191% to $2.0 billion.
positiveExported a record 380 cargos and sold 1,409 TBtu of LNG in FY2025, an increase of 181% from FY2024.
positiveAnnounced new long-term LNG Sales and Purchase Agreements with Hanwha Aerospace (1.5 MTPA for 20 years) and Trafigura (0.5 MTPA for five years).
positiveNet income for the three months ended December 31, 2025, increased 23% to $1.1 billion, but this was partially offset by lower LNG sales prices net of feed gas costs of $1.0 billion and non-cash unfavorable changes in interest rate swaps of $476 million.
attentionNet income for the year ended December 31, 2025, increased 53% to $2.3 billion, but this was partially offset by lower LNG sales prices net of feed gas costs of $1.9 billion and non-cash unfavorable changes in interest rate swaps of $994 million.
attentionConsolidated Adjusted EBITDA guidance for full year 2026 is $5.20 billion - $5.80 billion, reflecting impacts from Winter Storm Fern and margin compression in the first quarter.
attentionThe spread between domestic and international gas and LNG prices was compressed in January and February 2026, impacting EBITDA guidance.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Plaquemines Project | N/A | — | — | — |
Calcasieu Project | N/A | — | — | — |
CP2 Project | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
The team has exceeded every one of those targets in just one year — we shipped 380 cargos, signed eight new 20-year SPA agreements enabling CP2 Phase I FID, and have demonstrated the capability to generate approximately 40% over nameplate at Plaquemines.
We are anticipating an even more productive year in 2026, with exported cargos growing to over 500, securing more mid-term and long-term SPAs as recently announced supporting the FID of CP2 Phase II, and continued optimization of our facilities enabling us to continue to deliver LNG to our diverse portfolio of customers.
We continue to progress on construction, commissioning, and assurance testing required in advance of the commercial operation date (“COD”) of our Plaquemines Project.
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