Results
Summary Financial Highlights
(in billions)Three months ended June 30, 2026Six months ended June 30, 2026
Revenue$4.6$9.2
Income from operations$2.2$3.3
Net income 1$1.3$1.8
Consolidated Adjusted EBITDA 2$2.5$3.9
Generated strong second quarter 2026 financial results:
3Revenue of $4.6 billion, an increase of 48% from Q2 2025
4Income from operations of $2.2 billion, an increase of 111% from Q2 2025
5Net income 1 of $1.3 billion, an increase of 266% from Q2 2025
6Consolidated Adjusted EBITDA 2 of $2.5 billion, an increase of 79% from Q2 2025
Exported 127 cargos and sold 466.4 TBtu of liquefied natural gas ("LNG"), an increase of 38 cargos and 137.2 TBtu sold, or 42%, fr om Q2 2025 .
Expanded total assets as of June 30, 2026 to $61.5 billion , an increase of $15.0 billion from $46.5 billion as of June 30, 2025 .
Exported our 1,000th cargo across our exporting projects, just four years after Venture Global's first exported cargo in 2022.
Outlook
1Increased Consolidated Adjusted EBITDA guidance to $8.7 - $9.1 billion 3 , up from $8.2 - $8.5 billion, which assumes a weighted average liquefaction fee of $12.50/MMBtu - $13.50/MMBtu for our remaining unsold cargos, in line with current forward curves.Guidance raised
Results
Increased contracted 2026 cargos t o 91% of available cargos at a weighted average liquefaction fee of $5.05/M MBtu.
Outlook
2Tightened and raised the midpoint of the expected cargo ran ge to 500 - 518 fr om 494 - 523 for 2026.Guidance raised
Results
Executed over 2 MTPA of new or increased LNG offtake agreements, including:
Corporate events
Increased the existing 20-year sales and purchase agreement ("SPA") with Atlantic-SEE to 1.0 MTPA, up from 0.5 MTPA.
Entered a new five-year SPA with EnBW to sell approximately 0.82 MTPA starting in 2026.
As previously announced during Q2 2026, signed two additional five-year SPAs: one with TotalEnergies for 0.85 MTPA and increased our existing SPA with Vitol to 1.7 MTPA, up from 1.5 MTPA.
Capital return
Declared a dividend of $0.04 per share for the third quarter, an increase of 122%.
Corporate events
Venture Global LNG, Inc. ("VGLNG") issued $2.25 billion of senior secured notes; proceeds were used to repay in full the VGLNG $2.25 billion senior secured notes due 2028.
Calcasieu Pass Funding, LLC closed a $1.75 billion senior secured term loan B credit facility; proceeds were used to redeem in full its redeemable preferred equity interests.
Venture Global Shipping Holdings, LLC closed a $1.5 billion senior secured term loan credit facility; proceeds are expected to be used for general corporate purposes.
Venture Global Calcasieu Pass, LLC issued $750 million senior secured notes; proceeds were used to repay in full the Calcasieu Pass construction term loan
Results
Calcasieu Pass: We completed major scheduled maintenance on the gas turbines at our Calcasieu Pass facility.
Despite major maintenance typically requiring LNG facilities to curtail large portions of production, Calcasieu Pass produced 37 cargos in Q2, surpassing our SPA obligations.
Calcasieu Pass' performance this quarter highlights a strategic advantage of our modular approach which enables redundancy of critical components, and generates a more stable and elevated production profile.
Outlook
Plaquemines: We are in the final stages of construction, commissioning, and assurance testing required in advance of COD of our Plaquemines Project Phase 1, and the team is working tirelessly to safely complete the remaining Phase 1 scopes.
As recently communicated with our Phase 1 customers, we are pleased to reaffirm that we are targeting Plaquemines Project Phase 1 COD in Q4 2026 and Plaquemines Project Phase 2 COD in mid-2027.Guidance reaffirmed
We continue to progress early development of the Plaquemines Expansion Phase 1, following our permit applications filed with FERC and the DOE late last year.
Subject to regulatory approvals, we are targeting FID in the first half of 2027 and first LNG in 2029.
CP2: Construction at our CP2 Project continues to advance well, and we remain on schedule to produce first LNG in the second half of 2027.
While only a year from FID, we have made extraordinary progress, with 16 liquefaction modules already on site, roofs raised on all four LNG tanks, and five of the gas and steam turbines on foundations, highlighting our speed to execution and operational excellence.
During the quarter, we filed for CP2 brownfield expansion permits with FERC and non-FTA export authorization at DOE.
Subject to regulatory approval, we are targeting FID on the CP2 Expansion in early 2027 with first production in late 2028.
Management commentary
"Venture Global has proven our ability to successfully build and operate complex machines that generate exceptional results.
The second quarter of 2026 is a perfect demonstration of that execution in operations, construction, and financing, with significant year-over-year financial gains, production this quarter at the high end of our forecasted range, construction at CP2 on schedule driven by our in-house EPC efforts, and refinancings that translate into more than $100 million of annual cost savings,” said Venture Global CEO Mike Sabel.
"Moving into the second half of the year, with safety remaining our top priority, we are focused on moving Plaquemines Phase I into commercial operations, continuing construction momentum at CP2, and progressing commercial and financial activities in support of FID at the brownfield expansions at both CP2 and Plaquemines."
Results
Summary and Review of Financial Results
7Net income 1 and Consolidated Adjusted EBITDA 2 increased approximately $1.0 billion and $1.1 billion, respectively, for the three months ended June 30, 2026 as compared to the same period in 2025.
These increases were primarily driven by higher LNG sales volumes, predominantly from Plaquemines as a result of commissioning progress, and higher LNG sales prices net of feed gas costs due to higher implied liquefaction fees for LNG sold under commissioning sales agreements.
8Net income 1 and Consolidated Adjusted EBITDA 2 each increased approximately $1.1 billion for the six months ended June 30, 2026 as compared to the same period in 2025.
These increases were primarily driven by higher LNG sales volumes, predominantly from Plaquemines as a result of commissioning progress, partially offset by lower LNG sales prices net of the cost of feed gas primarily due to lower implied liquefaction fees as Calcasieu Pass transitioned from selling LNG under commissioning sales agreements to under post-COD SPAs in April 2025.
Outlook
2026 Outlook
Our updated guidance for 2026 is as follows:
Consolidated Adjusted EBITDA 1 guidance for the full year 2026 is $8.7 billion - $9.1 billion.
As noted in previous quarters, changes in natural gas prices, both domestic and international, could impact Consolidated Adjusted EBITDA guidance.
We assume a fixed liquefaction fee range of $12.50/MMBtu - $13.50/MMBtu for our remaining unsold cargos in 2026 in support of our guidance, reflecting market forward prices and recently executed cargo sales.
+/- $1.00/MMBtu change in fixed liquefaction fees will impact our full year 2026 Consolidated Adjusted EBITDA by $180 million - $210 million.
We expect to export 149 - 154 cargos from Calcasieu Pass and 351 - 364 cargos from Plaquemines in 2026.
We continue to anticipate Plaquemines Project Phase 1 COD in Q4 2026 following the conclusion of commissioning and assurance testing and any required remediation or rectification work.Guidance reaffirmed
Capital return
Declaration of Dividend
Venture Global, Inc. has announced that its board of directors declared a cash dividend of $0.04 per share on its Class A common stock and Class B common stock.
The dividend is payable on September 30, 2026, to shareholders of record as of the close of business on September 15, 2026.
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