$VG

Venture Global, Inc.

CIK:0002007855|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
REVENUE	$ 4,578	$ 3,101	$ 9,177	$ 5,995
OPERATING EXPENSE
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,660	1,419	4,444	2,478
Operating and maintenance expense	335	217	605	469
General and administrative expense	112	103	209	208
Development expense	23	57	69	239
Depreciation and amortization	260	267	511	483
Total operating expense	2,390	2,063	5,838	3,877
INCOME FROM OPERATIONS	2,188	1,038	3,339	2,118
OTHER INCOME (EXPENSE)
Interest income	26	38	54	94
Interest expense, net	(489)	(310)	(933)	(586)
Gain (loss) on interest rate swaps	124	(112)	139	(304)
Loss on financing transactions	(96)	(63)	(109)	(63)
Loss on foreign currency transactions	0	0	(1)	0
Total other expense	(435)	(447)	(850)	(859)
INCOME BEFORE INCOME TAX EXPENSE	1,753	591	2,489	1,259
Income tax expense	336	116	447	267
NET INCOME	1,417	475	2,042	992
Less: Net income attributable to redeemable stock of subsidiary	5	39	47	77
Less: Net income (loss) attributable to non-controlling interests	(2)	1	25	16
Less: Dividends on VGLNG Series A Preferred Shares	67	67	135	135
Net income attributable to common stockholders, basic	1,347	368	1,835	764
Net income attributable to common stockholders, diluted	$ 1,347	$ 368	$ 1,835	$ 764
BASIC EARNINGS PER SHARE
Net income attributable to common stockholders per share—basic (in usd per share)	$ 0.54	$ 0.15	$ 0.74	$ 0.32
Weighted average number of shares of common stock outstanding—basic (in shares)	2,489	2,423	2,476	2,411
DILUTED EARNINGS PER SHARE
Net income attributable to common stockholders per share—diluted (in usd per share)	$ 0.51	$ 0.14	$ 0.70	$ 0.29
Weighted average number of shares of common stock outstanding—diluted (in shares)	2,643	2,635	2,639	2,639

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 2,042	$ 992
Adjustments to reconcile net income to net cash from operating activities:
(Gain) loss on derivatives, net	(153)	419
Cash from settlement of derivatives, net	29	367
Loss on financing transactions	109	63
Deferred taxes	393	264
Non-cash interest expense	63	81
Depreciation and amortization	511	483
Stock-based compensation	27	23
Changes in operating assets and liabilities:
Accounts receivable	74	(320)
Inventory	(29)	(15)
Prepaid expenses and other current assets	(39)	(32)
Accounts payable and accrued liabilities	(188)	280
Other, net	(4)	(33)
Net cash from operating activities	2,835	2,572
INVESTING ACTIVITIES
Capital expenditures	(6,900)	(6,446)
Other investing activities, net	225	42
Net cash used by investing activities	(6,675)	(6,404)
FINANCING ACTIVITIES
Issuance of debt and draws on credit facilities	11,630	3,768
IPO issuance of Class A common stock	0	1,750
Repayment of debt	(4,083)	(2,815)
Redemption of CP Funding Redeemable Preferred Units	(1,743)	0
Financing and issuance costs	(506)	(232)
Payments of subsidiary dividends and distributions	(210)	(247)
Payments of dividends on common stock	(89)	0
Other financing activities, net	6	(84)
Net cash from financing activities	5,005	2,140
Net increase (decrease) in cash, cash equivalents and restricted cash	1,165	(1,692)
Cash, cash equivalents and restricted cash at beginning of period	3,425	4,614
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 4,590	$ 2,922

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,120	$ 2,355
Restricted cash	68	195
Accounts receivable	844	918
Inventory, net	290	253
Derivative assets	97	65
Prepaid expenses and other current assets	110	254
Total current assets	4,529	4,040
Property, plant and equipment, net	53,216	46,588
Right-of-use assets	707	737
Noncurrent restricted cash	1,402	875
Deferred financing costs	877	543
Noncurrent derivative assets	278	216
Other noncurrent assets	506	447
TOTAL ASSETS	61,515	53,446
Current liabilities
Accounts payable	828	737
Accrued and other liabilities	2,706	2,795
Current portion of long-term debt, net	287	812
Total current liabilities	3,821	4,344
Long-term debt, net	41,527	33,393
Noncurrent operating lease liabilities	690	696
Deferred tax liabilities, net	2,715	2,320
Other noncurrent liabilities	683	697
Total liabilities	49,436	41,450
Commitments and contingencies (Note 12)
Redeemable stock of subsidiary	0	1,696
Venture Global, Inc. stockholders' equity
Additional paid in capital	2,313	2,238
Retained earnings	6,466	4,720
Accumulated other comprehensive loss	(232)	(239)
Total Venture Global, Inc. stockholders' equity	8,572	6,743
Non-controlling interests	3,507	3,557
Total equity	12,079	10,300
TOTAL LIABILITIES AND EQUITY	61,515	53,446
Class A common stock, par value $0.01 per share (529 million and 488 million shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
Venture Global, Inc. stockholders' equity
Common stock	5	4
Class B common stock, par value $0.01 per share (1,969 million shares issued and outstanding as of June 30, 2026 and December 31, 2025)
Venture Global, Inc. stockholders' equity
Common stock	$ 20	$ 20