Venture Global 2025 Q3 Earnings Record $550M Net Income, 287.1% Surge from Loss

Venture Global (VG), ranked by market capitalization, reported fiscal 2025 Q3 earnings on Nov 11, 2025, marking a dramatic turnaround. The company’s Q3 2025 earnings missed estimates by $0.06, with EPS at $0.16 versus the expected $0.22. The company trimmed its full-year adjusted EBITDA guidance to $6.35–$6.5B, citing lower liquefaction fees and arbitration reserves. Despite the EPS miss, the stock’s post-earnings price action showed significant volatility.

Revenue

Venture Global’s total revenue surged 259.5% year-over-year to $3.33 billion in Q3 2025. The company’s LNG segment was the primary driver, contributing $3.31 billion, while other revenue added $20 million. This marked a significant increase from the $926 million reported in the same period of 2024.

Earnings/Net Income

Venture Global returned to profitability with EPS of $0.18 in 2025 Q3, reversing from a loss of $0.15 per share in 2024 Q3 (220.0% positive change). Meanwhile, the company achieved a remarkable turnaround with net income of $550 million in 2025 Q3, representing a 287.1% positive swing from the net loss of $-294 million in 2024 Q3. Despite the EPS shortfall, the company's net income turnaround was remarkable, reflecting strong operational performance and strategic cost management.

Post-Earnings Price Action Review

Following the Q3 earnings release, Venture Global's stock experienced a notable decline. On the day of the report, shares tumbled 10.46%, extending a 5.52% drop during the most recent full trading week. The stock's performance over the past month was even more pronounced, with a 20.32% plunge. This price action contrasts with the company's strong financial results, highlighting investor concerns over arbitration challenges and guidance adjustments. The stock's volatility underscores the market's mixed reaction to the earnings report, balancing optimism over record revenues with caution regarding ongoing legal and operational uncertainties.

CEO Commentary

Michael Sabel, Founder, Executive Co-Chairman of the Board & CEO, highlighted Venture Global’s Q3 2025 achievements, including shipping the 500th cargo at Calcasieu Pass and generating $3.3 billion in revenue, $1.3 billion in operating income, and $1.5 billion in consolidated adjusted EBITDA. He emphasized operational excellence at Plaquemines, with 64 commissioning cargos exported, and strategic priorities such as securing 5.25 MTPA of new 20-year SPAs, including agreements with Naturgy and Atlantic-SEE LNG. Sabel noted the company’s low-cost LNG production strategy, modular construction efficiency, and $30 billion in year-to-date financing. He expressed optimism about CP2’s progress, with Phase 1 on schedule for Q4 2026 COD, and reiterated confidence in navigating arbitration challenges, stating, “We remain committed to delivering affordable energy security and robust returns.”

Guidance

Venture Global updated 2025 consolidated adjusted EBITDA guidance to $6.35 billion–$6.5 billion, narrowing from $6.4 billion–$6.8 billion, citing contracted fixed liquefaction fees of $4.50–$5.50/MMBtu for remaining cargos and arbitration reserves. The company anticipates 148 cargos from Calcasieu Pass and 234–238 from Plaquemines by year-end. Sabel noted a $14–15 million quarterly noncash reserve for arbitration impacts through 20-year SPA terms. Full-year 2026 guidance will be provided in Q1 2026.

Additional News

Venture Global announced a 20-year LNG supply agreement with Japan’s Mitsui, adding 1.0 MTPA starting in 2029. The company also secured long-term contracts with Spain’s Naturgy and Greece’s Atlantic-SEE LNG, expanding its European market presence. Additionally, Venture Global faced arbitration challenges as Shell contested a previous ruling in its favor, adding legal uncertainty. These developments highlight the company’s strategic focus on long-term contracts and its efforts to navigate legal disputes to sustain growth.