Venture Global Profit Nearly Triples as LNG Shipments and Margins Surge
The liquefied natural gas exporter posted $1.3 billion in second-quarter net income, a 266% jump from a year earlier, and raised its full-year EBITDA guidance to as much as $9.1 billion.
Venture Global Inc. (VG) reported second-quarter net income of $1.3 billion, a 266% increase from $368 million a year earlier, as rising LNG volumes and sharply higher margins transformed the liquefied natural gas exporter's financial trajectory.
The quarter marked a decisive inflection. In the first three months of 2026, net income had grown just 23% year-over-year; by the second quarter, the same metric accelerated to triple-digit territory, with consolidated adjusted EBITDA climbing 79% to $2.5 billion and income from operations more than doubling to $2.2 billion. Sequentially, EBITDA nearly doubled from the first quarter's $1.4 billion, and net income was 2.8 times the prior quarter's $488 million.
Revenue reached $4.6 billion, up 48% from $3.1 billion in the second quarter of 2025. The company sold 466.4 trillion British thermal units of LNG across 127 cargoes, a 42% increase from 329.2 TBtu and 89 cargoes a year ago, though volumes dipped slightly from the first quarter's record 481 TBtu. Operating margin expanded to roughly 48%, from 33% a year earlier and about 25% in the first quarter, reflecting both higher realized prices and a more favorable cargo mix.
The margin story carries a caveat. For the first half of 2026, revenue rose 53% to $9.2 billion while EBITDA grew 41% to $3.9 billion, a gap the company attributed to the Calcasieu Pass facility transitioning to post-commercial-operation-date sales-purchase agreements that carry lower implied liquefaction fees. Even so, Calcasieu Pass delivered 37 cargoes during the quarter despite major scheduled maintenance on gas turbines, a performance Venture Global credited to the redundancy built into its modular design. The milestone came as the company shipped its 1,000th cargo across all projects, four years after its first delivery in 2022.
Contracting momentum underpinned the improved outlook. Venture Global executed more than two million tonnes per annum of new or expanded offtake agreements in the quarter, including an increase of its Atlantic-SEE contract to one million tonnes from half a million, a new five-year deal with EnBW for 820,000 tonnes, an 850,000-tonne agreement with TotalEnergies, and an expansion of its Vitol arrangement to 1.7 million tonnes. As of the end of June, 91% of available 2026 cargoes were contracted at a weighted average liquefaction fee of $5.05 a million British thermal units, up from 84% at $4.51 at the end of the first quarter. The assumed price for remaining unsold 2026 cargoes was raised to $12.50–$13.50 a MMBtu, from $9.50–$10.50 previously, reflecting stronger forward curves.
The company raised full-year 2026 consolidated adjusted EBITDA guidance to $8.7 billion–$9.1 billion, up from $8.2 billion–$8.5 billion set three months ago and well above the original $5.2 billion–$5.8 billion range. The expected cargo count was tightened to 500–518, with 149–154 cargoes from Calcasieu Pass and 351–364 from Plaquemines. Plaquemines Phase 1 remains on track for commercial operation in the fourth quarter of 2026, with Phase 2 targeted for mid-2027; CP2 is scheduled for first LNG in the second half of 2027, with 16 liquefaction modules already on site.
Total assets grew to $61.5 billion as of June 30, up $15 billion from a year earlier, while long-term debt rose to $41.5 billion from $33.4 billion at year-end 2025, reflecting a series of borrowings including $2.25 billion in VGLNG senior secured notes and a $1.75 billion Calcasieu Pass term loan. The refinancings are expected to generate more than $100 million in annual cost savings. Venture Global also increased its quarterly dividend 122% to four cents a share for the third quarter.