Venture Global (NYSE:VG) outlined a rapid expansion plan and provided 2026 guidance during its fourth-quarter 2025 earnings call, highlighting progress across its operating and development projects as well as a sharp year-over-year jump in financial results driven by higher LNG volumes.
2025 milestones and production ramp
CEO Michael Sabel said 2025 was a “landmark year” for the company, pointing to the January IPO, commercial operations at Calcasieu Pass in April, and the continued commissioning ramp at Plaquemines after first cargo at the end of December 2024. He said Plaquemines is now generating more than one commissioning cargo per day.
Among other updates, management said total assets grew by about $10 billion to $53 billion during the year and that EBITDA and income from operations “nearly tripled.” Sabel said Venture Global is supported by more than $134 billion of total contracted third-party revenue and an existing base of 49 MTPA of long- and intermediate-term offtake agreements.
Contracting updates and portfolio strategy
Management emphasized contracting momentum. Sabel said that since reentering the contracting market in April of the prior year, Venture Global has signed 9.25 MTPA of new 20-year sale and purchase agreements (SPAs). During the call, the company announced two additional binding agreements:
- A first five-year contract through Venture Global Commodities for approximately 0.5 MTPA with Trafigura
- A new 1.5 MTPA 20-year SPA with Hanwha Aerospace, described as the company’s first long-term contract with a South Korean customer
Sabel said the five-year deal was priced at “north of a $3 net spread” over five years, while the Hanwha SPA pricing was not disclosed but described as consistent with recent contracting. He added the company expects additional deals in coming quarters across both 20-year and mid-term contracts.
For 2026, CFO Jack Thayer said the company now has 69% of potential cargos contracted. Sabel separately said 69% of expected production capacity is contracted and expects that percentage to rise as additional contracts are signed.
Project-by-project operational updates
Calcasieu Pass: Sabel said Calcasieu Pass exported 38 cargoes in the fourth quarter, slightly below expectations due to ship availability and Atlantic storm delays. He also provided an update on contract arbitrations, stating the company received a favorable “no liability” decision in the Repsol arbitration in January. For the remaining matters, he said a non-cash reserve reflecting the company’s best estimate of award outcomes is currently estimated to be a $13 million per quarter reduction to revenue at Calcasieu Pass through the 20-year SPA terms, noting the estimate could change as future results come in. He also said BP increased its claimed damages, but Venture Global’s view of its exposure is unchanged.
Plaquemines: Sabel said all 36 liquefaction trains at Plaquemines have undergone initial startup, supported by an “innovative temporary power solution.” He said the company expects Phase I to transition to its permanent power plant configuration in the second quarter and is targeting substantial completion under EPC scopes by late summer. Management also noted filings with FERC to increase authorized peak liquefaction capacity at Plaquemines and CP2 to 35 MTPA, plus filings with FERC and the Department of Energy for up to 31 MTPA of bolt-on expansion at Plaquemines.
CP2: Sabel said CP2 Phase I construction is proceeding on schedule and on budget, adding that the project achieved a roof raise on its first LNG tank at what he described as a record pace for the industry. He said six of 26 liquefaction trains have been delivered and placed on foundations, with the first pretreatment module expected in coming months. For Phase II, he said the company has signed 5 MTPA of 20-year SPAs to support financing and, with $1.7 billion of equity already invested, expects project financing and final investment decision to be completed in “coming weeks.”
Looking beyond currently sanctioned phases, Sabel said the company expects to pursue bolt-on expansions at CP2 and Plaquemines—described as straightforward liquefaction train and gas turbine additions—adding about 6.4 MTPA each, subject to contracting and regulatory approvals.
Financial results: volume-driven growth
Thayer reported fourth-quarter 2025 revenue of $4.4 billion, up from $1.5 billion in the year-ago period, driven primarily by higher sales volumes (478 TBtu versus 128 TBtu), partially offset by lower net rates. Full-year 2025 revenue was $13.8 billion versus $5.0 billion in 2024, also primarily due to higher volumes.
Income from operations was $1.7 billion in the quarter, up from $594 million a year earlier, with higher volumes partly offset by higher operating costs, G&A, and depreciation. Net income attributable to common stockholders was $1.1 billion for the quarter, up from $871 million in Q4 2024; Thayer said higher interest expense and changes in interest rate swaps negatively impacted results year-over-year.
Consolidated adjusted EBITDA was $2.0 billion for the fourth quarter, up 191% from $688 million a year earlier. Full-year consolidated adjusted EBITDA was $6.3 billion, up 198% from $2.1 billion in 2024.
Thayer also highlighted financing and liquidity actions, including the issuance of $3 billion of Plaquemines notes and repayment of $3.2 billion of the Plaquemines construction loan. The company also secured a $2 billion corporate revolving credit facility that was undrawn at year-end.
2026 guidance and market commentary
For 2026, Thayer guided to production of 486 to 527 cargoes from Calcasieu Pass and Plaquemines combined. The company expects Calcasieu Pass to export 145 to 156 cargoes and Plaquemines to export 341 to 371 cargoes, with Thayer noting the wider range at Plaquemines reflects commissioning variability and potential interruptions as remediation items are addressed.
On pricing metrics, Thayer said Calcasieu Pass realized an implied weighted average liquefaction fee of $2.01 per MMBtu in Q4 (including arbitration-related reserves) and expects $1.98 per MMBtu in 2026, also including an adjustment for arbitration reserves. Plaquemines realized a weighted average liquefaction fee of $6.02 per MMBtu on commissioning cargoes in Q4, which he said was negatively impacted by margin compression in December amid higher Henry Hub prices, rising shipping day rates, and largely static TTF pricing.
The company provided consolidated adjusted EBITDA guidance of $5.2 billion to $5.8 billion for 2026, assuming liquefaction fees of $5 to $6 per MMBtu for remaining cargos to be sold over the year. Thayer said a $1 per MMBtu change in fixed liquefaction fees over the remainder of 2026 would move EBITDA by roughly $575 million to $625 million.
Management also discussed global market conditions, including seasonality, low European storage levels following cold weather, and geopolitical disruptions. Sabel said Venture Global had among the largest available cargo volumes in the market and noted shipping constraints and rates as a key factor in the near term. He reiterated the company’s long-term view that lower and stable LNG prices can increase demand over time and said the U.S. would play a “critical role” in stabilizing markets amid disruptions.
About Venture Global (NYSE:VG)
Venture Global (NYSE: VG) is a Houston-based energy company that develops, constructs and operates large-scale liquefied natural gas (LNG) export facilities in the United States. The company focuses on converting domestically produced natural gas into LNG for shipment to international markets, positioning itself as a supplier of pipeline-quality gas in vessel-ready form for global customers.
Venture Global’s core activities include site development, engineering and construction of liquefaction and export terminals, commissioning and ongoing operations of those facilities, and commercial marketing of LNG under both long-term and short-term contracts.
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