Venture Global, Inc. (VG) Form 10-Q — Aug 10, 2026

$VGForm 10-QFiled Aug 10, 2026, 6:01 PM ET0002007855-26-000062Original filing

Venture Global's Q2 2026 net income nearly tripled to $1.42 billion (+198% YoY) on revenue of $4.58 billion (+48%), with basic EPS of $0.54 versus $0.15 a year earlier. The surge was driven by the Plaquemines Project ramp-up, which lifted LNG volumes sold to 466.4 TBtu from 329.2 TBtu, with Plaquemines segment income from operations up 140% to $2.2 billion. The company completed a heavy financing slate: CP2 Phase 2 achieved FID in March 2026 unlocking $8.6 billion of incremental project financing, VGLNG issued $2.25 billion of notes at 6.375% and 6.625% to redeem its 8.125% 2028 notes, and Calcasieu Funding and VG Shipping added $1.75 billion and $1.5 billion facilities, respectively.

Key figures

Eps: $0.54 basic / $0.51 diluted (Q2 2026) vs $0.15 / $0.14 (Q2 2025); $0.74 basic / $0.70 diluted (1H 2026)
Revenue: $4,578 million (Q2 2026); $9,177 million (1H 2026)
Net Income: $1,417 million (Q2 2026, +198% YoY); $2,042 million (1H 2026, +106% YoY)
Total Debt: $42,386 million carrying value ($26,084 million fixed-rate, $16,302 million variable-rate)
Revenue Yoy: +48% (Q2 2026); +53% (1H 2026)
Cash Position: $3,120 million cash and equivalents; $4,590 million including restricted cash (June 30, 2026)
Shares Outstanding: 531,488,393 Class A and 1,968,604,458 Class B (as of July 31, 2026)
Vgcp notes: $750 million 6.000% senior secured notes due May 2036
Total equity: $12,079 million (June 30, 2026)
Total liquidity: $21,515 million ($3,120 million cash + $16,925 million available borrowing capacity)
Bp damages sought: $3.7 billion to potentially in excess of $6.0 billion, damages hearing May 2027
Cp2 capex 1h 2026: $5,613 million (total project costs $6.1 billion including equipment purchases)
Cp2 expansion filing: 11.7 mtpa FERC application May 2026; DOE export application July 2026
Vg shipping facility: $1.5 billion due June 2032
Calcasieu funding tlb: $1.75 billion due April 2033 (SOFR + 3.250%)
Effective tax rate q2: 19.2%
Other customer claims: in excess of $2.4 billion aggregate vs $425 million aggregate SPA liability cap being disputed
Vglnk notes june 2026: $2.25 billion ($1.125B at 6.375% due Dec 2034; $1.125B at 6.625% due June 2036) redeeming $2.25B 8.125% 2028 notes
Net interest expense q2: $489 million (+58% YoY)
Common dividend declared: $0.018 per share quarterly
Cp2 phase2 fid financing: $8.6 billion incremental; CP2 Construction Term Loan increased to $19.1 billion; total CP2 commitments $20.7 billion
Lng volumes sold 1h tbtu: 947.2
Lng volumes sold q2 tbtu: 466.4
Income from operations q2: $2,188 million (+111% YoY)
Net cash from operations 1h: $2,835 million (+10% YoY)
Ieepa tariff refunds expected: ~$40 million
Performance obligation backlog: $334.9 billion unsatisfied transaction price, ~19.3 years weighted average recognition
Cp funding preferred redemption: $1.6 billion redeemed April 2026
Cp2 contracted post cod capacity: 28.0 mtpa (up from 26.0 mtpa)
New vg commodities sales agreements: ~3.8 mtpa five-year agreements in 2026
Weighted avg lng price q2 per mmbtu: $9.77
Plaquemines doe export authorization: raised to 27.2 mtpa March 2026; application pending for 35.0 mtpa

Price after filing

1 day: 0.0%7 days: +3.7%30 days: +11.1%

Close on the filing date to close N calendar days later (from $13.26). Historical, not a forecast.

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