Venture Global (VG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Venture Global published the results on November 10, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Net income and EPS are attributable to common stockholders, after dividends on VGLNG Series A Preferred Shares ($67 million in the quarter) and non-controlling interests.
• Q3 2026 GAAP results include a $1,368 million gain on interest rate swaps, against a $144 million loss a year earlier. Venture Global's Consolidated Adjusted EBITDA excludes these swap gains and losses.
• Venture Global records proceeds from commissioning cargos as a reduction to construction cost until the assets are placed in service from an accounting perspective, after which they are revenue. Plaquemines Phase 1 reached commercial operations on October 31, 2026, after the quarter ended.

Source: Venture Global Q3 2026 results, November 10, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Venture Global splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Venture Global's Calcasieu Project revenue was $685 million in Q3 2026, down 4% from $711 million in Q3 2025, 14% of total revenue.
• Venture Global's Plaquemines Project revenue was $3.8 billion in Q3 2026, up 52% from $2.5 billion in Q3 2025, 80% of total revenue.
• Venture Global's Sales and shipping revenue was $2.2 billion in Q3 2026, up 214% from $688 million in Q3 2025, 45% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Venture Global raised its full-year 2026 Consolidated Adjusted EBITDA guidance to $10.0 billion to $10.3 billion, from $8.7 billion to $9.1 billion. It does not give revenue or EPS guidance.

In its Q3 2026 release, Venture Global said:

“+/- $1.00/MMBtu change in fixed liquefaction fees will impact our full year 2026 Consolidated Adjusted EBITDA by $20 million - $30 million.”

“We expect to export 152 - 154 cargos from the Calcasieu Project and 357 - 364 cargos from the Plaquemines Project in 2026.”

Source: Venture Global Q3 2026 release, Nov 10, 2026.

This is the company's own guidance as of Nov 10, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS attributable to common stockholders, each as first reported in that quarter's release. Venture Global does not report an adjusted EPS.

We do not hold a confirmed date for Venture Global's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 10, 2026

Venture Global's revenue was $4,756 million in Q3 2026, up 43% from $3,329 million, almost all of it from selling liquefied natural gas. It sold 465.8 TBtu of LNG and exported 124 cargos, an increase of 24 cargos and 92.8 TBtu sold, or 25%, from Q3 2025. The weighted average price of LNG sold was $10.16 per MMBtu, against $8.92, made up of a liquefaction fee of $6.76 and a commodity fee of $3.40. (Venture Global Q3 2026 release, Nov 10, 2026; Venture Global Form 10-Q, Q3 2026, Nov 10, 2026)

Venture Global reports four segments: the Calcasieu Project, the Plaquemines Project, the CP2 Project, and sales and shipping. The LNG plants sell part of their output to the company's own trading arm, VG Commodities, which resells it to third parties, so segment revenue includes intersegment sales: Plaquemines recorded $3,826 million of total revenue, of which $1,859 million was intersegment, and sales and shipping $2,160 million, all from external customers. (Venture Global Form 10-Q, Q3 2026, Nov 10, 2026)

Venture Global's Plaquemines Project revenue rose $1.3 billion, of which $873 million came from higher volumes as commissioning progressed and production ramped up and $405 million from higher net prices, mainly higher liquefaction fees on LNG sold under LNG Commissioning Sales Agreements. Plaquemines sold 330.3 TBtu at a weighted average $11.53 per MMBtu. (Venture Global Form 10-Q, Q3 2026, Nov 10, 2026)

The Calcasieu Project, which has sold under post-COD SPAs since April 2025, saw revenue fall $26 million. It sold 137.8 TBtu at a weighted average $4.92 per MMBtu against $5.29, partly because more of its LNG went to VG Commodities at a lower rate. The sales and shipping business sold 146.4 TBtu at $14.75 per MMBtu, up from 58.7 TBtu at $11.71. (Venture Global Form 10-Q, Q3 2026, Nov 10, 2026; Venture Global Q3 2026 release, Nov 10, 2026)

Venture Global's 10-K says its ability to generate cash under its Contracted SPAs and sales by VG Commodities is substantially dependent upon the performance by a limited number of customers. In and after the quarter it signed 2.0 MTPA of new or increased 20-year offtake agreements, including 1.0 mtpa with ConocoPhillips starting in 2030 and 0.5 mtpa with China Gas. (Venture Global Form 10-K, 2025, Mar 2, 2026; Venture Global Q3 2026 release, Nov 10, 2026)

Venture Global's GAAP diluted EPS was $0.96 in Q3 2026, against $0.16 a year earlier, on net income attributable to common stockholders of $2,546 million against $429 million. A large part of the jump came below operating income: a $1,368 million gain on interest rate swaps, against a $144 million loss a year earlier. Income from operations was $2,295 million, up 74%. (Venture Global Q3 2026 release, Nov 10, 2026)

Venture Global does not report an adjusted EPS. Its main non-GAAP measure is Consolidated Adjusted EBITDA, $2,583 million in the quarter and up 69%, which excludes gains and losses on interest rate swaps, financing transactions, interest, taxes, depreciation, stock-based compensation and changes in the fair value of forward natural gas supply contracts, and includes portions attributable to non-controlling interests. (Venture Global Q3 2026 release, Nov 10, 2026)

Income tax expense was $560 million, an effective tax rate of 17.6% against 13.7% a year earlier. Interest expense, net was $486 million. Diluted weighted average shares were 2,646 million, against 2,641 million, and the board declared a dividend of $0.04 per share on Class A and Class B common stock. (Venture Global Q3 2026 release, Nov 10, 2026; Venture Global Form 10-Q, Q3 2026, Nov 10, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Venture Global guides one full-year number, Consolidated Adjusted EBITDA, and raised it to $10.0 billion to $10.3 billion for 2026, from $8.7 billion to $9.1 billion. The guidance assumes a fixed liquefaction fee of $21.00 to $22.00 per MMBtu on remaining unsold cargos, and each $1.00/MMBtu change moves full-year Consolidated Adjusted EBITDA by $20 million to $30 million. It contracted 99% of available 2026 cargos at a weighted average liquefaction fee of $6.46/MMBtu. (Venture Global Q3 2026 release, Nov 10, 2026)

Venture Global expects to export 152 to 154 cargos from Calcasieu and 357 to 364 from Plaquemines in 2026, a range of 509 to 518 in total. It targets Plaquemines Phase 2 commercial operations in mid-2027 and first LNG production at CP2 in mid-year 2027. (Venture Global Q3 2026 release, Nov 10, 2026)

A consensus figure is the average of the models published by the analysts who cover Venture Global, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Venture Global's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VG is on is VG a buy or a sell?, what analysts expect next is on the VG forecast, and what the company does is on the Venture Global (VG) stock page.

Every number on this page can be traced to a document Venture Global published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.