Venture Global’s Q3 Profit Surges on Record LNG Exports

Core Insights - Venture Global reported Q3 2025 revenue of $3.33 billion and net income of $429 million, driven by record cargo exports and new SPAs, while narrowing full-year EBITDA guidance to $6.35–$6.50 billion [1][4] Financial Performance - For the first nine months of 2025, revenue reached $9.32 billion, a 170% increase year over year, with income from operations rising 194% to $3.44 billion and net income climbing 98% to $1.19 billion [2] - Q3 revenue rose 260% year over year to $3.33 billion, with income from operations climbing 598% to $1.32 billion and Consolidated Adjusted EBITDA jumping 439% to $1.53 billion [4] Export and Cargo Details - The company exported a record 100 cargos of LNG in Q3, compared to 31 a year earlier, bringing year-to-date shipments to 252 cargos and 373 TBtu sold in the quarter [3][4] - For the full year, Venture Global expects to export 148 cargos from Calcasieu Pass and 234 to 238 cargos from Plaquemines [3] Strategic Developments - The company is focusing on a vertically integrated model and flexible cargo marketing to secure new long-term offtake agreements amid steady trans-Atlantic price spreads [1] - New long-term SPAs include 5.25 MTPA of commercial momentum in 2H25, with significant contracts signed with various partners [4] Guidance and Future Outlook - Full-year Consolidated Adjusted EBITDA guidance has been trimmed to $6.35–$6.50 billion, reflecting lower expected fixed liquefaction fees and accounting reserves tied to ongoing arbitrations [4] - With DOE approval and CP2 Phase 1 financed, the company is positioning for further growth in the U.S. Gulf Coast LNG sector despite industry-wide challenges [1] Operational Milestones - Calcasieu Pass marked its 500th cargo on November 8, and CP2 LNG received final DOE non-FTA export authorization [4] - Phase 1 of CP2 and the CP Express Pipeline reached FID with $15.1 billion in project financing [4] Balance Sheet and Liquidity - Total assets increased to $50.1 billion, with the company securing a $2 billion corporate revolver and raising $1.575 billion via the Blackfin Pipeline JV [4]