Venture Global Q3 Earnings Miss Estimates on Higher Total Expenses

Core Insights - Venture Global, Inc. (VG) reported third-quarter 2025 diluted earnings per share of 16 cents, missing the Zacks Consensus Estimate of 22 cents, but improved from a loss of 15 cents in the same quarter last year [1][9] - Total revenues for the quarter reached $3.3 billion, significantly up from $926 million in the year-ago quarter, and exceeded the Zacks Consensus Estimate of $3.2 billion [1][9] - The company experienced a substantial increase in LNG sales volumes from the Plaquemines project, which helped offset higher operating costs and expenses [2][5] Financial Performance - Income from operations was $1.32 billion, compared to $189 million in the third quarter of 2024, driven by increased LNG sales volumes [3] - Adjusted EBITDA for the third quarter was $1.5 billion, a 273% increase from $283 million in the previous year, primarily due to higher LNG sales volumes [5] - The cost of sales rose to $1.4 billion from $272 million in the year-ago period, while total operating expenses increased to $2 billion from $737 million [6] Export and Production Metrics - Venture Global exported 100 cargoes in the second quarter, a significant increase from 31 cargoes in the same period last year, with total LNG volumes exported reaching 373 trillion British thermal units (TBtu), up from 100 TBtu [4] Balance Sheet and Outlook - As of September 30, 2025, the company had $1.9 billion in cash and cash equivalents and a net long-term debt of $31.7 billion [7] - For the full year 2025, VG has narrowed its Adjusted EBITDA guidance to a range of $6.35-$6.5 billion, expecting total cargoes across all projects to be between 382-386 [8]