Venture Global (NYSE: VG) adjusted EBITDA jumps 69% and full-year outlook rises

Posted by Andrew Walz on Nov 10th, 2026

What happened

Venture Global, Inc. (NYSE: VG) raised its 2026 Consolidated Adjusted EBITDA guidance to $10.0 billion to $10.3 billion from $8.7 billion to $9.1 billion.

The company also began commercial operations at Plaquemines Phase 1 on Oct. 31, just over 53 months after its final investment decision. As of Nov. 10 it had loaded six cargos for its contract customers.

The third quarter ended Sept. 30. Revenue rose 43% to $4.8 billion from $3.3 billion in the third quarter of 2025. Income from operations rose 74% to $2.3 billion from $1.3 billion.

Key numbers

Metric	Latest	Change	Source
Q3 revenue	$4.8 billion	from $3.3 billion, +43%	SEC 8-K, Exhibit 99.1
Q3 income from operations	$2.3 billion	from $1.3 billion, +74%	SEC 8-K, Exhibit 99.1
Q3 Consolidated Adjusted EBITDA	$2.6 billion	from $1.5 billion, +69%	SEC 8-K, Exhibit 99.1
Q3 net income attributable to common stockholders	$2.5 billion	from $429 million, +493%	SEC 8-K, Exhibit 99.1
2026 Consolidated Adjusted EBITDA guidance (prior: $8.7 billion to $9.1 billion)	$10.0 billion to $10.3 billion		SEC 8-K, Exhibit 99.1
Q3 Consolidated Adjusted EBITDA as share of revenue	54.3%	from 45.8%, +8.5 percentage points	Calculated from SEC 8-K

Where the growth came from

More LNG leaving the dock drove the gain. Venture Global exported 124 cargos, up from 100 a year earlier, and sold 465.8 TBtu of LNG, up 25%. The company credits higher sales volumes, mostly from Plaquemines as it was commissioned, and higher LNG prices net of feed gas costs.

Adjusted EBITDA, a non-GAAP measure, rose 69% to $2.6 billion from $1.5 billion. OptimistFi calculates that it equaled 54.3% of revenue, up from 45.8% a year earlier. So adjusted EBITDA is growing faster than sales. Nine-month adjusted EBITDA reached $6.45 billion.

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Why it matters

OptimistFi has argued that Venture Global turns invested capital and long-term sales contracts into predictable, high-margin cash flow as it adds capacity. The quarter supports that view. A new plant reached commercial operations, and 99% of available 2026 cargos are contracted at a weighted average liquefaction fee of $6.46 per MMBtu.

Long-term contracts keep building. The company signed 2.0 MTPA of new or increased 20-year offtake agreements during and after the quarter. They include 1.0 mtpa with ConocoPhillips starting in 2030, 0.5 mtpa with China Gas starting when the CP2 Expansion Project begins commercial operations, and a 0.5 mtpa increase from an existing customer.

The raised outlook still leans on pricing. Guidance assumes a fixed liquefaction fee of $21.00 to $22.00 per MMBtu for remaining unsold 2026 cargos. Each $1.00 change moves full-year adjusted EBITDA by $20 million to $30 million. The company also says natural gas prices could affect guidance. The expected cargo range tightened to 509 to 518 from 500 to 518, which lifts the midpoint.

Debt has grown with the build-out. Long-term debt reached $42.92 billion at Sept. 30 from $33.39 billion at Dec. 31, 2025. Net interest expense was $486 million in the quarter against $421 million a year earlier.

Venture Global LNG, Inc. (VGLNG) also secured a $3.0 billion 364-day revolving credit facility for general corporate purposes. It covers project costs at the CP2 and Plaquemines expansions. Since the start of 2026 it has also repaid $2.8 billion of the Equity Bridge Loan supporting CP2 construction.

What the net income figure includes

Net income attributable to common stockholders rose 493% to $2.5 billion from $429 million. The company says the increase of approximately $2.1 billion was primarily driven by higher LNG sales volumes, mostly from Plaquemines as it was commissioned, and higher LNG prices net of feed gas costs.

The statement of operations also shows a $1.37 billion gain on interest rate swaps in the quarter, against a $144 million loss a year earlier. Both are included in net income. Diluted earnings per share were $0.96, up from $0.16.

Income from operations excludes the swap gain, a $32 million loss on financing transactions and income tax expense of $560 million, which was $87 million a year earlier.

A possible data center business

Venture Global also lined up an option beyond LNG. In October it signed frame agreements with GE Vernova and Baker Hughes Energy Services for up to 16 new, 720 MW power island units plus transformer and grid equipment. The units would expand its island-mode power network for data centers.

The company believes it can begin delivering compute capacity in late 2028 and scale to approximately 5 GW by the end of 2031. Those are company targets. The release lists its possible expansion into data center infrastructure among its risks.

What's next

The board declared a $0.04 per share cash dividend on Class A and Class B common stock, payable Dec. 31 to holders of record on Dec. 15.

Construction dates are the next tests. Plaquemines Phase 2 is on target for commercial operations in mid-2027. CP2 is targeted to start LNG production in mid-2027, with 24 of 36 liquefaction modules on site.

Final investment decisions are targeted for early 2027 on the CP2 brownfield expansion and mid-2027 on the Plaquemines brownfield expansion, subject to regulatory approvals. Slippage past those windows would weaken the case.

The next quarterly report will show whether Plaquemines output keeps full-year cargos inside the guided range.