Venture Global reported third‑quarter 2025 results that saw revenue climb to $3.33 billion, a 260 % year‑over‑year increase driven by a sharp rise in LNG sales and a higher mix of long‑term contracts. Operating income rose to $1.30 billion, a 598 % jump, while consolidated adjusted EBITDA reached $1.50 billion, up 439 % from the same period a year earlier. The company’s earnings per share came in at $0.16, missing the consensus estimate of $0.22 by $0.06, or 27 % below expectations.
The quarter’s operational highlights were strong: 34 of the 36 liquefaction trains at the Plaquemines Project are now producing LNG, 100 cargoes were exported, and 371.8 TBtu of LNG were sold. These figures reflect the company’s modular construction strategy, which has accelerated ramp‑up and reduced capital intensity, allowing the firm to capture a larger share of the growing global LNG market.
Management updated its 2025 guidance, narrowing the consolidated adjusted EBITDA range to $6.35 billion–$6.50 billion from the prior $6.40 billion–$6.80 billion. The tightening reflects lower fixed liquefaction fees—benefiting from higher domestic natural gas prices—two expected DES loadings, and accounting reserves related to ongoing arbitrations. The guidance still places the company on track to reach commercial operations at Phase 1 in 54 months and to bring new LNG supply to global markets.
Revenue growth was largely driven by the Plaquemines Project, which now accounts for a larger share of the company’s top line. The project’s 34 online trains have increased LNG output, while the company secured new long‑term sales agreements that lock in higher volumes. The company’s focus on operational efficiency and cost discipline has helped maintain healthy margins despite the higher gas price environment.
Margin analysis shows that while operating income surged, the company faced headwinds from higher fixed costs and arbitration reserves. The EBITDA increase indicates that the company’s scale and pricing power have offset these pressures, but the guidance tightening signals management’s caution about potential cost volatility and the impact of arbitration outcomes.
CEO Mike Sabel highlighted the quarter as a testament to the team’s operational excellence, noting that “the 100 cargoes we exported in Q3 and the progress at Plaquemines demonstrate our ability to deliver on schedule while managing the inherent complexities of large‑scale LNG projects.” He also acknowledged that “power island construction delays and normal‑course challenges remain, but we remain confident in our execution plan.”
Investors responded positively to the earnings, with the market citing the strong revenue growth, record LNG exports, and the company’s continued progress on the Plaquemines Project as key drivers. The EPS miss was offset by the company’s robust top‑line performance and the guidance that still signals confidence in long‑term growth.
The company’s outlook remains optimistic. Management maintains that the combination of high demand for LNG, the company’s modular construction advantage, and the expansion of its project pipeline will sustain growth momentum, while the guidance adjustment reflects a prudent approach to cost and arbitration risks. Overall, the results reinforce Venture Global’s competitive position in the LNG market and its trajectory toward becoming the largest U.S. LNG exporter.
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