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Venture Global, Inc.

VG NYSE Natural Gas Distribution Financials FY2023–FY2025

Venture Global, Inc. had $13.8B of revenue in fiscal 2025, up 176.9% on the year before.

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Last close Β· Oct 23, 2026

$14.00

9.3%

What Venture Global, Inc. does

VG Β· Natural Gas Distribution

From its latest annual report

No business description yet.

Filing details

Legal name
Venture Global, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Mar 2, 2026
Accession Β· CIK
0002007855-26-000013 Β· 0002007855

Earnings calendar Β· Venture Global, Inc.

Every quarter, companies publish how much they sold and earned. These are the days Venture Global, Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

November 10, 2026

Tuesday Β· in 15 days

Time
Before the market opens
Covers
Period ended Sep 30, 2026
Expected EPS
$0.52
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Oct 7, 2026 Period ended Sep 30, 2026 Before the market opens 8-K β†—
Jul 8, 2026 Q2 '26 After the market closes 8-K β†—
Apr 9, 2026 Q1 '26 After the market closes 8-K β†—
Jan 12, 2026 Q4 '25 Before the market opens 8-K β†—
Oct 6, 2025 Q3 '25 After the market closes 8-K β†—
Jul 7, 2025 Q2 '25 After the market closes 8-K β†—
Apr 3, 2025 Q1 '25 After the market closes 8-K β†—
Mar 6, 2025 Q4 '24 Before the market opens 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Venture Global, Inc.’s latest annual report (fiscal 2025). Here is what stands out:

3 strengths 2 to watch

1.Sales and profit

See section β†’
  • Venture Global, Inc. had $13.8B of revenue in fiscal 2025, up 176.9% on the year before.
  • Its operating margin was 37.4%, up 2.0Β pts: of every 100 in sales, about 37 is left after running the business.
  • Venture Global, Inc. made $2.7B of net profit in fiscal 2025. From fiscal 2023 to 2025, diluted EPS grew βˆ’17.1% a year.

2.Cash and shareholders

See section β†’
  • Free cash flow was βˆ’$6.8B in fiscal 2025, βˆ’49.4% of revenue.
  • Venture Global, Inc. returned $465M to shareholders in fiscal 2025. The diluted share count rose 1.9%.
  • In the last 12 months, insiders bought $0.0M and sold $412M of shares on the open market.

3.Financial health

See section β†’
  • Venture Global, Inc. owes $32.1B more than it holds in cash, about 5.3 years of operating profit.
  • Its return on capital was 10.9%: every 100 invested in the business earned about 11 in a year.
  • Venture Global, Inc. passes 6 of 8 financial health tests (Piotroski F-score).

Venture Global, Inc. in 30 seconds

Good So-so Weak

Good

Are sales growing?

+176.9%

Yes. Sales grew 176.9% last year.

Good

Does it make a profit?

19.8%

Yes. It keeps 19.8% of every sale as profit.

Weak

Does profit turn into cash?

βˆ’49.4%

No. It spent more cash than it brought in.

Weak

Is debt under control?

5.3x

Heavy. Repaying its debt would take 5.3 years of operating profit.

So-so

How healthy are the accounts?

6 / 8

Mixed. It passes 6 of 8 health tests.

For information

How is the share priced?

11.0x

One share costs 11.0 times its yearly profit per share.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$37.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.0x
On $1.27 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Venture Global, Inc. had $13.8B of revenue in fiscal 2025, up 176.9% on the year before.

See the full section β†’

Operating margin

Operating income as a share of revenue.

KIRA Β· Its operating margin was 37.4%, up 2.0Β pts: of every 100 in sales, about 37 is left after running the business.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Venture Global, Inc. made $2.7B of net profit in fiscal 2025. From fiscal 2023 to 2025, diluted EPS grew βˆ’17.1% a year.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$6.8B in fiscal 2025, βˆ’49.4% of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

KIRA Β· Its return on capital was 10.9%: every 100 invested in the business earned about 11 in a year.

See the full section β†’
Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA Β· Venture Global, Inc. had $13.8B of revenue in fiscal 2025, up 176.9% on the year before. Its operating margin was 37.4%, up 2.0Β pts: of every 100 in sales, about 37 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Venture Global, Inc. made $2.7B of net profit in fiscal 2025. From fiscal 2023 to 2025, diluted EPS grew βˆ’17.1% a year.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was βˆ’$6.8B in fiscal 2025, βˆ’49.4% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· Venture Global, Inc. returned $465M to shareholders in fiscal 2025. The diluted share count rose 1.9%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders bought $0.0M and sold $412M of shares on the open market.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$412M

8 insiders

Of sales under plans

68%

$280M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $12.70 $1.4M Form 4
Oct 19, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $12.68 $1.4M Form 4
Oct 15, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 389,679 $12.43 $4.8M Form 4
Oct 14, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 394,978 $13.37 $5.3M Form 4
Sep 18, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.23 $1.6M Form 4
Sep 17, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.40 $1.6M Form 4
Sep 17, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 394,979 $14.40 $5.7M Form 4
Sep 16, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 394,979 $14.82 $5.9M Form 4
Sep 14, 2026 Brian CothranChief Operating Officer Sold plan 152,660 $16.15 $2.5M Form 4
Sep 9, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 1,885,804 $15.21 $28.7M Form 4
Sep 8, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 464,196 $15.05 $7.0M Form 4
Aug 20, 2026 Fory MusserSenior VP, Development Sold 259,413 $14.26 $3.7M Form 4
Aug 19, 2026 Fory MusserSenior VP, Development Sold 12,600 $14.01 $0.2M Form 4
Aug 19, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $13.86 $1.5M Form 4
Aug 18, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.17 $1.6M Form 4
Aug 17, 2026 Fory MusserSenior VP, Development Sold 22,013 $14.02 $0.3M Form 4
Aug 14, 2026 Fory MusserSenior VP, Development Sold 447,534 $14.02 $6.3M Form 4
Aug 14, 2026 Sarah BlakeSVP, Chief Accounting Officer Sold 1,000,000 $14.02 $14.0M Form 4
Aug 13, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,555 $13.48 $7.5M Form 4
Aug 13, 2026 Sari Beth GranatDirector Sold 200,000 $13.49 $2.7M Form 4
Aug 13, 2026 Jimmy D StatonDirector Sold 66,000 $13.35 $0.9M Form 4
Jul 21, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.08 $1.6M Form 4
Jul 20, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.21 $1.6M Form 4
Jul 16, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,555 $12.91 $7.2M Form 4
Jul 15, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,556 $12.93 $7.2M Form 4
Jun 18, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $10.92 $1.2M Form 4
Jun 17, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $11.05 $1.2M Form 4
Jun 16, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,555 $11.27 $6.3M Form 4
Jun 15, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,556 $11.90 $6.6M Form 4
Jun 12, 2026 Michael SabelSee Remarks, Director, 10% owner Bought 1,226 $13.04 $0.0M Form 4
May 27, 2026 Thomas EarlChief Commercial Officer Sold 1,000,000 $12.44 $12.4M Form 4
May 27, 2026 Fory MusserSenior VP, Development Sold 233,735 $12.61 $2.9M Form 4
May 26, 2026 Fory MusserSenior VP, Development Sold 266,265 $13.09 $3.5M Form 4
May 21, 2026 Brian CothranChief Operating Officer Sold 31,910 $14.33 $0.5M Form 4
May 20, 2026 Brian CothranChief Operating Officer Sold 120,623 $14.55 $1.8M Form 4
May 19, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.59 $1.6M Form 4
May 19, 2026 Brian CothranChief Operating Officer Sold 473,533 $14.81 $7.0M Form 4
May 18, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $14.27 $1.6M Form 4
May 15, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,555 $14.04 $7.8M Form 4
May 14, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,556 $13.07 $7.3M Form 4
May 14, 2026 Fory MusserSenior VP, Development Sold 2,000,000 $13.09 $26.2M Form 4
Apr 21, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,111 $11.89 $1.3M Form 4
Apr 20, 2026 Jonathan W ThayerChief Financial Officer Sold plan 111,112 $11.50 $1.3M Form 4
Apr 16, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,556 $12.64 $7.0M Form 4
Apr 15, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 555,556 $12.38 $6.9M Form 4
Mar 19, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 3,206,138 $15.55 $49.9M Form 4
Mar 19, 2026 Sarah BlakeSVP, Chief Accounting Officer Sold plan 200,000 $16.00 $3.2M Form 4
Mar 19, 2026 Jonathan W ThayerChief Financial Officer Sold plan 2,611,111 $16.08 $42.0M Form 4
Mar 18, 2026 Keith D LarsonGeneral Counsel and Secretary Sold plan 1,793,862 $15.02 $26.9M Form 4
Mar 18, 2026 Jonathan W ThayerChief Financial Officer Sold plan 611,112 $14.04 $8.6M Form 4
Mar 12, 2026 Sarah BlakeSVP, Chief Accounting Officer Sold plan 119,300 $13.01 $1.6M Form 4
Mar 9, 2026 Sarah BlakeSVP, Chief Accounting Officer Sold plan 30,700 $13.00 $0.4M Form 4
Mar 9, 2026 Thomas EarlChief Commercial Officer Sold 1,000,000 $11.83 $11.8M Form 4
Mar 5, 2026 Sarah BlakeSVP, Chief Accounting Officer Sold plan 300,000 $11.85 $3.6M Form 4
Mar 4, 2026 Fory MusserSenior VP, Development Sold 1,000,000 $10.90 $10.9M Form 4
Dec 5, 2025 Thomas EarlChief Commercial Officer Sold 1,000,000 $6.89 $6.9M Form 4
Nov 20, 2025 Fory MusserSenior VP, Development Sold 42,901 $7.80 $0.3M Form 4
Nov 19, 2025 Fory MusserSenior VP, Development Sold 188,337 $7.80 $1.5M Form 4
Nov 18, 2025 Fory MusserSenior VP, Development Sold 768,762 $8.01 $6.2M Form 4
Nov 17, 2025 Fory MusserSenior VP, Development Sold 776,298 $8.06 $6.3M Form 4
Nov 14, 2025 Fory MusserSenior VP, Development Sold 223,702 $8.03 $1.8M Form 4
Nov 14, 2025 Keith D LarsonGeneral Counsel and Secretary Sold 261,144 $8.06 $2.1M Form 4
Nov 13, 2025 Keith D LarsonGeneral Counsel and Secretary Sold 221,555 $8.16 $1.8M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Venture Global, Inc. owes $32.1B more than it holds in cash, about 5.3 years of operating profit.

Cash, debt and the ratios that show how comfortably Venture Global, Inc. can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY23FY24FY25
Cash and short-term investments $5.9B$3.6B$2.4B
Debt incl. finance leases β€”$29.3B$34.5B
Net debt / EBITDA β€”12.3x5.3x
Debt / equity β€”10.1x5.1x
Interest coverage 7.6x3.0x3.5x
Current ratio β€”1.3x0.9x
Quick ratio β€”1.2x0.9x
Total assets β€”$43.5B$53.4B
Total liabilities β€”$35.6B$41.5B
Shareholders' equity β€”$2.9B$6.7B
Net debt (βˆ’ = net cash) β€”$25.7B$32.1B

Returns on capital

KIRA Β· Its return on capital was 10.9%: every 100 invested in the business earned about 11 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA Β· Venture Global, Inc. passes 6 of 8 financial health tests (Piotroski F-score).

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose β€” β€” βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets β€” β€” βœ“
Current ratio rose β€” β€” βœ•
Share count didn't rise β€” βœ• βœ•
Gross margin rose β€” β€” β€”
Revenue rose relative to assets β€” β€” βœ“
F-score β€” / 3β€” / 46 / 8
Accruals ratio β€”βˆ’0.9%βˆ’7.9%
Altman Z'' β€”0.711.07

All figures

Every number, year by year.

3 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY23FY24FY25
Income statement
Revenue $7.9B $5.0B $13.8B
Research and development $490M $635M $344M
Operating income $4.9B $1.8B $5.2B
Interest expense $641M $584M $1.5B
Pretax income $4.4B $2.2B $3.4B
Income tax $816M $437M $630M
Net income $3.6B $1.7B $2.7B
Net income to common $2.7B $1.5B $2.3B
Diluted EPS $1.25 $0.57 $0.86
Diluted shares 2.14B 2.59B 2.64B
Cash flow
Cash from operations $4.6B $2.1B $6.6B
Capital expenditure $8.1B $13.7B $13.4B
Free cash flow βˆ’$3.5B βˆ’$11.6B βˆ’$6.8B
Depreciation and amortization $277M $322M $941M
Stock-based compensation $28.0M $22.0M $46.0M
Dividends paid $164M $139M $465M
Dividends and buybacks $164M $139M $465M
Balance sheet
Cash and short-term investments $5.9B $3.6B $2.4B
Total debt β€” $29.3B $34.2B
Finance lease liabilities β€” β€” $258M
Current assets β€” $4.6B $4.0B
Current liabilities β€” $3.5B $4.3B
Inventory β€” $171M $253M
Total assets β€” $43.5B $53.4B
Total liabilities β€” $35.6B $41.5B
Shareholders' equity β€” $2.9B $6.7B
Margins
Operating margin 61.4% 35.5% 37.4%
EBITDA margin 64.9% 41.9% 44.3%
Net margin 45.8% 35.1% 19.8%
FCF margin βˆ’44.8% βˆ’232.7% βˆ’49.4%
Returns
Return on capital β€” 4.9% 10.9%
Return on capital employed β€” 4.4% 10.5%
Return on equity β€” 60.3% 56.7%
Return on assets β€” 4.0% 5.6%
Return on tangible equity β€” 50.9% 33.5%
Growth
Revenue growth β€” βˆ’37.0% 176.9%
Net income growth β€” βˆ’51.7% 56.5%
EPS growth β€” βˆ’54.4% 50.9%
Share count change β€” 20.6% 1.9%
Financial health
Net debt / EBITDA β€” 12.3x 5.3x
Debt / equity β€” 10.1x 5.1x
Interest coverage 7.6x 3.0x 3.5x
Current ratio β€” 1.3x 0.9x
Quick ratio β€” 1.2x 0.9x
Capital allocation
Capex / revenue 102.5% 275.9% 97.1%
Stock comp / revenue 0.4% 0.4% 0.3%
Quality scores
Piotroski F-score β€” β€” 6.0
Altman Z'' β€” 0.7 1.1
Accruals ratio β€” βˆ’0.9% βˆ’7.9%

Source: SEC EDGAR XBRL filings (CIK 0002007855). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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