Venture Global
VG · NYSENatural Gas Distribution · Fiscal year ends Dec 31
Venture Global reported revenue of $13.8B in the fiscal year ended Dec 2025, up 176.9% from the year before. Operating income was $5.2B, an operating margin of 37.4%, and net income was $2.7B. Operating cash flow of $6.6B less capital expenditure of $13.4B left free cash flow of −$6.8B. Net debt was $31.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $7.9B | $5B | $13.8B |
| Research & development | $490M | $635M | $344M |
| Operating income | $4.9B | $1.8B | $5.2B |
| Interest expense | $641M | $584M | $1.5B |
| Pre-tax income | $4.4B | $2.2B | $3.4B |
| Income tax | $816M | $437M | $630M |
| Net income | $3.6B | $1.7B | $2.7B |
| Diluted EPS | 1.25 | 0.57 | 0.86 |
| Diluted shares | 2,143M | 2,585M | 2,635M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $5.9B | $3.6B | $2.4B |
| Receivables | – | $364M | $918M |
| Inventory | – | $171M | $253M |
| Current assets | – | $4.6B | $4B |
| Total assets | – | $43.5B | $53.4B |
| Payables | – | $1.5B | $737M |
| Current liabilities | – | $3.5B | $4.3B |
| Short-term debt | – | $190M | $812M |
| Long-term debt | – | $29.1B | $33.4B |
| Total liabilities | – | $35.6B | $41.5B |
| Shareholders' equity | – | $2.9B | $6.7B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $4.6B | $2.1B | $6.6B |
| Capital expenditure | $8.1B | $13.7B | $13.4B |
| Free cash flow | −$3.5B | −$11.6B | −$6.8B |
| Depreciation & amortisation | $277M | $322M | $941M |
| Stock-based compensation | $28M | $22M | $46M |
| Dividends paid | $164M | $139M | $465M |
| Dividend per share | – | – | 0.03 |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −37.0% | 176.9% |
| Operating income growth (YoY) | – | −63.6% | 192.5% |
| EPS growth (YoY) | – | −54.4% | 50.9% |
| Operating margin | 61.4% | 35.5% | 37.4% |
| Net margin | 45.8% | 35.1% | 19.8% |
| Return on equityBlank when equity is negative | – | 60.3% | 40.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 4.4% | 10.5% |
| Free cash flow margin | −44.8% | −232.7% | −49.4% |
| Cash conversion (CFO ÷ net income) | 1.26x | 1.23x | 2.40x |
| Receivable days | – | 27 | 24 |
| Interest cover | 7.57x | 3.02x | 3.55x |
| Debt ÷ equity | – | 10.1x | 5.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $25.7B | $31.9B |
| Current ratio | – | 1.29x | 0.93x |
Recent filings
More in Natural Gas Distribution
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.