← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Venture Global's second LNG plant ramped up and revenue rose 176.9% to $13.77B, while $13.4B of capital spending, $34.21B of debt and a pending BP damages hearing keep the risk concentrated
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 176.9% to $13.77B as Plaquemines ramped upOK
- Profitability — Operating margin 37.45%, up 199 bps; net income $2.73BOK
- Balance sheet — Total debt $34.21B, up 16.8%; free cash flow negative $6.80BWatch
- Capital allocation — Builds plants with project debt; $465M of dividends and subsidiary distributionsNote
- Legal exposure — BP arbitration found breach; damages sought from $3.7 billionWatch
Business
Venture Global builds and runs LNG export plants in Louisiana and sells the gas it liquefies to buyers around the world, owning the chain from pipelines to its own tanker fleet. Its first plant, the Calcasieu Project, reached commercial operations on April 15, 2025; the much larger Plaquemines Project is in construction and commissioning and already selling cargoes; the CP2 Project is under construction. The company's modular design-one, build-many approach is meant to bring capacity online faster than traditional LNG projects.
Where the revenue comes from
Fiscal 2025, as Venture Global, Inc. reports it. History and quarterly detail are in the app.
- Plaquemines Project$9.2B
- Calcasieu Project$4.1B
- Sales and Shipping$2.5B
- CP2 Project$1.0M
Leadership changes
From Venture Global, Inc.'s own filings, the day they're filed.
- Thomas Earl · Chief Commercial Officer · departureeff. 2026-06-01
Latest filings
- 8-K · Company announcement2026-10-15
- 8-K · Company announcement2026-10-08
- 8-K · Company announcement2026-10-07
- 8-K · Company announcement2026-09-02
- 10-Q · Quarterly report2026-08-11
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- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Venture Global, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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