Venture Global Q2 2026 earnings: Plaquemines lifts revenue and margins

Venture Global (NYSE: VG) reported Q2 2026 revenue of $4.578 billion, up 48% year over year, while diluted EPS increased to $0.51 from $0.14. Higher LNG volumes from Plaquemines commissioning and improved liquefaction fees helped net income attributable to common stockholders rise 266% to $1.347 billion. The company also raised its full-year adjusted EBITDA guidance.

Core financial results

Profit grew considerably faster than revenue during the quarter. Venture Global attributed the improvement primarily to higher LNG sales volumes, predominantly from Plaquemines, and higher LNG sales prices after feed gas costs due to improved implied liquefaction fees under commissioning sales agreements.

Total operating expenses increased by approximately 16%, compared with revenue growth of 48%. Consequently, operating margin expanded by about 14.3 percentage points to 47.8%.

Consolidated adjusted EBITDA is a non-GAAP measure and includes amounts attributable to non-controlling interests.

Business and project performance

Plaquemines was the principal source of additional LNG volume as commissioning progressed. Venture Global exported 478.3 TBtu during the quarter, up 45%, and sold 466.4 TBtu. The combination of higher volume and better implied commissioning fees enabled adjusted EBITDA and operating income to grow faster than revenue.

Calcasieu Pass produced 37 cargos despite major scheduled gas-turbine maintenance and exceeded its sales and purchase agreement obligations. The company said its modular facility design provided equipment redundancy that helped maintain production during the work.

Plaquemines Phase 1 remained in the final stages of construction, commissioning and assurance testing. Venture Global reaffirmed its target for Phase 1 commercial operations in Q4 2026 and Phase 2 commercial operations in mid-2027.

Construction at CP2 also remained on schedule for first LNG in the second half of 2027. As of the earnings release, 16 liquefaction modules were on site, roofs had been raised on all four LNG tanks, and five gas and steam turbines had been placed on foundations.

During and around the quarter, Venture Global executed more than 2 MTPA of new or expanded LNG offtake agreements. These included an expansion of the Atlantic-SEE agreement to 1.0 MTPA, a new five-year 0.82 MTPA agreement with EnBW, a five-year 0.85 MTPA agreement with TotalEnergies and an increase in the Vitol agreement to 1.7 MTPA.

Profitability and balance sheet

Cost of sales increased to $1.660 billion from $1.419 billion, substantially slower than revenue. Operating and maintenance expense rose to $335 million from $217 million, while development expense declined to $23 million from $57 million. These movements left total operating expenses at $2.390 billion, versus $2.063 billion a year earlier.

Below operating income, net interest expense increased to $489 million from $310 million. A $124 million gain on interest-rate swaps, compared with a $112 million loss a year earlier, provided a favorable $236 million swing that helped offset the higher interest burden and a larger loss on financing transactions.

Cash and cash equivalents reached $3.120 billion on June 30, up from $2.355 billion at the end of 2025. Over the same period, net property, plant and equipment increased by $6.628 billion to $53.216 billion, while net long-term debt rose by $8.134 billion to $41.527 billion. The figures reflect a balance sheet continuing to expand alongside the company’s construction and financing activity.

The quarter included several refinancing transactions. Management said the refinancings should generate more than $100 million in annual cost savings. The board also declared a third-quarter dividend of $0.04 per share, payable September 30, 2026, to shareholders of record on September 15.

2026 guidance

Venture Global raised its full-year consolidated adjusted EBITDA range to $8.7 billion-$9.1 billion from $8.2 billion-$8.5 billion. The new midpoint is approximately $550 million, or 7%, above the previous midpoint. The expected cargo range was narrowed, while its midpoint moved only slightly higher.

The cargo outlook consists of 149-154 cargos from Calcasieu Pass and 351-364 from Plaquemines. Venture Global had contracted 91% of its available 2026 cargos at a weighted average liquefaction fee of $5.05 per MMBtu.

For the remaining unsold cargos, guidance assumes a weighted average liquefaction fee of $12.50-$13.50 per MMBtu. The company estimates that each $1.00-per-MMBtu change in fixed liquefaction fees would change full-year adjusted EBITDA by $180 million-$210 million, making the realized pricing of unsold cargos an important variable.

Management’s view

CEO Mike Sabel identified the start of commercial operations at Plaquemines Phase 1, continued CP2 construction and commercial and financing work for the proposed Plaquemines and CP2 expansions as the principal priorities for the second half of 2026. Management maintained the current schedules for Plaquemines and CP2 while emphasizing completion of remaining commissioning and testing work.

Recent insider transactions

The latest 10 reported transactions were dominated by derivative exercises and related sales by CFO Jonathan Thayer and General Counsel Keith Larson. CEO Mike Sabel’s June 12 transaction was the only direct purchase among these records; an exercise or conversion is not equivalent to an open-market purchase.

Risks investors should monitor

• Unsold-cargo pricing: Although 91% of available 2026 cargos were contracted, adjusted EBITDA remains sensitive to liquefaction fees on the remaining cargos. A $1.00-per-MMBtu change would affect guidance by $180 million-$210 million.
• Plaquemines commissioning: The Q4 2026 commercial-operation target depends on completing commissioning, assurance testing and any required remediation or rectification work. Delays could affect volumes and contract timing.
• Debt and financing costs: Net long-term debt increased to $41.527 billion, and quarterly net interest expense rose 58% to $489 million. Refinancing savings provide some mitigation, but interest remains a significant cost.
• Construction and regulatory execution: CP2 and the proposed CP2 and Plaquemines expansions require continued construction progress, financing and regulatory approvals to meet their stated timelines.

Summary

Venture Global’s Q2 2026 results were driven by Plaquemines commissioning, which increased LNG volumes and supported higher implied liquefaction fees. That combination produced substantial operating-margin expansion and much faster profit growth than revenue growth. The raised EBITDA outlook adds confidence to the 2026 plan, but the main variables remain Plaquemines Phase 1’s Q4 commercial start, pricing on unsold cargos and the company’s growing debt and interest burden.