Venture Global, Inc. Financials
This page shows Venture Global, Inc. (VG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
VG converts revenue into cash, but heavy reinvestment turns a high-margin income statement into persistent negative free cash flow.
Across FY2023-FY2025, operating cash flow stayed positive and reached$6.6B in FY2025, yet capital spending still consumed$13.4B , so the business is expanding faster than its own operations can fund. That financing gap helps explain why long-term debt reached$33.4B while free cash flow remained-$6.8B even in the strongest revenue year.
FY2025's top-line rebound did not restore earlier economics: gross margin fell from
The balance sheet improved in one dimension as debt-to-equity fell from 10.0x to 5.0x, meaning earnings rebuilt the equity base enough to reduce that leverage ratio. But short-term liquidity tightened with a current ratio of 0.9x and cash at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Venture Global, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Venture Global, Inc. has an operating margin of 37.5%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 35.5% the prior year.
Venture Global, Inc.'s revenue surged 176.9% year-over-year to $13.8B, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Venture Global, Inc. has elevated debt relative to equity (D/E of 4.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Venture Global, Inc.'s current ratio of 0.93 is below the typical benchmark, resulting in a score of 13/100. However, the company holds substantial cash reserves (54% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Venture Global, Inc. generated $6.6B in operating cash flow, capex of $13.4B consumed most of it, leaving -$6.8B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Venture Global, Inc. earns a strong 40.5% return on equity (ROE), meaning it generates $41 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 60.3% the prior year.
Venture Global, Inc. scores 1.10, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Venture Global, Inc. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Venture Global, Inc. generates $2.40 in operating cash flow ($6.6B OCF vs $2.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Venture Global, Inc. earns $3.5 in operating income for every $1 of interest expense ($5.2B vs $1.5B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Venture Global, Inc. generated $13.8B in revenue in fiscal year 2025. This represents an increase of 176.9% from the prior year.
Venture Global, Inc.'s EBITDA was $6.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 192.4% from the prior year.
Venture Global, Inc. reported $2.7B in net income in fiscal year 2025. This represents an increase of 56.5% from the prior year.
Venture Global, Inc. earned $0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.9% from the prior year.
Cash & Balance Sheet
Venture Global, Inc. generated -$6.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 41.2% from the prior year.
Venture Global, Inc. held $2.4B in cash against $33.4B in long-term debt as of fiscal year 2025.
Venture Global, Inc. paid $0.03 per share in dividends in fiscal year 2025.
Margins & Returns
Venture Global, Inc.'s gross margin was 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 15.8 percentage points from the prior year.
Venture Global, Inc.'s operating margin was 37.5% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.
Venture Global, Inc.'s net profit margin was 19.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 15.3 percentage points from the prior year.
Venture Global, Inc.'s ROE was 40.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.7 percentage points from the prior year.
Capital Allocation
Venture Global, Inc. invested $344.0M in research and development in fiscal year 2025. This represents a decrease of 45.8% from the prior year.
Venture Global, Inc. invested $13.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.6% from the prior year.
VG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6B+3.5% | $4.4B+33.5% | $3.3B+7.4% | $3.1B+7.2% | $2.9B+89.9% | $1.5B+64.6% | $926.0M-16.4% | $1.1B |
| Cost of Revenue | $2.8B+35.5% | $2.1B+48.0% | $1.4B-2.2% | $1.4B+34.0% | $1.1B+155.8% | $414.0M+52.2% | $272.0M-9.3% | $300.0M |
| Gross Profit | $1.8B-24.1% | $2.4B+23.2% | $1.9B+15.4% | $1.7B-8.3% | $1.8B+65.3% | $1.1B+69.7% | $654.0M-19.1% | $808.0M |
| R&D Expenses | $46.0M-11.5% | $52.0M-1.9% | $53.0M-7.0% | $57.0M-68.7% | $182.0M+46.8% | $124.0M-20.5% | $156.0M-10.3% | $174.0M |
| SG&A Expenses | $97.0M-19.2% | $120.0M+14.3% | $105.0M+1.9% | $103.0M-1.9% | $105.0M+19.3% | $88.0M+14.3% | $77.0M+2.7% | $75.0M |
| Operating Income | $1.2B-33.0% | $1.7B+30.2% | $1.3B+27.2% | $1.0B-3.9% | $1.1B+81.8% | $594.0M+214.3% | $189.0M-47.9% | $363.0M |
| Interest Expense | $444.0M-0.7% | $447.0M+6.2% | $421.0M+35.8% | $310.0M+12.3% | $276.0M+135.9% | $117.0M-8.6% | $128.0M-16.3% | $153.0M |
| Income Tax | $111.0M-59.8% | $276.0M+217.2% | $87.0M-25.0% | $116.0M-23.2% | $151.0M-39.1% | $248.0M+417.9% | -$78.0M-184.8% | $92.0M |
| Net Income | $625.0M-47.5% | $1.2B+116.5% | $550.0M+15.8% | $475.0M-8.1% | $517.0M-47.8% | $990.0M+436.7% | -$294.0M-183.5% | $352.0M |
| EPS (Diluted) | $0.19 | N/A | $0.16+14.3% | $0.14-6.7% | $0.15 | N/A | $-0.15-225.0% | $0.12 |
VG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.3B+5.3% | $53.4B+6.7% | $50.1B+7.7% | $46.5B+3.2% | $45.1B+3.6% | $43.5B | N/A | N/A |
| Current Assets | $3.2B-20.3% | $4.0B+24.0% | $3.3B-18.1% | $4.0B-18.7% | $4.9B+7.3% | $4.6B | N/A | N/A |
| Cash & Equivalents | $1.6B-32.1% | $2.4B+25.3% | $1.9B-16.4% | $2.2B-37.7% | $3.6B-0.1% | $3.6B-36.0% | $5.6B+26.3% | $4.5B |
| Inventory | $241.0M-4.7% | $253.0M+11.5% | $227.0M+23.4% | $184.0M-2.6% | $189.0M+10.5% | $171.0M | N/A | N/A |
| Accounts Receivable | $810.0M-11.8% | $918.0M+45.0% | $633.0M-5.9% | $673.0M+5.2% | $640.0M+75.8% | $364.0M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $44.0B+6.0% | $41.5B+5.6% | $39.3B+8.7% | $36.1B+2.8% | $35.1B-1.3% | $35.6B | N/A | N/A |
| Current Liabilities | $3.7B-14.5% | $4.3B+10.7% | $3.9B+37.3% | $2.9B+1.2% | $2.8B-20.3% | $3.5B | N/A | N/A |
| Long-Term Debt | $36.5B+9.2% | $33.4B+5.2% | $31.7B+6.6% | $29.8B+2.2% | $29.1B+0.2% | $29.1B | N/A | N/A |
| Total Equity | $7.2B+7.3% | $6.7B+18.5% | $5.7B+8.0% | $5.3B+7.9% | $4.9B+68.5% | $2.9B | N/A | N/A |
| Retained Earnings | $5.2B+9.4% | $4.7B+27.8% | $3.7B+11.7% | $3.3B+12.5% | $2.9B+12.6% | $2.6B | N/A | N/A |
VG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $763.0M-63.9% | $2.1B+12.1% | $1.9B+29.1% | $1.5B+30.9% | $1.1B+65.5% | $673.0M+140.4% | $280.0M-49.8% | $558.0M |
| Capital Expenditures | $3.2B-12.2% | $3.6B+10.0% | $3.3B+10.5% | $3.0B-14.0% | $3.5B-5.3% | $3.7B-3.8% | $3.8B+17.0% | $3.3B |
| Free Cash Flow | -$2.4B-59.7% | -$1.5B-7.3% | -$1.4B+7.3% | -$1.5B+35.3% | -$2.4B+21.2% | -$3.0B+15.2% | -$3.5B-30.8% | -$2.7B |
| Investing Cash Flow | -$3.0B+17.7% | -$3.6B-14.8% | -$3.2B-8.1% | -$2.9B+15.4% | -$3.5B+6.8% | -$3.7B+3.3% | -$3.9B-11.7% | -$3.4B |
| Financing Cash Flow | $1.9B+31.5% | $1.4B-25.9% | $1.9B+424.7% | $364.0M-79.5% | $1.8B-12.5% | $2.0B-57.2% | $4.7B+110.0% | $2.3B |
| Dividends Paid | $180.0M+328.6% | $42.0M-76.1% | $176.0M+208.8% | $57.0M-70.0% | $190.0M+239.3% | $56.0M+3.7% | $54.0M+285.7% | $14.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.5%-14.3pp | 53.8%-4.5pp | 58.3%+4.1pp | 54.2%-9.2pp | 63.4%-9.4pp | 72.8%+2.2pp | 70.6%-2.3pp | 72.9% |
| Operating Margin | 25.0%-13.6pp | 38.6%-1.0pp | 39.6%+6.2pp | 33.5%-3.8pp | 37.3%-1.7pp | 39.0%+18.6pp | 20.4%-12.3pp | 32.8% |
| Net Margin | 13.6%-13.2pp | 26.8%+10.3pp | 16.5%+1.2pp | 15.3%-2.5pp | 17.9%-47.1pp | 65.0%+96.7pp | -31.8%-63.5pp | 31.8% |
| Return on Equity | 8.6%-9.0pp | 17.7%+8.0pp | 9.7%+0.7pp | 9.0%-1.6pp | 10.6%-23.6pp | 34.2% | N/A | N/A |
| Return on Assets | 1.1%-1.1pp | 2.2%+1.1pp | 1.1%+0.1pp | 1.0%-0.1pp | 1.1%-1.1pp | 2.3% | N/A | N/A |
| Current Ratio | 0.87-0.1 | 0.93+0.1 | 0.83-0.6 | 1.39-0.3 | 1.73+0.4 | 1.29 | N/A | N/A |
| Debt-to-Equity | 5.04+0.1 | 4.95-0.6 | 5.58-0.1 | 5.65-0.3 | 5.97-4.1 | 10.04 | N/A | N/A |
| FCF Margin | -52.6%-18.5pp | -34.1%+8.3pp | -42.4%+6.7pp | -49.1%+32.2pp | -81.3%+114.7pp | -195.9%+184.5pp | -380.4%-137.4pp | -243.0% |
Note: The current ratio is below 1.0 (0.93), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Venture Global, Inc.'s annual revenue?
Venture Global, Inc. (VG) reported $13.8B in total revenue for fiscal year 2025. This represents a 176.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Venture Global, Inc.'s revenue growing?
Venture Global, Inc. (VG) revenue grew by 176.9% year-over-year, from $5.0B to $13.8B in fiscal year 2025.
Is Venture Global, Inc. profitable?
Yes, Venture Global, Inc. (VG) reported a net income of $2.7B in fiscal year 2025, with a net profit margin of 19.9%.
What is Venture Global, Inc.'s EBITDA?
Venture Global, Inc. (VG) had EBITDA of $6.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Venture Global, Inc. have?
As of fiscal year 2025, Venture Global, Inc. (VG) had $2.4B in cash and equivalents against $33.4B in long-term debt.
What is Venture Global, Inc.'s gross margin?
Venture Global, Inc. (VG) had a gross margin of 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Venture Global, Inc.'s operating margin?
Venture Global, Inc. (VG) had an operating margin of 37.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Venture Global, Inc.'s net profit margin?
Venture Global, Inc. (VG) had a net profit margin of 19.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Venture Global, Inc. pay dividends?
Yes, Venture Global, Inc. (VG) paid $0.03 per share in dividends during fiscal year 2025.
What is Venture Global, Inc.'s return on equity (ROE)?
Venture Global, Inc. (VG) has a return on equity of 40.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Venture Global, Inc.'s free cash flow?
Venture Global, Inc. (VG) generated -$6.8B in free cash flow during fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Venture Global, Inc.'s operating cash flow?
Venture Global, Inc. (VG) generated $6.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Venture Global, Inc.'s total assets?
Venture Global, Inc. (VG) had $53.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Venture Global, Inc.'s capital expenditures?
Venture Global, Inc. (VG) invested $13.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Venture Global, Inc. spend on research and development?
Venture Global, Inc. (VG) invested $344.0M in research and development during fiscal year 2025.
What is Venture Global, Inc.'s current ratio?
Venture Global, Inc. (VG) had a current ratio of 0.93 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Venture Global, Inc.'s debt-to-equity ratio?
Venture Global, Inc. (VG) had a debt-to-equity ratio of 4.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Venture Global, Inc.'s return on assets (ROA)?
Venture Global, Inc. (VG) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Venture Global, Inc.'s Altman Z-Score?
Venture Global, Inc. (VG) has an Altman Z-Score of 1.10, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Venture Global, Inc.'s Piotroski F-Score?
Venture Global, Inc. (VG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Venture Global, Inc.'s earnings high quality?
Venture Global, Inc. (VG) has an earnings quality ratio of 2.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Venture Global, Inc. cover its interest payments?
Venture Global, Inc. (VG) has an interest coverage ratio of 3.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Venture Global, Inc.?
Venture Global, Inc. (VG) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.