Venture Global (VG) financial statements
Venture Global reported revenue of $13.8B in fiscal 2025, up 32.0% a year over 2 years.
Net income was $2.3B and the operating margin 37.4%, against 61.4% in 2023.
Free cash flow was -$6.8B, and the company returned $465M in dividends.
The diluted share count rose 23% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Venture Global's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $7.9B | $5.0B | $13.8B |
| Cost of revenue | $1.7B | $1.4B | $5.9B |
| Gross profit | $6.2B | $3.6B | $7.8B |
| Research and development | $490M | $635M | $344M |
| Selling, general and admin | $224M | $312M | $433M |
| Operating income | $4.8B | $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 | $2.7B | $1.5B | $2.3B |
| EPS (diluted) | $1.25 | $0.57 | $0.86 |
| Diluted shares | 2.14B | 2.58B | 2.63B |
| Gross margin | 78.7% | 72.8% | 57.0% |
| Operating margin | 61.4% | 35.5% | 37.4% |
| Net margin | 33.9% | 29.7% | 16.4% |
Balance sheet
Fiscal years, from Venture Global's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $5.9B | $3.6B | $2.4B |
| Receivables | — | $364M | $918M |
| Inventory | — | $171M | $253M |
| Total current assets | — | $4.6B | $4.0B |
| Property, plant and equipment | — | $34.7B | $46.6B |
| Total assets | — | $43.5B | $53.4B |
| Total current liabilities | — | $3.5B | $4.3B |
| Long-term debt | — | $29.1B | $33.4B |
| Total liabilities | — | $35.6B | $41.5B |
| Shareholders' equity | — | $2.9B | $6.7B |
| Net debt | -$5.9B | $25.7B | $31.9B |
Cash flow
Fiscal years, from Venture Global's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $4.5B | $2.1B | $6.6B |
| Capital spending | $8.1B | $13.7B | $13.4B |
| Free cash flow | -$3.5B | -$11.6B | -$6.8B |
| Stock-based compensation | $28M | $22M | $46M |
| Dividends paid | $164M | $139M | $465M |
| Net borrowing | -$5.9B | -$905M | -$11.1B |
| Free cash flow margin | -44.8% | -232.7% | -49.4% |
| Dividends per share | $0.08 | $0.05 | $0.18 |
Questions
What was Venture Global's revenue in 2025?
$13.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Venture Global generate?
-$6.8B in fiscal 2025 (operating cash flow minus capital spending).
From Venture Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.