Venture Global, Inc. (VG) Income Statement
VG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVG revenue and net income
Where VG's revenue goes
2025Each bar shows an amount and its share of revenue. VG kept 19.6% of revenue as net income.
VG profit margins
VG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +176.9% | +28.8% | — | — |
| Gross profit | +105.8% | +17.4% | — | — |
| Operating income | +185.5% | +12.3% | — | — |
| Net income | +74.8% | +13.2% | — | — |
| EPS (diluted) | +330.0% | −2.9% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VG quarterly EPS vs estimates
Venture Global beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 10, 2026 (estimate $0.55).
VG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $13.77B | $4.97B | $7.90B | $6.45B | $0 |
| Cost of revenue | $6.98B | $1.67B | $1.68B | $2.25B | $6.0M |
| Gross profit | $6.79B | $3.30B | $6.21B | $4.20B | −$6.0M |
| Research & development | $344.0M | $635.0M | $490.0M | $311.0M | $188.0M |
| Sales, general & admin | $433.0M | $312.0M | $224.0M | $191.0M | $89.0M |
| Total operating expenses | $1.75B | $1.54B | $1.36B | $642.0M | $331.0M |
| Operating income | $5.03B | $1.76B | $4.85B | $3.56B | −$337.0M |
| Interest income | $151.0M | $244.0M | $172.0M | $18.0M | $0 |
| Interest expense | $1.45B | $584.0M | $641.0M | $592.0M | $52.0M |
| Income before taxes | $3.36B | $2.18B | $4.43B | $3.54B | −$436.0M |
| Income taxes | $630.0M | $437.0M | $816.0M | $447.0M | — |
| Net income | $2.70B | $1.54B | $2.68B | $1.86B | −$356.0M |
| EBITDA | $5.76B | $3.09B | $5.35B | $4.29B | −$371.0M |
| EPS (diluted) | $0.86 | $0.20 | $1.04 | $0.94 | — |
| Gross margin | 49.3% | 66.4% | 78.7% | 65.1% | — |
| Operating margin | 36.6% | 35.5% | 61.4% | 55.1% | — |
| Net margin | 19.6% | 31.0% | 33.9% | 28.8% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.58B | $4.60B | $4.45B | $3.33B | $3.10B | $2.89B | $1.52B | $926.0M | $1.11B | $1.41B | $1.63B | $1.05B |
| Cost of revenue | $1.95B | $2.99B | $2.29B | $1.61B | $1.69B | $1.27B | $507.0M | $272.0M | $370.0M | $435.0M | $558.0M | $419.0M |
| Gross profit | $2.62B | $1.61B | $2.15B | $1.72B | $1.42B | $1.62B | $1.02B | $654.0M | $738.0M | $979.0M | $1.07B | $635.0M |
| Research & development | $23.0M | $49.0M | $52.0M | $53.0M | $57.0M | $182.0M | $124.0M | $156.0M | $174.0M | $181.0M | $166.0M | $142.0M |
| Sales, general & admin | $112.0M | $97.0M | $120.0M | $105.0M | $103.0M | $105.0M | $88.0M | $77.0M | $75.0M | $72.0M | $59.0M | $58.0M |
| Total operating expenses | $465.0M | $416.0M | $433.0M | $403.0M | $377.0M | $539.0M | $423.0M | $465.0M | $375.0M | $362.0M | $337.0M | $326.0M |
| Operating income | $2.16B | $1.19B | $1.72B | $1.32B | $1.04B | $1.08B | $594.0M | $189.0M | $363.0M | $617.0M | $737.0M | $309.0M |
| Interest income | $26.0M | $28.0M | $30.0M | $27.0M | $38.0M | $56.0M | $57.0M | $53.0M | $61.0M | $73.0M | $69.0M | $44.0M |
| Interest expense | $489.0M | $444.0M | $447.0M | $421.0M | $310.0M | $276.0M | $117.0M | $128.0M | $153.0M | $186.0M | $193.0M | $154.0M |
| Income before taxes | $1.75B | $736.0M | $1.47B | $637.0M | $591.0M | $668.0M | $1.24B | −$372.0M | $444.0M | $873.0M | −$53.0M | $984.0M |
| Income taxes | $336.0M | $111.0M | $276.0M | $87.0M | $116.0M | $151.0M | $248.0M | −$78.0M | $92.0M | $175.0M | −$52.0M | $203.0M |
| Net income | $1.42B | $598.0M | $1.14B | $496.0M | $435.0M | $464.0M | $938.0M | −$346.0M | $303.0M | $648.0M | −$50.0M | $617.0M |
| EBITDA | $2.42B | $1.44B | $2.15B | $1.28B | $1.17B | $1.16B | $1.45B | −$155.0M | $667.0M | $1.13B | $232.0M | $1.21B |
| EPS (diluted) | $0.51 | $0.19 | $0.42 | $0.15 | $0.14 | $0.15 | $0.33 | −$0.13 | — | — | — | — |
| Gross margin | 57.3% | 35.0% | 48.4% | 51.8% | 45.6% | 55.9% | 66.7% | 70.6% | 66.6% | 69.2% | 65.8% | 60.2% |
| Operating margin | 47.2% | 25.9% | 38.7% | 39.7% | 33.5% | 37.3% | 39.0% | 20.4% | 32.8% | 43.6% | 45.2% | 29.3% |
| Net margin | 31.0% | 13.0% | 25.5% | 14.9% | 14.0% | 16.0% | 61.5% | −37.4% | 27.3% | 45.8% | −3.1% | 58.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VG's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VG financial results
In fiscal year 2025 (ended December 31, 2025), Venture Global reported revenue of $13.8 billion, up 176.9% from the year before. It had net income of $2.7 billion (up 74.8%), a net profit margin of 19.6%. Diluted earnings per share came to $0.86.
See the VG stock overview for the latest quote and news, or the VG chart for price history and technical indicators.
VG income statement FAQ
What is Venture Global's annual revenue?
Venture Global reported total revenue of $13.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 176.9% from $5.0 billion the previous year.
Is Venture Global profitable?
Yes. Venture Global reported net income of $2.7 billion in fiscal 2025, a net profit margin of 19.6%; its operating margin was 36.6%.
What is Venture Global's gross margin?
Venture Global's gross margin was 49.3% in fiscal 2025: for every $100 of revenue, Venture Global kept $49 after the direct cost of its products and services.
How much does Venture Global spend on research and development?
Venture Global spent $344.0 million on research and development in fiscal 2025, 2.5% of revenue.
What are Venture Global's earnings per share?
Venture Global earned $0.86 per diluted share in fiscal 2025, compared with $0.20 a year earlier.
When will Venture Global report its next earnings?
Venture Global is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 before the market opens.
When does Venture Global's fiscal year end?
Venture Global's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.