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Venture Global reported Q2 FY2026 revenue of $4.6 billion, above the consensus estimate of $4.5 billion. Adjusted earnings per share were $0.51, compared with the consensus estimate of $0.49.
Revenue rose from $3.1 billion a year earlier. In its filing, Venture Global attributed the increase in operating income primarily to higher LNG sales volumes as production at Plaquemines ramped up, and to higher average LNG sales prices net of feed gas costs. Higher operating and maintenance expenses partially offset those gains.
The filing shows Plaquemines operating income rose to $2.2 billion from $921 million, while Calcasieu operating income fell to $67 million from $183 million. Venture Global attributed the Calcasieu decline partly to lower fees following its transition from commissioning sales to post-commercial-operation contracts.
The company reported gross margin of 63.7%, up from 54.2%, and operating margin of 47.8%, up from 33.5%. Free cash flow was −$1.6 billion, compared with −$1.5 billion a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $4.6 billion | $3.1 billion | 47.6% |
| Diluted EPS | $0.51 | $0.14 | 264.3% |
| Gross margin | 63.7% | 54.2% | 9.5 percentage points |
| Operating margin | 47.8% | 33.5% | 14.3 percentage points |
| Free cash flow | −$1.6 billion | −$1.5 billion | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.51 | $0.49 | Beat by 4.08% |
| Revenue | $4.6 billion | $4.5 billion | Beat by 1.65% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
An earnings call was not available for this quarter, so management’s call commentary cannot be reported.
Guidance
Management’s guidance was not available, so there is no basis to report changes to its previous outlook or identify any guidance it may have stopped providing.