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Venture Global Q3 Earnings Miss Estimates on Higher Total Expenses
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Key Takeaways
Venture Global posted Q3 EPS of $0.16, missing estimates but improving from a year-ago loss.
Revenues surged to $3.3B, driven by higher LNG volumes from the Plaquemines project.
Adjusted EBITDA jumped 273% to $1.5B as LNG margins improved despite rising costs.
Venture Global, Inc. (VG - Free Report) recorded third-quarter 2025 diluted earnings per share of 16 cents, which missed the Zacks Consensus Estimate of 22 cents. The bottom line improved from a loss of 15 cents in the year-ago quarter.
Total quarterly revenues of $3.3 billion increased from $926 million reported in the year-ago quarter. The top line also surpassed the Zacks Consensus Estimate of $3.2 billion.
The weak quarterly earnings can be attributed to higher total operating costs and expenses. However, higher LNG sales volumes from the Plaquemines project and enhanced total margins for the LNG sold largely offset the negatives.
Venture Global, Inc. Price, Consensus and EPS Surprise
Income from operations totaled $1.32 billion compared with $189 million in the third quarter of 2024. This increase was primarily driven by a rise in LNG sales volumes at the Plaquemines project, partially offset by lower LNG sales prices after accounting for the cost of feedgas at its Calcasieu project.
Venture Global exported 100 cargoes in the second quarter, significantly higher than the 31 cargoes in the year-ago period. The total liquefied natural gas (LNG) volumes exported came in at 373 trillion British thermal units (TBtu), up from 100 TBtu recorded in the year-ago quarter.
Adjusted EBITDA in the third quarter totaled $1.5 billion, up 273% from the year-ago level of $283 million, primarily due to higher LNG sales volumes at the Plaquemines project. This resulted in an enhanced total margin for the LNG sold, which aided the third-quarter performance.
VG’s Costs & Expenses
The cost of sales in the quarter amounted to $1.4 billion, up from the year-ago period’s $272 million. Operating and maintenance expenses increased to $245 million from $143 million in the third quarter of 2024.
Total operating expenses were $2 billion, up from $737 million in the September-end quarter of 2024.
Balance Sheet of VG
As of Sept. 30, 2025, the partnership had $1.9 billion in cash and cash equivalents and a net long-term debt of $31.7 billion.
Outlook
For the full-year 2025, the company has narrowed its Adjusted EBITDA to lie in the range of $6.35-$6.5 billion from the previously announced range of $6.4-$6.8 billion. The LNG company expects total cargoes across all its projects to be in the range of 382-386 in 2025.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Venture Global Q3 Earnings Miss Estimates on Higher Total Expenses
Key Takeaways
Venture Global, Inc. (VG - Free Report) recorded third-quarter 2025 diluted earnings per share of 16 cents, which missed the Zacks Consensus Estimate of 22 cents. The bottom line improved from a loss of 15 cents in the year-ago quarter.
Total quarterly revenues of $3.3 billion increased from $926 million reported in the year-ago quarter. The top line also surpassed the Zacks Consensus Estimate of $3.2 billion.
The weak quarterly earnings can be attributed to higher total operating costs and expenses. However, higher LNG sales volumes from the Plaquemines project and enhanced total margins for the LNG sold largely offset the negatives.
Venture Global, Inc. Price, Consensus and EPS Surprise
Venture Global, Inc. price-consensus-eps-surprise-chart | Venture Global, Inc. Quote
VG’s Operating Results
Income from operations totaled $1.32 billion compared with $189 million in the third quarter of 2024. This increase was primarily driven by a rise in LNG sales volumes at the Plaquemines project, partially offset by lower LNG sales prices after accounting for the cost of feedgas at its Calcasieu project.
Venture Global exported 100 cargoes in the second quarter, significantly higher than the 31 cargoes in the year-ago period. The total liquefied natural gas (LNG) volumes exported came in at 373 trillion British thermal units (TBtu), up from 100 TBtu recorded in the year-ago quarter.
Adjusted EBITDA in the third quarter totaled $1.5 billion, up 273% from the year-ago level of $283 million, primarily due to higher LNG sales volumes at the Plaquemines project. This resulted in an enhanced total margin for the LNG sold, which aided the third-quarter performance.
VG’s Costs & Expenses
The cost of sales in the quarter amounted to $1.4 billion, up from the year-ago period’s $272 million. Operating and maintenance expenses increased to $245 million from $143 million in the third quarter of 2024.
Total operating expenses were $2 billion, up from $737 million in the September-end quarter of 2024.
Balance Sheet of VG
As of Sept. 30, 2025, the partnership had $1.9 billion in cash and cash equivalents and a net long-term debt of $31.7 billion.
Outlook
For the full-year 2025, the company has narrowed its Adjusted EBITDA to lie in the range of $6.35-$6.5 billion from the previously announced range of $6.4-$6.8 billion. The LNG company expects total cargoes across all its projects to be in the range of 382-386 in 2025.
VG’s Zacks Rank and Key Picks
VG currently carries a Zacks Rank #4 (Sell).
Some top-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) , Canadian Natural Resources Ltd. (CNQ - Free Report) and FuelCell Energy (FCEL - Free Report) . While Oceaneering and Canadian Natural Resources currently sport a Zacks Rank #1 (Strong Buy) each, FuelCell carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.