Key Highlights

  • EPS of USD 0.96 beat the USD 0.50 estimate, and Revenue of USD 4.76 billion edged past forecasts.
  • Record quarterly EBITDA of USD 2.6 billion lifted 2026 guidance to USD 10.0 billion to USD 10.3 billion.
  • Over 99% of 2026 cargoes are contracted, up from 91% in August, and the cargo range's low end rose.
  • New or increased offtake agreements totaled 1.5 million tonnes per annum, including ConocoPhillips and China Gas.

Venture Global (NYSE:VG) reported third quarter 2026 EPS of USD 0.96, nearly double the USD 0.50 estimate, on revenue of USD 4.76 billion against USD 4.71 billion expected by analysts. Management called the quarter's EBITDA of USD 2.6 billion the largest in company history and noted significant growth in volumes, revenue, income from operations, Net Income and EBITDA from a year earlier.

The company produced 124 cargoes in the quarter, at the high end of its range, and raised the low end of its 2026 cargo range by nine. The quarterly filing attributes higher Operating Income for the nine months mainly to higher sales volumes from the Plaquemines project as commissioning progressed, partly offset by higher operating and maintenance expenses and depreciation.

Guidance and Contracting

Management raised 2026 EBITDA guidance to USD 10.0 billion to USD 10.3 billion from USD 8.7 billion to USD 9.1 billion, citing the current market outlook for the rest of the year. More than 99% of the 2026 portfolio is now contracted, up from 91% reported in August. The company is maintaining its 2027 outlook of 575 to 625 total cargoes, including 10 to 20 from CP2, where production is now projected to begin around midyear 2027. It plans to provide 2027 production and pricing guidance on its fourth quarter call.

Commercial activity continued. The company executed 1.5 million tonnes per annum of new or increased offtake agreements in the quarter, adding ConocoPhillips with a 1 million tonne agreement and China Gas with 0.5 million, and one existing customer raised its Volume by 0.5 million tonnes the following week. Management said Demand for long-term contracts remains robust and it anticipates adding more 20-year agreements before year end.

Projects, Power and Market Backdrop

Plaquemines Phase 1 reached commercial operations 53 months after its final Investment decision, which management described as the fastest for a greenfield project of its size. In March 2026 CP2 Phase 2 reached a final investment decision and the company obtained USD 8.6 billion of additional project financing, and it incurred USD 9.8 billion of project costs in the first nine months. Contracted post-start capacity at CP2 rose to 29.0 million tonnes per annum. The Department of Energy approved higher non-free-trade-agreement export authorization for Plaquemines in March, and applications for further increases remain pending.

For a 10 million tonne CP2 Phase 3 expansion, management said financing discussions with its banks are under way, with a final investment decision targeted for early 2027. It also signed reservation agreements with GE Vernova, GE Grid Solutions and Baker Hughes for up to 16 power islands, aimed at an island-mode Data Center offering. On the market, management cited a 45% increase in western European LNG imports since July, with EU gas storage at its lowest early-November level since 2013.

Legal and Project Milestones to Watch

The quarterly filing describes a putative securities class action tied to the company's initial public offering. Per the filing, the court granted the company's motion to dismiss the amended complaint with prejudice on October 13, 2026, and entered final judgment dismissing the case two days later. The filing also describes a Shareholder derivative action and other proceedings, and these merit review for any later developments.

Other markers include regulatory approvals for Plaquemines expansion, CP2 start-up timing, and financing for Phase 3.