What is Venture Global, Inc.'s earnings per share (EPS)?

Venture Global, Inc. (VG) reported diluted earnings per share of $0.86 for fiscal year 2025. This represents a 50.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Venture Global, Inc. Financials

FY2025 annual

Revenue $13.8B +176.9% YoY

Net Income $2.7B +56.5% YoY

EPS (Diluted) $0.86 +50.9% YoY

Free Cash Flow -$6.8B +41.2% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Venture Global, Inc. (VG) reported $13.8B in revenue for fiscal year 2025, up 176.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VG FY2025 2026-05-12

VG converts revenue into cash, but heavy reinvestment turns a high-margin income statement into persistent negative free cash flow.

Across FY2023-FY2025, operating cash flow stayed positive and reached $6.6B in FY2025, yet capital spending still consumed $13.4B, so the business is expanding faster than its own operations can fund. That financing gap helps explain why long-term debt reached $33.4B while free cash flow remained -$6.8B even in the strongest revenue year.

FY2025's top-line rebound did not restore earlier economics: gross margin fell from 72.8% to 57.0%, which points to a lower-margin mix or heavier operating cost structure, not a simple snapback. Net margin also compressed to 19.9%, so more sales translated into less profit per dollar than in prior years.

The balance sheet improved in one dimension as debt-to-equity fell from 10.0x to 5.0x, meaning earnings rebuilt the equity base enough to reduce that leverage ratio. But short-term liquidity tightened with a current ratio of 0.9x and cash at $2.4B, so the company looks less stretched structurally than it does day to day.

Financial Health Signals

Financial Health Score 46/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Venture Global, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Altman Z-Score Distress

1.19

Venture Global, Inc. scores 1.19, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Venture Global, Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.40x

For every $1 of reported earnings, Venture Global, Inc. generates $2.40 in operating cash flow ($6.6B OCF vs $2.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.55x

Venture Global, Inc. earns $3.55 in operating income for every $1 of interest expense ($5.2B vs $1.5B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$13.8B

YoY+176.9%

Venture Global, Inc. generated $13.8B in revenue in fiscal year 2025. This represents an increase of 176.9% from the prior year.

EBITDA

$6.1B

YoY+192.4%

Venture Global, Inc.'s EBITDA was $6.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 192.4% from the prior year.

Net Income

$2.7B

YoY+56.5%

Venture Global, Inc. reported $2.7B in net income in fiscal year 2025. This represents an increase of 56.5% from the prior year.

EPS (Diluted)

$0.86

YoY+50.9%

Venture Global, Inc. earned $0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$6.8B

YoY+41.2%

Venture Global, Inc. recorded an outflow of $6.8B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 41.2% from the prior year.

Cash & Debt

$2.4B

YoY-34.7%

Venture Global, Inc. held $2.4B in cash against $33.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.03

Venture Global, Inc. paid $0.03 per share in dividends in fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

57.0%

YoY-15.8pp

Venture Global, Inc.'s gross margin was 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 15.8 percentage points from the prior year.

Operating Margin

37.5%

YoY+2.0pp

Venture Global, Inc.'s operating margin was 37.5% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin

19.9%

YoY-15.3pp

Venture Global, Inc.'s net profit margin was 19.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 15.3 percentage points from the prior year.

Return on Equity

40.5%

YoY-19.7pp

Venture Global, Inc.'s ROE was 40.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$344.0M

YoY-45.8%

Venture Global, Inc. invested $344.0M in research and development in fiscal year 2025. This represents a decrease of 45.8% from the prior year.

Capital Expenditures

$13.4B

YoY-2.6%

Venture Global, Inc. invested $13.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.6% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

VG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VG annual income statement

Metric	TTM	FY25	FY24	FY23
Revenue	$17.0B	$13.8B+176.9%	$5.0B-37.0%	$7.9B
Cost of Revenue	$7.9B	$5.9B+338.2%	$1.4B-19.8%	$1.7B
Gross Profit	$9.1B	$7.8B+116.8%	$3.6B-41.7%	$6.2B
R&D Expenses	$174.0M	$344.0M-45.8%	$635.0M+29.6%	$490.0M
SG&A Expenses	$434.0M	$433.0M+38.8%	$312.0M+39.3%	$224.0M
Operating Income	$6.4B	$5.2B+192.5%	$1.8B-63.6%	$4.8B
Interest Expense	$1.8B	$1.5B+149.0%	$584.0M-8.9%	$641.0M
Income Tax	$810.0M	$630.0M+44.2%	$437.0M-46.4%	$816.0M
Net Income	$3.8B	$2.7B+56.5%	$1.7B-51.7%	$3.6B
EPS (Diluted)	—	$0.86+50.9%	$0.57-54.4%	$1.25

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$4.6B-0.5%	$4.6B+3.5%	$4.4B+33.5%	$3.3B+7.4%	$3.1B+7.2%	$2.9B+89.9%	$1.5B+64.6%	$926.0M
Cost of Revenue	$1.7B-40.4%	$2.8B+35.5%	$2.1B+48.0%	$1.4B-2.2%	$1.4B+34.0%	$1.1B+155.8%	$414.0M+52.2%	$272.0M
Gross Profit	$2.9B+60.8%	$1.8B-24.1%	$2.4B+23.2%	$1.9B+15.4%	$1.7B-8.3%	$1.8B+65.3%	$1.1B+69.7%	$654.0M
R&D Expenses	$23.0M-50.0%	$46.0M-11.5%	$52.0M-1.9%	$53.0M-7.0%	$57.0M-68.7%	$182.0M+46.8%	$124.0M-20.5%	$156.0M
SG&A Expenses	$112.0M+15.5%	$97.0M-19.2%	$120.0M+14.3%	$105.0M+1.9%	$103.0M-1.9%	$105.0M+19.3%	$88.0M+14.3%	$77.0M
Operating Income	$2.2B+90.1%	$1.2B-33.0%	$1.7B+30.2%	$1.3B+27.2%	$1.0B-3.9%	$1.1B+81.8%	$594.0M+214.3%	$189.0M
Interest Expense	$489.0M+10.1%	$444.0M-0.7%	$447.0M+6.2%	$421.0M+35.8%	$310.0M+12.3%	$276.0M+135.9%	$117.0M-8.6%	$128.0M
Income Tax	$336.0M+202.7%	$111.0M-59.8%	$276.0M+217.2%	$87.0M-25.0%	$116.0M-23.2%	$151.0M-39.1%	$248.0M+417.9%	-$78.0M
Net Income	$1.4B+126.7%	$625.0M-47.5%	$1.2B+116.5%	$550.0M+15.8%	$475.0M-8.1%	$517.0M-47.8%	$990.0M+436.7%	-$294.0M
EPS (Diluted)	$0.51+168.4%	$0.19	N/A	$0.16+14.3%	$0.14-6.7%	$0.15	N/A	-$0.15

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

VG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VG annual balance sheet

Metric	FY25	FY24	FY23
Total Assets	$53.4B+22.9%	$43.5B	N/A
Current Assets	$4.0B-11.4%	$4.6B	N/A
Cash & Equivalents	$2.4B-34.7%	$3.6B-38.6%	$5.9B
Inventory	$253.0M+48.0%	$171.0M	N/A
Accounts Receivable	$918.0M+152.2%	$364.0M	N/A
Total Liabilities	$41.5B+16.4%	$35.6B	N/A
Current Liabilities	$4.3B+22.6%	$3.5B	N/A
Long-Term Debt	$33.4B+14.8%	$29.1B	N/A
Total Equity	$6.7B+132.8%	$2.9B	N/A
Retained Earnings	$4.7B+80.8%	$2.6B	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$61.5B+9.3%	$56.3B+5.3%	$53.4B+6.7%	$50.1B+7.7%	$46.5B+3.2%	$45.1B+3.6%	$43.5B	N/A
Current Assets	$4.5B+40.7%	$3.2B-20.3%	$4.0B+24.0%	$3.3B-18.1%	$4.0B-18.7%	$4.9B+7.3%	$4.6B	N/A
Cash & Equivalents	$3.1B+95.1%	$1.6B-32.1%	$2.4B+25.3%	$1.9B-16.4%	$2.2B-37.7%	$3.6B-0.1%	$3.6B-36.0%	$5.6B
Inventory	$290.0M+20.3%	$241.0M-4.7%	$253.0M+11.5%	$227.0M+23.4%	$184.0M-2.6%	$189.0M+10.5%	$171.0M	N/A
Accounts Receivable	$844.0M+4.2%	$810.0M-11.8%	$918.0M+45.0%	$633.0M-5.9%	$673.0M+5.2%	$640.0M+75.8%	$364.0M	N/A
Total Liabilities	$49.4B+12.5%	$44.0B+6.0%	$41.5B+5.6%	$39.3B+8.7%	$36.1B+2.8%	$35.1B-1.3%	$35.6B	N/A
Current Liabilities	$3.8B+2.9%	$3.7B-14.5%	$4.3B+10.7%	$3.9B+37.3%	$2.9B+1.2%	$2.8B-20.3%	$3.5B	N/A
Long-Term Debt	$41.5B+13.9%	$36.5B+9.2%	$33.4B+5.2%	$31.7B+6.6%	$29.8B+2.2%	$29.1B+0.2%	$29.1B	N/A
Total Equity	$8.6B+18.5%	$7.2B+7.3%	$6.7B+18.5%	$5.7B+8.0%	$5.3B+7.9%	$4.9B+68.5%	$2.9B	N/A
Retained Earnings	$6.5B+25.2%	$5.2B+9.4%	$4.7B+27.8%	$3.7B+11.7%	$3.3B+12.5%	$2.9B+12.6%	$2.6B	N/A

Not reported in any period shown, so not listed: Goodwill.

VG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VG annual cash flow statement

Metric	TTM	FY25	FY24	FY23
Operating Cash Flow	$6.8B	$6.6B+205.5%	$2.1B-52.8%	$4.5B
Capital Expenditures	$13.8B	$13.4B-2.6%	$13.7B+69.5%	$8.1B
Free Cash Flow	-$7.0B	-$6.8B+41.2%	-$11.6B-226.7%	-$3.5B
Investing Cash Flow	-$13.5B	-$13.2B+6.6%	-$14.2B-62.3%	-$8.7B
Financing Cash Flow	$8.3B	$5.5B-49.2%	$10.8B+40.8%	$7.6B
Dividends Paid	$554.0M	$465.0M+234.5%	$139.0M-15.2%	$164.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$2.1B+171.6%	$763.0M-63.9%	$2.1B+12.1%	$1.9B+29.1%	$1.5B+30.9%	$1.1B+65.5%	$673.0M+140.4%	$280.0M
Capital Expenditures	$3.7B+16.9%	$3.2B-12.2%	$3.6B+10.0%	$3.3B+10.5%	$3.0B-14.0%	$3.5B-5.3%	$3.7B-3.8%	$3.8B
Free Cash Flow	-$1.6B+31.9%	-$2.4B-59.7%	-$1.5B-7.3%	-$1.4B+7.3%	-$1.5B+35.3%	-$2.4B+21.2%	-$3.0B+15.2%	-$3.5B
Investing Cash Flow	-$3.7B-22.6%	-$3.0B+17.7%	-$3.6B-14.8%	-$3.2B-8.1%	-$2.9B+15.4%	-$3.5B+6.8%	-$3.7B+3.3%	-$3.9B
Financing Cash Flow	$3.1B+68.9%	$1.9B+31.5%	$1.4B-25.9%	$1.9B+424.7%	$364.0M-79.5%	$1.8B-12.5%	$2.0B-57.2%	$4.7B
Dividends Paid	-$91.0M-150.6%	$180.0M+328.6%	$42.0M-90.1%	$423.0M+322.6%	-$190.0M-200.0%	$190.0M+239.3%	$56.0M+3.7%	$54.0M

Not reported in any period shown, so not listed: Share Buybacks.

VG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VG annual financial ratios

Metric	FY25	FY24	FY23
Gross Margin	57.0%-15.8pp	72.8%-5.9pp	78.7%
Operating Margin	37.5%+2.0pp	35.5%-26.0pp	61.4%
Net Margin	19.9%-15.3pp	35.1%-10.7pp	45.8%
Return on Equity	40.5%-19.7pp	60.3%	N/A
Return on Assets	5.1%+1.1pp	4.0%	N/A
Current Ratio	0.93-0.4x	1.29	N/A
Debt-to-Equity	4.95-5.1x	10.04	N/A
FCF Margin	-49.4%	-232.7%	-44.8%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	63.7%+24.3pp	39.5%-14.3pp	53.8%-4.5pp	58.3%+4.1pp	54.2%-9.2pp	63.4%-9.4pp	72.8%+2.2pp	70.6%
Operating Margin	47.8%+22.8pp	25.0%-13.6pp	38.6%-1.0pp	39.6%+6.2pp	33.5%-3.8pp	37.3%-1.7pp	39.0%+18.6pp	20.4%
Net Margin	30.9%+17.4pp	13.6%-13.2pp	26.8%+10.3pp	16.5%+1.2pp	15.3%-2.5pp	17.9%-47.1pp	65.0%+96.7pp	-31.8%
Return on Equity	16.5%+7.9pp	8.6%-9.0pp	17.7%+8.0pp	9.7%+0.7pp	9.0%-1.6pp	10.6%-23.6pp	34.2%	N/A
Return on Assets	2.3%+1.2pp	1.1%-1.1pp	2.2%+1.1pp	1.1%+0.1pp	1.0%-0.1pp	1.1%-1.1pp	2.3%	N/A
Current Ratio	1.19+0.3x	0.87-0.1x	0.93+0.1x	0.83-0.6x	1.39-0.3x	1.73+0.4x	1.29	N/A
Debt-to-Equity	4.84-0.2x	5.04+0.1x	4.95-0.6x	5.58-0.1x	5.65-0.3x	5.97-4.1x	10.04	N/A
FCF Margin	-36.0%+16.6pp	-52.6%-18.5pp	-34.1%+8.3pp	-42.4%+6.7pp	-49.1%+32.2pp	-81.3%	-195.9%	-380.4%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

Note: The current ratio is below 1.0 (0.93), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Where Venture Global, Inc. Ranks

Frequently Asked Questions

What is Venture Global, Inc.'s annual revenue?

Venture Global, Inc. (VG) reported $13.8B in total revenue for fiscal year 2025. This represents a 176.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Venture Global, Inc.'s revenue growing?

Venture Global, Inc. (VG) revenue grew by 176.9% year-over-year, from $5.0B to $13.8B in fiscal year 2025.

Is Venture Global, Inc. profitable?

Yes, Venture Global, Inc. (VG) reported a net income of $2.7B in fiscal year 2025, with a net profit margin of 19.9%.

What is Venture Global, Inc.'s EBITDA?

Venture Global, Inc. (VG) had EBITDA of $6.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Venture Global, Inc. have?

As of fiscal year 2025, Venture Global, Inc. (VG) had $2.4B in cash and equivalents against $33.4B in long-term debt.

What is Venture Global, Inc.'s gross margin?

Venture Global, Inc. (VG) had a gross margin of 57.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Venture Global, Inc.'s operating margin?

Venture Global, Inc. (VG) had an operating margin of 37.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Venture Global, Inc.'s net profit margin?

Venture Global, Inc. (VG) had a net profit margin of 19.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Venture Global, Inc. pay dividends?

Yes, Venture Global, Inc. (VG) paid $0.03 per share in dividends during fiscal year 2025.

What is Venture Global, Inc.'s return on equity (ROE)?

Venture Global, Inc. (VG) has a return on equity of 40.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Venture Global, Inc.'s free cash flow?

Venture Global, Inc. (VG) recorded an outflow of $6.8B in free cash flow during fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Venture Global, Inc.'s operating cash flow?

Venture Global, Inc. (VG) generated $6.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Venture Global, Inc.'s total assets?

Venture Global, Inc. (VG) had $53.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Venture Global, Inc.'s capital expenditures?

Venture Global, Inc. (VG) invested $13.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Venture Global, Inc. spend on research and development?

Venture Global, Inc. (VG) invested $344.0M in research and development during fiscal year 2025.

What is Venture Global, Inc.'s current ratio?

Venture Global, Inc. (VG) had a current ratio of 0.93 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Venture Global, Inc.'s debt-to-equity ratio?

Venture Global, Inc. (VG) had a debt-to-equity ratio of 4.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Venture Global, Inc.'s return on assets (ROA)?

Venture Global, Inc. (VG) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Venture Global, Inc.'s Altman Z-Score?

Venture Global, Inc. (VG) has an Altman Z-Score of 1.19, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Venture Global, Inc.'s Piotroski F-Score?

Venture Global, Inc. (VG) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Venture Global, Inc.'s earnings high quality?

Venture Global, Inc. (VG) has an earnings quality ratio of 2.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Venture Global, Inc. cover its interest payments?

Venture Global, Inc. (VG) has an interest coverage ratio of 3.55x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Venture Global, Inc.?

Venture Global, Inc. (VG) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.