Venture Global earnings lift the outlook as gas exports grow, with hedge gains boosting profit

Q3 2026 earnings recap

Venture Global raised its earnings outlook as gas exports grew, but large interest-rate hedge gains also boosted reported profit.

• Third-quarter revenue rose 43% to $4.76 billion as liquefied natural gas sales volumes increased 25%.
• Diluted profit per share reached $0.96, with net income benefiting from a $1.37 billion pretax gain on contracts used to manage interest-rate risk.
• The company raised its full-year adjusted EBITDA outlook, a profit measure excluding interest, tax and other costs, to $10–10.3 billion from $8.7–9.1 billion.
• Plaquemines Phase 1 began commercial operations on October 31, shifting that capacity toward long-term supply contracts.
• At the November 9 close, shares traded at about 5.7 times trailing reported profit, a multiple affected by hedge gains and substantial debt.
• Shares traded about 4% above the previous close before open on November 10, while the prior close remained below both the 20-day and 50-day averages.

The next test is whether plant expansion and the planned mid-2027 start of CP2 production generate enough cash to support construction costs and debt.