Venture Global Inc. Class A (VG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.49	$0.51	+4.1%	—	$4.6B	—
Q1 26	$0.12	$0.19	+58.3%	—	$4.6B	—
Q4 25	$0.35	$0.42	+20.0%	—	$4.4B	—
Q3 25	$0.23	$0.15	-34.8%	—	$3.3B	—
Q2 25	$0.19	$0.14	-26.3%	—	$3.1B	—
Q1 25	$0.28	$0.15	-46.4%	—	$2.9B	—
Q4 24	$0.3	$0.33	+10.0%	—	$1.5B	—
Q1 22	$0.04	-$0.02	-150.0%	—	$358.8M	—
Q4 21	$0.04	-$0.01	-125.0%	—	$366.3M	—
Q3 21	$0.04	$0.04	0.0%	—	$358.3M	—
Q2 21	$0.04	$0.05	+25.0%	—	$351.5M	—
Q1 21	$0.05	$0.05	0.0%	—	—	—
Q4 20	$0.05	$0.02	-60.0%	—	—	—
Q3 20	$0.03	$0.07	+133.3%	—	—	—
Q2 20	$0.04	$0.04	0.0%	—	—	—
Q1 20	$0.01	$0.05	+400.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.93	—	—	$13.8B	—
FY24	—	$0.61	—	—	$5B	—
FY23	—	$1.14	—	—	$7.9B	—
FY22	—	$0.94	—	—	$6.4B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1.2B	$1.2B	$0	$6.4B	$7.9B	$5B	$13.8B
YoY change	—	+13.4%	+4.93%	-100%	+InfinityT%	+22.5%	-37%	+176.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1.2B	1.2B	0	6.4B	7.9B	5B	13.8B
Cost of revenue	427M	511.1M	553.5M	6M	2.3B	2B	1.7B	6.9B
Gross profit	621.8M	678.3M	694.4M	-6M	4.2B	5.9B	3.3B	6.9B
Gross margin	59.3%	57%	55.6%	—	65.1%	75.2%	66.4%	50.2%
Research & development	52.1M	69.5M	—	188M	311M	490M	635M	344M
Selling, general & administrative	498.9M	585.2M	605.6M	89M	191M	224M	312M	433M
Operating expenses	551M	654.7M	605.6M	335M	642M	1.1B	947M	777M
Operating income	51.9M	6.8M	-149K	-341M	3.6B	4.8B	1.8B	5.2B
Operating margin	4.95%	0.57%	-0.01%	—	55.1%	61.2%	35.5%	37.4%
Non-operating income, net	-318K	-50K	314K	54M	1.2B	193M	774M	-223M
Pretax income	36.5M	-26.1M	-32M	-436M	3.5B	4.4B	2.2B	3.4B
Income tax	797K	-6.6M	4.2M	0	447M	816M	437M	630M
Net income	35.7M	-19.5M	-36.2M	-543M	3B	3.5B	1.6B	2.6B
Net margin	3.41%	-1.64%	-2.9%	—	46.2%	44.1%	32.2%	18.6%
EBITDA	122.6M	93M	87.5M	-425M	3.1B	5.2B	2.3B	6B
EPS	0.15	-0.08	-0.15	-0.18	0.94	1.14	0.61	0.93
Diluted EPS	0.14	-0.08	-0.15	-0.18	0.94	1.04	0.61	0.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 22	Q3 23	Q4 23	Q1 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	358.8M	1.1B	1.6B	1.4B	926M	1.5B	2.9B	3.1B	3.3B	4.4B	4.6B	4.6B
Cost of revenue	182.4M	419M	558M	435M	361M	507M	1.3B	1.7B	1.6B	2.3B	3B	1.9B
Gross profit	176.4M	635M	1.1B	979M	565M	1B	1.6B	1.4B	1.7B	2.2B	1.6B	2.7B
Gross margin	49.2%	60.2%	65.8%	69.2%	61%	66.7%	55.9%	45.6%	51.8%	48.4%	34%	58.1%
Research & development	—	142M	166M	181M	156M	124M	182M	57M	53M	52M	46M	23M
Selling, general & administrative	170.1M	58M	59M	72M	77M	88M	105M	103M	105M	120M	97M	112M
Operating expenses	170.1M	326M	337M	253M	376M	212M	287M	160M	158M	172M	143M	135M
Operating income	-18.8M	309M	737M	617M	189M	594M	1.1B	1B	1.3B	1.7B	1.2B	2.2B
Operating margin	-5.25%	29.3%	45.2%	43.6%	20.4%	39%	37.3%	33.5%	39.7%	38.7%	25%	47.8%
Non-operating income, net	511K	788M	-656M	374M	-480M	704M	-192M	-112M	-148M	229M	14M	124M
Pretax income	-22M	984M	-53M	873M	-372M	1.2B	668M	591M	637M	1.5B	736M	1.8B
Income tax	-4.9M	203M	-52M	175M	-78M	248M	151M	116M	87M	276M	111M	336M
Net income	-17.1M	749M	-35M	663M	-331M	953M	479M	436M	506M	1.1B	583M	1.4B
Net margin	-4.77%	71.1%	-2.14%	46.9%	-35.7%	62.5%	16.6%	14.1%	15.2%	25.8%	12.7%	30.8%
EBITDA	6.9M	350M	888M	755M	325M	744M	1.4B	1.3B	1.4B	1.9B	1.4B	2.4B
EPS	-0.07	0.26	—	0.28	-0.14	0.36	0.17	0.15	0.18	0.44	0.2	0.54
Diluted EPS	-0.07	0.24	—	0.25	-0.14	0.36	0.15	0.14	0.16	0.41	0.19	0.51

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	16.5B	32.2B
Enterprise value	—	—	—	—	—	—	—	49.1B	75.4B
Shares outstanding	237.5M	242M	246.1M	2B	2B	2.3B	2.4B	2.4B	2.4B

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	6.45	9.77
P/S	—	—	—	—	—	—	—	1.2	1.9
P/B	—	—	—	—	—	—	—	1.61	3.76
EV/EBITDA	—	—	—	—	—	—	—	8.21	10.3
EV/Sales	—	—	—	—	—	—	—	3.57	4.45
Earnings yield	—	—	—	—	—	—	—	15.5%	10.2%
FCF yield	—	—	—	—	—	—	—	-41.1%	-26.8%
PEG	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59.3%	57%	55.6%	—	65.1%	75.2%	66.4%	50.2%	58.1%
Operating margin	4.95%	0.57%	-0.01%	—	55.1%	61.2%	35.5%	37.4%	47.8%
Net margin	3.41%	-1.64%	-2.9%	—	46.2%	44.1%	32.2%	18.6%	22.1%
ROE	-5.91%	3.14%	5.74%	81.1%	585.3%	167.2%	25.2%	24.9%	33.6%
ROA	21.7%	-7.17%	-13.8%	-208%	19.7%	12.2%	3.68%	4.8%	7.38%
ROIC	-56%	-7.55%	0.12%	163.1%	28.7%	21.4%	4.33%	9.78%	10.2%
Return on tangible assets	-2.14%	1.29%	2.33%	36.1%	19.7%	12.2%	3.68%	4.8%	5.93%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.75	1.17	1.67	1.46	0.81	2.57	1.29	0.93	1.19
Quick ratio	0.73	1.16	1.67	1.46	0.79	2.56	1.24	0.87	1.11
Debt / equity	-0.86	-0.89	-0.87	-0.72	21.5	10.2	4.68	3.39	3.55
Debt / assets	3.15	2.04	2.09	1.84	0.72	0.74	0.69	0.65	0.69
Net debt / EBITDA	4.19	5.72	5.78	-1.08	3.32	3.17	11.3	5.44	5.51
Interest coverage	—	—	—	-7.38	6.99	7.91	4.74	3.31	3.55
Effective tax rate	2.18%	0%	0%	0%	12.6%	18.4%	20%	18.7%	17.6%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.42	4.91	5.07	0	3.28	3.36	2.05	5.68	6.89
EPS (basic)	0.15	-0.08	-0.15	-0.18	0.94	1.14	0.61	0.93	0.93
EPS (diluted)	0.14	-0.08	-0.15	-0.18	0.94	1.04	0.61	0.86	1.32
Book value per share	-2.55	-2.57	-2.56	-0.34	0.26	0.89	2.63	4.25	3.43
FCF per share	0.41	0.18	0.13	-1.31	-0.51	-1.51	-4.78	-2.8	-2.64
Cash per share	0.02	0.1	0.18	0.01	0.31	2.05	1.49	0.97	1.26
Capex per share	—	—	—	1.06	2.39	3.44	5.67	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	73.1%	102.5%	275.9%	—	—
Capex / operating cash flow	—	—	—	-781.6%	108.3%	174.3%	565.4%	—	—
Payout ratio	—	—	—	-1.29%	0.2%	4.7%	8.68%	18.1%	5.32%
Dividend yield	—	—	—	—	—	—	—	2.81%	1.27%

Yield

1.27%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.04

ex-dividend Sep 15, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.04
Jun 15, 2026	$0.018
Mar 16, 2026	$0.018
Dec 15, 2025	$0.017
Sep 19, 2025	$0.017
Jun 10, 2025	$0.017
Mar 10, 2025	$0.0165

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.1M	23.6M	43.1M	18.3M	618M	4.8B	3.6B	2.4B
Receivables	75.3M	101.8M	116.3M	147.6M	190M	265M	364M	918M
Inventory	1.5M	1.5M	—	—	26M	44M	171M	253M
Total current assets	89.5M	136.9M	165.6M	169.5M	1.4B	6B	4.6B	4B
Property, plant & equipment	49.3M	99.2M	61M	56.2M	10.9B	20B	35.2B	47.3B
Goodwill & intangibles	1.8B	1.8B	1.8B	1.8B	—	—	—	—
Total assets	165M	271.9M	262.4M	261M	15.1B	28.5B	43.5B	53.4B
Accounts payable	53.3M	42.4M	17.5M	39.7M	252M	436M	1.5B	737M
Short-term debt	10M	12.5M	11.6M	10.4M	150M	178M	190M	812M
Total current liabilities	120M	117.1M	99.3M	115.9M	1.7B	2.3B	3.5B	4.3B
Long-term debt	509.2M	542.9M	537.3M	468.8M	10.8B	21B	29.6B	34.1B
Total liabilities	639.7M	662.8M	639.7M	588M	14.6B	26.4B	37.1B	43.1B
Shareholders' equity	-604.9M	-621.4M	-630.9M	-669.9M	509M	2.1B	6.4B	10.3B
Total debt	519.2M	555.4M	548.9M	479.2M	10.9B	21.2B	29.8B	34.9B
Net debt	514.2M	531.7M	505.8M	460.8M	10.3B	16.3B	26.2B	32.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 21	Q4 21	Q1 22	Q4 23	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	48.4M	18.3M	15.7M	4.8B	4.6B	3.6B	3.6B	2.2B	1.9B	2.4B	1.6B	3.1B
Receivables	138.6M	147.6M	145.9M	265M	96M	364M	640M	673M	633M	918M	810M	844M
Inventory	—	—	—	44M	173M	171M	189M	184M	227M	253M	241M	290M
Total current assets	191.2M	169.5M	165M	6B	5.4B	4.6B	4.9B	4B	3.3B	4B	3.2B	4.5B
Property, plant & equipment	57.9M	56.2M	52.4M	20B	31.1B	35.2B	37.5B	40.6B	44B	47.3B	50.5B	53.9B
Goodwill & intangibles	1.8B	1.8B	1.7B	—	—	—	—	—	—	—	—	—
Total assets	286M	261M	252.3M	28.5B	39.4B	43.5B	45.1B	46.5B	50.1B	53.4B	56.3B	61.5B
Accounts payable	44M	39.7M	57.4M	436M	1.2B	1.5B	791M	601M	947M	737M	817M	828M
Short-term debt	10.3M	10.4M	11M	178M	187M	190M	193M	197M	856M	812M	126M	287M
Total current liabilities	113.9M	115.9M	125.5M	2.3B	3.1B	3.5B	2.8B	2.9B	3.9B	4.3B	3.7B	3.8B
Long-term debt	486.2M	468.8M	505.2M	21B	27.2B	29.6B	29.7B	30.3B	32.5B	34.1B	37.2B	42.2B
Total liabilities	603.2M	588M	635.7M	26.4B	34B	37.1B	36.7B	37.7B	40.9B	43.1B	45.6B	49.4B
Shareholders' equity	-646.3M	-669.9M	-668.9M	2.1B	5.4B	6.4B	8.4B	8.8B	9.2B	10.3B	10.7B	12.1B
Total debt	496.4M	479.2M	516.1M	21.2B	27.4B	29.8B	29.8B	30.5B	33.3B	34.9B	37.3B	42.5B
Net debt	448M	460.8M	500.4M	16.3B	22.8B	26.2B	26.2B	28.2B	31.4B	32.5B	35.7B	39.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	35.7M	-19.5M	-36.2M	-436M	3.1B	3.6B	1.7B	2.7B
Depreciation & amortization	70.9M	86.3M	88.9M	13M	173M	277M	322M	941M
Stock-based compensation	33.8M	45.2M	45.7M	20M	26M	28M	22M	46M
Change in working capital	-21.8M	-68.4M	-37.2M	27M	-236M	-159M	-201M	-647M
Operating cash flow	125.1M	50.5M	92M	-266M	4.4B	4.6B	2.4B	6.6B
Capital expenditure	—	—	—	-2.1B	-4.7B	-8.1B	-13.7B	—
Investing cash flow	-380.5M	-3M	0	-2.1B	-2.9B	-8.7B	-14.2B	145M
Dividends paid	—	—	—	-7M	-6M	-164M	-139M	-465M
Share repurchases	0	-10M	0	—	—	—	—	—
Financing cash flow	251.7M	-467.4M	-21.2M	3.6B	235M	7.6B	10.8B	5.5B
Net change in cash	-3.7M	-419.9M	70.8M	1.3B	1.7B	3.5B	-981M	12.2B
Free cash flow	96.5M	43.8M	31.2M	-2.6B	-1B	-3.5B	-11.6B	-6.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 21	Q1 22	Q4 23	Q1 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-22.2M	-17.1M	-1M	698M	-294M	990M	517M	475M	550M	1.2B	625M	1.4B
Depreciation & amortization	23.6M	25.2M	92M	70M	89M	93M	216M	267M	218M	240M	251M	260M
Stock-based compensation	32.3M	29M	7M	6M	5M	4M	12M	11M	11M	12M	12M	15M
Change in working capital	-15.9M	-9.8M	-134M	17M	29M	-260M	-318M	-50M	22M	-301M	133M	-92M
Operating cash flow	23.8M	29.6M	-80M	985M	-224M	1.1B	617M	1.5B	1.9B	2.1B	763M	2.1B
Capital expenditure	—	—	-3.6B	-3B	-3.8B	-3.7B	-3.5B	—	—	—	—	—
Investing cash flow	—	—	-3.7B	-3.1B	-3.8B	-3.7B	-3.5B	46M	121M	1M	183M	42M
Dividends paid	—	—	—	-15M	—	—	-190M	-57M	-176M	-42M	-180M	-119M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-36.6M	-34.3M	6B	1.7B	4.7B	2.2B	1.8B	364M	1.9B	1.4B	1.9B	4.9B
Net change in cash	-12.8M	-4.7M	2.3B	-437M	720M	-446M	-1.1B	1.9B	3.9B	3.5B	2.8B	7B
Free cash flow	11.6M	20.5M	-3B	-2.4B	-3.5B	-3B	-2.4B	-1.5B	-1.4B	-1.5B	-2.4B	-1.6B

Venture Global Inc. Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement