Venture Global, Inc. VG
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. 10-K, Item 1
- Employees
- 2,000
- Headquarters
- Arlington, VA
- CEO
- Michael Sabel
- Next results
- around Jan 11, 2027
VG among Utilities peers
Six ratios from the latest 10-K. Each corner is the share of 58 peers the company is above, not a score.
What changed
30 new risk paragraphs. 10-K filed Mar 2, 2026 against Mar 6, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
11 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 11 checks found nothing to note
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Receivables +152.2% ($364.0M to $918.0M) vs revenue +176.9% ($5.0B to $13.8B), -24.7 pts apart
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Cash from operations $6.6B vs net income $2.7B (FY ending Dec 31, 2025)
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Inventory +48.0% ($171.0M to $253.0M) vs revenue +176.9% ($5.0B to $13.8B), -129.0 pts apart
8 more checks with nothing to note
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Auditor names not available for both 10-Ks; no 8-K item 4.01
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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The same matters as last year: Accounting for Costs of Construction and Development
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
30 paragraphs in Risk Factors that were not in the 10-K filed Mar 6, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Mar 6, 2025 10-K, ITEM 1A
In addition to our post-COD SPAs, we have also entered into certain Firm-start SPAs. Our ability to satisfy our obligations under such Firm-start SPAs following the applicable firm start dates will depend in part on our ability to produce sufficient LNG cargos, either before or after COD, or in excess of nameplate capacity. While we…
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Item 1A · new paragraph · not in the 10-K filed Mar 6, 2025 10-K, ITEM 1A
Similarly, under certain SPAs for the sale of commissioning cargos and certain sales by VG Commodities, our customers pay a fixed fee or a fee based on an index other than Henry Hub (such as the TTF or JKM benchmarks), and in such cases our operating margins may be reduced in the event of an increase in the price at which we are…
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Item 1A · new paragraph · not in the 10-K filed Mar 6, 2025 10-K, ITEM 1A
Natural gas producers may curtail or shut in production due to market, pricing or other conditions, which could reduce the availability of feed gas for our LNG facilities. We depend on third-party natural gas suppliers to provide the natural gas necessary to operate our liquefaction facilities. Significant sustained declines in natural…
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Item 1A · new paragraph · not in the 10-K filed Mar 6, 2025 10-K, ITEM 1A
Certain metrics that we track and may present are illustrative and are subject to a number of assumptions, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation. We track and may present from time to time certain metrics that are illustrative and not independently verified by any third…
New risk paragraphs, against peers
Latest 10-K of each, Utilities companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 3 fiscal years · 10-K XBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $7.9B | $5.0B | $13.8B |
| Net income | $2.7B | $1.5B | $2.3B |
| Operating cash flow | $4.5B | $2.1B | $6.6B |
| Free cash flow | −$3.5B | −$11.6B | −$6.8B |
Revenue, FY2023 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$13.8B ▲ 176.9% in FY2025$2.3B ▲ 53.2% in FY2025−$6.8B in FY2025
Recent filings
7 filings in the last 30 days · SEC EDGAR
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Planned saleNov 12, 2026FORY L MUSSER IV (Officer) gave notice of a planned sale of 500,000 shares worth about $6.6M Form 144, approximate sale date Nov 12, 2026
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Planned saleNov 10, 2026Jonathan Thayer (Chief Financial Officer) adopted a 10b5-1 trading plan reported in the 10-Q, up to 6,867,219 shares, runs to Dec 31, 2027
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Planned saleNov 10, 2026Sarah Blake (Chief Accounting Officer) adopted a 10b5-1 trading plan reported in the 10-Q, up to 3,463,554 shares, runs to Sep 30, 2027
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Planned saleNov 10, 2026Sari Granat (Board Director) adopted a 10b5-1 trading plan reported in the 10-Q, up to 212,000 shares, runs to Sep 3, 2027
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8-KNov 10, 2026Quarterly results 8-K item 2.02
About the company
Venture Global, Inc., Arlington, VA · from the 10-K filed Mar 2, 2026
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Our integrated assets span the LNG supply chain, including LNG production, natural gas transportation, shipping and regasification. Our innovative approach, which is both scalable and repeatable, allows us to bring low-cost LNG to a global market years faster than traditional LNG projects. We believe supplying this clean, affordable fuel promotes global energy security and diversification and is essential to meeting growing global energy demand.
- Headquarters
- Arlington, VA
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Nov 10, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, we had over 2,000 full-time employees working on our EPCM, project development, project financing, corporate finance, legal, and LNG marketing teams" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Mar 2, 2026 (open at SEC), compared with the 10-K filed Mar 6, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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