VG financial statements

The full income statement, balance sheet, and cash-flow statement for Venture Global Inc. (VG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-03 2.58B2024-06 2.58B2024-09 2.35B2024-12 2.61B2025-03 2.64B2025-06 2.63B2025-09 2.64B2025-12 2.62B2026-03 2.48B-3.7% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
Revenue	13.8B YoY+176.9%	4.97B YoY-37.0%	7.90B
Research & development	344M YoY-45.8%	635M YoY+29.6%	490M
Selling, general & administrative	433M YoY+38.8%	312M YoY+39.3%	224M
General & administrative	433M YoY+38.8%	312M YoY+39.3%	224M
Operating income	5.16B YoY+192.5%	1.76B YoY-63.6%	4.85B
Interest expense	1.45B YoY+149.0%	584M YoY-8.9%	641M
Other non-operating income	-1.79B YoY-526.9%	420M YoY+200.5%	-418M
Pre-tax income	3.36B YoY+54.1%	2.18B YoY-50.7%	4.43B
Income tax	630M YoY+44.2%	437M YoY-46.4%	816M
	2.73B YoY+56.5%	1.75B YoY-51.7%	3.62B
Net income to common	2.26B YoY+53.2%	1.48B YoY-45.0%	2.68B
	$0.86 YoY+50.9%	$0.57 YoY-54.4%	$1.25
EPS (basic)	$0.93 YoY+47.6%	$0.63 YoY-51.5%	$1.30
	2.43B YoY+3.2%	2.35B YoY+13.5%	2.07B
	2.63B YoY+1.9%	2.58B YoY+20.6%	2.14B
Dividends per share	$0.03 YoY-44.2%	$0.05 YoY-29.7%	$0.08
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
	4.04B YoY-11.4%	4.56B	—
Cash & equivalents	2.35B YoY-34.7%	3.61B YoY-38.6%	5.87B
Accounts receivable	918M YoY+152.2%	364M	—
Inventory	253M YoY+48.0%	171M	—
Prepaid expenses	254M YoY+173.1%	93.0M	—
	53.4B YoY+22.9%	43.5B	—
Operating lease right-of-use	737M YoY+22.4%	602M	—
Other non-current assets	447M YoY-53.0%	952M	—
	4.34B YoY+22.6%	3.54B	—
Accounts payable	737M YoY-52.0%	1.54B	—
Accrued liabilities	2.79B YoY+53.9%	1.82B	—
Short-term & current debt	812M YoY+327.4%	190M	—
Current lease liability	62.0M YoY-23.5%	81.0M	—
Finance lease liability (current)	9.00M YoY-10.0%	10.0M	—
	41.5B YoY+16.4%	35.6B	—
Long-term debt	33.4B YoY+14.8%	29.1B	—
Non-current lease liability	696M YoY+29.9%	536M	—
Operating lease liability (total)	758M	—	—
Finance lease liability (total)	258M	—	—
Finance lease liability	249M YoY+0.4%	248M	—
Deferred tax liabilities	2.32B YoY+41.7%	1.64B	—
Other non-current liabilities	697M YoY-12.2%	794M	—
	6.74B YoY+132.8%	2.90B	—
Additional paid-in capital	2.24B YoY+337.1%	512M	—
Retained earnings	4.72B YoY+80.8%	2.61B	—
Accumulated other comprehensive income	-239M YoY+4.0%	-249M	—
Non-controlling interest	3.56B YoY+2.5%	3.47B	—
Total equity incl. non-controlling	10.3B YoY+61.8%	6.37B	—
Total liabilities & equity	53.4B YoY+22.9%	43.5B	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
	6.57B YoY+205.5%	2.15B YoY-52.8%	4.55B
Depreciation & amortization	941M YoY+192.2%	322M YoY+16.2%	277M
Share-based compensation	46.0M YoY+109.1%	22.0M YoY-21.4%	28.0M
Deferred income taxes	640M YoY+43.2%	447M YoY-34.0%	677M
Change in receivables	564M YoY+526.7%	90.0M YoY+20.0%	75.0M
Change in inventory	61.0M YoY-52.0%	127M YoY+605.6%	18.0M
	-13.2B YoY+6.6%	-14.2B YoY-62.3%	-8.72B
Capital expenditure	13.4B YoY-2.6%	13.7B YoY+69.5%	8.09B
Free cash flow	-6.80B YoY+41.2%	-11.6B YoY-226.7%	-3.54B
Acquisitions	0.00	0.00	0.00
Other investing activities	-164M YoY-148.8%	336M YoY+253.7%	95.0M
	5.46B YoY-49.2%	10.8B YoY+40.8%	7.63B
Long-term debt issued	0.00	0.00	0.00
Long-term debt repaid	11.1B YoY+1123.3%	905M YoY-84.7%	5.92B
Common stock issued	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00
Dividends paid	465M YoY+234.5%	139M YoY-15.2%	164M
Other financing activities	2.00M YoY+104.9%	-41.0M YoY+76.3%	-173M
Net change in cash	-1.19B YoY+5.5%	-1.26B YoY-136.4%	3.46B
Interest paid	1.00B YoY+195.9%	338M YoY-8.2%	368M
Income taxes paid	-11.0M YoY-200.0%	11.0M YoY-91.4%	128M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23
Market cap	17.9B	—	—
P/E	6.5×	—	—
P/S	1.3×	—	—
P/B	2.7×	—	—
	15.3%	—	—
	0.44%	—	—
Source filing	10-K	10-K	10-K

About this data

Source: VG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VG filings on SEC EDGAR → Not investment advice.