Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Venture Global, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
7,897
4,972
13,769
Cost of revenue
1,684
1,351
5,920
Gross profit
6,213
3,621
7,849
Research and development
490
635
344
General and administrative
224
312
433
Operating income
4,850
1,763
5,156
Interest expense
641
584
1,454
Interest income
172
244
151
Other non-operating income
-418
420
-1,793
Pre-tax income
4,432
2,183
3,363
Income tax
816
437
630
Net income
2,681
1,475
2,260
EBITDA
5,127
2,085
6,097
EPS, basic
1.30
0.63
0.93
EPS, diluted
1.25
0.57
0.86
Shares, basic (weighted)
2,070
2,350
2,426
Shares, diluted (weighted)
2,143
2,585
2,635
Dividend per share
0.03
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
5,872
3,608
2,355
Receivables
364
918
Inventory
171
253
Other current assets
93
254
Total current assets
4,559
4,040
Property, plant and equipment
34,675
46,588
Lease right-of-use assets
602
737
Other non-current assets
952
447
Total assets
43,491
53,446
Accounts payable
1,536
737
Accrued liabilities
1,816
2,795
Short-term debt
190
812
Total current liabilities
3,542
4,344
Long-term debt
29,086
33,393
Lease liabilities
536
696
Other non-current liabilities
794
697
Total liabilities
35,595
41,450
Total debt
29,276
34,205
Paid-in capital
512
2,238
Retained earnings
2,611
4,720
Other comprehensive income
-249
-239
Shareholders' equity
2,897
6,743
Minority interests
3,470
3,557
Total equity
6,367
10,300
Total liabilities and equity
43,491
53,446
Cash flow statement
FY2023
FY2025
FY2025
Net income
3,616
1,746
2,733
Depreciation and amortization
277
322
941
Stock-based compensation
28
22
46
Deferred income tax
677
447
640
Change in receivables
-75
-90
-564
Change in inventory
-18
-127
-61
Change in payables
-55
288
873
Cash from operations
4,550
2,149
6,566
Capital expenditures
-8,091
-13,717
-13,365
Cash from investing
-8,725
-14,159
-13,220
Debt repaid
-5,918
-905
-11,071
Stock issued
35
Dividends paid
-164
-139
-465
Cash from financing
7,635
10,752
5,465
Net change in cash
3,460
-1,258
-1,189
Free cash flow
-3,541
-11,568
-6,799
Interest paid
368
338
1,000
Income taxes paid
128
11
-11
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.62 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
53.5%
Gross profit / revenue.
Operating margin
37.6%
Operating income / revenue.
EBITDA margin
43.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
27.1%
Pre-tax income / revenue.
Net margin
19.7%
Net income / revenue.
FCF margin
-41.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
40.3%
Cash from operations / revenue.
Effective tax rate
17.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
38.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
5.4%
Net income / average total assets.
Return on invested capital (ROIC)
11.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1.0%
Research and development expense / revenue.
Stock-based pay / revenue
0.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
81.5%
Capital expenditures / revenue.
D&A / revenue
5.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
176.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
116.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
192.5%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
192.4%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
53.2%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
50.9%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
205.5%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
132.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
22.9%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
1.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.19x
Current assets / current liabilities.
Quick ratio
1.04x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.82x
(Cash + short-term investments) / current liabilities.
Debt / equity
4.88x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
68.0%
Total debt / total assets.
Liabilities / assets
80.4%
Total liabilities / total assets.
Net debt
$38.69B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
5.27x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
-209.8%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
202.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.26
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.41
Revenue / diluted weighted shares.
FCF per share
-$2.64
Free cash flow / diluted weighted shares.
Operating cash flow per share
$2.58
Cash from operations / diluted weighted shares.
Book value per share
$3.24
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
9.47x
Market cap / net income. Only when net income is positive.
P/S
1.86x
Market cap / revenue.
P/B
3.68x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.68x
Market cap / tangible book value, when positive.
P/OCF
4.62x
Market cap / cash from operations, when positive.
EV/Sales
4.14x
Enterprise value / revenue.
EV/EBIT
11.0x
Enterprise value / operating income, when both are positive.
EV/EBITDA
9.56x
Enterprise value / EBITDA, when both are positive.
FCF yield
-22.2%
Free cash flow / market cap.
Earnings yield
10.6%
Net income / market cap (the inverse of P/E).
What was Venture Global, Inc.'s revenue in fiscal 2025?
Venture Global, Inc. reported revenue of $13.77B for fiscal 2025, 176.9% higher than the year before.
Was Venture Global, Inc. profitable in fiscal 2025?
Yes. Net income was $2.26B, a net margin of 16.4%.
How much free cash flow did Venture Global, Inc. generate in fiscal 2025?
Cash from operations of $6.57B minus capital expenditures of $13.37B left free cash flow of -$6.80B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.