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Spire vs Venture Global: revenue, profit, margins and growth compared

Spire brought in $2.5B of revenue in fiscal 2025, Venture Global $13.8B in fiscal 2025. Revenue changed by -4.5% at Spire and +176.9% at Venture Global on the year before, so Venture Global grew faster. Spire kept 11.0% of its revenue as net profit, Venture Global 16.4%. Free cash flow was -$344.4M at Spire and -$6.8B at Venture Global.

Side by side, latest fiscal year

SRVG
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$2.5B$13.8B
Revenue growth-4.5%+176.9%
Net income$271.7M$2.3B
Net margin11.0%16.4%
Free cash flow-$344.4M-$6.8B
Free cash flow margin-13.9%-49.4%
Earnings per share (diluted)$4.37$0.86
Cash$5.7M$2.4B
Debt$3.9B$34.2B
Price to earnings17.714.7
Market value$4.6B$31.6B
Dividend yield4.07%0.24%
Rank by revenue in sector#53 of 109 · Utilities#23 of 109 · Utilities

Over the years

Revenue
SR FY2018: $2BSR FY2019: $2BSR FY2020: $1.9BSR FY2021: $2.2BSR FY2022: $2.2BSR FY2023: $2.7BSR FY2024: $2.6BSR FY2025: $2.5BVG FY2023: $7.9BVG FY2025: $5BVG FY2025: $13.8BFY18FY19FY20FY21FY22FY23FY24FY25
SR $2.5BVG $13.8B
Net income
SR FY2018: $214.2MSR FY2019: $184.6MSR FY2020: $88.6MSR FY2021: $271.7MSR FY2022: $220.8MSR FY2023: $217.5MSR FY2024: $250.9MSR FY2025: $271.7MVG FY2023: $2.7BVG FY2025: $1.5BVG FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
SR $271.7MVG $2.3B
Net margin
SR FY2018: 10.9%SR FY2019: 9.5%SR FY2020: 4.8%SR FY2021: 12.2%SR FY2022: 10.0%SR FY2023: 8.2%SR FY2024: 9.7%SR FY2025: 11.0%VG FY2023: 33.9%VG FY2025: 29.7%VG FY2025: 16.4%FY18FY19FY20FY21FY22FY23FY24FY25
SR 11.0%VG 16.4%
Revenue growth
SR FY2019: -0.6%SR FY2020: -5.0%SR FY2021: +20.5%SR FY2022: -1.7%SR FY2023: +21.3%SR FY2024: -2.7%SR FY2025: -4.5%VG FY2025: -37.0%VG FY2025: +176.9%FY19FY20FY21FY22FY23FY24FY25
SR -4.5%VG +176.9%
Free cash flow
SR FY2018: -$42.8MSR FY2019: -$372.4MSR FY2020: -$168.5MSR FY2021: -$375MSR FY2022: -$497.2MSR FY2023: -$222.3MSR FY2024: $51.1MSR FY2025: -$344.4MVG FY2023: -$3.5BVG FY2025: -$11.6BVG FY2025: -$6.8BFY18FY19FY20FY21FY22FY23FY24FY25
SR -$344.4MVG -$6.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Spire and Venture Global

Which is bigger by revenue, Spire or Venture Global?

Venture Global is bigger by revenue: $13.8B in fiscal 2025, against $2.5B for Spire in fiscal 2025.

Which keeps more of its revenue as profit, Spire or Venture Global?

Spire had a net margin of 11.0% in fiscal 2025; Venture Global had 16.4% in fiscal 2025.

Which grew revenue faster, Spire or Venture Global?

In their latest fiscal years revenue changed by -4.5% at Spire and +176.9% at Venture Global.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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