TLDR
- Venture Global stock dropped 7.1% in premarket to $13.25 after Q2 results
- EPS beat at 51 cents vs. 48 cents expected, but revenue missed at $4.58B vs. $4.69B expected
- Operating and maintenance costs rose 54%, interest expense jumped 58%
- Calcasieu Pass operating income fell 63% due to lower U.S. natural gas prices
- Company raised full-year 2026 adjusted core profit forecast to $8.7B-$9.1B
Venture Global posted a mixed Q2 report on Tuesday, beating on earnings per share but falling short on revenue. The stock dropped 7.1% in premarket trading to $13.25.
Adjusted EPS came in at 51 cents, up from 14 cents a year ago and above Wall Street’s estimate of 48 cents. Revenue grew 48% year-over-year to $4.58 billion, but missed analyst expectations of around $4.66-$4.69 billion.
Despite the revenue miss, the stock had entered Tuesday’s session up 109% for the year, well ahead of the S&P 500.
The earnings miss on revenue was largely tied to cost pressure across the business. Operating and maintenance costs surged 54% in the quarter.
Cost of sales rose 17% while interest expense jumped 58% to $489 million. Total operating expenses climbed 15.9% to $2.39 billion.
Venture Global Reports Strong Q2 2026 results:
✅Revenue of $4.6B (48% increase y/y)
✅Net income of $1.3B (266% increase y/y)
✅Consolidated Adjusted EBITDA of $2.5B (79% increase y/y)
✅Operating income of $2.2B (111% increase y/y)
✅Increased 2026 Consolidated Adjusted EBITDA… pic.twitter.com/nF2AXcNDgZ— Venture Global (@Venture_Global) August 11, 2026
Lower U.S. natural gas prices were a key drag on results. The Calcasieu Pass facility saw operating income fall 63% from a year ago due to weaker prices and a drop in facility fees after it moved into commercial operations.
Plaquemines Drives Growth
Plaquemines was the bright spot, continuing to ramp up production and commissioning through the quarter. The project drove the bulk of Venture Global’s volume growth.
LNG sales volumes rose 42% to 466.4 trillion British thermal units (Btu) in the quarter.
The company also raised its Calcasieu export forecast to 149-154 cargoes, from a previous range of 147-154.
The Plaquemines forecast was narrowed to 351-364 cargoes from 349-369.
Raised Outlook
Venture Global lifted its full-year 2026 adjusted core profit forecast for the second quarter in a row.
The new range is $8.7 billion to $9.1 billion, up from the prior outlook of $8.2 billion to $8.5 billion.
The company now expects fixed liquefaction fees of $12.50-$13.50 per million Btu for its remaining unsold 2026 cargoes, up from $9.50-$10.50 previously.
Q2 adjusted core profit came in at $2.49 billion, just under the analyst estimate of $2.50 billion.
Venture Global noted that supply disruptions linked to the Middle East conflict and growing European demand have lifted appetite for U.S. LNG.
Buyers have been seeking long-term contracts as new export projects bring more supply to the global market.
The stock closed Monday up 7.5% before Tuesday’s premarket drop of 7.1% to $13.25.
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