VENTURE GLOBAL, INC., 10-K filed on 3/2/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42486    
Registrant Name VENTURE GLOBAL, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-3539083    
Entity Address, Address Line One 1001 19th Street North, Suite 1500    
Entity Address, City or Town Arlington    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 22209    
City Area Code 202    
Local Phone Number 759-6740    
Title of 12(b) Security Class A common stock, $ 0.01 par value    
Trading Symbol VG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 7.1
Documents Incorporated by Reference [Text Block]
Certain portions of the definitive proxy statement for the registrant’s Annual Meeting of Stockholders (to be filed within 120 days of the close of the registrant’s fiscal year) are incorporated by reference into Part III of this Annual Report on Form 10-K. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement will not be deemed to be filed as part hereof.
    
Central Index Key 0002007855    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   488,365,847  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,968,604,458  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Tysons, VA
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 2,355 $ 3,608
Restricted cash 195 169
Accounts receivable 918 364
Inventory, net 253 171
Derivative assets 65 154
Prepaid expenses and other current assets 254 93
Total current assets 4,040 4,559
Property, plant and equipment, net 46,588 34,675
Right-of-use assets 737 602
Noncurrent restricted cash 875 837
Deferred financing costs 543 384
Noncurrent derivative assets 216 1,482
Other noncurrent assets 447 952
TOTAL ASSETS 53,446 43,491
Current liabilities    
Accounts payable 737 1,536
Accrued and other liabilities 2,795 1,816
Current portion of long-term debt, net 812 190
Total current liabilities 4,344 3,542
Long-term debt, net 33,393 29,086
Noncurrent operating lease liabilities 696 536
Deferred tax liabilities, net 2,320 1,637
Other noncurrent liabilities 697 794
Total liabilities 41,450 35,595
Commitments and contingencies (Note 15)
Redeemable stock of subsidiary 1,696 1,529
Venture Global, Inc. stockholders' equity    
Additional paid in capital 2,238 512
Retained earnings 4,720 2,611
Accumulated other comprehensive loss (239) (249)
Total Venture Global, Inc. stockholders' equity 6,743 2,897
Non-controlling interests 3,557 3,470
Total equity 10,300 6,367
TOTAL LIABILITIES AND EQUITY 53,446 43,491
Class A common stock, par value $0.01 per share (488 million and 2,350 million shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)    
Venture Global, Inc. stockholders' equity    
Common stock 4 23
Class B common stock, par value $0.01 per share (1,969 million and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)    
Venture Global, Inc. stockholders' equity    
Common stock $ 20 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2025
Dec. 31, 2024
Common Class A    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, issued (in shares) 488 2,350
Common stock, outstanding (in shares) 488 2,350
Common Class B    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, issued (in shares) 1,969 0
Common stock, outstanding (in shares) 1,969 0
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
REVENUE $ 13,769 $ 4,972 $ 7,897
OPERATING EXPENSE      
Cost of sales (exclusive of depreciation and amortization shown separately below) 5,920 1,351 1,684
Operating and maintenance expense 975 589 391
General and administrative expense 433 312 224
Development expense 344 635 490
Depreciation and amortization 941 322 277
Insurance recoveries, net 0 0 (19)
Total operating expense 8,613 3,209 3,047
INCOME FROM OPERATIONS 5,156 1,763 4,850
OTHER INCOME (EXPENSE)      
Interest income 151 244 172
Interest expense, net (1,454) (584) (641)
Gain (loss) on interest rate swaps (220) 774 174
Loss on financing transactions (267) (14) (123)
Loss on foreign currency transactions (3) 0 0
Total other income (expense) (1,793) 420 (418)
INCOME BEFORE INCOME TAX EXPENSE 3,363 2,183 4,432
Income tax expense 630 437 816
NET INCOME 2,733 1,746 3,616
Less: Net income attributable to redeemable stock of subsidiary 167 144 130
Less: Net income attributable to non-controlling interests 36 59 805
Less: Dividends on VGLNG Series A Preferred Shares 270 68 0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC 2,260 1,475 2,681
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, DILUTED $ 2,260 $ 1,475 $ 2,681
BASIC EARNINGS PER SHARE      
Net income attributable to common stockholders per share—basic (in usd per share) $ 0.93 $ 0.63 $ 1.30
Weighted average number of shares of common stock outstanding—basic (in shares) [1] 2,426 2,350 2,070
DILUTED EARNINGS PER SHARE      
Net income attributable to common stockholders per share—diluted (in usd per share) $ 0.86 $ 0.57 $ 1.25
Weighted average number of shares of common stock outstanding—diluted (in shares) [1] 2,635 2,585 2,143
[1] See Note 20 – Earnings per Share for further discussion regarding the weighted average number of shares of common stock outstanding.
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 2,733 $ 1,746 $ 3,616
Cash flow hedges, net      
Change in fair value, net of income tax benefit of $0, $0 and $2, respectively 0 0 (8)
Reclassification to earnings, net of income tax expense of $4, $3, and $1, respectively 10 11 4
COMPREHENSIVE INCOME 2,743 1,757 3,612
Less: Comprehensive income attributable to redeemable stock of subsidiary 167 144 130
Less: Comprehensive income attributable to non-controlling interests 36 59 803
Less: Dividends on VGLNG Series A Preferred Shares 270 68 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 2,270 $ 1,486 $ 2,679
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Change in fair value, net of income tax benefit $ 0 $ 0 $ 2
Reclassification to earnings, income tax expense $ 4 $ 3 $ 1
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Common Class A
Common Class B
Total stockholders' equity
Common stock
Common Class A
Common stock
Common Class B
Members' Capital
Additional paid in capital
Retained earnings
Accumulated other comprehensive loss
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2022         0 0          
Beginning balance at Dec. 31, 2022       $ (186) $ 0 $ 0 $ (690) $ 0 $ 688 $ (184) $ 695
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income       2,681         2,681   805
Stock-based compensation (in shares) 0                    
Stock-based compensation       (141)       (141)     17
Distributions       (149)         (149)   (29)
Other comprehensive income (loss)       (2)           (2) (2)
Merger of Legacy VG Partners with Venture Global (the 2023 Merger) (in shares)         1,969,000,000            
Merger of Legacy VG Partners with Venture Global (the 2023 Merger)       (40) $ 19   1,781 152 (1,992)    
Purchase of non-controlling interests (in shares)         381,000,000            
Purchase of non-controlling interests       (653) $ 4   (1,091) 508   (74) (911)
Ending balance (in shares) at Dec. 31, 2023         2,350,000,000 0          
Ending balance at Dec. 31, 2023       1,510 $ 23 $ 0 $ 0 519 1,228 (260) 575
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income       1,543         1,543   59
Stock-based compensation (in shares) 0                    
Stock-based compensation       (7)       (7)      
Dividends declared on common stock       (160)         (160)    
Subsidiary distributions                     (59)
Other comprehensive income (loss)       11           11  
Issuance of VGLNG Series A Preferred Shares, net                     2,895
Ending balance (in shares) at Dec. 31, 2024   2,350,000,000 0   2,350,000,000 0          
Ending balance at Dec. 31, 2024 $ 6,367     2,897 $ 23 $ 0   512 2,611 (249) 3,470
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income       2,260         2,260   306
Stock-based compensation (in shares) 37,000,000       37,000,000            
Stock-based compensation       57       57      
Dividends declared on common stock       (83)         (83)    
Subsidiary dividends       (68)         (68)    
Subsidiary distributions                     (219)
Other comprehensive income (loss)       10           10  
Conversion of class A common stock to class B common stock (in shares)         (1,969,000,000) 1,969,000,000          
Conversion of Class A common stock to Class B common stock $ 0       $ (20) $ 20          
Issuance of Class A common stock, net (in shares)         70,000,000            
Issuance of Class A common stock, net       1,670 $ 1     1,669      
Ending balance (in shares) at Dec. 31, 2025   488,000,000 1,969,000,000   488,000,000 1,969,000,000          
Ending balance at Dec. 31, 2025 $ 10,300     $ 6,743 $ 4 $ 20   $ 2,238 $ 4,720 $ (239) $ 3,557
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 2,733 $ 1,746 $ 3,616
Adjustments to reconcile net income to net cash from operating activities:      
(Gain) loss on derivatives, net 342 (777) (174)
Cash from settlement of derivatives, net 1,252 214 203
Loss on financing transactions 265 15 122
Deferred taxes 638 446 674
Non-cash interest expense 133 76 85
Depreciation and amortization 941 322 277
Stock-based compensation 46 22 28
Changes in operating assets and liabilities:      
Accounts receivable (564) (90) (75)
Inventory (61) (127) (18)
Prepaid expenses and other current assets (10) (2) (96)
Accounts payable and accrued liabilities 873 288 (55)
Other, net (22) 16 (37)
Net cash from operating activities 6,566 2,149 4,550
INVESTING ACTIVITIES      
Capital expenditures (13,365) (13,717) (8,091)
Purchase of equity method investments (19) (106) (539)
Other investing activities 164 (336) (95)
Net cash used by investing activities (13,220) (14,159) (8,725)
FINANCING ACTIVITIES      
Issuance of debt and draws on credit facilities 16,329 9,360 16,153
IPO issuance of Class A common stock 1,750 0 0
Issuance of VGLNG Series A Preferred Shares 0 3,000 0
Repayment of debt (11,071) (905) (5,918)
Purchase of non-controlling interests 0 0 (1,564)
Financing and issuance costs (1,004) (142) (591)
Payments of dividends and subsidiary distributions (465) (139) (164)
Financed capital expenditures (76) (381) (108)
Other financing activities 2 (41) (173)
Net cash from financing activities 5,465 10,752 7,635
Net increase (decrease) in cash, cash equivalents and restricted cash (1,189) (1,258) 3,460
Cash, cash equivalents and restricted cash at beginning of period 4,614 5,872 2,412
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 3,425 $ 4,614 $ 5,872
v3.25.4
The Company
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company The Company
Venture Global, Inc. is a Delaware corporation formed on September 19, 2023. As used in these consolidated financial statements, unless the context otherwise requires, references to the "Company," "we," "us," and "our" refer to Venture Global, Inc. and its consolidated subsidiaries, whereas references to "Venture Global" refer to Venture Global, Inc., but not its subsidiaries.

The Company is a liquefied natural gas ("LNG") company engaged in the development, construction, ownership, and operation of LNG production facilities and associated infrastructure along the U.S. Gulf Coast. Venture Global's integrated business model spans natural gas supply, transportation, liquefaction, export, shipping and regasification, enabling the Company to deliver LNG to global markets.

The Company currently has multiple LNG projects at varying stages of operation, construction or development. Each LNG project includes a liquefaction facility and export terminal and one or more associated pipelines that interconnect with several interstate and intrastate pipelines for delivery of natural gas into the associated liquefaction facility and export terminal. The Company is also developing expansion, or "bolt-on," projects at existing sites leveraging shared infrastructure under its standardized "design one, build many" development model. Our LNG projects include:

Project NameStage of Development
Calcasieu ProjectOperating
Plaquemines ProjectConstruction and Commissioning
Plaquemines Expansion ProjectDevelopment
CP2 Project Construction
CP2 Expansion Project
Development
CP3 ProjectDevelopment

The Company is also developing and constructing complementary pipeline systems to support gas transportation for its liquefaction and export projects. In addition, the Company has acquired and operates a fleet of LNG tankers to deliver LNG directly to customers through its sales and shipping business and has secured regasification capacity in key import markets to facilitate downstream sales and enhance its vertically integrated platform.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The consolidated financial statements include the accounts of Venture Global, Inc. and its controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period presentation. Except for per share amounts, or as otherwise specified, dollar amounts presented within tables are stated in millions.

Stock Split

On January 27, 2025, the Company effectuated an approximately 4,520.3317-for-one forward stock split (the "Stock Split") of its Class A common stock in connection with its initial public offering ("IPO") which was
completed on January 27, 2025. All Class A common stock share and per share amounts in these consolidated financial statements have been retroactively adjusted to reflect the impact of the Stock Split. See Note 16 – Equity for further discussion of the IPO.

2023 Reorganization Transactions

In September 2023, Venture Global was party to certain reorganization transactions (the "Reorganization Transactions") whereby Venture Global Partners, LLC ("Legacy VG Partners"), a then wholly-owned subsidiary of Venture Global Partners II, LLC ("VG Partners") and controlling shareholder of Venture Global LNG, Inc ("VGLNG"), merged with and into Venture Global (the "2023 Merger"), with VG Partners receiving 2.0 billion shares of Venture Global's Class A common stock, in exchange for 100% of its equity interests in Legacy VG Partners. In connection with the Reorganization Transactions, the non-controlling VGLNG shareholders that held 84,272 shares of VGLNG's issued and outstanding Series C common stock received 381 million shares of Class A common stock of Venture Global, in a 4,520.3317-for-one exchange for their shares of VGLNG (the "NCI Acquisition"). All prior shares of VGLNG common stock were retired upon completion of the Reorganization Transactions in September 2023. No cash was exchanged as part of the Reorganization Transactions and Venture Global incurred $40 million of third-party transaction costs in connection with its formation and the issuance of its shares of Class A common stock.

The 2023 Merger was accounted for as a transaction between entities under common control which represented a change in reporting entity. The NCI Acquisition was accounted for as a change in Venture Global's ownership interest in a subsidiary within equity on a prospective basis. Prior to the 2023 Merger, Venture Global, as a standalone entity, had no operations, and no assets or liabilities. The financial results and other information included in these consolidated financial statements for periods prior to the Reorganization Transactions were applied on a retrospective basis and are reflective of Legacy VG Partners, except for earnings per share. Historical earnings per share was calculated based on the 4,520.3317-for-one exchange ratio of the 2.0 billion shares of Venture Global's Class A common stock issued to VG Partners in exchange for 100% of the Legacy VG Partners equity interests in connection with the 2023 Merger. The shares issued as part of the NCI Acquisition are included in earnings per share prospectively from the date of the Reorganization Transactions. See Note 20 – Earnings per Share for further discussion. The financial results and other information included in these consolidated financial statements for periods prior to the Reorganization Transactions are reflective of Legacy VG Partners, except for earnings per share.

Variable interest entities

Entities in which the Company has variable interest ("VIEs") are consolidated when the Company is determined to be the primary beneficiary. See Note 8 – Equity Method Investments for further discussion.

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and in the accompanying notes. While management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.

Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of derivative instruments and accounts receivable related to the Company's LNG sales contracts. Additionally, the Company maintains cash balances at financial institutions which may at times be in excess of federally insured levels. The Company has not incurred credit losses related to these cash balances to date.

The use of derivative instruments exposes the Company to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Exposure to credit risk is limited to the amounts, if any, by
which the counterparty's obligations under the derivative contracts exceed the obligations of the Company to the counterparty. The Company mitigates this exposure by minimizing counterparty concentrations, entering into master netting arrangements and generally entering into interest rate swaps with large multinational financial institutions. The Company does not believe there is a material risk of counterparty non-performance.

The Company is dependent on its customers’ creditworthiness and their willingness to perform under their respective agreements. See Note 23 – Segment Information for additional details about the Company's customer concentration.

Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The carrying values of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued and other liabilities approximate fair value due to their short-term maturities. The Company applies the fair value measurement guidance to financial assets and liabilities included in the cash and cash equivalents, derivative assets, noncurrent derivative assets, accrued and other liabilities and other noncurrent liabilities line items on the consolidated balance sheets. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. In determining fair value, the Company prioritizes the use of observable market data when available. Assets and liabilities are categorized within the fair value hierarchy based upon the lowest level of input that is significant to the fair value measurement:

•Level 1: Quoted prices in active markets for identical assets or liabilities
•Level 2: Inputs other than quoted prices in active markets that are directly or indirectly observable for the asset or liability
•Level 3: Inputs that are not observable in the market

Transfers between Level 2 and Level 3 result from changes in the significance of unobservable inputs used to determine fair value and are recognized as of the beginning of the reporting period in which they occur. For further discussion, see Note 13 – Fair Value Measurements.

Cash and cash equivalents

The Company considers money market funds, commercial paper and all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Restricted cash

The Company holds certain financial instruments that are restricted to withdrawal and use under the terms of certain contractual arrangements. These amounts are presented separately from cash and cash equivalents on the consolidated balance sheets. For further discussion, see Note 3 – Restricted Cash.
Revenue recognition

The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue from the sale of LNG is recognized at the point in time when LNG is delivered to the customer at the agreed upon LNG terminal which is the point when legal title, physical possession, and the risks and rewards of ownership transfer to the customer. Each molecule of LNG is viewed as a separate performance obligation. LNG produced by the Company's facilities is sold to customers on either a free-on-board ("FOB"), delivered-at-place-unloaded ("DPU"), or delivered ex ship ("DES") basis directly from the Company's projects or through its sales and shipping business. When LNG is sold on terms other than FOB, transportation costs incurred by the Company are considered to be fulfillment costs and are not separate performance obligations within the arrangement. The majority of the Company's post-commercial operations date ("COD") SPAs are sold FOB. The stated contract price, including both fixed and variable components, is representative of the stand-alone selling price for LNG at the time the contract was negotiated. Payment terms are within 30 days after the LNG is delivered.

Proceeds from the sale of test LNG generated during the early commissioning of an LNG project ("test LNG sales") are determined based on estimates of LNG production generated from commissioning activities and recognized as a reduction to the cost basis of construction in progress until assets are placed in service in accordance with the accounting guidance.

Accounts receivable

Accounts receivable are reported net of any current expected credit losses. Current expected credit losses consider the risk of loss based on counterparty credit worthiness, past events, current conditions and reasonable and supportable forecasts. There were no allowances for credit losses as of December 31, 2025 or 2024.

Inventory

Inventory consists of LNG inventory, including in-transit, spare parts and materials, and vessel fuel for the Company's LNG tankers and is recognized at the lower of weighted average cost and net realizable value. LNG inventory includes all costs incurred directly for the production of LNG and are recognized as cost of sales, or as part of the cost basis of construction in progress if associated with test LNG sales, when transferred to the customer. Spare parts and materials are charged to operating and maintenance expense as they are consumed.

Property, plant and equipment

Property, plant and equipment are recognized at cost, less accumulated depreciation. Certain assets undergo a commissioning process during which LNG is produced and sold as test LNG. Prior to assets being placed in service in accordance with the accounting guidance, net margin from test LNG sales, including sale proceeds and costs of production, are treated as a reduction of construction in progress. Depreciation is calculated using the straight-line depreciation method over the estimated useful life of the asset. The terminal assets are depreciated on a straight-line basis over the shorter of their estimated useful life or applicable lease terms. Expenditures for construction, acquisition, commissioning activities and costs that significantly extend the useful life or increase the functionality and/or capacity of an asset are capitalized. This includes direct expenditures for planned major maintenance projects such as, but not limited to, planned turbine overhauls performed at defined intervals. Management tests property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable.

Construction in progress

Construction in progress represents the accumulation of project development and construction costs primarily related to the construction of the Company's capital projects. The Company capitalizes project development costs once construction of the relevant project is considered probable. Interest and other related costs incurred on debt obtained for construction of property, plant and equipment are capitalized over the shorter of the construction period
or related debt term. Costs incurred for the purchase of major equipment components of probable capital projects are recognized as construction in progress when the Company takes ownership of the equipment. No depreciation expense is recognized on construction in progress until the relevant assets are completed and placed in service in accordance with the accounting guidance.

Advance equipment and construction payments

Advance equipment and construction payments represent amounts paid to suppliers for certain major equipment components of capital projects that have yet to be delivered, advances toward the purchase of an LNG tanker where title of the tanker does not transfer to the Company until the date of delivery, amounts paid to contractors for services not yet performed, and equipment procured prior to a relevant project being deemed probable of construction or completion and that have an alternative use. Under the terms of certain agreements, the Company is required to make payments in accordance with defined milestone payment schedules as related progress milestones are completed by the respective supplier or contractor. The construction and equipment supplier agreements also contain various terms including retainage, performance bonuses, and liquidated damages that impact the amount and timing of the recognition of the related costs. Prior to the Company taking ownership of the asset, payments are capitalized to advance equipment and construction payments at the time consideration is paid or becomes payable. The amounts are transferred to construction in progress once services are performed or the related asset is received or ownership is taken by the Company.

Project development costs

Generally, the costs incurred to develop the Company's projects are treated as development expense until management concludes that construction and completion of the relevant project is probable. These costs primarily include professional fees associated with early engineering and design work, costs of securing necessary regulatory approvals and permits, and other preliminary investigation and development activities related to the projects. Management's probability conclusion for projects is based on factors including, but not limited to, the achievement of, or ability to achieve, certain critical project development milestones, including, where appropriate, receipt of the appropriate regulatory approvals and permits, securing equipment and construction contracts and securing adequate financing arrangements.

Generally, costs that are capitalized during the preliminary stage of development include land acquisition costs, certain environmental credits, leasehold improvement costs necessary for preparing the facilities for their intended use, and direct costs of construction-related activities incurred with third parties. This includes costs that are directly identifiable for the early procurement of equipment that is probable of being acquired prior to a relevant project being deemed probable of construction or completion and that has an alternative use.

For further discussion of the Company's property, plant and equipment, see Note 6 – Property, Plant and Equipment.

Leases

The Company determines if an arrangement is, or contains, a lease at its inception. When an arrangement is, or contains, a lease, the Company classifies the lease as either an operating or finance lease. Operating and finance leases are recognized on the consolidated balance sheets as lease liabilities, representing the obligation to make future lease payments, and right-of-use assets, representing the right to use the underlying assets for the lease term. Operating and finance lease liabilities and right-of-use assets are generally recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses the implicit interest rate in the lease, if readily determinable. In the absence of a readily determinable implicit interest rate, the Company discounts its expected future lease payments using the lessee's incremental borrowing rate. The incremental borrowing rate is an estimate of the interest rate that a lessee would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Lease and non-lease components of the Company's marine vessels are combined in calculating the right-of-use asset and lease liability. Options to renew a lease are included in the lease term and recognized as a part of the right-of-use asset and lease liability only to the extent they
are reasonably certain to be exercised. Adjustments to lease payments due to changes in a variable index are treated as variable lease costs and recognized in the period in which they are incurred.

Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized as amortization of the right-of-use assets on a straight-line basis and interest on lease liabilities using the effective interest method over the lease term. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheets and are expensed on a straight-line basis. For further discussion, see Note 7 – Leases.

Deferred financing costs

Deferred financing costs represent debt issuance costs incurred in connection with working capital facilities and term loans which have not yet been fully drawn. Deferred financing costs are amortized on a straight-line basis to interest expense over the availability period of the working capital facility or undrawn term loans. Once a term loan is fully drawn, its associated unamortized deferred financing costs are reclassified to a contra-liability in long-term debt, net on the consolidated balance sheets and are amortized to interest expense using the effective interest method over the remaining term of the debt.

Equity method investments

Investments in entities in which the Company has the ability to exercise significant influence over operating and financial policies, but not control, are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recognized at cost, and subsequently adjusted for the Company's proportionate share of earnings, losses and distributions. These investments are recognized within other noncurrent assets on the Company's consolidated balance sheets. For further discussion, see Note 8 – Equity Method Investments.

Rights-of-way

The Company obtains perpetual rights to construct, operate and maintain its pipelines on land owned or bodies of water controlled by third parties. The costs to obtain these rights are capitalized as indefinite-lived intangible assets in other noncurrent assets on the consolidated balance sheets. No amortization is recognized on these assets, as the rights-of-way are perpetual in nature.

Derivative instruments

The Company reflects all contracts that meet the definition of a derivative, except those designated and qualifying as normal purchase normal sale ("NPNS"), as either assets or liabilities on the consolidated balance sheets at fair value. Changes in the fair value of derivative instruments are recognized in earnings as cost of sales, development expense, or gain (loss) on interest rate swaps, unless the Company elects to apply hedge accounting and meets the specified criteria in ASC 815, Derivatives and Hedging. The Company designates derivative instruments as cash flow hedges based on all available facts and circumstances.

The Company enters into interest rate swap agreements to mitigate volatility arising from changes in interest rates and enters into natural gas forward purchase contracts for the supply of feed gas to its projects ("natural gas supply contracts"). The Company does not utilize derivatives for trading or speculative purposes. Derivative instruments are recognized at fair value on the consolidated balance sheets.

Changes in fair value of derivative instruments designated as cash flow hedges are recognized in accumulated other comprehensive loss ("AOCL") until the hedged transaction affects earnings, at which time the deferred gains and losses are reclassified to earnings. Cash flows of the Company's derivatives which are not designated as hedging relationships are classified as operating activities in the consolidated statements of cash flows unless the derivatives contain an other-than-insignificant financing element at inception, in which case the associated cash flows are classified as financing activities. Derivative assets and liabilities are presented net on the consolidated
balance sheets when a legally enforceable master netting arrangement exists with the counterparty. For further discussion, see Note 12 – Derivatives.

The Company discontinues hedge accounting on a prospective basis if the derivative is no longer expected to be highly effective as a hedge, if the hedged transaction is no longer probable of occurring, or if the Company de-designates the instrument as a cash flow hedge. Any gain or loss in AOCL at the time of de-designation is reclassified into earnings in the same period the hedged transaction affects earnings unless the underlying hedged transaction is probable of not occurring, in which case, any gain or loss in AOCL is reclassified into earnings immediately.

The Company evaluates all of its financial instruments to determine if such instruments are freestanding derivatives or if they contain features that qualify as embedded derivatives. If an instrument contains more than one embedded feature that warrants separate accounting, those embedded features are bundled together as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract.

Accounts payable and accrued and other liabilities

The Company recognizes invoiced amounts from operating and construction vendors as accounts payable on the consolidated balance sheets. Accrued and other liabilities on the consolidated balance sheets primarily represent amounts owed to the Company's vendors but not yet invoiced, accrued interest, accrued compensation costs and accrued dividends and distributions. For further discussion, see Note 9 – Accrued and Other Liabilities.

Asset retirement obligations ("ARO")

The Company recognizes a liability at fair value for an ARO when the legal obligation to retire the asset has been incurred (i.e., as the asset is being constructed) and a reasonable estimate of fair value can be made. The ARO liability is classified as other noncurrent liabilities on the consolidated balance sheets with a corresponding increase to the carrying amount of the related long-lived asset. AROs are periodically adjusted to reflect changes in the estimated present value of the obligation resulting from revisions to the estimated timing or amount of the expected future cash flows. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. For further discussion, see Note 10 – Asset Retirement Obligations.

Redeemable stock of subsidiary

Redeemable stock of subsidiary on the consolidated balance sheets represents third-party interests in the net assets of the Company's subsidiary, Calcasieu Pass Funding, LLC ("Calcasieu Funding"), resulting from the issuance of the CP Funding Redeemable Preferred Units, as discussed and defined in Note 17 – Redeemable Stock of Subsidiary. The third-party has the right to redeem its interests for cash upon the occurrence of events not solely within the Company's control and therefore the redeemable stock of subsidiary is classified outside of permanent equity, as mezzanine equity, on the consolidated balance sheets. The balance is carried at its current redemption value as adjusted by the contractually stated distribution amount that is recognized in each reporting period as net income attributable to redeemable stock of subsidiary on the consolidated statements of operations.

Non-controlling interests

Non-controlling interests on the consolidated balance sheets represent the portion of net assets in consolidated subsidiaries that are not owned by the Company. Non-controlling interests are recognized as a separate component of equity on the consolidated balance sheets and are adjusted, as applicable, by the amount of earnings or other comprehensive income (loss) attributable to the non-controlling interests, distributions, and changes in ownership interest. A change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Losses are attributed to the non-controlling interests even when the non-controlling interests’ basis has been reduced to zero. For further discussion, see Note 18 – Non-Controlling Interests.
Operating expenses

Cost of sales is comprised of the direct costs associated with the production of LNG that is recognized as revenue. It includes the cost of purchasing and transporting natural gas used in the production of LNG, also known as feed gas, and excludes depreciation and amortization, shown separately on the consolidated statements of operations. Cost of sales also includes changes in the fair value of certain of the Company's natural gas supply contracts that are recognized as derivative instruments and are outstanding after an LNG facility starts producing LNG.

Operating and maintenance expense primarily includes non-capitalizable costs directly related to the operation and maintenance of the Company's projects, including personnel costs, the cost of spares and consumables used in maintenance, land lease expense, ARO accretion expense, certain legal costs and project-related information technology costs. Operating and maintenance expense also includes costs associated with operating the Company's LNG tankers including maintenance costs, fuel, and costs to crew the tankers. Expenditures for maintenance and repairs—excluding those for planned major maintenance projects—are generally expensed as incurred.

General and administrative expense primarily includes costs not directly associated with the operations or development of the Company's projects, such as the Company's corporate support functions including executive management, information technology (except for direct project-related IT costs that are included in operating and maintenance expense), human resources, legal, and finance.

Development expense primarily includes costs incurred to develop a project prior to management's conclusion that construction and completion of the relevant project is probable and that are not otherwise recoverable through other projects or resale. These expenses consist primarily of engineering and design expenses and other development and construction related costs to the extent such expenditures do not meet the criteria for capitalization. Development expense also includes changes in the fair value of certain natural gas supply contracts recognized as derivative instruments that are outstanding prior to first LNG production at a facility.

Stock-based compensation

The Company accounts for stock-based compensation using the fair value method. The grant-date fair value attributable to stock options is calculated based on the Black-Scholes option-pricing model and is amortized on a straight-line basis to expense over the vesting period of the award. Forfeitures are recognized as they occur. For further discussion, see Note 19 – Stock-Based Compensation.

Income taxes

The Company is treated as a corporation for income tax purposes. Prior to the Reorganization Transactions, the Company was treated as a partnership for income tax purposes. The change in the tax status of the Company did not have a material impact on its income taxes.

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines income tax assets and liabilities based on the differences between the financial statement and income tax basis for assets and liabilities using the enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rate on deferred income tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company’s accounting policy for releasing the income tax effects from AOCL occurs on a portfolio basis.

A valuation allowance is provided for deferred income taxes if it is more-likely-than-not these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. Additionally, the Company evaluates tax positions under a more-likely-than-not recognition threshold and measurement analysis
before the positions are recognized for financial statement reporting. For further discussion, see Note 14 – Income Taxes.

Earnings per share

Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potentially dilutive securities, including stock options outstanding. For further discussion, see Note 20 – Earnings per Share.
v3.25.4
Restricted Cash
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Restricted Cash Restricted Cash
The following table summarizes the components of restricted cash:

December 31,
20252024
Current restricted cash
Debt service reserves
$121 $141 
Other project reserves 74 28 
Total current restricted cash$195 $169 
Noncurrent restricted cash
Construction reserves$770 $611 
Debt service reserves
105 226 
Total noncurrent restricted cash$875 $837 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:

December 31,
20252024
Cash and cash equivalents$2,355 $3,608 
Current restricted cash195 169 
Noncurrent restricted cash875 837 
Cash, cash equivalents, and restricted cash per the consolidated statements of cash flows
$3,425 $4,614 
v3.25.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The Company has entered into numerous contracts for the sale of LNG to third-party customers. LNG produced by our facilities is sold to the Company's customers directly from our projects or through our sales and shipping business on either a FOB, DPU or DES basis. The LNG sales price structure under the Company's sales agreements generally includes (i) a fixed liquefaction fee, a portion of which is subject to an annual adjustment for inflation; (ii) a variable commodity fee equal to at least 115% of Henry Hub per million British thermal units ("MMBtu"); and (iii) a transportation charge, if sold on a DPU basis. Some of the Company's DES sales agreements are structured with a single sales price that includes transportation and is indexed to foreign gas markets, such as Title Transfer Facility index ("TTF") or Japan Korea Marker index ("JKM").
The fixed liquefaction fee component under the Company's LNG sales agreements is the amount owed to the Company regardless of a cancellation or suspension of LNG cargo deliveries by its customers. The variable commodity fee component is the amount generally payable to the Company only upon delivery of LNG. The Company's LNG sales agreements include provisions for contingent payments for non-performance, delays, or other damages, which may be due from the Company, and represent variable consideration. Any estimates for contingent
payments are based on either the Company's best estimate of the most likely outcome or the expected value, depending on which method best predicts the total net consideration to which the Company will be entitled over the term of the LNG sales agreement. Payments, and estimates for contingent payments, made by the Company are recognized as a reduction to the transaction price (as an adjustment to the fixed liquefaction fee) as LNG is delivered to customers over the term of the LNG sales agreement.

Liabilities associated with estimates for contingent payments are limited to any rights to payment from customers (i.e., for satisfied performance obligations) that are in excess of the recognized transaction price until the uncertainty around the obligation, including its value, is resolved. A liability is not recognized for estimates of contingent payments until the earlier of when consideration received from a customer exceeds the transaction price allocated to satisfied performance obligations, or a contingent payment becomes a fixed financial obligation.

LNG produced prior to the relevant project, or phase thereof, reaching COD is sold under short- or mid-term LNG commissioning sales agreements at prevailing market or forward prices when executed. The majority of LNG produced after the relevant project, or phase thereof, reaching COD will be sold under long-term 20-year post-COD SPAs.

On April 15, 2025, the Calcasieu Project declared COD and commenced the sale of LNG to its customers under its post-COD SPAs. The Calcasieu Project post-COD SPAs are delivered on a FOB basis, which means that the title to the LNG transfers at the time customers take delivery at the project's facility.

The following table summarizes the disaggregation of revenue earned from contracts with customers:

Years ended December 31,
202520242023
LNG revenue$13,687 $4,947 $7,875 
Other revenue82 25 22 
Total revenue$13,769 $4,972 $7,897 

Transaction price allocated to future performance obligations

Because many of the Company's sales contracts have long-term durations, the Company is contractually entitled to significant future consideration which it has not yet recognized as revenue. The following table discloses the aggregate amount of the transaction price, including variable consideration, that is allocated to performance obligations for legally enforceable sales agreements that have not yet been satisfied, excluding all performance obligations of contracts that have an expected duration of one year or less (dollar amounts in billions):

December 31, 2025
Unsatisfied transaction price(a)
Weighted average recognition timing
(in years)
LNG revenue$299.5 19.6 years
_____________
(a)    A portion of the transaction price is based on the forecasted Henry Hub index as of December 31, 2025.

Significant judgments were made when estimating the transaction price allocated to future performance obligations. These include i) the best estimate of when the Company's respective projects will reach COD and the post-COD SPAs will commence, which is currently expected to occur in 2026 and 2027 for Phases 1 and 2 of the Plaquemines Project, respectively, and 2029 for Phase 1 of the CP2 Project, and ii) reductions to the transaction price to reflect management's best estimate of variable consideration. This variable consideration relates to the four pending disputes with Calcasieu Project post-COD SPA customers who are asserting that the Calcasieu Project was delayed in declaring COD under the respective post-COD SPAs.
In October 2025, a partial final award was issued in the arbitration proceedings with BP Gas Marketing Limited (“BP”). Remedies were not addressed in the partial final award and will be determined in a separate damages hearing. A final award is expected to be issued following the damages portion of the hearing. Based on the terms of the partial final award, the Company does not anticipate that the final award will be subject to the seller aggregate liability limitation in the BP post-COD SPA. The remedies sought by BP include damages ranging from $3.7 billion to potentially in excess of $6.0 billion, as well as interest, costs and attorneys’ fees. The Company believes BP’s theory and calculations of damages are without merit and that the magnitude of damages sought by BP is not recoverable under the express terms of the post-COD SPA, which include express limits on the tribunal’s jurisdictional authority, although there can be no assurance as to the outcome of the damages portion of the hearing.

Three of the Calcasieu Project's other customers are disputing whether the liability limitations in the Company's post-COD SPAs are applicable, and therefore are claiming damages, including amounts in excess of the liability limitations. The Company believes the disputes with these other customers are subject to the aggregate liability limitations of $595 million under the applicable post-COD SPAs.
v3.25.4
Inventory
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
The following table summarizes the components of inventory:

December 31,
20252024
Spare parts and materials$159 $89 
LNG 56 36 
LNG in-transit24 36 
Other14 10 
Total inventory, net$253 $171 
v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The following table presents the components of property, plant and equipment, net and their estimated useful lives (in years):

December 31,
Estimated useful life20252024
Terminal and interconnected pipeline facilities(a)
7-48
$32,651 $18,698 
Construction in progressN/A7,641 10,773 
Advanced equipment and construction paymentsN/A5,541 4,733 
LNG tankers251,780 630 
Other(b)
2-35
711 633 
Total property, plant and equipment at cost
48,324 35,467 
Accumulated depreciation(1,736)(792)
Total property, plant and equipment, net$46,588 $34,675 
____________
(a)    During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms and therefore extended the estimated useful lives of the terminal assets previously constrained by the terms of the land lease to which they are affixed. This resulted in a $185 million reduction to depreciation expense, or $0.08 and $0.07 increase in basic and diluted earnings per share, respectively, for the year ended December 31, 2025. See Note 7 – Leases for further discussion.    
(b)     Includes finance lease assets, buildings, and land, which does not depreciate. See Note 7 – Leases for further discussion.

During the year ended December 31, 2025, the CP2 Project was deemed probable of construction and completion. Subsequent costs associated with the development and construction of the terminal and associated
pipeline, including capitalizable interest, have been capitalized as construction in progress or advanced equipment payments.

In May 2025 and July 2025, the Company acquired the remaining equity ownership interests in Kagami 1 and Kagami 2, respectively. These purchases were recognized prospectively as asset acquisitions of the LNG tankers named Venture Acadia and Venture Creole, respectively. See Note 8 – Equity Method Investments for further discussion.

During the year ended December 31, 2025, the Company recognized $69 million of net proceeds, after deducting the cost of feed gas, from Test LNG sales as a reduction to the cost basis of the Plaquemines Project LNG terminal.

As of December 31, 2025, $24.9 billion, which represents a portion of the Plaquemines Project's property, plant and equipment, has been placed in service in accordance with the applicable accounting guidance. The Plaquemines Project remains under construction and is undergoing its planned commissioning program to satisfy the requirements necessary for achieving commercial operations as defined under the applicable contracts. Costs associated with these efforts are either capitalized or expensed in accordance with the applicable accounting guidance.

As of December 31, 2025, and 2024, the Company had $209 million and $145 million, respectively, of costs associated with perpetual rights of way used to construct, operate, and maintain its pipelines. These rights are capitalized as indefinite-lived intangible assets in other noncurrent assets on the consolidated balance sheets.

The following table presents depreciation expense recognized on the consolidated statements of operations:

Years ended December 31,
202520242023
Depreciation expense$930 $316 $273 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Operating leases consist primarily of leased land, LNG tankers, and office space and facilities. Finance leases consist primarily of leased marine vessels and a bridge.

During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms. This was recognized as a lease modification and resulted in an increase in right-of-use assets in exchange for operating lease liabilities of $88 million.
The following table presents the line item classification of right-of-use assets and lease liabilities on the consolidated balance sheets:

December 31,
Line item20252024
Right-of-use assets—operatingRight-of-use assets$737 $602 
Right-of-use assets—financeProperty, plant and equipment, net286 279 
Total right-of-use assets$1,023 $881 
Current operating lease liabilitiesAccrued and other liabilities$62 $81 
Current finance lease liabilitiesAccrued and other liabilities9 10 
Noncurrent operating lease liabilitiesNoncurrent operating lease liabilities696 536 
Noncurrent finance lease liabilitiesOther noncurrent liabilities249 248 
Total lease liabilities$1,016 $875 

The Company's lease costs are presented in various line items consistent with the underlying nature of the lease. The following table presents the components of total lease costs included in the consolidated statements of operations.

Years ended December 31,
202520242023
Operating lease cost$133 $97 $49 
Finance lease cost36 29 17 
Total lease cost$169 $126 $66 

Future annual minimum lease payments for operating and finance leases as of December 31, 2025 are as follows:

Years ended December 31,Operating leasesFinance leases
2026$106 $30 
202776 27 
202855 26 
202956 26 
203055 26 
Thereafter2,262 400 
Total lease payments$2,610 $535 
Less: Interest(1,852)(277)
Present value of lease liabilities$758 $258 

The following table presents the weighted-average remaining lease term (in years) and the weighted-average discount rate for the Company's operating leases and finance leases:

December 31,
20252024
Operating leasesFinance leasesOperating leasesFinance leases
Weighted-average remaining lease term31.620.319.220.9
Weighted-average discount rate7.7%8.4%7.8%8.6%
Leases Leases
Operating leases consist primarily of leased land, LNG tankers, and office space and facilities. Finance leases consist primarily of leased marine vessels and a bridge.

During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms. This was recognized as a lease modification and resulted in an increase in right-of-use assets in exchange for operating lease liabilities of $88 million.
The following table presents the line item classification of right-of-use assets and lease liabilities on the consolidated balance sheets:

December 31,
Line item20252024
Right-of-use assets—operatingRight-of-use assets$737 $602 
Right-of-use assets—financeProperty, plant and equipment, net286 279 
Total right-of-use assets$1,023 $881 
Current operating lease liabilitiesAccrued and other liabilities$62 $81 
Current finance lease liabilitiesAccrued and other liabilities9 10 
Noncurrent operating lease liabilitiesNoncurrent operating lease liabilities696 536 
Noncurrent finance lease liabilitiesOther noncurrent liabilities249 248 
Total lease liabilities$1,016 $875 

The Company's lease costs are presented in various line items consistent with the underlying nature of the lease. The following table presents the components of total lease costs included in the consolidated statements of operations.

Years ended December 31,
202520242023
Operating lease cost$133 $97 $49 
Finance lease cost36 29 17 
Total lease cost$169 $126 $66 

Future annual minimum lease payments for operating and finance leases as of December 31, 2025 are as follows:

Years ended December 31,Operating leasesFinance leases
2026$106 $30 
202776 27 
202855 26 
202956 26 
203055 26 
Thereafter2,262 400 
Total lease payments$2,610 $535 
Less: Interest(1,852)(277)
Present value of lease liabilities$758 $258 

The following table presents the weighted-average remaining lease term (in years) and the weighted-average discount rate for the Company's operating leases and finance leases:

December 31,
20252024
Operating leasesFinance leasesOperating leasesFinance leases
Weighted-average remaining lease term31.620.319.220.9
Weighted-average discount rate7.7%8.4%7.8%8.6%
v3.25.4
Equity Method Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
The following table presents equity method investment ownership interests and carrying values:

December 31, 2024
Equity method investment
Ownership
interest		Carrying
value
Kagami 139%$164 
Kagami 239%163 
Total$327 

Kagami Companies

In 2023, the Company began acquiring equity interests in Project Kagami 1 Limited ("Kagami 1") and Project Kagami 2 Limited ("Kagami 2", and together with Kagami 1, the "Kagami Companies"). The Kagami Companies each purchased one LNG tanker. The equity method investments were recognized within other noncurrent assets and held by the sales and shipping reportable segment.

In May 2025 and July 2025, the Company completed the acquisitions of the full equity ownership interests in Kagami 1 and Kagami 2, respectively, through a series of transactions, for a total purchase price of $540 million. Prior to the acquisitions, Kagami 1 and Kagami 2 were variable interest entities in which the Company was not the primary beneficiary since it lacked the power to make significant decisions, and were accordingly recognized as equity method investments. As of December 31, 2025, the LNG tankers held by Kagami 1 and Kagami 2 are recognized as property, plant and equipment. See Note 6 – Property, Plant and Equipment for further discussion.
v3.25.4
Accrued and Other Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued and Other Liabilities Accrued and Other Liabilities
Components of accrued and other liabilities included:
December 31,
20252024
Accrued construction and equipment costs$819 $620 
Accrued interest534 361 
Accrued natural gas purchases892 267 
Accrued compensation232 191 
Derivative liabilities104 13 
Accrued dividends and distributions— 95 
Other214 269 
Total accrued and other liabilities$2,795 $1,816 
v3.25.4
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations Asset Retirement Obligations
The following table summarizes the components of the Company's asset retirement obligations:

Years ended December 31,
20252024
Beginning balance as of January 1$502 $411 
Liabilities incurred22 63 
Accretion expense23 28 
Revision in the timing of estimated cash flows(a)
(339)— 
Ending balance as of December 31$208 $502 
_____________
(a)During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms. In connection with the extension, the Company revised the estimated settlement dates for certain asset retirement obligations.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes outstanding debt:

December 31,
MaturityWeighted average
interest rate		20252024
Fixed rate:
VGLNG Senior Secured Notes2028 - 20328.716%$11,000 $11,000 
VGCP Senior Secured Notes2029 - 20334.441%4,750 4,750 
VGPL Senior Secured Notes2030 - 20366.780%9,500 — 
Other fixed rate debt(a)
20297.600%84 84 
Variable rate:
Calcasieu Pass Credit Facilities2026806 997 
Plaquemines Credit Facilities20292,683 12,720 
CP2 Credit Facilities20321,860 — 
CP2 Holdings EBL Facilities20283,000 — 
Blackfin Credit Facilities2030 - 20321,129 — 
Total outstanding debt34,812 29,551 
Less: Unamortized debt discount, premium
     and issuance costs		(607)(275)
Total outstanding debt, net34,205 29,276 
Less: Current portion of long-term debt, net(812)(190)
Total long-term debt, net$33,393 $29,086 
____________
(a)Secured by a first priority interest in corporate property.
The aggregate contractual annual maturities for outstanding debt as of December 31, 2025 are as follows:

Years ended December 31,Contractual maturities
2026$817 
2027310 
20285,502 
20296,491 
20304,364 
Thereafter17,328 
    Total$34,812 

Fixed rate debt

VGLNG Senior Secured Notes

The VGLNG Senior Secured Notes are secured on a pari passu basis by a first-priority security interest in substantially all of the existing and future assets of VGLNG and the future guarantors, if any. In addition, VGLNG has pledged its membership interests in certain material direct subsidiaries as collateral to secure its obligations under the VGLNG Senior Secured Notes. VGLNG may redeem all or part of the VGLNG Senior Secured Notes at specified prices set forth in the respective governing indenture, plus accrued interest, if any, as of the date of the redemption.

VGCP Senior Secured Notes

The obligations of Venture Global Calcasieu Pass, LLC ("VGCP") under the VGCP Senior Secured Notes are guaranteed by TransCameron Pipeline, LLC ("TCP") and secured on a pari passu basis by a first-priority security interest in the assets that secure the Calcasieu Pass Credit Facilities. VGCP may redeem all or part of the VGCP Senior Secured Notes at specified prices set forth in the respective governing indenture, plus accrued interest, if any, as of the date of the redemption.

VGPL Senior Secured Notes

In April 2025, Venture Global Plaquemines LNG, LLC ("VGPL") issued $2.5 billion aggregate principal amount of senior secured notes, which were issued in two series: (i) a series of 7.500% senior secured notes due 2033 in an aggregate principal amount of $1.25 billion (the "VGPL 2033 Notes") and (ii) a series of 7.750% senior secured notes due 2035 in an aggregate amount of $1.25 billion ("the VGPL 2035 Notes"). In July 2025, VGPL issued $4.0 billion aggregate principal amount of senior secured notes, which were issued in two series: (i) a series of 6.500% senior secured notes due 2034 in an aggregate principal amount of $2.0 billion (the “VGPL January 2034 Notes”) and (ii) a series of 6.750% senior secured notes due 2036 in an aggregate principal amount of $2.0 billion (the “VGPL 2036 Notes”). In December 2025, VGPL issued $3.0 billion aggregate principal amount of senior secured notes, which were issued in two series: (i) a series of 6.125% senior secured notes due 2030 in an aggregate of $1.75 billion (the "VGPL 2030 Notes") and (ii) a series of 6.500% VGPL 2034 Notes in an aggregate of $1.25 billion (the "VGPL June 2034 Notes"). In connection with the issuances of the VGPL Senior Secured Notes, VGPL incurred cumulative debt issuance costs of $187 million primarily related to lender fees which will be amortized over the term of the notes.

In connection with the issuances of the VGPL Senior Secured Notes, VGPL settled a pro rata portion of its interest rate swaps that hedged the variable interest on the Plaquemines Credit Facilities for cash proceeds of $1.1 billion. See Note 12 – Derivatives for further discussion. The proceeds from the issuances of the VGPL Senior Secured Notes and the swap breakage proceeds were used to prepay $10.4 billion outstanding under the Plaquemines Construction Term Loan and to pay costs incurred in connection with the offerings. The prepayments
were accounted for as partial debt extinguishments resulting in a $226 million loss on financing transactions during the year ended December 31, 2025.

The obligations of VGPL under the VGPL Senior Secured Notes are guaranteed by Venture Global Gator Express, LLC ("Gator Express") and secured on a pari passu basis by a first-priority security interest in the assets that secure the Plaquemines Credit Facilities. VGPL may redeem all or part of the VGPL Senior Secured Notes at specified prices set forth in the respective governing indenture, plus accrued interest, if any, as of the date of the redemption.

Variable rate debt — LNG projects

Below is a summary of committed credit facilities outstanding for our LNG projects as of December 31, 2025:

Calcasieu Pass
Credit Facilities(a)
Plaquemines
Credit Facilities(b)
CP2 Credit Facilities(c)
Calcasieu Pass Construction Term LoanCalcasieu Pass Working Capital FacilityPlaquemines Construction Term LoanPlaquemines Working Capital FacilityCP2 Construction Term LoanCP2
Working Capital Facility
CP2 Holdings EBL Facilities(d)
Total commitments$5,477 $555 $12,948 $2,100 $11,250 $850 $3,000 
Less:
Outstanding balances806 — 2,529 154 1,860 — 3,000 
Commitments prepaid
   or terminated		4,671 — 10,419 — — — — 
Letters of credit issued— 276 — 1,309 — 110 — 
Available commitments$— $279 $— $637 $9,390 $740 $— 
Priority rankingSenior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured
Interest rate on outstanding balances
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
2.475%
 to
2.975%
2.475%
to
2.975%
1.975%
to
2.625%
1.975%
to
2.625%
2.250%
to
2.750%
2.250%
to
2.750%
3.500%
 or  or  or  or ororor
base rate +base rate +base rate +base rate +base rate +base rate +base rate +
1.375%
to
1.875%
1.375%
to
1.875%
0.875%
to
1.375%
0.875%
to
1.375%
1.250%
to
1.750%
1.250%
to
1.750%
2.500%
Commitment fees on undrawn balance
0.831%
to
1.006%
0.831%
to
1.006%
0.656%
to
0.831%
0.656%
to
0.831%
0.788%
to
0.963%
0.788%
to
0.963%
N/A
____________
(a)The obligations of VGCP as the borrower are guaranteed by TCP and secured by a first-priority lien on substantially all of the assets of VGCP and TCP, as well as all of the membership interests in those companies.
(b)The obligations of VGPL as the borrower are guaranteed by Gator Express and secured by a first-priority lien on substantially all of the assets of VGPL and Gator Express, as well as all of the membership interests in those companies.
(c)The obligations of CP2 as the borrower are guaranteed by CP2 Procurement and CP Express and secured by a first-priority lien on substantially all of the assets of CP2, CP2 Procurement and CP Express, as well as all of the membership interests in those companies.
(d)CP2 Holdings as the borrower has pledged all its assets as collateral to secure its obligations under the CP2 Holdings EBL Facilities.

CP2 Bridge Facilities

In May 2025, Venture Global CP2 LNG, LLC ("CP2") as borrower, and CP2 Procurement, LLC ("CP2 Procurement") and Venture Global CP Express, LLC ("CP Express") as guarantors, entered into the $3.0 billion CP2 Bridge Facilities, consisting of a $2.8 billion delayed draw bridge loan facility (the "CP2 Bridge Loan Facility") and a $175 million interest reserve facility (the "CP2 Interest Reserve Facility"). Borrowings under the CP2 Bridge Facilities bear interest at a set margin rate over the debt term, plus, at the Company's election, either a SOFR or base
rate. The set margin rate for SOFR-based loans is 3.500% and the set margin rate for base rate loans is 2.500%. The Company also incurred commitment fees of 35% of the set margin rate on the undrawn available commitments of the CP2 Bridge Facilities. In connection with the issuance of the CP2 Bridge Facilities, CP2 incurred debt issuance costs of $95 million primarily related to lender fees which will be amortized over the term of the credit facility.

In July 2025, the Company prepaid in full the $1.1 billion outstanding balance under the CP2 Bridge Facilities using proceeds from the CP2 Holdings EBL Facilities entered into in connection with FID for Phase 1 of the CP2 Project, discussed below. Of the total prepayment, $308 million was accounted for as a debt extinguishment and $777 million was accounted for as a debt modification. This resulted in the write-off of $25 million of previously capitalized deferred issuance costs and $16 million in fees paid to the extinguished lenders recognized as loss on financing transactions in the consolidated statements of operations during the year ended December 31, 2025.

FID for Phase 1 of the CP2 Project

In July 2025, Phase 1 of the CP2 Project achieved FID and the Company obtained $15.1 billion in project financing. The Company, through its subsidiary CP2 Holdings, entered into the $3.0 billion CP2 Holdings EBL Facilities. Furthermore, CP2, as borrower, and CP2 Procurement and CP Express, as guarantors, entered into the $12.1 billion aggregate senior secured CP2 Credit Facilities. Additional details regarding these transactions follows.

CP2 Holdings EBL Facilities

In July 2025, CP2 LNG Holdings, LLC ("CP2 Holdings"), as borrower, entered into $3.0 billion aggregate secured credit facilities, consisting of a $2.8 billion secured equity bridge credit facility (the “CP2 Equity Bridge Facility”) and a $191 million three-year secured interest reserve credit facility (the “CP2 Interest Reserve Facility”, and together with the CP2 Equity Bridge Facility, the "CP2 Holdings EBL Facilities"). In connection with the issuance of the CP2 Holdings EBL Facilities, CP2 Holdings incurred debt issuance costs of $95 million primarily related to new and modified lender fees which are amortized over the term of the credit facility. A portion of the proceeds from the project financing was used to prepay the outstanding CP2 Bridge Facilities in full and pay costs incurred in connection with the project financing. The remaining proceeds from the project financing will be used to fund the costs of financing, developing, constructing, and placing in service Phase 1 of the CP2 Project.

The CP2 Holdings EBL Facilities are subject to mandatory prepayment provisions, including provisions which would require prepayment with the proceeds of additional indebtedness or prepayment upon receipt of certain net proceeds from the sale of commissioning cargos generated by the Plaquemines Project. The CP2 Holdings EBL Facilities can be voluntarily prepaid at any time without premium or penalty.

CP2 Credit Facilities

In July 2025, CP2, as borrower, and CP2 Procurement and CP Express, as guarantors, entered into $12.1 billion aggregate senior secured credit facilities, consisting of the $11.3 billion CP2 Construction Term Loan and the $850 million CP2 Working Capital Facility. In connection with the issuance of the CP2 Credit Facilities, CP2 incurred debt issuance costs of $460 million primarily related to lender fees which are amortized over the term of the credit facility. Proceeds from the CP2 Credit Facilities will be used to fund the costs of financing, developing, constructing, and placing in service Phase 1 of the CP2 Project.

The CP2 Credit Facilities can be voluntarily prepaid at any time without premium or penalty.
Variable rate debt — pipeline infrastructure projects

Below is a summary of committed credit facilities outstanding for the Company's pipeline infrastructure projects as of December 31, 2025:

Blackfin Credit Facilities(a)
Blackfin TLA FacilityBlackfin TLB FacilityBlackfin Working Capital Facility
Total commitments$425 $1,075 $75 
Less:
Outstanding balances54 1,075 — 
Available commitments$371 $— $75 
Priority rankingSenior securedSenior securedSenior secured
Interest rate on outstanding balances
SOFR + 2.250% to 2.500%
SOFR + 3.000%
SOFR + 2.250% to 2.500%
or
or
or
base rate + 1.250% to 1.500%
base rate + 2.000%
base rate + 1.250% to 1.500%
Commitment fees on undrawn balance
0.438% to 0.875%
N/A
0.438% to 0.875%
____________
(a)Blackfin, as borrower, has pledged all its assets as collateral to secure its obligations under the Blackfin Credit Facilities.

Blackfin Credit Facilities

In September 2025, Blackfin Pipeline, LLC ("Blackfin"), as borrower, entered into $1.6 billion aggregate senior secured facilities, consisting of a $1.1 billion secured term loan facility (the "Blackfin TLB Facility") and a $425 million secured construction term loan facility (the "Blackfin TLA Facility") and a $75 million secured revolving loan and letter of credit facility (the "Blackfin Working Capital Facility", and together with the Blackfin TLA Facility and the Blackfin TLB Facility, the "Blackfin Credit Facilities"). In October 2025, the Company increased the commitment under the Blackfin TLB Facility by $25 million. In connection with the issuance of the Blackfin Credit Facilities, Blackfin incurred debt issuance costs of $41 million primarily related to lender fees which will be amortized over the term of the credit facility. Proceeds from the Blackfin Credit Facilities were used to reimburse $889 million to VGLNG for prior expenditures related to the development and construction of the Blackfin Pipeline, and pay certain costs incurred in connection with the project financing. The remaining proceeds will be used to fund a portion of the costs to develop, construct and manage the Blackfin Pipeline.

The Blackfin Credit Facilities can be voluntarily prepaid at any time without penalty.
VGLNG Revolving Credit Facility

Below is a summary of committed credit facilities outstanding for the VGLNG Revolving Credit Facility as of December 31, 2025:

VGLNG Revolving Credit Facility(a)
Total commitments$2,000 
Less:
Outstanding balances— 
Available commitments$2,000 
Priority rankingSenior secured
Interest rate on outstanding balances(b)
SOFR + 2.500%
or
base rate + 1.500%
Commitment fees on undrawn balance(b)
0.350%
____________
(a)Borrowings under the VGLNG Revolving Credit Facility are secured by a first-priority perfected security interest in, subject to certain exceptions, substantially all of the existing and future assets of VGLNG and any future guarantors, if any. As of the signing date, there are no guarantors. If certain of VGLNG’s subsidiaries incur or guarantee certain amounts of indebtedness in the future, then they will be required to guarantee the VGLNG Revolving Credit Facility.
(b)The rates are subject to reductions by up to 1.000% per annum based on achieving certain ratings requirements.

On November 7, 2025, VGLNG entered into a $2.0 billion senior secured credit facility (the "VGLNG Revolving Credit Facility"). Proceeds from the VGLNG Revolving Credit Facility are available to be used for general corporate purposes of VGLNG and its subsidiaries. The VGLNG Revolving Credit Facility and all borrowings thereunder will mature on November 7, 2030. In connection with the issuance of the VGLNG Revolving Credit Facility, VGLNG incurred debt issuance cost of $53 million primarily related to lender fees which will be amortized over the term of the credit facility.

VGLNG has the option to increase the commitments or establish one or more incremental term facilities under the Credit Agreement in an amount that, together with all loans and unfunded commitments outstanding under the Credit Agreement, shall not exceed 7.500% of the consolidated total assets of VGLNG and its restricted subsidiaries.

The VGLNG Revolving Credit Facility can be voluntarily prepaid at any time without premium or penalty.

Debt covenants

The Company's debt instruments contain certain customary affirmative and negative covenants that among other things, limit the Company's ability to incur additional indebtedness, create liens, dispose of assets, or pay dividends, distributions or other restricted payments. The Company's credit facilities include financial covenants that requires the borrower to maintain a specified historical debt service coverage ratio, as of a specified date in the respective agreement. As of December 31, 2025, each of the Company's issuers was in compliance with all covenants related to their respective debt obligations.

The Calcasieu Project, Plaquemines Project, the CP2 Project and Blackfin are restricted from making certain distributions to Venture Global under the agreements governing their respective indebtedness. These restrictions are in place until, among other requirements, the projects have established the appropriate operating reserves and historical and projected debt service reserves. The restricted net assets of the Company's consolidated subsidiaries was approximately $16.5 billion as of December 31, 2025.
Interest expense on debt

The following table presents the total interest expense incurred on debt and other instruments:

Years ended December 31,
202520242023
Stated interest$2,263 $1,890 $1,038 
Amortization of debt discounts, premiums and issuance costs175 141 138 
Other interest and fees97 69 114 
Total interest cost2,535 2,100 1,290 
Capitalized interest(1,081)(1,516)(649)
Total interest expense, net$1,454 $584 $641 
v3.25.4
Derivatives
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Overview of derivative instruments

Interest rate swaps

The Company has entered into interest rate swaps to mitigate its exposure to variability in interest payments associated with certain variable rate debt. None of the Company's interest rate swaps was designated as cash flow hedges as of December 31, 2025 or December 31, 2024.

During the year ended December 31, 2025, the Company settled a pro rata portion of the interest rate swaps associated with the Plaquemines Credit Facilities and received $1.1 billion of cash proceeds. See Note 11 – Debt for further discussion.

The following table summarizes outstanding interest rate swaps, all of which receive variable rate compounding SOFR:
Outstanding notional as of
December 31,
Debt instrument
Latest maturity
Mandatory early termination
Pay
fixed rate(a)
Maximum notional20252024
CP2 Credit Facilities204920324.04%$9,527 $1,402 $— 
Plaquemines Credit Facilities204720292.46%2,051 2,051 8,089 
Blackfin Credit Facilities20472030 & 20323.71%1,191 1,191 — 
Calcasieu Pass Credit Facilities203620262.56%783 783 969 
Total notional
$13,552 $5,427 $9,058 
____________
(a)Represents a weighted-average fixed rate based on the maximum notional.

Natural gas supply contracts

The Company has entered into natural gas supply contracts for the supply of feed gas to its projects. Natural gas supply contracts which have not been designated or qualifying as NPNS are recognized as either derivative assets or liabilities and measured at fair value. None of the Company's natural gas supply contracts was designated as NPNS as of December 31, 2025. None of the Company's natural gas supply contracts was designated as hedges as of December 31, 2025 or December 31, 2024.
The following table summarizes outstanding natural gas supply contracts recognized as derivatives (notional amount in millions of MMBtus):

Total notional as of
December 31,
Latest maturity20252024
Natural gas supply contracts20393,613 2,048 

Overview of results

The following table summarizes the fair value and classification of derivatives on the consolidated balance sheets:

December 31,
Balance sheet location20252024
Assets
Interest rate swapsDerivative assets$36 $150 
Natural gas supply contractsDerivative assets29 4 
Interest rate swapsNoncurrent derivative assets203 1,459 
Natural gas supply contractsNoncurrent derivative assets13 23 
Total assets$281 $1,636 
Liabilities
Interest rate swapsAccrued and other liabilities$32 $1 
Natural gas supply contractsAccrued and other liabilities72 12 
Interest rate swapsOther noncurrent liabilities63 2 
Natural gas supply contractsOther noncurrent liabilities89 12 
Total liabilities$256 $27 

The following table presents the gross and net fair value of outstanding derivatives:

December 31,
20252024
Gross balanceBalance subject to nettingNet balanceGross balanceBalance subject to nettingNet balance
Derivative assets$296 $(15)$281 $1,648 $(12)$1,636 
Derivative liabilities
(271)15 (256)(39)12 (27)

The following table presents the pre-tax effects of derivative instruments recognized in earnings:

Years ended December 31,
Line item202520242023
Natural gas supply contractsCost of sales$120 $(3)$— 
Natural gas supply contractsDevelopment expense2 — — 
Interest rate swapsGain (loss) on interest rate swaps(220)774 174 
Credit-risk related contingent features

Interest rate swaps

The interest rate swap agreements contain cross default provisions whereby if the Company were to default on certain indebtedness, it could also be declared in default on its derivative obligations and may be required to net settle the outstanding derivative liability positions with its counterparties. As of December 31, 2025, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. The aggregate fair value of the Company's interest rate swap derivative instruments with credit-risk related contingent features in a net liability position was $95 million as of December 31, 2025.

Natural gas supply contracts

Certain natural gas supply contracts contain credit risk-related contingent features which stipulate that if the Company's credit ratings were to change, it could be required to provide additional collateral. As of December 31, 2025, the Company would not be required to post any collateral related to these contracts if the credit-risk related contingent features were triggered, as the delivery of the underlying commodity had not yet commenced. The aggregate fair value of the Company's natural gas supply contracts with credit-risk related contingent features in a net liability position was $55 million as of December 31, 2025.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents financial assets and liabilities measured at fair value on a recurring basis and indicates their levels within the fair value hierarchy:
December 31,
20252024
Level 1Level 2
Level 3
TotalLevel 1Level 2
Level 3
Total
Assets
Money market funds(a)
$340 $— $— $340 $1,373 $— $— $1,373 
Interest rate swaps(b)
— 245 — 245 — 1,609 — 1,609 
Natural gas supply contracts(b)
— 1 50 51 — — 39 39 
Total$340 $246 $50 $636 $1,373 $1,609 $39 $3,021 
Liabilities
Interest rate swaps(c)
$— $102 $— $102 $— $3 $— $3 
Natural gas supply contracts(c)
— 20 149 169 — 3 33 36 
Total$— $122 $149 $271 $— $6 $33 $39 
____________
(a)Included in cash and cash equivalents on the consolidated balance sheets.
(b)Included in derivative assets and noncurrent derivative assets on the consolidated balance sheets.
(c)Included in accrued and other liabilities and other noncurrent liabilities on the consolidated balance sheets.

Interest rate swaps

The fair values of the Company's interest rate swaps are classified as Level 2 and determined using a discounted cash flow method that incorporates observable inputs. The fair value calculation includes a credit valuation adjustment and forward interest rate curves for the same periods of the future maturity dates of the interest rate swaps. For further discussion, see Note 12 – Derivatives.
Level 3 unobservable inputs

The Company determines the fair value of its natural gas supply contracts using either an income or options-based approach. This incorporates present value techniques using a risk free rate of return, observable forward commodity price curves, and may incorporate other significant unobservable inputs. Significant unobservable inputs include implied forward curves at illiquid delivery locations and, if an option pricing model is used, volatility assumptions derived from observed historical market data adjusted for evolving industry conditions and market trends as of the balance sheet date as well as counterparty credit risk adjustments.

Due to the uncertainty surrounding these inputs, certain natural gas supply contracts are classified as Level 3 in the fair value hierarchy. Changes in these inputs can have a significant impact on the valuation of the Company's natural gas supply contracts, which can result in a significantly higher or lower estimated fair value. See Note 12 – Derivatives for further discussion.

The following table includes quantitative information for the unobservable inputs for Level 3 natural gas supply contracts as of December 31, 2025 (natural gas price amounts in dollars):

Valuation approachSignificant unobservable inputRange of significant unobservable inputArithmetic average of significant unobservable input
Discounted cash flow
Forward natural gas price per MMBtu(a)
$2.63 to $5.34
$3.72 
Option pricing modelVolatility
13.5% to 68.6%
24.7 %
____________
(a)    At illiquid delivery locations.

The following table sets forth a reconciliation of changes in the net fair value of derivative instruments measured at fair value on a recurring basis using Level 3 inputs:

Years ended December 31,
20252024
Beginning balance as of January 1$6 $— 
Total realized and unrealized loss included in earnings(172)(9)
Settlements63 15 
Transfer out of Level 34 — 
Ending balance as of December 31$(99)$6 
Unrealized gain (loss) included in earnings $(109)$6 
Other financial instruments

The following table presents the carrying value, fair value and fair value hierarchy of outstanding debt instruments in the consolidated balance sheets:

December 31, 2025
Carrying value
Fair value
Level 1Level 2
Level 3
Total
Fixed rate debt$25,334 $25,426 $84 $— $25,510 
Variable rate debt
9,478 1,078 8,403 — 9,481 

December 31, 2024
Carrying value
Fair value
Level 1Level 2Level 3Total
Fixed rate debt
$15,834 $16,085 $84 $— $— $16,169 
Variable rate debt
13,717 — 13,717 0— 13,717 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is a taxpayer in multiple jurisdictions within the U.S. The Company is also a taxpayer in certain international jurisdictions due to its operations outside the U.S.

The Company's United States and foreign income before income tax expense were as follows:

Years ended December 31,
202520242023
United States
$3,347 $2,181 $4,432 
Foreign
162—
Total income before income tax expense
$3,363 $2,183 $4,432 

Income tax expense consisted of the following:
Years ended December 31,
202520242023
Current
    Federal$(7)$(14)$133 
    State(3)4 6 
        Total current income tax expense (benefit)(10)(10)139 
Deferred
    Federal656 439 681 
    State(11)8 (4)
    Foreign(5)— — 
        Total deferred income tax expense640 447 677 
            Total income tax expense$630 $437 $816 
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
Years ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
US Federal statutory tax$706 21.0 %$459 21.0 %$931 21.0 %
State and local income taxes, net of
   federal income tax effect(a)
(14)(0.4)%10 0.4 %2 — %
Foreign tax effects
Other foreign jurisdictions(7)(0.2)%— — %1 — %
Effect of cross-border tax laws
Foreign derived intangible income— — %— — %(80)(1.8)%
Other5 0.1 %— — %— — %
Tax credits
Research and development tax credits(12)(0.4)%(27)(1.2)%— — %
Changes in valuation allowance5 0.2 %— — %2 — %
Nontaxable or nondeductible items
Stock options(82)(2.4)%(6)(0.3)%(28)(0.6)%
Other24 0.7 %(8)(0.3)%(12)(0.2)%
Changes in unrecognized tax benefits5 0.1 %9 0.4 %— — %
Effective tax rate$630 18.7 %$437 20.0 %$816 18.4 %
____________
(a)    State taxes in Louisiana made up the majority (greater than 50 percent) of the tax effect in this category.

Income taxes paid (net of refunds) consisted of the following:

Years ended December 31,
202520242023
U.S. Federal$(11)$— $126 
U.S. State and local
Louisiana— 10 1 
Total U.S. State and local— 10 1 
Foreign taxes:
Other— 1 1 
Total foreign taxes — 1 1 
Total income taxes paid (net of refunds)$(11)$11 $128 
Significant components of deferred tax assets and liabilities are included in the table below:

December 31,
20252024
Deferred tax liabilities
Derivative assets$(14)$(344)
Outside basis in Calcasieu Holdings(1,127)(1,195)
Property, plant and equipment(3,375)(1,763)
Right-of-use assets(220)(194)
Other deferred tax liabilities(5)(8)
Total deferred tax liabilities$(4,741)$(3,504)
Deferred tax assets
Lease liabilities$227 $199 
Net operating loss and other carryforwards2,275 1,636 
Stock-based compensation40 34 
Accrued expenses55 45 
Asset retirement obligations30 80 
Other deferred tax assets8 6 
Total deferred tax assets$2,635 $2,000 
Less: Valuation allowance(207)(133)
Net deferred tax liabilities$(2,313)$(1,637)

As of December 31, 2025, the Company had accumulated federal and foreign net operating loss carryforwards of $10.0 billion and $25 million, respectively, with an indefinite carryforward period. As of December 31, 2025, the Company also had accumulated state net operating loss carryforwards of approximately $3.4 billion, of which $42 million will expire by 2037. Utilization of these net operating losses may be limited when there is an ownership change as defined by Section 382 of the Internal Revenue Code. As of December 31, 2025, the Company did not believe any of its net operating losses were limited under these rules. As of December 31, 2025, the Company had accumulated tax credit carryforwards of $6 million, all of which will expire by 2045.

Net operating losses may also be limited when there is a separate return limitation year (“SRLY”). These rules generally limit the use of net operating loss carryforwards to the amount of taxable income that the net operating loss-producing entity contributes to the consolidated group's taxable income. Net operating losses subject to the SRLY rules may also be subject to Section 382 limitations. Of the $10.0 billion federal net operating loss carryforward as of December 31, 2025, $23 million is currently subject to the SRLY rules.

The Company maintains a valuation allowance against its federal deferred tax assets related to its SRLY tax attributes and its state deferred tax assets for which it continues to believe the more-likely-than-not recognition threshold has not been met. The Company's valuation allowances increased by $74 million during the year ended December 31, 2025 to $207 million as of December 31, 2025. This increase was primarily due to state valuation allowance activity.

The Company had $13 million and $9 million of unrecognized tax benefits as of December 31, 2025 and 2024 respectively, all of which would favorably affect the effective income tax rate, if recognized. For the years ended December 31, 2025 and 2024, the Company's accrued interest and penalties related to unrecognized tax benefits were not material. It is possible that the ultimate outcome of future examinations may exceed the Company's provision for current unrecognized tax benefits.

The Company remains subject to examination of its U.S. federal and state income tax returns for the tax years ended 2021 through 2025. Tax authorities may have the ability to review and adjust carryover tax attributes that were generated prior to these periods. As of December 31, 2025, VGLNG and Calcasieu Pass Holdings, LLC
("Calcasieu Holdings"), subsidiaries of the Company, were under exam by the Internal Revenue Service for the 2022 tax year.

The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a global minimum tax of 15% on a country-by-country basis, with certain aspects intended to be effective on January 1, 2025. Since the Company generally does not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on the Company's financial statements.
In July 2025, the One Big Beautiful Bill Act ("the Act") was signed into law in the U.S. The Act contains several provisions related to corporate income taxes, including the extension of many expiring provisions from the Tax Cuts and Jobs Act of 2017 and modifications to the international tax framework. The changes introduced by the Act did not have a material impact on the Company’s annual effective tax rate for 2025.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

The following is a schedule of the Company's future minimum commitments as of December 31, 2025:

Years ended December 31,Natural gas supplyFirm transportationRegasification capacityOtherTotal
2026$3,371 $430 $30 $69 $3,900 
20273,188 680 30 56 3,954 
20282,085 840 30 21 2,976 
20291,199 950 42 16 2,207 
2030437 940 70 13 1,460 
Thereafter335 12,283 688 43 13,349 
Total$10,615 $16,123 $890 $218 $27,846 

Natural gas supply

The Company has entered into natural gas forward purchase contracts for the supply of feed gas to its LNG projects. The Company intends to take physical delivery of the contracted quantities through March 2032 at a purchase price indexed to the Henry Hub price for natural gas.

Firm transportation agreements

The Company has entered into long-term natural gas firm transportation service agreements with various pipeline companies to secure the natural gas transportation requirements for its LNG projects through April 2050.

Credit arrangements

The Company has entered into certain credit arrangements to secure the transportation of natural gas. As of December 31, 2025, the maximum undiscounted potential exposure associated with these arrangements was $260 million. This amount is not currently recognized as a liability on our consolidated balance sheet. To date, no amounts have been drawn against these arrangements.

Litigation

The Company is involved in certain claims, suits, and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount
of loss can be reasonably estimated. There can be no assurance that these accrued liabilities will be adequate to cover all existing and future claims or that the Company will have the liquidity to pay such claims as they arise.

Where no accrued liability has been recognized, it may be reasonably possible that some matters could be decided unfavorably to the Company. This could require the Company to pay damages or make expenditures in amounts that could be material but could not be estimated as of December 31, 2025.

Disputes with certain customers under the Calcasieu Project's post-COD SPAs are accounted for under ASC 606, Revenue from Contracts with Customers. See Note 4 – Revenue from Contracts with Customers for discussion of certain disputes with customers.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
IPO and related transactions

On January 27, 2025, the Company completed its IPO in which it issued and sold 70 million shares of Class A common stock, par value $0.01, at a public offering price of $25.00 per share. The Company received proceeds of $1.7 billion, net of underwriting discounts and commissions of $70 million and offering expenses of $10 million. Prior to the completion of the IPO, all shares of Class A common stock held by VG Partners, approximately 1.97 billion shares, were converted into an equal number of shares of Class B common stock.

Preferred and common stock

The Company's Class A common stock has one vote per share and its Class B common stock has ten votes per share. The par value of the Class A common stock and the Class B common stock is $0.01 per share.

As of December 31, 2024, the Company had 1 million shares of preferred stock, 4.5 billion shares of Class A common stock and 1 million shares of Class B common stock authorized for issuance. In connection with the Company's IPO in January 2025, the Company amended and restated its certificate of incorporation and revised the number of shares authorized for issuance. As of December 31, 2025, the Company had 200 million shares of preferred stock, 4.4 billion shares of Class A common stock and 3.0 billion shares of Class B common stock authorized for issuance.

Dividends

During the year ended December 31, 2025, the Company's board of directors declared dividends of $0.03 per share to holders of its outstanding common stock, which were paid during the year ended December 31, 2025 in the aggregate amount of $83 million.

During the year ended December 31, 2024, the Company's board of directors declared the payment of cash dividends to holders of the Company's outstanding common stock in an aggregate amount of $160 million that were paid on a pro rata basis in four equal installments of $40 million over four consecutive calendar quarters on the last business day of each such calendar quarter, commencing on September 30, 2024.

Reorganization Transactions

During the year ended December 31, 2023, prior to the Reorganization Transactions, VGLNG repurchased 5,000 shares of its Series B common stock and 81,896 shares of its Series C common stock for $1.6 billion. This was recognized as a $1.2 billion and $0.4 billion reduction to stockholders' equity and noncontrolling interests, respectively.

In September 2023, in connection with the Reorganization Transactions, Venture Global completed the 2023 Merger whereby Legacy VG Partners merged with and into Venture Global, with VG Partners receiving 2.0 billion shares of Venture Global's Class A common stock in exchange for its equity interests in Legacy VG Partners.
In addition, as part of the Reorganization Transactions, the VGLNG non-controlling shareholders holding 84,272 shares of VGLNG's Series C common stock received 381 million shares of Venture Global's Class A common stock, in a 4,520.3317-for-one exchange.

Upon completion of the Reorganization Transactions in September 2023, all shares of VGLNG's Series A, Series B and Series C common stock were owned and subsequently retired by the Company, resulting in a $2.0 billion reduction to retained earnings.
v3.25.4
Redeemable Stock of Subsidiary
 12 Months Ended
Dec. 31, 2025
Temporary Equity Disclosure [Abstract]  
Redeemable Stock of Subsidiary Redeemable Stock of Subsidiary
In August 2019, the Company issued 9 million redeemable preferred units ("CP Funding Redeemable Preferred Units") with an initial face value of $100 per preferred unit. The CP Funding Redeemable Preferred Units are redeemable at the Company's option or, following the eighth anniversary of the date of issuance, to the extent the Company has available cash as defined within Calcasieu Funding's ownership agreement. The CP Funding Redeemable Preferred Units are not convertible to common units or any other classes of interests and have no voting rights, except with respect to certain matters that require approval from the holders of the CP Funding Redeemable Preferred Units.

The CP Funding Redeemable Preferred Units pay cumulative, quarterly distributions at an initial rate of 10.0% per annum. Distributions can be paid in cash or in-kind by increasing the face value of the CP Funding Redeemable Preferred Units. Distributions paid in-kind following COD for the Calcasieu Project are subject to an additional 1.0% distribution. The distribution rate increases by 0.5% upon the eighth anniversary of the date of issuance and every six months thereafter up to a maximum rate of 15.0% per annum. As of December 31, 2025, all distributions have been paid in-kind.

The CP Funding Redeemable Preferred Units have an aggregate liquidation preference of $900 million plus accrued or paid-in-kind distributions. The Calcasieu Project declared COD on April 15, 2025. Following COD of the Calcasieu Project through August 19, 2027, no distributions of available cash are permitted from Calcasieu Funding to Venture Global or its affiliates until all accrued distributions on the CP Funding Redeemable Preferred Units have been fully settled in cash. As of December 31, 2025, the accrued distribution balance on the CP Funding Redeemable Preferred Units was $796 million. Further, on and after August 19, 2027, no distributions of available cash—beyond what is deemed necessary by management to fund VGCP's operating costs, including debt service requirements—will be permitted from Calcasieu Funding to Venture Global or its affiliates until the CP Funding Redeemable Preferred Units have been fully redeemed in cash. As of December 31, 2025, the CP Funding Redeemable Preferred Units full redemption value was $1.7 billion.

The following table summarizes the change in redeemable stock of subsidiary on the consolidated balance sheets:

Years ended December 31,
202520242023
Beginning balance as of January 1
$1,529 $1,385 $1,255 
Paid-in-kind distributions(a)
167 144 130 
Ending balance as of December 31$1,696 $1,529 $1,385 
____________
(a)Presented as net income attributable to redeemable stock of subsidiary on the consolidated statements of operations.
v3.25.4
Non-Controlling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Non-Controlling Interests Non-Controlling Interests
VGLNG Series A Preferred Shares

In September 2024, VGLNG, a direct controlled subsidiary of the Company, issued 3 million Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (the "VGLNG Series A Preferred Shares") which represent third-party ownership in the net assets of VGLNG and have a cumulative net balance of $2.9 billion. The annual dividend rate on the VGLNG Series A Preferred Shares is currently 9.000%. Cumulative cash dividends on the VGLNG Series A Preferred Shares are payable semiannually, in arrears, when, and if, declared by the VGLNG board of directors.

The VGLNG Series A Preferred Shares are not convertible or exchangeable for any other securities or property and have no voting rights, aside from those required by law. The VGLNG Series A Preferred Shares are perpetual and have no maturity date. The VGLNG Series A Preferred Shares may only be redeemed at the option of the Company, in whole or in part, on one or more occasions at any time after September 30, 2029 (the "First Reset Date") and in certain other circumstances prior to the First Reset Date. The VGLNG Series A Preferred Shares have a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends.

During the year ended December 31, 2025, the Company accumulated, declared, and paid $270 million, or $90.00 per share, of dividends on the VGLNG Series A Preferred Shares. The balance of accumulated but undeclared dividends was $68 million, or $22.75 per share, as of December 31, 2025 and 2024.

Calcasieu Holdings

In August 2019, Calcasieu Holdings, an indirect controlled subsidiary of the Company, issued 4 million convertible preferred units (the "CP Holdings Convertible Preferred Units") with an initial face value of $100 per preferred unit, which represent third-party ownership in the net assets of Calcasieu Holdings.

Upon COD of the Calcasieu Project in April 2025, the CP Holdings Convertible Preferred Units converted into Class B common units of Calcasieu Holdings. This conversion was equal to approximately 23% of the total outstanding common units of Calcasieu Holdings, reducing the Company's common equity interest in the Calcasieu Project to approximately 77%.

Prior to COD, the CP Holdings Convertible Preferred Units paid a cumulative quarterly distribution recognized as net income attributable to non-controlling interests. Subsequent to COD, the Class B common units of Calcasieu Holdings are adjusted by the amount of earnings or other comprehensive income (loss) attributable to the Class B common unit ownership.

The following table summarizes the changes in the third-party ownership in the net assets of Calcasieu Holdings:

Years ended December 31,
202520242023
Beginning balance as of January 1$575 $575 $547 
Net income attributable to non-controlling interests
36 59 57 
Distributions
(18)(59)(29)
Ending balance as of December 31$593 $575 $575 
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
In connection with the Reorganization Transactions, on September 25, 2023, the Company adopted the 2023 Stock Option Plan, as amended (the "2023 Plan"), which replaced the 2014 Stock Option Plan (the "Predecessor Plan"). Upon the adoption of the 2023 Plan, all options previously granted and then outstanding under the
Predecessor Plan (representing options to purchase 86,664 shares of VGLNG's Series A common stock) were automatically converted, on a 4,520.3317-for-one basis in accordance with and pursuant to the terms of the Predecessor Plan, into options to purchase shares of the Company's Class A common stock subject to the terms and conditions of the 2023 Plan. There were no other material differences between the terms and conditions of the 2023 Plan and the Predecessor Plan. Upon its adoption, the 2023 Plan provided for the issuance of approximately 429 million shares of the Company's Class A common stock. As noted below, no further awards may be granted under the 2023 Plan.

In connection with the Company's IPO in January 2025, the Company adopted the Venture Global, Inc. 2025 Omnibus Incentive Plan (the "Omnibus Incentive Plan"), under which its employees may receive equity incentive compensation, including stock options, restricted stock units and other awards in the future. As of the effectiveness of the Omnibus Incentive Plan in January 2025, all shares that remained available for issuance under the 2023 Plan became available for issuance under the Omnibus Incentive Plan and no further equity awards will be granted under the 2023 Plan. Awards that remained outstanding under the 2023 Plan upon the adoption of the Omnibus Incentive Plan remain outstanding under, and subject to the terms and conditions of, the 2023 Plan. The total number of shares of Class A common stock authorized for issuance under the Omnibus Incentive Plan is approximately 172 million shares, and is subject to annual automatic evergreen increases thereafter.

Stock option activity

A summary of stock-based compensation activity for the year ended December 31, 2025 is presented below (share information in millions):

Options
Weighted average exercise price per share
Weighted average remaining contractual life
(in years)
Aggregate intrinsic value
Outstanding at December 31, 2024286 $1.43 
Granted14 $24.28 
Exercised(37)$0.96 $390 
Forfeited or expired(37)$0.72 
Outstanding at December 31, 2025226 $3.07 4.40$1,094 
Exercisable at December 31, 2025208 $1.87 4$1,074 

The Black-Scholes fair value of the stock options granted during the years ended December 31, 2025, 2024 and 2023 was determined using the following assumptions:

Years ended December 31,
202520242023
Weighted averageRangeWeighted averageRangeWeighted averageRange
Expected life(a)
6.1 years
6.1 to 6.3 years
6.1 years6.1 years6.1 years6.1 years
Risk-free interest rate(b)
4.4%
3.9% to 4.5%
4.2%4.2%4.1%
3.6% to 4.6%
Expected volatility(c)
39.2%
39.1% to 40.1%
40.4%40.4%40.2%
40.1% to 40.4%
Expected dividend yield—%
—% to —%
—%
—% to —%
—%
—% to —%
____________
(a)Computed using the simplified method based on the mid-point between the vesting and contractual terms since the Company did not have sufficient historical information to estimate the expected life.
(b)The risk-free rate is based on U.S. Treasury bonds issued with similar maturity dates to the expected life of the grant.
(c)Expected volatility is based on a weighted measure of historical, implied and expected volatility of comparable companies in the Company's industry sector.

The options granted during the years ended December 31, 2025, 2024 and 2023, were granted at exercise prices equal to the fair market value of VGLNG's Series A common stock or Venture Global's Class A common
stock, as applicable, on the respective grant dates. The options have a 10-year term and generally vest in equal quarterly installments over a four-year service period, subject to continued service through each vesting date. Upon exercise, the Company issues new shares of Class A common stock. The weighted average grant-date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 were $11.07, $2.98, and $1.90, respectively.

The total stock-based compensation costs recognized is as follows:
Years ended December 31,
202520242023
Total stock-based compensation costs$54 $22 $28 
Capitalized to property, plant and equipment(8)— — 
Stock based compensation expense, before tax$46 $22 $28 
Income tax benefit recognized related to stock-based compensation$84 $6 $32 

As of December 31, 2025, there remained $129 million of total unrecognized compensation cost related to non-vested stock-based compensation grants. The Company expects this expense to be recognized over a weighted-average period of approximately three years.

During the year ended December 31, 2025, the Company received $35 million from the exercise of options and recognized a net income tax benefit of $74 million. There were no options exercised during the years ended December 31, 2024 and 2023.
During the years ended December 31, 2025, 2024 and 2023, the Company paid $32 million, $29 million, and $152 million, respectively, to settle a subset of fully vested options. The cash settlement did not constitute a modification of the awards or result in additional stock-based compensation expense.
v3.25.4
Earnings per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Earnings per share is calculated using the two-class method and presented on a combined basis since the Class A common stock and the Class B common stock have identical rights and privileges, except for voting rights. There was no Class B common stock outstanding during the years ended December 31, 2024 and 2023. The number of weighted average shares outstanding prior to the 2023 Merger were calculated based on the one-for-one exchange ratio of 2.0 billion shares of the Company's Class A common stock issued to VG Partners in exchange for 100% of the Legacy VG Partners members' equity interests in connection with the 2023 Merger.
The following table sets forth the computation of net income per share attributable to the Class A and the Class B common stock outstanding (share amounts in millions):

Years ended December 31,
202520242023
Net income$2,733 $1,746 $3,616 
Less: Net income attributable to redeemable stock of subsidiary167 144 130 
Less: Net income attributable to non-controlling interests36 59 805 
Less: Dividends on VGLNG Series A preferred shares270 68 — 
Net income attributable to common stockholders$2,260 $1,475 $2,681 
Weighted average shares of common stock outstanding
Basic2,426 2,350 2,070 
Dilutive stock options outstanding209 235 73 
Diluted2,635 2,585 2,143 
Net income attributable to common stockholders per share—basic(a)
$0.93 $0.63 $1.30 
Net income attributable to common stockholders per share—diluted(a)
$0.86 $0.57 $1.25 
Anti-dilutive stock options excluded from diluted net income per share
14 — — 
____________
(a)    Earnings per share may not recalculate exactly due to rounding.
v3.25.4
Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Parties Related PartiesThe Company has a management services agreement with VG Partners. During the years ended December 31, 2025, 2024 and 2023, the Company incurred $12 million, $7 million and $2 million, respectively, in connection with this agreement, which was recognized as general and administrative expense on the consolidated statements of operations.
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table sets forth supplemental disclosure of cash flow information:
Years ended December 31,
202520242023
Accrued capital expenditures
$1,579 $2,091 $1,248 
Cash paid for interest, net of amounts capitalized1,000 338 368 
Conversion of equity method investment to property, plant and equipment327 319 — 
Accrued dividends and distributions
— 95 15 
Right-of-use assets in exchange for new finance lease liabilities
7 178 10 
Right-of-use assets in exchange for new operating lease liabilities
227 294 90 
Cash paid for operating leases
141 81 45 
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has multiple operating segments, including the Company's LNG projects, its sales and shipping business, and its pipeline activities. Each LNG project operating segment includes activity of both the respective liquefaction facility and export terminal and the associated pipeline(s) that will supply the natural gas to that facility. The Company's chief operating decision maker ("CODM") is the Company's Chief Executive Officer. The CODM allocates resources, assesses performance and manages the business according to these operating segments. The Company's performance is evaluated based on income (loss) from operations of the respective segment.

The Company has four reportable segments. Operating segments that are not quantitatively material for reporting purposes have been combined with corporate activities as corporate, other and eliminations. Activities reported in corporate, other and eliminations include immaterial operating segments, costs which are overhead in nature and not directly associated with the operating segments, including certain general and administrative and marketing expenses, and inter-segment eliminations. Prior period presentations have been reclassified to conform to the current segment reporting structure to separately disclose our sales and shipping business that is now quantitatively material.

The following tables present financial information by segment, including significant segment expenses regularly provided to the CODM, and a reconciliation of segment income (loss) from operations to income (loss) before income tax expense on the consolidated statements of operations for the periods indicated.
Year ended December 31, 2025
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$4,125 $9,175 $1 $2,518 $(2,050)$13,769 
Operating expense
Cost of sales2,198 3,863 — 1,994 (2,135)5,920 
Operating and maintenance expense375 359 29 228 (16)975 
General and administrative expense15 63 47 6 302 433 
Development expense— 49 203 — 92 344 
Depreciation and amortization221 613 — 42 65 941 
Total operating expense2,809 4,947 279 2,270 (1,692)8,613 
Income (loss) from operations$1,316 $4,228 $(278)$248 $(358)$5,156 
Interest income151 
Interest expense, net(1,454)
Loss on interest rate swaps(220)
Loss on financing transactions(267)
Loss on foreign currency
transactions
(3)
Income before income tax expense$3,363 
Year ended December 31, 2024
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$4,916 $23 $2 $329 $(298)$4,972 
Operating expense
Cost of sales1,363 14 — 266 (292)1,351 
Operating and maintenance expense452 94 — 53 (10)589 
General and administrative expense15 62 16 17 202 312 
Development expense6 54 485 1 89 635 
Depreciation and amortization267 16 1 12 26 322 
Total operating expense2,103 240 502 349 15 3,209 
Income (loss) from operations$2,813 $(217)$(500)$(20)$(313)$1,763 
Interest income244 
Interest expense, net(584)
Gain on interest rate swaps774 
Loss on financing transactions(14)
Income before income tax expense$2,183 

Year ended December 31, 2023
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$7,897 $— $— $— $— $7,897 
Operating expense
Cost of sales1,684 — — — — 1,684 
Operating and maintenance expense319 80 — — (8)391 
General and administrative expense15 57 — 6 146 224 
Development expense44 50 362 1 33 490 
Depreciation and amortization256 — — — 21 277 
Insurance recoveries, net(19)— — — — (19)
Total operating expense2,299 187 362 7 192 3,047 
Income (loss) from operations$5,598 $(187)$(362)$(7)$(192)$4,850 
Interest income172 
Interest expense, net(641)
Gain on interest rate swaps174 
Loss on financing transactions(123)
Income before income tax expense$4,432 
The following table presents the capital expenditures and total assets by segment for the periods indicated:

Capital expenditures(a)
Total assets
Years ended December 31,December 31,
20252024202320252024
Calcasieu Project$88 $373 $98 $6,955 $7,181 
Plaquemines Project5,555 9,458 6,351 26,256 24,627 
CP2 Project5,257 2,179 831 10,857 3,643 
Sales and shipping754 403 51 2,485 1,473 
Corporate, other and eliminations1,787 1,685 824 6,893 6,567 
Total$13,441 $14,098 $8,155 $53,446 $43,491 
____________
(a)    Includes financed capital expenditures.

The Company attributes revenues from external customers by delivery location. The following tables present the geographic locations of revenue and long-lived assets for the periods indicated:

Revenue
Years ended December 31,
202520242023
United States$11,375 $4,673 $7,897 
Germany772 179 — 
France682 81 — 
Netherlands456 — — 
United Kingdom164 — — 
Other320 39 — 
Total
$13,769 $4,972 $7,897 

Long-lived assets
December 31,
20252024
United States
$45,437 $34,077 
Foreign(a)
1,151 598 
Total
$46,588 $34,675 
____________
(a)    Primarily LNG tankers domiciled in Bermuda.
The following table presents the Company's revenue from individual external customers that were 10% or greater than total revenue:

Years ended December 31,
2025(a)
2024(b)
2023(c)
Customer A23%32%13%
Customer B14%25%33%
Customer C13%**
Customer D*15%11%
Customer E**17%
____________
(*)Less than 10%.
(a)    Revenue recognized at the Calcasieu Project, Plaquemines Project, and Sales and shipping.
(b)    Revenue recognized at the Calcasieu Project and Sales and shipping.
(c)    Revenue recognized at the Calcasieu Project.
v3.25.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
The following table provides a description of a recently issued accounting pronouncement that has not yet been adopted as of December 31, 2025. Accounting pronouncements not listed below were assessed and determined to not have a material impact to the consolidated financial statements.

Standard
Description
Effect on the Company's consolidated financial statements
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)
In November 2024, the FASB issued ASU 2024-03, which enhances income statement disclosures. This requires public business entities to provide a tabular disclosure of relevant expense captions disaggregated into categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and amounts that are already required to be disclosed under current GAAP, a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated and the total amount of selling expenses and, in annual periods, an entity's definition of selling expenses.

The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard should be applied on a prospective basis, and retrospective application is permitted.
The Company is currently evaluating the impact on the financial statement disclosures.
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
VENTURE GLOBAL, INC.
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
BALANCE SHEETS
(in millions)

December 31,
20252024
ASSETS
Current assets
Cash$— $— 
Total current assets— — 
Investment in subsidiaries, net6,742 2,972 
Other noncurrent assets3 7 
TOTAL ASSETS$6,745 $2,979 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$1 $1 
Accrued and other liabilities1 81 
Total current liabilities2 82 
Total liabilities2 82 
Equity
Venture Global, Inc. stockholders' equity6,743 2,897 
TOTAL LIABILITIES AND EQUITY$6,745 $2,979 

See the accompanying notes to Schedule I.
VENTURE GLOBAL, INC.
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF OPERATIONS
(in millions)


Years ended December 31,
202520242023
MANAGEMENT FEE FROM SUBSIDIARIES$— $— $5 
OPERATING EXPENSE
General and administrative expense10 3 2 
Total operating expense10 3 2 
INCOME (LOSS) FROM OPERATIONS(10)(3)3 
OTHER EXPENSE
Interest expense, net— — (29)
Total other expense— — (29)
LOSS BEFORE INCOME TAXES AND EQUITY INCOME OF SUBSIDIARIES(10)(3)(26)
Less: income tax benefit
(2)(1)— 
Add: equity in income of subsidiaries, net of income taxes
2,268 1,545 2,707 
NET INCOME$2,260 $1,543 $2,681 

See the accompanying notes to Schedule I.
VENTURE GLOBAL, INC.
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF CASH FLOWS
(in millions)

Years ended December 31,
202520242023
OPERATING ACTIVITIES$(10)$(5)$6 
INVESTING ACTIVITIES
Capital expenditures— — (1)
Net cash used by investing activities— — (1)
FINANCING ACTIVITIES
IPO issuance of Class A common stock1,750 — — 
Distributions from subsidiaries143 90 71 
Contributions to subsidiaries
(1,680)— — 
Payments of dividends and distributions(163)(80)(149)
Financing and issuance costs
(75)(5)(42)
Issuance of debt
— — 115 
Other financing activities
35 — — 
Net cash from (used by) financing activities
10 5 (5)
Net decrease in cash— — — 
Cash at beginning of period— — — 
CASH AT END OF PERIOD$— $— $— 

See the accompanying notes to Schedule I.
Note 1 – Basis of presentation

The condensed financial statements represent the financial information required by the Securities and Exchange Commission Regulation S-X 5-04 for Venture Global, Inc. ("Venture Global" or "the Parent Company"). Venture Global was formed on September 19, 2023.

In the condensed financial statements, the Parent Company's investment in subsidiaries are presented at the net amount attributable to Venture Global under the equity method of accounting. Under this method, the assets and liabilities of affiliates are not consolidated. The investments in net assets of the affiliates are reflected on the condensed balance sheets. The net income or loss from operations of the subsidiaries is reported in equity or loss in income of subsidiaries, excluding income or loss from non-controlling interests. Except for per share amounts, or as otherwise specified, dollar amounts presented within tables are stated in millions.

A substantial amount of Venture Global's operating, investing and financing activities are conducted by its affiliates. The condensed financial statements should be read in conjunction with Venture Global's consolidated financial statements.

Stock Split

On January 27, 2025, the Parent Company effectuated an approximately 4,520.3317-for-one forward stock split (the "Stock Split") of its Class A common stock following the effectiveness of the Parent Company's IPO which was completed on January 27, 2025. All Class A common stock share and per share amounts in these condensed financial statements have been retroactively adjusted to reflect the impact of the Stock Split.

2023 Reorganization Transactions

In September 2023, Venture Global was party to certain reorganization transactions (the "Reorganization Transactions") whereby Legacy VG Partners, a then wholly-owned subsidiary of VG Partners and the controlling shareholder of VGLNG, merged with and into Venture Global (the "2023 Merger"), with VG Partners receiving 2.0 billion shares of Venture Global's Class A common stock in exchange for 100% of its equity interests in Legacy VG Partners. In connection with the Reorganization Transactions, the non-controlling VGLNG shareholders, holding 84,272 shares of VGLNG's issued and outstanding Series C common stock, received 381 million shares of Class A common stock of Venture Global, in a 4,520.3317-for-one exchange for their shares of VGLNG (the "NCI Acquisition"). All prior shares of VGLNG common stock were retired upon completion of the Reorganization Transactions in September 2023. No cash was exchanged as part of the Reorganization Transactions and Venture Global incurred $40 million of third-party transaction costs in connection with its formation and the issuance of its shares of Class A common stock.

The 2023 Merger was accounted for as a transaction between entities under common control. Prior to the 2023 Merger, Venture Global, as a standalone entity, had no operations and had no assets or liabilities. The financial results and other information included in the condensed financial statements for periods prior to the Reorganization Transactions were applied on a retrospective basis and are reflective of Legacy VG Partners.
Note 2 – Investment in Subsidiaries

During the year ended December 31, 2023, prior to the Reorganization Transactions, VGLNG repurchased 5,000 shares of its Series B common stock and 81,896 shares of its Series C common stock for $1.6 billion. VGLNG's repurchase of its outstanding common stock increased Venture Global's controlling interest in the subsidiary to 83.8% and was accounted for as an equity transaction. To reflect this change in ownership interest, the Parent Company recognized a $1.1 billion decrease to investment in subsidiaries for the year ended December 31, 2023.
After the Reorganization Transactions, Venture Global owned 100% of VGLNG. See Note 1 – Basis of presentation for further discussion.
Note 3 – Equity

IPO and related transactions

On January 27, 2025, the Parent Company completed its IPO in which it issued and sold 70 million shares of Class A common stock, par value $0.01, at a public offering price of $25.00 per share. The Parent Company received proceeds of $1.7 billion, net of underwriting discounts and commissions of $70 million and offering expenses of $10 million. Prior to the completion of the IPO, all shares of Class A common stock held by VG Partners, approximately 1.97 billion shares, were converted into an equal number of shares of Class B common stock.

Preferred and common stock

The Parent Company's Class A common stock has one vote per share and its Class B common stock has ten votes per share. The par value of the Class A common stock and the Class B common stock is $0.01 per share.

As of December 31, 2024, the Parent Company had 1 million shares of preferred stock, 4.5 billion shares of Class A common stock and 1 million shares of Class B common stock authorized for issuance. In connection with the Parent Company's IPO in January 2025, the Parent Company amended and restated its certificate of incorporation and revised the number of shares authorized for issuance. As of December 31, 2025, the Parent Company had 200 million shares of preferred stock, 4.4 billion shares of Class A common stock and 3.0 billion shares of Class B common stock authorized for issuance.

Dividends

During the year ended December 31, 2025, the Parent Company's board of directors declared dividends of $0.03 per share to holders of its outstanding common stock, which were paid during the year ended December 31, 2025 in the aggregate amount of $83 million.

During the year ended December 31, 2024, the Parent Company's board of directors declared the payment of cash dividends to holders of the Parent Company's outstanding common stock in an aggregate amount of $160 million that were paid on a pro rata basis in four equal installments of $40 million over four consecutive calendar quarters on the last business day of each such calendar quarter, commencing on September 30, 2024.

Stock-based compensation

In connection with the Reorganization Transactions, on September 25, 2023, Venture Global adopted the 2023 Stock Option Plan Plan, as amended (the "2023 Plan"), which replaced the 2014 Stock Option Plan (the "Predecessor Plan"). Under the 2023 Plan, all options previously granted and then outstanding under the Predecessor Plan (representing options to purchase 86,664 shares of VGLNG's Series A common stock) were automatically converted, on a 4,520.3317-for-one basis in accordance with and pursuant to the terms of the Predecessor Plan, into options to purchase shares of Venture Global's Class A common stock subject to the terms and conditions of the 2023 Plan. There were no other material differences between the terms and conditions of the 2023 Plan and the Predecessor Plan. Upon its adoption, the 2023 Plan provided for the issuance of approximately 429 million shares of Venture Global's Class A common stock. As noted below, no further awards may be granted under the 2023 Plan.

In connection with the Parent Company's IPO in January 2025, Venture Global adopted the Venture Global, Inc. 2025 Omnibus Incentive Plan (the "Omnibus Incentive Plan"), under which the employees of Venture Global's subsidiaries may receive equity incentive compensation, including stock options, restricted stock units and other awards in the future. As of the effectiveness of the Omnibus Incentive Plan in January 2025, all shares that
remained available for issuance under the 2023 Plan became available for issuance under the Omnibus Incentive Plan and no further equity awards will be granted under the 2023 Plan. Awards that remained outstanding under the 2023 Plan as of the effectiveness of the Omnibus Incentive Plan will remain outstanding under, and subject to the terms and conditions of, the 2023 Plan. The total number of shares of Class A common stock authorized for issuance under the Omnibus Incentive Plan is approximately 172 million shares, and is subject to annual automatic evergreen increases thereafter.
Note 4 – Supplemental Cash Flow Information

The following table sets forth supplemental disclosure of cash flow information:
Years ended December 31,
202520242023
Accrued dividends and distributions
$— $80 $— 
Venture Global stock-based compensation incurred by subsidiary
22 7 141 
v3.25.4
Insider Trading Arrangements
shares in Millions
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Keith Larson [Member]  
Trading Arrangements, by Individual  
Name Keith Larson
Title General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 19, 2025
Expiration Date December 31, 2026
Arrangement Duration 407 days
Aggregate Available 10.0
Jonathan Thayer [Member]  
Trading Arrangements, by Individual  
Name Jonathan Thayer
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 24, 2025
Expiration Date December 31, 2026
Arrangement Duration 402 days
Aggregate Available 5.0
Sarah Blake [Member]  
Trading Arrangements, by Individual  
Name Sarah Blake
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 4, 2025
Expiration Date December 31, 2026
Arrangement Duration 392 days
Aggregate Available 1.2
Officer Trading Arrangement [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Other than as set forth below, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) have entered into a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) during the three months ended December 31, 2025:

Name
Title
Date of adoption
Aggregate number of securities to be purchased or sold
Date of expiration
Keith LarsonGeneral Counsel and SecretaryNovember 19, 202510,000,000 December 31, 2026
Jonathan ThayerChief Financial OfficerNovember 24, 20255,000,000 December 31, 2026
Sarah BlakeChief Accounting OfficerDecember 4, 20251,200,000 December 31, 2026
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity risk management is a critical priority for our Company, and we recognize the increasing sophistication and prevalence of cyber threats globally. We face ongoing risks related to cyber-attacks, data breaches, and system disruptions, which could materially impact our operations, financial results, and reputation. These risks encompass a broad spectrum, including potential disruptions to our critical energy infrastructure, compromise of confidential or sensitive operational and commercial data, theft of intellectual property, and financial losses resulting from business interruption, remediation costs, and regulatory penalties. Our cybersecurity program is designed to align with industry-leading standards, including the widely recognized NIST Cybersecurity Framework (CSF), and provides a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of services provided by third-party service providers. This framework guides our approach to cybersecurity risk management through five core principles: Identify, Protect, Detect, Respond, and Recover, which enable what we believe is a comprehensive and proactive security posture. Our cybersecurity program is comprised of policies, procedures, controls, and tools designed to mitigate cybersecurity risks. We maintain a risk assessment process which includes steps for identifying cybersecurity threats, assessing the severity and impact, identifying the source of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents. This program includes preventative controls, continuous monitoring, incident detection and response capabilities, and regular security assessments and updates. Our cybersecurity team also engages third-party security experts for risk assessment and system enhancements.
We are committed to complying with all applicable cybersecurity regulations, including those relevant to the operation of US LNG export terminals and natural gas pipelines. Our facilities and maritime operations are subject to the Maritime Transportation Security Act, and we are dedicated to meeting its applicable cybersecurity-related requirements as enforced by the US Coast Guard and relevant guidance from agencies such as the Cybersecurity and Infrastructure Security Agency. We are committed to continuously enhancing our cybersecurity defenses and incident response plans to adapt to the evolving threat landscape and protect our assets and stakeholders. Given the nature of our operations, a particular area of focus is the security of our Operational Technology and Industrial Control Systems, which are essential for the safe and continuous operation of our liquefaction plants, terminals, and related infrastructure. Protecting these systems from cybersecurity threats is paramount to prevent operational disruptions, ensure safety, and maintain the reliability of our energy delivery.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We maintain a risk assessment process which includes steps for identifying cybersecurity threats, assessing the severity and impact, identifying the source of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents. This program includes preventative controls, continuous monitoring, incident detection and response capabilities, and regular security assessments and updates.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors has overall oversight responsibility for our risk management, and, following our IPO, delegates cybersecurity risk management oversight to the audit committee. The audit committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which we are exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The audit committee reports material cybersecurity risks to our full board of directors. Cybersecurity governance is overseen by senior management, which is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs.

Leadership for our cybersecurity program is provided by our Chief Information Officer, or CIO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO is a seasoned executive with over 25 years of experience in Information Technology, including 18 years in cybersecurity leadership roles specifically within the energy industry. The CIO's expertise is further underscored by prior service on the American Gas Association's Distribution Natural Gas Information Sharing and Analysis Center and as a former President of Oregon's InfraGard chapter, a partnership between the FBI and the private sector. Notably, the CIO also serves as our Chief Information Security Officer and is supported by a cybersecurity team with many years of experience led by a Vice President of Cybersecurity. Management, including the Chief Financial Officer and CIO, will update the audit committee on our cybersecurity programs, material cybersecurity risks, program assessments and mitigation strategies. The CIO will provide periodic cybersecurity reports that cover these topics and industry developments.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Leadership for our cybersecurity program is provided by our Chief Information Officer, or CIO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO is a seasoned executive with over 25 years of experience in Information Technology, including 18 years in cybersecurity leadership roles specifically within the energy industry. The CIO's expertise is further underscored by prior service on the American Gas Association's Distribution Natural Gas Information Sharing and Analysis Center and as a former President of Oregon's InfraGard chapter, a partnership between the FBI and the private sector. Notably, the CIO also serves as our Chief Information Security Officer and is supported by a cybersecurity team with many years of experience led by a Vice President of Cybersecurity. Management, including the Chief Financial Officer and CIO, will update the audit committee on our cybersecurity programs, material cybersecurity risks, program assessments and mitigation strategies. The CIO will provide periodic cybersecurity reports that cover these topics and industry developments.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Leadership for our cybersecurity program is provided by our Chief Information Officer, or CIO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO is a seasoned executive with over 25 years of experience in Information Technology, including 18 years in cybersecurity leadership roles specifically within the energy industry. The CIO's expertise is further underscored by prior service on the American Gas Association's Distribution Natural Gas Information Sharing and Analysis Center and as a former President of Oregon's InfraGard chapter, a partnership between the FBI and the private sector. Notably, the CIO also serves as our Chief Information Security Officer and is supported by a cybersecurity team with many years of experience led by a Vice President of Cybersecurity. Management, including the Chief Financial Officer and CIO, will update the audit committee on our cybersecurity programs, material cybersecurity risks, program assessments and mitigation strategies. The CIO will provide periodic cybersecurity reports that cover these topics and industry developments.
Cybersecurity Risk Role of Management [Text Block] Cybersecurity governance is overseen by senior management, which is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs.Leadership for our cybersecurity program is provided by our Chief Information Officer, or CIO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Management, including the Chief Financial Officer and CIO, will update the audit committee on our cybersecurity programs, material cybersecurity risks, program assessments and mitigation strategies. The CIO will provide periodic cybersecurity reports that cover these topics and industry developments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO is a seasoned executive with over 25 years of experience in Information Technology, including 18 years in cybersecurity leadership roles specifically within the energy industry. The CIO's expertise is further underscored by prior service on the American Gas Association's Distribution Natural Gas Information Sharing and Analysis Center and as a former President of Oregon's InfraGard chapter, a partnership between the FBI and the private sector. Notably, the CIO also serves as our Chief Information Security Officer and is supported by a cybersecurity team with many years of experience led by a Vice President of Cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Leadership for our cybersecurity program is provided by our Chief Information Officer, or CIO, who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO is a seasoned executive with over 25 years of experience in Information Technology, including 18 years in cybersecurity leadership roles specifically within the energy industry. The CIO's expertise is further underscored by prior service on the American Gas Association's Distribution Natural Gas Information Sharing and Analysis Center and as a former President of Oregon's InfraGard chapter, a partnership between the FBI and the private sector. Notably, the CIO also serves as our Chief Information Security Officer and is supported by a cybersecurity team with many years of experience led by a Vice President of Cybersecurity. Management, including the Chief Financial Officer and CIO, will update the audit committee on our cybersecurity programs, material cybersecurity risks, program assessments and mitigation strategies. The CIO will provide periodic cybersecurity reports that cover these topics and industry developments.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP").
Consolidation The consolidated financial statements include the accounts of Venture Global, Inc. and its controlled subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period presentation. Except for per share amounts, or as otherwise specified, dollar amounts presented within tables are stated in millions.
Variable interest entities
Variable interest entities
Entities in which the Company has variable interest ("VIEs") are consolidated when the Company is determined to be the primary beneficiary.
Use of estimates
Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and in the accompanying notes. While management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
Concentration of credit risk
Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of derivative instruments and accounts receivable related to the Company's LNG sales contracts. Additionally, the Company maintains cash balances at financial institutions which may at times be in excess of federally insured levels. The Company has not incurred credit losses related to these cash balances to date.

The use of derivative instruments exposes the Company to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Exposure to credit risk is limited to the amounts, if any, by
which the counterparty's obligations under the derivative contracts exceed the obligations of the Company to the counterparty. The Company mitigates this exposure by minimizing counterparty concentrations, entering into master netting arrangements and generally entering into interest rate swaps with large multinational financial institutions. The Company does not believe there is a material risk of counterparty non-performance.
The Company is dependent on its customers’ creditworthiness and their willingness to perform under their respective agreements.
Fair value measurements
Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The carrying values of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued and other liabilities approximate fair value due to their short-term maturities. The Company applies the fair value measurement guidance to financial assets and liabilities included in the cash and cash equivalents, derivative assets, noncurrent derivative assets, accrued and other liabilities and other noncurrent liabilities line items on the consolidated balance sheets. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation approaches used to measure fair value. In determining fair value, the Company prioritizes the use of observable market data when available. Assets and liabilities are categorized within the fair value hierarchy based upon the lowest level of input that is significant to the fair value measurement:

•Level 1: Quoted prices in active markets for identical assets or liabilities
•Level 2: Inputs other than quoted prices in active markets that are directly or indirectly observable for the asset or liability
•Level 3: Inputs that are not observable in the market
Transfers between Level 2 and Level 3 result from changes in the significance of unobservable inputs used to determine fair value and are recognized as of the beginning of the reporting period in which they occur.
Cash and cash equivalents and Restricted cash
Cash and cash equivalents

The Company considers money market funds, commercial paper and all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Restricted cash
The Company holds certain financial instruments that are restricted to withdrawal and use under the terms of certain contractual arrangements. These amounts are presented separately from cash and cash equivalents on the consolidated balance sheets.
Revenue recognition
Revenue recognition

The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue from the sale of LNG is recognized at the point in time when LNG is delivered to the customer at the agreed upon LNG terminal which is the point when legal title, physical possession, and the risks and rewards of ownership transfer to the customer. Each molecule of LNG is viewed as a separate performance obligation. LNG produced by the Company's facilities is sold to customers on either a free-on-board ("FOB"), delivered-at-place-unloaded ("DPU"), or delivered ex ship ("DES") basis directly from the Company's projects or through its sales and shipping business. When LNG is sold on terms other than FOB, transportation costs incurred by the Company are considered to be fulfillment costs and are not separate performance obligations within the arrangement. The majority of the Company's post-commercial operations date ("COD") SPAs are sold FOB. The stated contract price, including both fixed and variable components, is representative of the stand-alone selling price for LNG at the time the contract was negotiated. Payment terms are within 30 days after the LNG is delivered.

Proceeds from the sale of test LNG generated during the early commissioning of an LNG project ("test LNG sales") are determined based on estimates of LNG production generated from commissioning activities and recognized as a reduction to the cost basis of construction in progress until assets are placed in service in accordance with the accounting guidance.
Accounts receivable
Accounts receivable
Accounts receivable are reported net of any current expected credit losses. Current expected credit losses consider the risk of loss based on counterparty credit worthiness, past events, current conditions and reasonable and supportable forecasts.
Inventory
Inventory

Inventory consists of LNG inventory, including in-transit, spare parts and materials, and vessel fuel for the Company's LNG tankers and is recognized at the lower of weighted average cost and net realizable value. LNG inventory includes all costs incurred directly for the production of LNG and are recognized as cost of sales, or as part of the cost basis of construction in progress if associated with test LNG sales, when transferred to the customer. Spare parts and materials are charged to operating and maintenance expense as they are consumed.
Property, plant and equipment
Property, plant and equipment

Property, plant and equipment are recognized at cost, less accumulated depreciation. Certain assets undergo a commissioning process during which LNG is produced and sold as test LNG. Prior to assets being placed in service in accordance with the accounting guidance, net margin from test LNG sales, including sale proceeds and costs of production, are treated as a reduction of construction in progress. Depreciation is calculated using the straight-line depreciation method over the estimated useful life of the asset. The terminal assets are depreciated on a straight-line basis over the shorter of their estimated useful life or applicable lease terms. Expenditures for construction, acquisition, commissioning activities and costs that significantly extend the useful life or increase the functionality and/or capacity of an asset are capitalized. This includes direct expenditures for planned major maintenance projects such as, but not limited to, planned turbine overhauls performed at defined intervals. Management tests property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable.

Construction in progress

Construction in progress represents the accumulation of project development and construction costs primarily related to the construction of the Company's capital projects. The Company capitalizes project development costs once construction of the relevant project is considered probable. Interest and other related costs incurred on debt obtained for construction of property, plant and equipment are capitalized over the shorter of the construction period
or related debt term. Costs incurred for the purchase of major equipment components of probable capital projects are recognized as construction in progress when the Company takes ownership of the equipment. No depreciation expense is recognized on construction in progress until the relevant assets are completed and placed in service in accordance with the accounting guidance.

Advance equipment and construction payments

Advance equipment and construction payments represent amounts paid to suppliers for certain major equipment components of capital projects that have yet to be delivered, advances toward the purchase of an LNG tanker where title of the tanker does not transfer to the Company until the date of delivery, amounts paid to contractors for services not yet performed, and equipment procured prior to a relevant project being deemed probable of construction or completion and that have an alternative use. Under the terms of certain agreements, the Company is required to make payments in accordance with defined milestone payment schedules as related progress milestones are completed by the respective supplier or contractor. The construction and equipment supplier agreements also contain various terms including retainage, performance bonuses, and liquidated damages that impact the amount and timing of the recognition of the related costs. Prior to the Company taking ownership of the asset, payments are capitalized to advance equipment and construction payments at the time consideration is paid or becomes payable. The amounts are transferred to construction in progress once services are performed or the related asset is received or ownership is taken by the Company.

Project development costs

Generally, the costs incurred to develop the Company's projects are treated as development expense until management concludes that construction and completion of the relevant project is probable. These costs primarily include professional fees associated with early engineering and design work, costs of securing necessary regulatory approvals and permits, and other preliminary investigation and development activities related to the projects. Management's probability conclusion for projects is based on factors including, but not limited to, the achievement of, or ability to achieve, certain critical project development milestones, including, where appropriate, receipt of the appropriate regulatory approvals and permits, securing equipment and construction contracts and securing adequate financing arrangements.

Generally, costs that are capitalized during the preliminary stage of development include land acquisition costs, certain environmental credits, leasehold improvement costs necessary for preparing the facilities for their intended use, and direct costs of construction-related activities incurred with third parties. This includes costs that are directly identifiable for the early procurement of equipment that is probable of being acquired prior to a relevant project being deemed probable of construction or completion and that has an alternative use.
Leases
Leases

The Company determines if an arrangement is, or contains, a lease at its inception. When an arrangement is, or contains, a lease, the Company classifies the lease as either an operating or finance lease. Operating and finance leases are recognized on the consolidated balance sheets as lease liabilities, representing the obligation to make future lease payments, and right-of-use assets, representing the right to use the underlying assets for the lease term. Operating and finance lease liabilities and right-of-use assets are generally recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses the implicit interest rate in the lease, if readily determinable. In the absence of a readily determinable implicit interest rate, the Company discounts its expected future lease payments using the lessee's incremental borrowing rate. The incremental borrowing rate is an estimate of the interest rate that a lessee would have to pay to borrow on a collateralized basis over a similar term to that of the lease term. Lease and non-lease components of the Company's marine vessels are combined in calculating the right-of-use asset and lease liability. Options to renew a lease are included in the lease term and recognized as a part of the right-of-use asset and lease liability only to the extent they
are reasonably certain to be exercised. Adjustments to lease payments due to changes in a variable index are treated as variable lease costs and recognized in the period in which they are incurred.
Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense is recognized as amortization of the right-of-use assets on a straight-line basis and interest on lease liabilities using the effective interest method over the lease term. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheets and are expensed on a straight-line basis.
Deferred financing costs
Deferred financing costs
Deferred financing costs represent debt issuance costs incurred in connection with working capital facilities and term loans which have not yet been fully drawn. Deferred financing costs are amortized on a straight-line basis to interest expense over the availability period of the working capital facility or undrawn term loans. Once a term loan is fully drawn, its associated unamortized deferred financing costs are reclassified to a contra-liability in long-term debt, net on the consolidated balance sheets and are amortized to interest expense using the effective interest method over the remaining term of the debt.
Equity method investments
Equity method investments
Investments in entities in which the Company has the ability to exercise significant influence over operating and financial policies, but not control, are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recognized at cost, and subsequently adjusted for the Company's proportionate share of earnings, losses and distributions. These investments are recognized within other noncurrent assets on the Company's consolidated balance sheets.
Rights-of-way
Rights-of-way
The Company obtains perpetual rights to construct, operate and maintain its pipelines on land owned or bodies of water controlled by third parties. The costs to obtain these rights are capitalized as indefinite-lived intangible assets in other noncurrent assets on the consolidated balance sheets. No amortization is recognized on these assets, as the rights-of-way are perpetual in nature.
Derivative instruments
Derivative instruments

The Company reflects all contracts that meet the definition of a derivative, except those designated and qualifying as normal purchase normal sale ("NPNS"), as either assets or liabilities on the consolidated balance sheets at fair value. Changes in the fair value of derivative instruments are recognized in earnings as cost of sales, development expense, or gain (loss) on interest rate swaps, unless the Company elects to apply hedge accounting and meets the specified criteria in ASC 815, Derivatives and Hedging. The Company designates derivative instruments as cash flow hedges based on all available facts and circumstances.

The Company enters into interest rate swap agreements to mitigate volatility arising from changes in interest rates and enters into natural gas forward purchase contracts for the supply of feed gas to its projects ("natural gas supply contracts"). The Company does not utilize derivatives for trading or speculative purposes. Derivative instruments are recognized at fair value on the consolidated balance sheets.

Changes in fair value of derivative instruments designated as cash flow hedges are recognized in accumulated other comprehensive loss ("AOCL") until the hedged transaction affects earnings, at which time the deferred gains and losses are reclassified to earnings. Cash flows of the Company's derivatives which are not designated as hedging relationships are classified as operating activities in the consolidated statements of cash flows unless the derivatives contain an other-than-insignificant financing element at inception, in which case the associated cash flows are classified as financing activities. Derivative assets and liabilities are presented net on the consolidated
balance sheets when a legally enforceable master netting arrangement exists with the counterparty. For further discussion, see Note 12 – Derivatives.

The Company discontinues hedge accounting on a prospective basis if the derivative is no longer expected to be highly effective as a hedge, if the hedged transaction is no longer probable of occurring, or if the Company de-designates the instrument as a cash flow hedge. Any gain or loss in AOCL at the time of de-designation is reclassified into earnings in the same period the hedged transaction affects earnings unless the underlying hedged transaction is probable of not occurring, in which case, any gain or loss in AOCL is reclassified into earnings immediately.

The Company evaluates all of its financial instruments to determine if such instruments are freestanding derivatives or if they contain features that qualify as embedded derivatives. If an instrument contains more than one embedded feature that warrants separate accounting, those embedded features are bundled together as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract.
Accounts payable and Accrued and other liabilities
Accounts payable and accrued and other liabilities
The Company recognizes invoiced amounts from operating and construction vendors as accounts payable on the consolidated balance sheets. Accrued and other liabilities on the consolidated balance sheets primarily represent amounts owed to the Company's vendors but not yet invoiced, accrued interest, accrued compensation costs and accrued dividends and distributions.
Asset retirement obligations ("ARO")
Asset retirement obligations ("ARO")
The Company recognizes a liability at fair value for an ARO when the legal obligation to retire the asset has been incurred (i.e., as the asset is being constructed) and a reasonable estimate of fair value can be made. The ARO liability is classified as other noncurrent liabilities on the consolidated balance sheets with a corresponding increase to the carrying amount of the related long-lived asset. AROs are periodically adjusted to reflect changes in the estimated present value of the obligation resulting from revisions to the estimated timing or amount of the expected future cash flows. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss.
Redeemable stock of subsidiary
Redeemable stock of subsidiary
Redeemable stock of subsidiary on the consolidated balance sheets represents third-party interests in the net assets of the Company's subsidiary, Calcasieu Pass Funding, LLC ("Calcasieu Funding"), resulting from the issuance of the CP Funding Redeemable Preferred Units, as discussed and defined in Note 17 – Redeemable Stock of Subsidiary. The third-party has the right to redeem its interests for cash upon the occurrence of events not solely within the Company's control and therefore the redeemable stock of subsidiary is classified outside of permanent equity, as mezzanine equity, on the consolidated balance sheets. The balance is carried at its current redemption value as adjusted by the contractually stated distribution amount that is recognized in each reporting period as net income attributable to redeemable stock of subsidiary on the consolidated statements of operations.
Non-controlling interests
Non-controlling interests
Non-controlling interests on the consolidated balance sheets represent the portion of net assets in consolidated subsidiaries that are not owned by the Company. Non-controlling interests are recognized as a separate component of equity on the consolidated balance sheets and are adjusted, as applicable, by the amount of earnings or other comprehensive income (loss) attributable to the non-controlling interests, distributions, and changes in ownership interest. A change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Losses are attributed to the non-controlling interests even when the non-controlling interests’ basis has been reduced to zero.
Operating expenses
Operating expenses

Cost of sales is comprised of the direct costs associated with the production of LNG that is recognized as revenue. It includes the cost of purchasing and transporting natural gas used in the production of LNG, also known as feed gas, and excludes depreciation and amortization, shown separately on the consolidated statements of operations. Cost of sales also includes changes in the fair value of certain of the Company's natural gas supply contracts that are recognized as derivative instruments and are outstanding after an LNG facility starts producing LNG.

Operating and maintenance expense primarily includes non-capitalizable costs directly related to the operation and maintenance of the Company's projects, including personnel costs, the cost of spares and consumables used in maintenance, land lease expense, ARO accretion expense, certain legal costs and project-related information technology costs. Operating and maintenance expense also includes costs associated with operating the Company's LNG tankers including maintenance costs, fuel, and costs to crew the tankers. Expenditures for maintenance and repairs—excluding those for planned major maintenance projects—are generally expensed as incurred.

General and administrative expense primarily includes costs not directly associated with the operations or development of the Company's projects, such as the Company's corporate support functions including executive management, information technology (except for direct project-related IT costs that are included in operating and maintenance expense), human resources, legal, and finance.

Development expense primarily includes costs incurred to develop a project prior to management's conclusion that construction and completion of the relevant project is probable and that are not otherwise recoverable through other projects or resale. These expenses consist primarily of engineering and design expenses and other development and construction related costs to the extent such expenditures do not meet the criteria for capitalization. Development expense also includes changes in the fair value of certain natural gas supply contracts recognized as derivative instruments that are outstanding prior to first LNG production at a facility.
Stock-based compensation
Stock-based compensation
The Company accounts for stock-based compensation using the fair value method. The grant-date fair value attributable to stock options is calculated based on the Black-Scholes option-pricing model and is amortized on a straight-line basis to expense over the vesting period of the award. Forfeitures are recognized as they occur.
Income taxes
Income taxes

The Company is treated as a corporation for income tax purposes. Prior to the Reorganization Transactions, the Company was treated as a partnership for income tax purposes. The change in the tax status of the Company did not have a material impact on its income taxes.

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines income tax assets and liabilities based on the differences between the financial statement and income tax basis for assets and liabilities using the enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rate on deferred income tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company’s accounting policy for releasing the income tax effects from AOCL occurs on a portfolio basis.

A valuation allowance is provided for deferred income taxes if it is more-likely-than-not these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. Additionally, the Company evaluates tax positions under a more-likely-than-not recognition threshold and measurement analysis
before the positions are recognized for financial statement reporting.
Earnings per share
Earnings per share
Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by giving effect to all potentially dilutive securities, including stock options outstanding.
Recent Accounting Pronouncements
The following table provides a description of a recently issued accounting pronouncement that has not yet been adopted as of December 31, 2025. Accounting pronouncements not listed below were assessed and determined to not have a material impact to the consolidated financial statements.

Standard
Description
Effect on the Company's consolidated financial statements
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)
In November 2024, the FASB issued ASU 2024-03, which enhances income statement disclosures. This requires public business entities to provide a tabular disclosure of relevant expense captions disaggregated into categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and amounts that are already required to be disclosed under current GAAP, a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated and the total amount of selling expenses and, in annual periods, an entity's definition of selling expenses.

The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard should be applied on a prospective basis, and retrospective application is permitted.
The Company is currently evaluating the impact on the financial statement disclosures.
v3.25.4
The Company (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Current LNG Projects
The Company currently has multiple LNG projects at varying stages of operation, construction or development. Each LNG project includes a liquefaction facility and export terminal and one or more associated pipelines that interconnect with several interstate and intrastate pipelines for delivery of natural gas into the associated liquefaction facility and export terminal. The Company is also developing expansion, or "bolt-on," projects at existing sites leveraging shared infrastructure under its standardized "design one, build many" development model. Our LNG projects include:

Project NameStage of Development
Calcasieu ProjectOperating
Plaquemines ProjectConstruction and Commissioning
Plaquemines Expansion ProjectDevelopment
CP2 Project Construction
CP2 Expansion Project
Development
CP3 ProjectDevelopment
v3.25.4
Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Components Of Restricted Cash
The following table summarizes the components of restricted cash:

December 31,
20252024
Current restricted cash
Debt service reserves
$121 $141 
Other project reserves 74 28 
Total current restricted cash$195 $169 
Noncurrent restricted cash
Construction reserves$770 $611 
Debt service reserves
105 226 
Total noncurrent restricted cash$875 $837 
Reconciliation Of Cash, Cash Equivalents And Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:

December 31,
20252024
Cash and cash equivalents$2,355 $3,608 
Current restricted cash195 169 
Noncurrent restricted cash875 837 
Cash, cash equivalents, and restricted cash per the consolidated statements of cash flows
$3,425 $4,614 
v3.25.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue
The following table summarizes the disaggregation of revenue earned from contracts with customers:

Years ended December 31,
202520242023
LNG revenue$13,687 $4,947 $7,875 
Other revenue82 25 22 
Total revenue$13,769 $4,972 $7,897 
Schedule of Transaction Price Allocated to Performance Obligations The following table discloses the aggregate amount of the transaction price, including variable consideration, that is allocated to performance obligations for legally enforceable sales agreements that have not yet been satisfied, excluding all performance obligations of contracts that have an expected duration of one year or less (dollar amounts in billions):
December 31, 2025
Unsatisfied transaction price(a)
Weighted average recognition timing
(in years)
LNG revenue$299.5 19.6 years
_____________
(a)    A portion of the transaction price is based on the forecasted Henry Hub index as of December 31, 2025.
v3.25.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Components of Inventory
The following table summarizes the components of inventory:

December 31,
20252024
Spare parts and materials$159 $89 
LNG 56 36 
LNG in-transit24 36 
Other14 10 
Total inventory, net$253 $171 
v3.25.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Plant and Equipment, Net and Depreciation Expense Recognized
The following table presents the components of property, plant and equipment, net and their estimated useful lives (in years):

December 31,
Estimated useful life20252024
Terminal and interconnected pipeline facilities(a)
7-48
$32,651 $18,698 
Construction in progressN/A7,641 10,773 
Advanced equipment and construction paymentsN/A5,541 4,733 
LNG tankers251,780 630 
Other(b)
2-35
711 633 
Total property, plant and equipment at cost
48,324 35,467 
Accumulated depreciation(1,736)(792)
Total property, plant and equipment, net$46,588 $34,675 
____________
(a)    During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms and therefore extended the estimated useful lives of the terminal assets previously constrained by the terms of the land lease to which they are affixed. This resulted in a $185 million reduction to depreciation expense, or $0.08 and $0.07 increase in basic and diluted earnings per share, respectively, for the year ended December 31, 2025. See Note 7 – Leases for further discussion.    
(b)     Includes finance lease assets, buildings, and land, which does not depreciate. See Note 7 – Leases for further discussion.
The following table presents depreciation expense recognized on the consolidated statements of operations:

Years ended December 31,
202520242023
Depreciation expense$930 $316 $273 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Right-of-Use Assets and Lease Liabilities
The following table presents the line item classification of right-of-use assets and lease liabilities on the consolidated balance sheets:

December 31,
Line item20252024
Right-of-use assets—operatingRight-of-use assets$737 $602 
Right-of-use assets—financeProperty, plant and equipment, net286 279 
Total right-of-use assets$1,023 $881 
Current operating lease liabilitiesAccrued and other liabilities$62 $81 
Current finance lease liabilitiesAccrued and other liabilities9 10 
Noncurrent operating lease liabilitiesNoncurrent operating lease liabilities696 536 
Noncurrent finance lease liabilitiesOther noncurrent liabilities249 248 
Total lease liabilities$1,016 $875 
The following table presents the weighted-average remaining lease term (in years) and the weighted-average discount rate for the Company's operating leases and finance leases:

December 31,
20252024
Operating leasesFinance leasesOperating leasesFinance leases
Weighted-average remaining lease term31.620.319.220.9
Weighted-average discount rate7.7%8.4%7.8%8.6%
Schedule of Lease Costs The following table presents the components of total lease costs included in the consolidated statements of operations.
Years ended December 31,
202520242023
Operating lease cost$133 $97 $49 
Finance lease cost36 29 17 
Total lease cost$169 $126 $66 
Schedule of Future Annual Minimum Operating Lease Payments
Future annual minimum lease payments for operating and finance leases as of December 31, 2025 are as follows:

Years ended December 31,Operating leasesFinance leases
2026$106 $30 
202776 27 
202855 26 
202956 26 
203055 26 
Thereafter2,262 400 
Total lease payments$2,610 $535 
Less: Interest(1,852)(277)
Present value of lease liabilities$758 $258 
Schedule of Future Annual Minimum Finance Lease Payments
Future annual minimum lease payments for operating and finance leases as of December 31, 2025 are as follows:

Years ended December 31,Operating leasesFinance leases
2026$106 $30 
202776 27 
202855 26 
202956 26 
203055 26 
Thereafter2,262 400 
Total lease payments$2,610 $535 
Less: Interest(1,852)(277)
Present value of lease liabilities$758 $258 
v3.25.4
Equity Method Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investment Ownership Interests and Carrying Values
The following table presents equity method investment ownership interests and carrying values:

December 31, 2024
Equity method investment
Ownership
interest		Carrying
value
Kagami 139%$164 
Kagami 239%163 
Total$327 
v3.25.4
Accrued and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Components of Accrued and Other Liabilities
Components of accrued and other liabilities included:
December 31,
20252024
Accrued construction and equipment costs$819 $620 
Accrued interest534 361 
Accrued natural gas purchases892 267 
Accrued compensation232 191 
Derivative liabilities104 13 
Accrued dividends and distributions— 95 
Other214 269 
Total accrued and other liabilities$2,795 $1,816 
v3.25.4
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Asset Retirement Obligations
The following table summarizes the components of the Company's asset retirement obligations:

Years ended December 31,
20252024
Beginning balance as of January 1$502 $411 
Liabilities incurred22 63 
Accretion expense23 28 
Revision in the timing of estimated cash flows(a)
(339)— 
Ending balance as of December 31$208 $502 
_____________
(a)During the year ended December 31, 2025, the Company determined that it was reasonably certain to exercise certain options to renew various land leases thereby extending the remaining lease terms. In connection with the extension, the Company revised the estimated settlement dates for certain asset retirement obligations.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table summarizes outstanding debt:

December 31,
MaturityWeighted average
interest rate		20252024
Fixed rate:
VGLNG Senior Secured Notes2028 - 20328.716%$11,000 $11,000 
VGCP Senior Secured Notes2029 - 20334.441%4,750 4,750 
VGPL Senior Secured Notes2030 - 20366.780%9,500 — 
Other fixed rate debt(a)
20297.600%84 84 
Variable rate:
Calcasieu Pass Credit Facilities2026806 997 
Plaquemines Credit Facilities20292,683 12,720 
CP2 Credit Facilities20321,860 — 
CP2 Holdings EBL Facilities20283,000 — 
Blackfin Credit Facilities2030 - 20321,129 — 
Total outstanding debt34,812 29,551 
Less: Unamortized debt discount, premium
     and issuance costs		(607)(275)
Total outstanding debt, net34,205 29,276 
Less: Current portion of long-term debt, net(812)(190)
Total long-term debt, net$33,393 $29,086 
____________
(a)Secured by a first priority interest in corporate property.
Schedule of Maturities of Long-Term Debt
The aggregate contractual annual maturities for outstanding debt as of December 31, 2025 are as follows:

Years ended December 31,Contractual maturities
2026$817 
2027310 
20285,502 
20296,491 
20304,364 
Thereafter17,328 
    Total$34,812 
Schedule of Committed Credit Facilities
Below is a summary of committed credit facilities outstanding for our LNG projects as of December 31, 2025:

Calcasieu Pass
Credit Facilities(a)
Plaquemines
Credit Facilities(b)
CP2 Credit Facilities(c)
Calcasieu Pass Construction Term LoanCalcasieu Pass Working Capital FacilityPlaquemines Construction Term LoanPlaquemines Working Capital FacilityCP2 Construction Term LoanCP2
Working Capital Facility
CP2 Holdings EBL Facilities(d)
Total commitments$5,477 $555 $12,948 $2,100 $11,250 $850 $3,000 
Less:
Outstanding balances806 — 2,529 154 1,860 — 3,000 
Commitments prepaid
   or terminated		4,671 — 10,419 — — — — 
Letters of credit issued— 276 — 1,309 — 110 — 
Available commitments$— $279 $— $637 $9,390 $740 $— 
Priority rankingSenior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured
Interest rate on outstanding balances
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
2.475%
 to
2.975%
2.475%
to
2.975%
1.975%
to
2.625%
1.975%
to
2.625%
2.250%
to
2.750%
2.250%
to
2.750%
3.500%
 or  or  or  or ororor
base rate +base rate +base rate +base rate +base rate +base rate +base rate +
1.375%
to
1.875%
1.375%
to
1.875%
0.875%
to
1.375%
0.875%
to
1.375%
1.250%
to
1.750%
1.250%
to
1.750%
2.500%
Commitment fees on undrawn balance
0.831%
to
1.006%
0.831%
to
1.006%
0.656%
to
0.831%
0.656%
to
0.831%
0.788%
to
0.963%
0.788%
to
0.963%
N/A
____________
(a)The obligations of VGCP as the borrower are guaranteed by TCP and secured by a first-priority lien on substantially all of the assets of VGCP and TCP, as well as all of the membership interests in those companies.
(b)The obligations of VGPL as the borrower are guaranteed by Gator Express and secured by a first-priority lien on substantially all of the assets of VGPL and Gator Express, as well as all of the membership interests in those companies.
(c)The obligations of CP2 as the borrower are guaranteed by CP2 Procurement and CP Express and secured by a first-priority lien on substantially all of the assets of CP2, CP2 Procurement and CP Express, as well as all of the membership interests in those companies.
(d)CP2 Holdings as the borrower has pledged all its assets as collateral to secure its obligations under the CP2 Holdings EBL Facilities.
Below is a summary of committed credit facilities outstanding for the Company's pipeline infrastructure projects as of December 31, 2025:

Blackfin Credit Facilities(a)
Blackfin TLA FacilityBlackfin TLB FacilityBlackfin Working Capital Facility
Total commitments$425 $1,075 $75 
Less:
Outstanding balances54 1,075 — 
Available commitments$371 $— $75 
Priority rankingSenior securedSenior securedSenior secured
Interest rate on outstanding balances
SOFR + 2.250% to 2.500%
SOFR + 3.000%
SOFR + 2.250% to 2.500%
or
or
or
base rate + 1.250% to 1.500%
base rate + 2.000%
base rate + 1.250% to 1.500%
Commitment fees on undrawn balance
0.438% to 0.875%
N/A
0.438% to 0.875%
____________
(a)Blackfin, as borrower, has pledged all its assets as collateral to secure its obligations under the Blackfin Credit Facilities.
Below is a summary of committed credit facilities outstanding for the VGLNG Revolving Credit Facility as of December 31, 2025:

VGLNG Revolving Credit Facility(a)
Total commitments$2,000 
Less:
Outstanding balances— 
Available commitments$2,000 
Priority rankingSenior secured
Interest rate on outstanding balances(b)
SOFR + 2.500%
or
base rate + 1.500%
Commitment fees on undrawn balance(b)
0.350%
____________
(a)Borrowings under the VGLNG Revolving Credit Facility are secured by a first-priority perfected security interest in, subject to certain exceptions, substantially all of the existing and future assets of VGLNG and any future guarantors, if any. As of the signing date, there are no guarantors. If certain of VGLNG’s subsidiaries incur or guarantee certain amounts of indebtedness in the future, then they will be required to guarantee the VGLNG Revolving Credit Facility.
(b)The rates are subject to reductions by up to 1.000% per annum based on achieving certain ratings requirements.
Schedule of Interest Expense
The following table presents the total interest expense incurred on debt and other instruments:

Years ended December 31,
202520242023
Stated interest$2,263 $1,890 $1,038 
Amortization of debt discounts, premiums and issuance costs175 141 138 
Other interest and fees97 69 114 
Total interest cost2,535 2,100 1,290 
Capitalized interest(1,081)(1,516)(649)
Total interest expense, net$1,454 $584 $641 
v3.25.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Interest Rate Swaps
The following table summarizes outstanding interest rate swaps, all of which receive variable rate compounding SOFR:
Outstanding notional as of
December 31,
Debt instrument
Latest maturity
Mandatory early termination
Pay
fixed rate(a)
Maximum notional20252024
CP2 Credit Facilities204920324.04%$9,527 $1,402 $— 
Plaquemines Credit Facilities204720292.46%2,051 2,051 8,089 
Blackfin Credit Facilities20472030 & 20323.71%1,191 1,191 — 
Calcasieu Pass Credit Facilities203620262.56%783 783 969 
Total notional
$13,552 $5,427 $9,058 
____________
(a)Represents a weighted-average fixed rate based on the maximum notional.
Schedule of Outstanding Natural Gas Supply Contracts Derivatives
The following table summarizes outstanding natural gas supply contracts recognized as derivatives (notional amount in millions of MMBtus):

Total notional as of
December 31,
Latest maturity20252024
Natural gas supply contracts20393,613 2,048 
Schedule of Fair Value and Classification of Derivatives
The following table summarizes the fair value and classification of derivatives on the consolidated balance sheets:

December 31,
Balance sheet location20252024
Assets
Interest rate swapsDerivative assets$36 $150 
Natural gas supply contractsDerivative assets29 4 
Interest rate swapsNoncurrent derivative assets203 1,459 
Natural gas supply contractsNoncurrent derivative assets13 23 
Total assets$281 $1,636 
Liabilities
Interest rate swapsAccrued and other liabilities$32 $1 
Natural gas supply contractsAccrued and other liabilities72 12 
Interest rate swapsOther noncurrent liabilities63 2 
Natural gas supply contractsOther noncurrent liabilities89 12 
Total liabilities$256 $27 
Schedule of Gross and Net Fair Value of Outstanding Derivative Assets
The following table presents the gross and net fair value of outstanding derivatives:

December 31,
20252024
Gross balanceBalance subject to nettingNet balanceGross balanceBalance subject to nettingNet balance
Derivative assets$296 $(15)$281 $1,648 $(12)$1,636 
Derivative liabilities
(271)15 (256)(39)12 (27)
Schedule of Gross and Net Fair Value of Outstanding Derivative Liabilities
The following table presents the gross and net fair value of outstanding derivatives:

December 31,
20252024
Gross balanceBalance subject to nettingNet balanceGross balanceBalance subject to nettingNet balance
Derivative assets$296 $(15)$281 $1,648 $(12)$1,636 
Derivative liabilities
(271)15 (256)(39)12 (27)
Schedule of Pre-Tax Effects of Derivative Instruments
The following table presents the pre-tax effects of derivative instruments recognized in earnings:

Years ended December 31,
Line item202520242023
Natural gas supply contractsCost of sales$120 $(3)$— 
Natural gas supply contractsDevelopment expense2 — — 
Interest rate swapsGain (loss) on interest rate swaps(220)774 174 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents financial assets and liabilities measured at fair value on a recurring basis and indicates their levels within the fair value hierarchy:
December 31,
20252024
Level 1Level 2
Level 3
TotalLevel 1Level 2
Level 3
Total
Assets
Money market funds(a)
$340 $— $— $340 $1,373 $— $— $1,373 
Interest rate swaps(b)
— 245 — 245 — 1,609 — 1,609 
Natural gas supply contracts(b)
— 1 50 51 — — 39 39 
Total$340 $246 $50 $636 $1,373 $1,609 $39 $3,021 
Liabilities
Interest rate swaps(c)
$— $102 $— $102 $— $3 $— $3 
Natural gas supply contracts(c)
— 20 149 169 — 3 33 36 
Total$— $122 $149 $271 $— $6 $33 $39 
____________
(a)Included in cash and cash equivalents on the consolidated balance sheets.
(b)Included in derivative assets and noncurrent derivative assets on the consolidated balance sheets.
(c)Included in accrued and other liabilities and other noncurrent liabilities on the consolidated balance sheets.
Schedule of Quantitative Information for the Unobservable Inputs for Level 3 Natural Gas Supply Contracts
The following table includes quantitative information for the unobservable inputs for Level 3 natural gas supply contracts as of December 31, 2025 (natural gas price amounts in dollars):

Valuation approachSignificant unobservable inputRange of significant unobservable inputArithmetic average of significant unobservable input
Discounted cash flow
Forward natural gas price per MMBtu(a)
$2.63 to $5.34
$3.72 
Option pricing modelVolatility
13.5% to 68.6%
24.7 %
____________
(a)    At illiquid delivery locations.
Reconciliation of Change in Fair Value of Level 3 Derivative Instruments
The following table sets forth a reconciliation of changes in the net fair value of derivative instruments measured at fair value on a recurring basis using Level 3 inputs:

Years ended December 31,
20252024
Beginning balance as of January 1$6 $— 
Total realized and unrealized loss included in earnings(172)(9)
Settlements63 15 
Transfer out of Level 34 — 
Ending balance as of December 31$(99)$6 
Unrealized gain (loss) included in earnings $(109)$6 
Schedule of Fair Value of Outstanding Debt Instruments
The following table presents the carrying value, fair value and fair value hierarchy of outstanding debt instruments in the consolidated balance sheets:

December 31, 2025
Carrying value
Fair value
Level 1Level 2
Level 3
Total
Fixed rate debt$25,334 $25,426 $84 $— $25,510 
Variable rate debt
9,478 1,078 8,403 — 9,481 

December 31, 2024
Carrying value
Fair value
Level 1Level 2Level 3Total
Fixed rate debt
$15,834 $16,085 $84 $— $— $16,169 
Variable rate debt
13,717 — 13,717 0— 13,717 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of United States and Foreign Income before Income Tax Expense
The Company's United States and foreign income before income tax expense were as follows:

Years ended December 31,
202520242023
United States
$3,347 $2,181 $4,432 
Foreign
162—
Total income before income tax expense
$3,363 $2,183 $4,432 
Schedule of Income Tax Expense
Income tax expense consisted of the following:
Years ended December 31,
202520242023
Current
    Federal$(7)$(14)$133 
    State(3)4 6 
        Total current income tax expense (benefit)(10)(10)139 
Deferred
    Federal656 439 681 
    State(11)8 (4)
    Foreign(5)— — 
        Total deferred income tax expense640 447 677 
            Total income tax expense$630 $437 $816 
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
Years ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
US Federal statutory tax$706 21.0 %$459 21.0 %$931 21.0 %
State and local income taxes, net of
   federal income tax effect(a)
(14)(0.4)%10 0.4 %2 — %
Foreign tax effects
Other foreign jurisdictions(7)(0.2)%— — %1 — %
Effect of cross-border tax laws
Foreign derived intangible income— — %— — %(80)(1.8)%
Other5 0.1 %— — %— — %
Tax credits
Research and development tax credits(12)(0.4)%(27)(1.2)%— — %
Changes in valuation allowance5 0.2 %— — %2 — %
Nontaxable or nondeductible items
Stock options(82)(2.4)%(6)(0.3)%(28)(0.6)%
Other24 0.7 %(8)(0.3)%(12)(0.2)%
Changes in unrecognized tax benefits5 0.1 %9 0.4 %— — %
Effective tax rate$630 18.7 %$437 20.0 %$816 18.4 %
____________
(a)    State taxes in Louisiana made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Income Taxes Paid (Net of Refunds)
Income taxes paid (net of refunds) consisted of the following:

Years ended December 31,
202520242023
U.S. Federal$(11)$— $126 
U.S. State and local
Louisiana— 10 1 
Total U.S. State and local— 10 1 
Foreign taxes:
Other— 1 1 
Total foreign taxes — 1 1 
Total income taxes paid (net of refunds)$(11)$11 $128 
The following table sets forth supplemental disclosure of cash flow information:
Years ended December 31,
202520242023
Accrued capital expenditures
$1,579 $2,091 $1,248 
Cash paid for interest, net of amounts capitalized1,000 338 368 
Conversion of equity method investment to property, plant and equipment327 319 — 
Accrued dividends and distributions
— 95 15 
Right-of-use assets in exchange for new finance lease liabilities
7 178 10 
Right-of-use assets in exchange for new operating lease liabilities
227 294 90 
Cash paid for operating leases
141 81 45 
Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of deferred tax assets and liabilities are included in the table below:

December 31,
20252024
Deferred tax liabilities
Derivative assets$(14)$(344)
Outside basis in Calcasieu Holdings(1,127)(1,195)
Property, plant and equipment(3,375)(1,763)
Right-of-use assets(220)(194)
Other deferred tax liabilities(5)(8)
Total deferred tax liabilities$(4,741)$(3,504)
Deferred tax assets
Lease liabilities$227 $199 
Net operating loss and other carryforwards2,275 1,636 
Stock-based compensation40 34 
Accrued expenses55 45 
Asset retirement obligations30 80 
Other deferred tax assets8 6 
Total deferred tax assets$2,635 $2,000 
Less: Valuation allowance(207)(133)
Net deferred tax liabilities$(2,313)$(1,637)
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Commitments
The following is a schedule of the Company's future minimum commitments as of December 31, 2025:

Years ended December 31,Natural gas supplyFirm transportationRegasification capacityOtherTotal
2026$3,371 $430 $30 $69 $3,900 
20273,188 680 30 56 3,954 
20282,085 840 30 21 2,976 
20291,199 950 42 16 2,207 
2030437 940 70 13 1,460 
Thereafter335 12,283 688 43 13,349 
Total$10,615 $16,123 $890 $218 $27,846 
v3.25.4
Redeemable Stock of Subsidiary (Tables)
 12 Months Ended
Dec. 31, 2025
Temporary Equity Disclosure [Abstract]  
Schedule of Changes in Redeemable Stock of Subsidiary
The following table summarizes the change in redeemable stock of subsidiary on the consolidated balance sheets:

Years ended December 31,
202520242023
Beginning balance as of January 1
$1,529 $1,385 $1,255 
Paid-in-kind distributions(a)
167 144 130 
Ending balance as of December 31$1,696 $1,529 $1,385 
____________
(a)Presented as net income attributable to redeemable stock of subsidiary on the consolidated statements of operations.
v3.25.4
Non-Controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Changes in Third-Party Ownership in the Net Assets of Calcasieu Holdings
The following table summarizes the changes in the third-party ownership in the net assets of Calcasieu Holdings:

Years ended December 31,
202520242023
Beginning balance as of January 1$575 $575 $547 
Net income attributable to non-controlling interests
36 59 57 
Distributions
(18)(59)(29)
Ending balance as of December 31$593 $575 $575 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Activity
A summary of stock-based compensation activity for the year ended December 31, 2025 is presented below (share information in millions):

Options
Weighted average exercise price per share
Weighted average remaining contractual life
(in years)
Aggregate intrinsic value
Outstanding at December 31, 2024286 $1.43 
Granted14 $24.28 
Exercised(37)$0.96 $390 
Forfeited or expired(37)$0.72 
Outstanding at December 31, 2025226 $3.07 4.40$1,094 
Exercisable at December 31, 2025208 $1.87 4$1,074 
Schedule of Fair Value of the Stock Options
The Black-Scholes fair value of the stock options granted during the years ended December 31, 2025, 2024 and 2023 was determined using the following assumptions:

Years ended December 31,
202520242023
Weighted averageRangeWeighted averageRangeWeighted averageRange
Expected life(a)
6.1 years
6.1 to 6.3 years
6.1 years6.1 years6.1 years6.1 years
Risk-free interest rate(b)
4.4%
3.9% to 4.5%
4.2%4.2%4.1%
3.6% to 4.6%
Expected volatility(c)
39.2%
39.1% to 40.1%
40.4%40.4%40.2%
40.1% to 40.4%
Expected dividend yield—%
—% to —%
—%
—% to —%
—%
—% to —%
____________
(a)Computed using the simplified method based on the mid-point between the vesting and contractual terms since the Company did not have sufficient historical information to estimate the expected life.
(b)The risk-free rate is based on U.S. Treasury bonds issued with similar maturity dates to the expected life of the grant.
(c)Expected volatility is based on a weighted measure of historical, implied and expected volatility of comparable companies in the Company's industry sector.
Schedule of Total Stock-Based Compensation Expense Recognized
The total stock-based compensation costs recognized is as follows:
Years ended December 31,
202520242023
Total stock-based compensation costs$54 $22 $28 
Capitalized to property, plant and equipment(8)— — 
Stock based compensation expense, before tax$46 $22 $28 
Income tax benefit recognized related to stock-based compensation$84 $6 $32 
v3.25.4
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income (Loss) Per Share
The following table sets forth the computation of net income per share attributable to the Class A and the Class B common stock outstanding (share amounts in millions):

Years ended December 31,
202520242023
Net income$2,733 $1,746 $3,616 
Less: Net income attributable to redeemable stock of subsidiary167 144 130 
Less: Net income attributable to non-controlling interests36 59 805 
Less: Dividends on VGLNG Series A preferred shares270 68 — 
Net income attributable to common stockholders$2,260 $1,475 $2,681 
Weighted average shares of common stock outstanding
Basic2,426 2,350 2,070 
Dilutive stock options outstanding209 235 73 
Diluted2,635 2,585 2,143 
Net income attributable to common stockholders per share—basic(a)
$0.93 $0.63 $1.30 
Net income attributable to common stockholders per share—diluted(a)
$0.86 $0.57 $1.25 
Anti-dilutive stock options excluded from diluted net income per share
14 — — 
____________
(a)    Earnings per share may not recalculate exactly due to rounding.
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Disclosure of Cash Flow Information
Income taxes paid (net of refunds) consisted of the following:

Years ended December 31,
202520242023
U.S. Federal$(11)$— $126 
U.S. State and local
Louisiana— 10 1 
Total U.S. State and local— 10 1 
Foreign taxes:
Other— 1 1 
Total foreign taxes — 1 1 
Total income taxes paid (net of refunds)$(11)$11 $128 
The following table sets forth supplemental disclosure of cash flow information:
Years ended December 31,
202520242023
Accrued capital expenditures
$1,579 $2,091 $1,248 
Cash paid for interest, net of amounts capitalized1,000 338 368 
Conversion of equity method investment to property, plant and equipment327 319 — 
Accrued dividends and distributions
— 95 15 
Right-of-use assets in exchange for new finance lease liabilities
7 178 10 
Right-of-use assets in exchange for new operating lease liabilities
227 294 90 
Cash paid for operating leases
141 81 45 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following tables present financial information by segment, including significant segment expenses regularly provided to the CODM, and a reconciliation of segment income (loss) from operations to income (loss) before income tax expense on the consolidated statements of operations for the periods indicated.
Year ended December 31, 2025
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$4,125 $9,175 $1 $2,518 $(2,050)$13,769 
Operating expense
Cost of sales2,198 3,863 — 1,994 (2,135)5,920 
Operating and maintenance expense375 359 29 228 (16)975 
General and administrative expense15 63 47 6 302 433 
Development expense— 49 203 — 92 344 
Depreciation and amortization221 613 — 42 65 941 
Total operating expense2,809 4,947 279 2,270 (1,692)8,613 
Income (loss) from operations$1,316 $4,228 $(278)$248 $(358)$5,156 
Interest income151 
Interest expense, net(1,454)
Loss on interest rate swaps(220)
Loss on financing transactions(267)
Loss on foreign currency
transactions
(3)
Income before income tax expense$3,363 
Year ended December 31, 2024
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$4,916 $23 $2 $329 $(298)$4,972 
Operating expense
Cost of sales1,363 14 — 266 (292)1,351 
Operating and maintenance expense452 94 — 53 (10)589 
General and administrative expense15 62 16 17 202 312 
Development expense6 54 485 1 89 635 
Depreciation and amortization267 16 1 12 26 322 
Total operating expense2,103 240 502 349 15 3,209 
Income (loss) from operations$2,813 $(217)$(500)$(20)$(313)$1,763 
Interest income244 
Interest expense, net(584)
Gain on interest rate swaps774 
Loss on financing transactions(14)
Income before income tax expense$2,183 

Year ended December 31, 2023
Calcasieu
Project		Plaquemines ProjectCP2
Project		Sales and
Shipping		Corporate, other and eliminationsTotal
Revenue$7,897 $— $— $— $— $7,897 
Operating expense
Cost of sales1,684 — — — — 1,684 
Operating and maintenance expense319 80 — — (8)391 
General and administrative expense15 57 — 6 146 224 
Development expense44 50 362 1 33 490 
Depreciation and amortization256 — — — 21 277 
Insurance recoveries, net(19)— — — — (19)
Total operating expense2,299 187 362 7 192 3,047 
Income (loss) from operations$5,598 $(187)$(362)$(7)$(192)$4,850 
Interest income172 
Interest expense, net(641)
Gain on interest rate swaps174 
Loss on financing transactions(123)
Income before income tax expense$4,432 
The following table presents the capital expenditures and total assets by segment for the periods indicated:

Capital expenditures(a)
Total assets
Years ended December 31,December 31,
20252024202320252024
Calcasieu Project$88 $373 $98 $6,955 $7,181 
Plaquemines Project5,555 9,458 6,351 26,256 24,627 
CP2 Project5,257 2,179 831 10,857 3,643 
Sales and shipping754 403 51 2,485 1,473 
Corporate, other and eliminations1,787 1,685 824 6,893 6,567 
Total$13,441 $14,098 $8,155 $53,446 $43,491 
____________
(a)    Includes financed capital expenditures.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
The Company attributes revenues from external customers by delivery location. The following tables present the geographic locations of revenue and long-lived assets for the periods indicated:

Revenue
Years ended December 31,
202520242023
United States$11,375 $4,673 $7,897 
Germany772 179 — 
France682 81 — 
Netherlands456 — — 
United Kingdom164 — — 
Other320 39 — 
Total
$13,769 $4,972 $7,897 

Long-lived assets
December 31,
20252024
United States
$45,437 $34,077 
Foreign(a)
1,151 598 
Total
$46,588 $34,675 
____________
(a)    Primarily LNG tankers domiciled in Bermuda.
Schedule of Revenue form Individual External Customers
The following table presents the Company's revenue from individual external customers that were 10% or greater than total revenue:

Years ended December 31,
2025(a)
2024(b)
2023(c)
Customer A23%32%13%
Customer B14%25%33%
Customer C13%**
Customer D*15%11%
Customer E**17%
____________
(*)Less than 10%.
(a)    Revenue recognized at the Calcasieu Project, Plaquemines Project, and Sales and shipping.
(b)    Revenue recognized at the Calcasieu Project and Sales and shipping.
(c)    Revenue recognized at the Calcasieu Project.
v3.25.4
Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Recently Issued Accounting Pronouncements Not Yet Adopted
The following table provides a description of a recently issued accounting pronouncement that has not yet been adopted as of December 31, 2025. Accounting pronouncements not listed below were assessed and determined to not have a material impact to the consolidated financial statements.

Standard
Description
Effect on the Company's consolidated financial statements
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)
In November 2024, the FASB issued ASU 2024-03, which enhances income statement disclosures. This requires public business entities to provide a tabular disclosure of relevant expense captions disaggregated into categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and amounts that are already required to be disclosed under current GAAP, a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated and the total amount of selling expenses and, in annual periods, an entity's definition of selling expenses.

The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard should be applied on a prospective basis, and retrospective application is permitted.
The Company is currently evaluating the impact on the financial statement disclosures.
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT BALANCE SHEETS
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
BALANCE SHEETS
(in millions)

December 31,
20252024
ASSETS
Current assets
Cash$— $— 
Total current assets— — 
Investment in subsidiaries, net6,742 2,972 
Other noncurrent assets3 7 
TOTAL ASSETS$6,745 $2,979 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$1 $1 
Accrued and other liabilities1 81 
Total current liabilities2 82 
Total liabilities2 82 
Equity
Venture Global, Inc. stockholders' equity6,743 2,897 
TOTAL LIABILITIES AND EQUITY$6,745 $2,979 

See the accompanying notes to Schedule I.
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF OPERATIONS
(in millions)


Years ended December 31,
202520242023
MANAGEMENT FEE FROM SUBSIDIARIES$— $— $5 
OPERATING EXPENSE
General and administrative expense10 3 2 
Total operating expense10 3 2 
INCOME (LOSS) FROM OPERATIONS(10)(3)3 
OTHER EXPENSE
Interest expense, net— — (29)
Total other expense— — (29)
LOSS BEFORE INCOME TAXES AND EQUITY INCOME OF SUBSIDIARIES(10)(3)(26)
Less: income tax benefit
(2)(1)— 
Add: equity in income of subsidiaries, net of income taxes
2,268 1,545 2,707 
NET INCOME$2,260 $1,543 $2,681 

See the accompanying notes to Schedule I.
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF CASH FLOWS
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF CASH FLOWS
(in millions)

Years ended December 31,
202520242023
OPERATING ACTIVITIES$(10)$(5)$6 
INVESTING ACTIVITIES
Capital expenditures— — (1)
Net cash used by investing activities— — (1)
FINANCING ACTIVITIES
IPO issuance of Class A common stock1,750 — — 
Distributions from subsidiaries143 90 71 
Contributions to subsidiaries
(1,680)— — 
Payments of dividends and distributions(163)(80)(149)
Financing and issuance costs
(75)(5)(42)
Issuance of debt
— — 115 
Other financing activities
35 — — 
Net cash from (used by) financing activities
10 5 (5)
Net decrease in cash— — — 
Cash at beginning of period— — — 
CASH AT END OF PERIOD$— $— $— 

See the accompanying notes to Schedule I.
The following table sets forth supplemental disclosure of cash flow information:
Years ended December 31,
202520242023
Accrued dividends and distributions
$— $80 $— 
Venture Global stock-based compensation incurred by subsidiary
22 7 141 
v3.25.4
Summary of Significant Accounting Policies (Details)
$ in Millions
 1 Months Ended
Jan. 27, 2025
Sep. 30, 2023
USD ($)
shares
Dec. 31, 2025
shares
Dec. 31, 2024
shares
Accounting Policies [Line Items]        
Stock split, conversion ratio 4,520.3317      
2023 Merger (in shares)   2,000,000,000.0    
Common Class A        
Accounting Policies [Line Items]        
Common stock, outstanding (in shares)     488,000,000 2,350,000,000
Shares received in exchange (in shares)   381,000,000    
Payments of merger related costs | $   $ 40    
Legacy VG Partners        
Accounting Policies [Line Items]        
Noncontrolling interest, parent, ownership percentage   100.00%    
Venture Global LNG, Inc (VGLNG)        
Accounting Policies [Line Items]        
2023 Merger (in shares)   2,000,000,000.0    
Venture Global LNG, Inc (VGLNG) | Common Class C        
Accounting Policies [Line Items]        
Common stock, outstanding (in shares)   84,272    
v3.25.4
Restricted Cash - Components of Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Current restricted cash $ 195 $ 169
Noncurrent restricted cash 875 837
Construction reserves    
Restricted Cash and Cash Equivalent Item [Line Items]    
Noncurrent restricted cash 770 611
Debt service reserves    
Restricted Cash and Cash Equivalent Item [Line Items]    
Current restricted cash 121 141
Noncurrent restricted cash 105 226
Other project reserves    
Restricted Cash and Cash Equivalent Item [Line Items]    
Current restricted cash $ 74 $ 28
v3.25.4
Restricted Cash - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 2,355 $ 3,608    
Current restricted cash 195 169    
Noncurrent restricted cash 875 837    
Cash, cash equivalents, and restricted cash per the consolidated statements of cash flows $ 3,425 $ 4,614 $ 5,872 $ 2,412
v3.25.4
Revenue from Contracts with Customers - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
dispute
Revenue, Methods, Inputs, and Assumptions Used [Line Items]  
Variable commodity fee 115.00%
Term of contract 20 years
BP Gas Marketing Limited | Minimum  
Revenue, Methods, Inputs, and Assumptions Used [Line Items]  
Revenue, variable consideration, value $ 3,700
BP Gas Marketing Limited | Maximum  
Revenue, Methods, Inputs, and Assumptions Used [Line Items]  
Revenue, variable consideration, value $ 6,000
Calcasieu Project post-COD SPA customers  
Revenue, Methods, Inputs, and Assumptions Used [Line Items]  
Revenue, variable consideration, number of disputes | dispute 4
Calcasieu Project other customers  
Revenue, Methods, Inputs, and Assumptions Used [Line Items]  
Revenue, variable consideration, number of disputes | dispute 3
Revenue, variable consideration, value $ 595
v3.25.4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 13,769 $ 4,972 $ 7,897
LNG revenue      
Disaggregation of Revenue [Line Items]      
Total revenue 13,687 4,947 7,875
Other revenue      
Disaggregation of Revenue [Line Items]      
Total revenue $ 82 $ 25 $ 22
v3.25.4
Revenue from Contracts with Customers - Transaction Price Allocated to Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
$ in Billions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
LNG revenue, Unsatisfied transaction price $ 299.5
LNG revenue, Weighted average recognition timing 19 years 7 months 6 days
v3.25.4
Inventory (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Spare parts and materials $ 159 $ 89
LNG 56 36
LNG in-transit 24 36
Other 14 10
Total inventory, net $ 253 $ 171
v3.25.4
Property, Plant and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment at cost $ 48,324 $ 35,467  
Accumulated depreciation (1,736) (792)  
Total property, plant and equipment, net 46,588 34,675  
Depreciation expense $ 930 $ 316 $ 273
Earnings per share, basic (in usd per share) $ 0.93 $ 0.63 $ 1.30
Earnings per share, diluted (in usd per share) $ 0.86 $ 0.57 $ 1.25
Service Life      
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 185    
Earnings per share, basic (in usd per share) $ 0.08    
Earnings per share, diluted (in usd per share) $ 0.07    
Terminal and interconnected pipeline facilities      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment at cost $ 32,651 $ 18,698  
Terminal and interconnected pipeline facilities | Minimum      
Property, Plant and Equipment [Line Items]      
Estimated useful life 7 years    
Terminal and interconnected pipeline facilities | Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful life 48 years    
Construction in progress      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment at cost $ 7,641 10,773  
Advanced equipment and construction payments      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment at cost $ 5,541 4,733  
LNG tankers      
Property, Plant and Equipment [Line Items]      
Estimated useful life 25 years    
Total property, plant and equipment at cost $ 1,780 630  
Other      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment at cost $ 711 $ 633  
Other | Minimum      
Property, Plant and Equipment [Line Items]      
Estimated useful life 2 years    
Other | Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful life 35 years    
v3.25.4
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 48,324 $ 35,467
Contractual Rights    
Property, Plant and Equipment [Line Items]    
Costs associated with perpetual rights of way 209 $ 145
Plaquemines Project    
Property, Plant and Equipment [Line Items]    
Reduction to cost basis 69  
Property, plant and equipment $ 24,900  
v3.25.4
Property, Plant and Equipment - Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 930 $ 316 $ 273
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Right-of-use assets in exchange for new operating lease liabilities $ 227 $ 294 $ 90
Various land leases      
Lessee, Lease, Description [Line Items]      
Right-of-use assets in exchange for new operating lease liabilities $ 88    
v3.25.4
Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets—operating $ 737 $ 602
Right-of-use assets—finance 286 279
Total right-of-use assets $ 1,023 $ 881
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities Accrued and other liabilities
Current operating lease liabilities $ 62 $ 81
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued and other liabilities Accrued and other liabilities
Current finance lease liabilities $ 9 $ 10
Noncurrent operating lease liabilities $ 696 $ 536
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other noncurrent liabilities Other noncurrent liabilities
Noncurrent finance lease liabilities $ 249 $ 248
Total lease liabilities $ 1,016 $ 875
v3.25.4
Leases - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 133 $ 97 $ 49
Finance lease cost 36 29 17
Total lease cost $ 169 $ 126 $ 66
v3.25.4
Leases - Maturities of Operating and Financing Lease Liabilities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Operating leases  
2026 $ 106
2027 76
2028 55
2029 56
2030 55
Thereafter 2,262
Total lease payments 2,610
Less: Interest (1,852)
Present value of lease liabilities 758
Finance leases  
2026 30
2027 27
2028 26
2029 26
2030 26
Thereafter 400
Total lease payments 535
Less: Interest (277)
Present value of lease liabilities $ 258
v3.25.4
Leases - Lease Term and Discount Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Weighted-average remaining lease term    
Operating leases 31 years 7 months 6 days 19 years 2 months 12 days
Finance leases 20 years 3 months 18 days 20 years 10 months 24 days
Weighted-average discount rate    
Operating leases 7.70% 7.80%
Finance leases 8.40% 8.60%
v3.25.4
Equity Method Investments - Ownership Interests and Carrying Values (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]  
Carrying value $ 327
Kagami 1  
Schedule of Equity Method Investments [Line Items]  
Ownership interest 39.00%
Carrying value $ 164
Kagami 2  
Schedule of Equity Method Investments [Line Items]  
Ownership interest 39.00%
Carrying value $ 163
v3.25.4
Equity Method Investments - Narrative (Details)
$ in Millions
 12 Months Ended 31 Months Ended
Dec. 31, 2025
USD ($)
tanker
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]        
Purchase of equity method investments | $ $ 19 $ 106 $ 539  
Kagami 1        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, number of LNG tankers | tanker 1      
Kagami 2        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, number of LNG tankers | tanker 1      
Kagami Companies        
Schedule of Equity Method Investments [Line Items]        
Purchase of equity method investments | $       $ 540
v3.25.4
Accrued and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued construction and equipment costs $ 819 $ 620
Accrued interest 534 361
Accrued natural gas purchases 892 267
Accrued compensation 232 191
Derivative liabilities 104 13
Accrued dividends and distributions 0 95
Other 214 269
Total accrued and other liabilities $ 2,795 $ 1,816
v3.25.4
Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligations    
Beginning balance $ 502 $ 411
Liabilities incurred 22 63
Accretion expense 23 28
Revision in the timing of estimated cash flows (339) 0
Ending balance $ 208 $ 502
v3.25.4
Debt - Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total outstanding debt $ 34,812 $ 29,551
Less: Unamortized debt discount, premium and issuance costs (607) (275)
Total outstanding debt, net 34,205 29,276
Less: Current portion of long-term debt, net (812) (190)
Total long-term debt, net $ 33,393 29,086
Other fixed rate debt    
Debt Instrument [Line Items]    
Weighted average interest rate 7.60%  
Total outstanding debt $ 84 84
VGLNG Senior Secured Notes | Senior Secured Notes    
Debt Instrument [Line Items]    
Weighted average interest rate 8.716%  
Total outstanding debt $ 11,000 11,000
VGCP Senior Secured Notes | Senior Secured Notes    
Debt Instrument [Line Items]    
Weighted average interest rate 4.441%  
Total outstanding debt $ 4,750 4,750
VGPL Senior Secured Notes | Senior Secured Notes    
Debt Instrument [Line Items]    
Weighted average interest rate 6.78%  
Total outstanding debt $ 9,500 0
Calcasieu Pass Credit Facilities | Line of Credit    
Debt Instrument [Line Items]    
Total outstanding debt 806 997
Plaquemines Credit Facilities | Line of Credit    
Debt Instrument [Line Items]    
Total outstanding debt 2,683 12,720
CP2 Credit Facilities | Line of Credit    
Debt Instrument [Line Items]    
Total outstanding debt 1,860 0
CP2 Holdings EBL Facilities | Line of Credit    
Debt Instrument [Line Items]    
Total outstanding debt 3,000 0
Blackfin Credit Facilities | Line of Credit    
Debt Instrument [Line Items]    
Total outstanding debt $ 1,129 $ 0
v3.25.4
Debt - Contractual Annual Maturities for Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Contractual maturities    
2026 $ 817  
2027 310  
2028 5,502  
2029 6,491  
2030 4,364  
Thereafter 17,328  
Total outstanding debt, net $ 34,812 $ 29,551
v3.25.4
Debt - VGPL Senior Secured Notes (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2025
Apr. 30, 2025
Debt Instrument [Line Items]            
Cash from settlement of derivatives, net   $ 1,252 $ 214 $ 203    
Repayment of debt   11,071 905 5,918    
Loss on financing transactions   267 $ 14 $ 123    
Derivative settlement            
Debt Instrument [Line Items]            
Cash from settlement of derivatives, net   1,100        
VGPL Senior Secured Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount $ 3,000 3,000     $ 4,000 $ 2,500
Payments of debt issuance costs 187          
VGPL 2033 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount           $ 1,250
Weighted average interest rate           7.50%
VGPL 2035 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount           $ 1,250
Weighted average interest rate           7.75%
VGPL January 2034 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount         $ 2,000  
Weighted average interest rate         6.50%  
VGPL 2036 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount         $ 2,000  
Weighted average interest rate         6.75%  
VGPL 2030 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount $ 1,750 $ 1,750        
Weighted average interest rate 6.125% 6.125%        
VGPL June 2034 Notes | Senior Secured Notes            
Debt Instrument [Line Items]            
Debt, aggregate principal amount $ 1,250 $ 1,250        
Weighted average interest rate 6.50% 6.50%        
Plaquemines Credit Facilities | Line of Credit | Term Loan            
Debt Instrument [Line Items]            
Repayment of debt   $ 10,400        
Loss on financing transactions   $ 226        
v3.25.4
Debt - Committed Credit Facilities (Details) - Line of Credit - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Sep. 30, 2025
Jul. 31, 2025
CP2 Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments       $ 12,100
CP2 Holdings EBL Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 3,000 $ 3,000   3,000
Less:        
Outstanding balances 3,000 3,000    
Commitments prepaid or terminated 0 0    
Letters of credit issued 0 0    
Available commitments $ 0 0    
CP2 Holdings EBL Facilities | SOFR        
Less:        
Interest rate on outstanding balances 3.50%      
CP2 Holdings EBL Facilities | Base rate        
Less:        
Interest rate on outstanding balances 2.50%      
VGLNG Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Total commitments $ 2,000 2,000    
Less:        
Outstanding balances 0 0    
Available commitments 2,000 $ 2,000    
Commitment fees on undrawn balance   0.35%    
Reductions in commitment fee percentage   1.00%    
VGLNG Revolving Credit Facility | SOFR        
Less:        
Interest rate on outstanding balances   2.50%    
VGLNG Revolving Credit Facility | Base rate        
Less:        
Interest rate on outstanding balances   1.50%    
Blackfin Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments     $ 1,600  
Term Loan | Calcasieu Pass Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments 5,477 $ 5,477    
Less:        
Outstanding balances 806 806    
Commitments prepaid or terminated 4,671 4,671    
Letters of credit issued 0 0    
Available commitments $ 0 0    
Term Loan | Calcasieu Pass Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.831%      
Term Loan | Calcasieu Pass Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 2.475%      
Term Loan | Calcasieu Pass Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 1.375%      
Term Loan | Calcasieu Pass Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 1.006%      
Term Loan | Calcasieu Pass Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.975%      
Term Loan | Calcasieu Pass Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.875%      
Term Loan | Plaquemines Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 12,948 12,948    
Less:        
Outstanding balances 2,529 2,529    
Commitments prepaid or terminated 10,419 10,419    
Letters of credit issued 0 0    
Available commitments $ 0 0    
Term Loan | Plaquemines Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.656%      
Term Loan | Plaquemines Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 1.975%      
Term Loan | Plaquemines Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 0.875%      
Term Loan | Plaquemines Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 0.831%      
Term Loan | Plaquemines Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.625%      
Term Loan | Plaquemines Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.375%      
Term Loan | CP2 Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 11,250 11,250   11,300
Less:        
Outstanding balances 1,860 1,860    
Commitments prepaid or terminated 0 0    
Letters of credit issued 0 0    
Available commitments $ 9,390 9,390    
Term Loan | CP2 Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.788%      
Term Loan | CP2 Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 2.25%      
Term Loan | CP2 Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 1.25%      
Term Loan | CP2 Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 0.963%      
Term Loan | CP2 Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.75%      
Term Loan | CP2 Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.75%      
Working Capital Facility | Calcasieu Pass Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 555 555    
Less:        
Outstanding balances 0 0    
Commitments prepaid or terminated 0 0    
Letters of credit issued 276 276    
Available commitments $ 279 279    
Working Capital Facility | Calcasieu Pass Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.831%      
Working Capital Facility | Calcasieu Pass Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 2.475%      
Working Capital Facility | Calcasieu Pass Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 1.375%      
Working Capital Facility | Calcasieu Pass Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 1.006%      
Working Capital Facility | Calcasieu Pass Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.975%      
Working Capital Facility | Calcasieu Pass Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.875%      
Working Capital Facility | Plaquemines Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 2,100 2,100    
Less:        
Outstanding balances 154 154    
Commitments prepaid or terminated 0 0    
Letters of credit issued 1,309 1,309    
Available commitments $ 637 637    
Working Capital Facility | Plaquemines Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.656%      
Working Capital Facility | Plaquemines Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 1.975%      
Working Capital Facility | Plaquemines Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 0.875%      
Working Capital Facility | Plaquemines Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 0.831%      
Working Capital Facility | Plaquemines Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.625%      
Working Capital Facility | Plaquemines Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.375%      
Working Capital Facility | CP2 Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 850 850   $ 850
Less:        
Outstanding balances 0 0    
Commitments prepaid or terminated 0 0    
Letters of credit issued 110 110    
Available commitments $ 740 740    
Working Capital Facility | CP2 Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance 0.788%      
Working Capital Facility | CP2 Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances 2.25%      
Working Capital Facility | CP2 Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances 1.25%      
Working Capital Facility | CP2 Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance 0.963%      
Working Capital Facility | CP2 Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances 2.75%      
Working Capital Facility | CP2 Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances 1.75%      
Working Capital Facility | Blackfin Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments $ 75 75 75  
Less:        
Outstanding balances 0 0    
Available commitments 75 $ 75    
Working Capital Facility | Blackfin Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance   0.438%    
Working Capital Facility | Blackfin Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances   2.25%    
Working Capital Facility | Blackfin Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances   1.25%    
Working Capital Facility | Blackfin Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance   0.875%    
Working Capital Facility | Blackfin Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances   2.50%    
Working Capital Facility | Blackfin Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances   1.50%    
Blackfin Credit Facilities | Blackfin Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments 425 $ 425 425  
Less:        
Outstanding balances 54 54    
Available commitments 371 $ 371    
Blackfin Credit Facilities | Blackfin Credit Facilities | Minimum        
Less:        
Commitment fees on undrawn balance   0.438%    
Blackfin Credit Facilities | Blackfin Credit Facilities | Minimum | SOFR        
Less:        
Interest rate on outstanding balances   2.25%    
Blackfin Credit Facilities | Blackfin Credit Facilities | Minimum | Base rate        
Less:        
Interest rate on outstanding balances   1.25%    
Blackfin Credit Facilities | Blackfin Credit Facilities | Maximum        
Less:        
Commitment fees on undrawn balance   0.875%    
Blackfin Credit Facilities | Blackfin Credit Facilities | Maximum | SOFR        
Less:        
Interest rate on outstanding balances   2.50%    
Blackfin Credit Facilities | Blackfin Credit Facilities | Maximum | Base rate        
Less:        
Interest rate on outstanding balances   1.50%    
Blackfin TLB Facility | Blackfin Credit Facilities        
Line of Credit Facility [Line Items]        
Total commitments 1,075 $ 1,075 $ 1,100  
Less:        
Outstanding balances 1,075 1,075    
Available commitments $ 0 $ 0    
Blackfin TLB Facility | Blackfin Credit Facilities | SOFR        
Less:        
Interest rate on outstanding balances   3.00%    
Blackfin TLB Facility | Blackfin Credit Facilities | Base rate        
Less:        
Interest rate on outstanding balances   2.00%    
v3.25.4
Debt - CP2 Bridge Facilities (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Jul. 31, 2025
May 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]            
Repayment of debt       $ 11,071 $ 905 $ 5,918
CP2 Bridge Facilities | Line of Credit            
Debt Instrument [Line Items]            
Total commitments     $ 3,000      
Commitment fee, percentage of set margin rate     35.00%      
Payments of debt issuance costs     $ 95      
CP2 Bridge Facilities | Line of Credit | EBL Facilities            
Debt Instrument [Line Items]            
Total commitments     $ 2,800      
Repayment of debt   $ 1,100        
Payments of debt extinguishment costs   308        
Payments of debt restructuring costs   777        
Deferred debt issuance cost writeoff       25    
Fees paid to extinguished lenders       16    
CP2 Bridge Facilities | Line of Credit | EBL Facilities | SOFR            
Debt Instrument [Line Items]            
Interest rate on outstanding balances     3.50%      
CP2 Bridge Facilities | Line of Credit | EBL Facilities | Base rate            
Debt Instrument [Line Items]            
Interest rate on outstanding balances     2.50%      
CP2 Bridge Facilities | Line of Credit | Interest Reserve Facility            
Debt Instrument [Line Items]            
Total commitments     $ 175      
CP2 Project Credit Facilities | Line of Credit            
Debt Instrument [Line Items]            
Total commitments   15,100        
CP2 Holdings EBL Facilities | Line of Credit            
Debt Instrument [Line Items]            
Total commitments $ 3,000 3,000   3,000    
Payments of debt issuance costs   95        
CP2 Holdings EBL Facilities | Line of Credit | SOFR            
Debt Instrument [Line Items]            
Interest rate on outstanding balances 3.50%          
CP2 Holdings EBL Facilities | Line of Credit | Base rate            
Debt Instrument [Line Items]            
Interest rate on outstanding balances 2.50%          
CP2 Holdings EBL Facilities | Line of Credit | EBL Facilities            
Debt Instrument [Line Items]            
Total commitments   2,800        
CP2 Holdings EBL Facilities | Line of Credit | Interest Reserve Facility            
Debt Instrument [Line Items]            
Total commitments   $ 191        
Credit facility term   3 years        
CP2 Credit Facilities | Line of Credit            
Debt Instrument [Line Items]            
Total commitments   $ 12,100        
Payments of debt issuance costs   460        
CP2 Credit Facilities | Line of Credit | Term Loan            
Debt Instrument [Line Items]            
Total commitments $ 11,250 11,300   11,250    
CP2 Credit Facilities | Line of Credit | Working Capital Facility            
Debt Instrument [Line Items]            
Total commitments $ 850 $ 850   $ 850    
v3.25.4
Debt - Blackfin Credit Facilities (Details) - USD ($)
$ in Millions
 1 Months Ended
Oct. 31, 2025
Sep. 30, 2025
Dec. 31, 2025
Venture Global LNG, Inc (VGLNG)      
Debt Instrument [Line Items]      
Payments to subsidiaries   $ 889  
Blackfin Credit Facilities | Line of Credit      
Debt Instrument [Line Items]      
Total commitments   1,600  
Payments of debt issuance costs   41  
Blackfin Credit Facilities | Line of Credit | Blackfin TLB Facility      
Debt Instrument [Line Items]      
Total commitments   1,100 $ 1,075
Increase to borrowing capacity $ 25    
Blackfin Credit Facilities | Line of Credit | Blackfin Credit Facilities      
Debt Instrument [Line Items]      
Total commitments   425 425
Blackfin Credit Facilities | Line of Credit | Working Capital Facility      
Debt Instrument [Line Items]      
Total commitments   $ 75 $ 75
v3.25.4
Debt - Additional Information (Details) - USD ($)
$ in Millions
Nov. 07, 2025
Dec. 31, 2025
Debt Instrument [Line Items]    
Restricted net assets   $ 16,500
VGLNG Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Total commitments   $ 2,000
VGLNG Revolving Credit Facility | Line of Credit | Venture Global LNG, Inc (VGLNG)    
Debt Instrument [Line Items]    
Total commitments $ 2,000  
Payments of debt issuance costs $ 53  
Credit facility, option to increase commitments, increase limit, percentage of consolidated total assets 7.50%  
v3.25.4
Debt - Interest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Stated interest $ 2,263 $ 1,890 $ 1,038
Amortization of debt discounts, premiums and issuance costs 175 141 138
Other interest and fees 97 69 114
Total interest cost 2,535 2,100 1,290
Capitalized interest (1,081) (1,516) (649)
Total interest expense, net $ 1,454 $ 584 $ 641
v3.25.4
Derivatives - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Proceeds from settlement of interest rate swap $ 1,252 $ 214 $ 203
Derivative settlement      
Derivative [Line Items]      
Proceeds from settlement of interest rate swap 1,100    
Interest rate swaps      
Derivative [Line Items]      
Fair value of credit-risk derivative, net liability 95    
Natural gas supply contracts      
Derivative [Line Items]      
Fair value of credit-risk derivative, net liability $ 55    
v3.25.4
Derivatives - Outstanding Interest Rate Swaps (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Interest rate swaps    
Derivative [Line Items]    
Maximum notional $ 13,552  
Outstanding notional as of $ 5,427 $ 9,058
CP2 Credit Facilities    
Derivative [Line Items]    
Pay fixed rate 4.04%  
Maximum notional $ 9,527  
Outstanding notional as of $ 1,402 0
Plaquemines Credit Facilities    
Derivative [Line Items]    
Pay fixed rate 2.46%  
Maximum notional $ 2,051  
Outstanding notional as of $ 2,051 8,089
Blackfin Credit Facilities    
Derivative [Line Items]    
Pay fixed rate 3.71%  
Maximum notional $ 1,191  
Outstanding notional as of $ 1,191 0
Calcasieu Pass Credit Facilities    
Derivative [Line Items]    
Pay fixed rate 2.56%  
Maximum notional $ 783  
Outstanding notional as of $ 783 $ 969
v3.25.4
Derivatives - Outstanding Natural Gas Supply Contracts Derivatives (Details) - MMBTU
MMBTU in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Natural gas supply contracts    
Derivative [Line Items]    
Natural gas supply contracts 3,613 2,048
v3.25.4
Derivatives - Fair Value and Classification (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Total assets $ 281 $ 1,636
Total liabilities 256 27
Interest rate swaps | Derivative assets    
Derivatives, Fair Value [Line Items]    
Total assets 36 150
Interest rate swaps | Noncurrent derivative assets    
Derivatives, Fair Value [Line Items]    
Total assets 203 1,459
Interest rate swaps | Accrued and other liabilities    
Derivatives, Fair Value [Line Items]    
Total liabilities 32 1
Interest rate swaps | Other noncurrent liabilities    
Derivatives, Fair Value [Line Items]    
Total liabilities 63 2
Natural gas supply contracts | Derivative assets    
Derivatives, Fair Value [Line Items]    
Total assets 29 4
Natural gas supply contracts | Noncurrent derivative assets    
Derivatives, Fair Value [Line Items]    
Total assets 13 23
Natural gas supply contracts | Accrued and other liabilities    
Derivatives, Fair Value [Line Items]    
Total liabilities 72 12
Natural gas supply contracts | Other noncurrent liabilities    
Derivatives, Fair Value [Line Items]    
Total liabilities $ 89 $ 12
v3.25.4
Derivatives - Gross and Net Fair Value of Outstanding Derivatives (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative assets    
Gross balance $ 296 $ 1,648
Balance subject to netting (15) (12)
Net balance 281 1,636
Derivative liabilities    
Gross balance (271) (39)
Balance subject to netting 15 12
Net balance $ (256) $ (27)
v3.25.4
Derivatives - Pre-Tax Effects of Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
(Gain) loss on derivatives, net $ 342 $ (777) $ (174)
Cost of sales      
Derivative Instruments, Gain (Loss) [Line Items]      
(Gain) loss on derivatives, net 120 (3) 0
Development expense      
Derivative Instruments, Gain (Loss) [Line Items]      
(Gain) loss on derivatives, net 2 0 0
Gain (loss) on interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
(Gain) loss on derivatives, net $ 220 $ (774) $ (174)
v3.25.4
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Total $ 636 $ 3,021
Liabilities    
Total 271 39
Interest rate swaps    
Assets    
Derivative assets 245 1,609
Liabilities    
Derivative liabilities 102 3
Natural gas supply contracts    
Assets    
Derivative assets 51 39
Liabilities    
Derivative liabilities 169 36
Level 1    
Assets    
Total 340 1,373
Liabilities    
Total 0 0
Level 1 | Interest rate swaps    
Assets    
Derivative assets 0 0
Liabilities    
Derivative liabilities 0 0
Level 1 | Natural gas supply contracts    
Assets    
Derivative assets 0 0
Liabilities    
Derivative liabilities 0 0
Level 2    
Assets    
Total 246 1,609
Liabilities    
Total 122 6
Level 2 | Interest rate swaps    
Assets    
Derivative assets 245 1,609
Liabilities    
Derivative liabilities 102 3
Level 2 | Natural gas supply contracts    
Assets    
Derivative assets 1 0
Liabilities    
Derivative liabilities 20 3
Level 3    
Assets    
Total 50 39
Liabilities    
Total 149 33
Level 3 | Interest rate swaps    
Assets    
Derivative assets 0 0
Liabilities    
Derivative liabilities 0 0
Level 3 | Natural gas supply contracts    
Assets    
Derivative assets 50 39
Liabilities    
Derivative liabilities 149 33
Money market funds    
Assets    
Money market funds 340 1,373
Money market funds | Level 1    
Assets    
Money market funds 340 1,373
Money market funds | Level 2    
Assets    
Money market funds 0 0
Money market funds | Level 3    
Assets    
Money market funds $ 0 $ 0
v3.25.4
Fair Value Measurements - Unobservable Inputs for Level 3 Natural Gas Supply Contracts (Details) - Natural gas supply contracts
Dec. 31, 2025
$ / MMBTU
Forward natural gas price per MMBtu | Minimum | Discounted cash flow  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 2.63
Forward natural gas price per MMBtu | Maximum | Discounted cash flow  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 5.34
Forward natural gas price per MMBtu | Arithmetic average | Discounted cash flow  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 3.72
Volatility | Minimum | Option pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 0.135
Volatility | Maximum | Option pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 0.686
Volatility | Arithmetic average | Option pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative, measurement input 0.247
v3.25.4
Fair Value Measurements - Reconciliation of Changes in Fair Value of Level 3 Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ 6 $ 0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net income Net income
Total realized and unrealized loss included in earnings $ (172) $ (9)
Settlements 63 15
Transfer out of Level 3 4 0
Ending balance $ (99) $ 6
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net income Net income
Unrealized gain (loss) included in earnings $ (109) $ 6
v3.25.4
Fair Value Measurements - Carrying Value And Fair Value of Outstanding Debt Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fixed rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 25,510 $ 16,169
Fixed rate debt | Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 25,334 15,834
Variable rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 9,481 13,717
Variable rate debt | Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 9,478 13,717
Level 1 | Fixed rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 25,426 16,085
Level 1 | Variable rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 1,078 0
Level 2 | Fixed rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 84 84
Level 2 | Variable rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 8,403 13,717
Level 3 | Fixed rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value 0 0
Level 3 | Variable rate debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 0 $ 0
v3.25.4
Income Taxes - United States And Foreign Income Before Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ 3,347 $ 2,181 $ 4,432
Foreign 16 2 0
INCOME BEFORE INCOME TAX EXPENSE $ 3,363 $ 2,183 $ 4,432
v3.25.4
Income Taxes - Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ (7) $ (14) $ 133
State (3) 4 6
Total current income tax expense (benefit) (10) (10) 139
Deferred      
Federal 656 439 681
State (11) 8 (4)
Foreign (5) 0 0
Total deferred income tax expense 640 447 677
Total income tax expense $ 630 $ 437 $ 816
v3.25.4
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US Federal statutory tax $ 706 $ 459 $ 931
State and local income taxes, net of federal income tax effect (14) 10 2
Other foreign jurisdictions (7) 0 1
Foreign derived intangible income 0 0 (80)
Other 5 0 0
Research and development tax credits (12) (27) 0
Changes in valuation allowance 5 0 2
Stock options (82) (6) (28)
Other 24 (8) (12)
Changes in unrecognized tax benefits 5 9 0
Total income tax expense $ 630 $ 437 $ 816
Percent      
US Federal statutory tax 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect (0.40%) 0.40% 0.00%
Other foreign jurisdictions (0.20%) 0.00% 0.00%
Foreign derived intangible income 0.00% 0.00% (1.80%)
Other 0.10% 0.00% 0.00%
Research and development tax credits (0.40%) (1.20%) 0.00%
Changes in valuation allowance 0.20% 0.00% 0.00%
Stock options (2.40%) (0.30%) (0.60%)
Other 0.70% (0.30%) (0.20%)
Changes in unrecognized tax benefits 0.10% 0.40% 0.00%
Effective tax rate 18.70% 20.00% 18.40%
v3.25.4
Income Taxes - Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. Federal $ (11) $ 0 $ 126
U.S. State and local      
Total U.S. State and local 0 10 1
Foreign taxes:      
Total foreign taxes 0 1 1
Total income taxes paid (net of refunds) (11) 11 128
Louisiana      
U.S. State and local      
Total U.S. State and local 0 10 1
Foreign taxes, other      
Foreign taxes:      
Total foreign taxes $ 0 $ 1 $ 1
v3.25.4
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax liabilities    
Derivative assets $ (14) $ (344)
Outside basis in Calcasieu Holdings (1,127) (1,195)
Property, plant and equipment (3,375) (1,763)
Right-of-use assets (220) (194)
Other deferred tax liabilities (5) (8)
Total deferred tax liabilities (4,741) (3,504)
Deferred tax assets    
Lease liabilities 227 199
Net operating loss and other carryforwards 2,275 1,636
Stock-based compensation 40 34
Accrued expenses 55 45
Asset retirement obligations 30 80
Other deferred tax assets 8 6
Total deferred tax assets 2,635 2,000
Less: Valuation allowance (207) (133)
Net deferred tax liabilities $ (2,313) $ (1,637)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]    
Tax credit carryforwards $ 6  
Increase in valuation allowance (74)  
Valuation allowance 207 $ 133
Unrecognized tax benefits 13 $ 9
Domestic Tax Jurisdiction    
Effective Income Tax Rate Reconciliation [Line Items]    
Net operating loss carryforwards 10,000  
Operating loss carryforwards, limited to use 23  
Foreign Tax Jurisdiction    
Effective Income Tax Rate Reconciliation [Line Items]    
Net operating loss carryforwards 25  
State and Local Jurisdiction    
Effective Income Tax Rate Reconciliation [Line Items]    
Net operating loss carryforwards 3,400  
Net operating loss carryforwards, subject to expiration $ 42  
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Future Minimum Commitments  
2026 $ 3,900
2027 3,954
2028 2,976
2029 2,207
2030 1,460
Thereafter 13,349
Total 27,846
Off-balance sheet credit arrangement, maximum undiscounted potential exposure 260
Natural gas supply contracts  
Future Minimum Commitments  
2026 3,371
2027 3,188
2028 2,085
2029 1,199
2030 437
Thereafter 335
Total 10,615
Firm transportation  
Future Minimum Commitments  
2026 430
2027 680
2028 840
2029 950
2030 940
Thereafter 12,283
Total 16,123
Regasification capacity  
Future Minimum Commitments  
2026 30
2027 30
2028 30
2029 42
2030 70
Thereafter 688
Total 890
Other  
Future Minimum Commitments  
2026 69
2027 56
2028 21
2029 16
2030 13
Thereafter 43
Total $ 218
v3.25.4
Equity (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 27, 2025
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
shares
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
quarter
$ / shares
shares
Sep. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
payment
quarter
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Class of Stock [Line Items]                  
Preferred stock, authorized (in shares)         1,000,000   200,000,000 1,000,000  
Common stock, dividends declared, per share (in usd per share) | $ / shares             $ 0.03    
Common stock dividends | $     $ 40 $ 40 $ 40 $ 40 $ 83 $ 160  
Dividends, common stock, number of payments | payment               4  
Number of consecutive calendar quarters | quarter         4     4  
2023 Merger (in shares)   2,000,000,000.0              
Stock split, conversion ratio 4,520.3317                
Total stockholders' equity                  
Class of Stock [Line Items]                  
2023 Merger | $                 $ 40
Retained earnings                  
Class of Stock [Line Items]                  
2023 Merger | $   $ 2,000             1,992
Venture Global LNG, Inc (VGLNG)                  
Class of Stock [Line Items]                  
2023 Merger (in shares)   2,000,000,000.0              
Stock repurchased, value | $                 (1,600)
Venture Global LNG, Inc (VGLNG) | Total stockholders' equity                  
Class of Stock [Line Items]                  
Stock repurchased, value | $                 1,200
Venture Global LNG, Inc (VGLNG) | Non-controlling interests                  
Class of Stock [Line Items]                  
Stock repurchased, value | $                 $ 400
Common Class A                  
Class of Stock [Line Items]                  
Stock issued and sold (in shares) 70,000,000                
Common stock, par value (in usd per share) | $ / shares $ 0.01       $ 0.01   $ 0.01 $ 0.01  
Stock issued and sold, price per share (in usd per share) | $ / shares $ 25.00                
Proceeds from issuance and sale of stock | $ $ 1,700                
Underwriting discounts and commissions | $ 70                
Offering expenses | $ $ 10                
Conversion of class A common stock to class B common stock (in shares) 1,970,000,000                
Common stock, number of votes per share | vote             1    
Common stock, authorized (in shares)         4,500,000,000   4,400,000,000 4,500,000,000  
Common stock, outstanding (in shares)         2,350,000,000   488,000,000 2,350,000,000  
Shares received in exchange (in shares)   381,000,000              
Common Class B                  
Class of Stock [Line Items]                  
Common stock, par value (in usd per share) | $ / shares         $ 0.01   $ 0.01 $ 0.01  
Conversion of class A common stock to class B common stock (in shares) 1,970,000,000                
Common stock, number of votes per share | vote             10    
Common stock, authorized (in shares)         1,000,000   3,000,000,000.0 1,000,000  
Common stock, outstanding (in shares)         0   1,969,000,000 0  
Series B Common Stock | Venture Global LNG, Inc (VGLNG)                  
Class of Stock [Line Items]                  
Stock repurchased (in shares)                 5,000
Series C Common Stock | Venture Global LNG, Inc (VGLNG)                  
Class of Stock [Line Items]                  
Stock repurchased (in shares)                 81,896
Common Class C | Venture Global LNG, Inc (VGLNG)                  
Class of Stock [Line Items]                  
Common stock, outstanding (in shares)   84,272              
v3.25.4
Redeemable Stock of Subsidiary - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
Dec. 31, 2025
Aug. 31, 2019
Temporary Equity Disclosure [Abstract]    
Redeemable stock of subsidiary (in shares)   9
Redemption, face value (in usd per share)   $ 100
Distribution at initial rate   10.00%
Additional distribution rate   1.00%
Increase (decrease) in distribution rate   0.50%
Noncontrolling interest stated rate   15.00%
Aggregate liquidation preference   $ 900
Redeemable stock of subsidiary, accrued distributions $ 796  
Redemption value $ 1,700  
v3.25.4
Redeemable Stock of Subsidiary - Schedule of Changes in Redeemable Stock of Subsidiary (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]      
Beginning balance $ 1,529 $ 1,385 $ 1,255
Paid-in-kind distributions 167 144 130
Ending balance $ 1,696 $ 1,529 $ 1,385
v3.25.4
Non-Controlling Interests - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2025
Dec. 31, 2022
Aug. 31, 2019
Noncontrolling Interest [Line Items]              
Non-controlling interests cumulative net balance   $ 3,557 $ 3,470        
Dividends accumulated during period   $ 270 68 $ 0      
Venture Global LNG, Inc (VGLNG)              
Noncontrolling Interest [Line Items]              
Issuance of stock (in shares) 3            
Annual dividend rate   9.00%          
Preferred shares, liquidation preference (in usd per share) $ 1,000            
Calcasieu Holdings              
Noncontrolling Interest [Line Items]              
Preferred units issued (in units)             4
Initial face value (in usd per share)             $ 100
Venture Global LNG, Inc (VGLNG)              
Noncontrolling Interest [Line Items]              
Non-controlling interests cumulative net balance   $ 2,900          
Dividends accumulated during period   270          
Dividends declared during period   270          
Dividends paid in period   $ 270          
Dividends accumulated during period, per share (in usd per share)   $ 90.00          
Accumulated undeclared dividends   $ 68 $ 68        
Accumulated undeclared dividends, per share (in usd per share)   $ 22.75 $ 22.75        
Calcasieu Holdings              
Noncontrolling Interest [Line Items]              
Non-controlling interests cumulative net balance   $ 593 $ 575 $ 575   $ 547  
Noncontrolling interest, noncontrolling owner, ownership percentage         23.00%    
Noncontrolling interest, parent, ownership percentage         77.00%    
v3.25.4
Non-Controlling Interests - Schedule of Changes in Third-Party Ownership in the Net Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Beginning balance $ 3,470    
Net income attributable to non-controlling interests 36 $ 59 $ 805
Ending balance 3,557 3,470  
Calcasieu Holdings      
Equity, Attributable to Noncontrolling Interest [Roll Forward]      
Beginning balance 575 575 547
Net income attributable to non-controlling interests 36 59 57
Distributions (18) (59) (29)
Ending balance $ 593 $ 575 $ 575
v3.25.4
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 27, 2025
Sep. 25, 2023
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Jan. 31, 2025
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock split, conversion ratio 4,520.3317          
Weighted average grant date fair value (in usd per share) | $ / shares     $ 11.07 $ 2.98 $ 1.90  
Share-based payment arrangement, unrecognized compensation | $     $ 129      
Weighted-average period     3 years      
Stock options exercised | $     $ 35      
Income tax benefit from exercise of options | $     $ 74      
Options exercised (in shares) | shares     37,000,000 0 0  
Payments to settle fully vested options | $     $ 32 $ 29 $ 152  
Stock options            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Options contractual term     10 years      
Options vesting period     4 years      
Predecessor Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Outstanding options to purchase (in shares) | shares   86,664        
2023 Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Number of shares authorized (in shares) | shares   429,000,000        
Omnibus Incentive Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Number of shares authorized (in shares) | shares           172,000,000
v3.25.4
Stock-Based Compensation - Schedule of Stock-Based Compensation Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Options      
Options outstanding, beginning balance (in shares) 286,000,000    
Options granted (in shares) 14,000,000    
Options exercised (in shares) (37,000,000) 0 0
Options forfeited or expired (in shares) (37,000,000)    
Options, outstanding, ending balance (in shares) 226,000,000 286,000,000  
Options exercisable (in shares) 208,000,000    
Weighted average exercise price per share      
Weighted average exercise price per share outstanding, beginning balance (in usd per share) $ 1.43    
Weighted average exercise price per share, granted (in usd per share) 24.28    
Weighted average exercise price per share, exercised (in usd per share) 0.96    
Weighted average exercise price per share, forfeited or expired (in usd per share) 0.72    
Weighted average exercise price per share outstanding, ending balance (in usd per share) 3.07 $ 1.43  
Weighted average exercise price per share, exercisable (in usd per share) $ 1.87    
Weighted average remaining contractual life, outstanding 4 years 4 months 24 days    
Weighted average remaining contractual life, exercisable 4 years    
Exercised, aggregate intrinsic value $ 390    
Aggregate intrinsic value, outstanding 1,094    
Aggregate intrinsic value, exercisable $ 1,074    
v3.25.4
Stock-Based Compensation - Schedule of Fair Value of the Stock Options (Details) - Stock options - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected life   6 years 1 month 6 days 6 years 1 month 6 days
Risk-free interest rate   4.20%  
Expected volatility   40.40%  
Weighted average      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected life 6 years 1 month 6 days 6 years 1 month 6 days 6 years 1 month 6 days
Risk-free interest rate 4.40% 4.20% 4.10%
Expected volatility 39.20% 40.40% 40.20%
Expected dividend yield $ 0   $ 0
Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected life 6 years 1 month 6 days    
Risk-free interest rate 3.90%   3.60%
Expected volatility 39.10%   40.10%
Expected dividend yield $ 0 $ 0 $ 0
Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected life 6 years 3 months 18 days    
Risk-free interest rate 4.50%   4.60%
Expected volatility 40.10%   40.40%
Expected dividend yield $ 0 $ 0 $ 0
v3.25.4
Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense Recognized (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Total stock-based compensation costs $ 54 $ 22 $ 28
Capitalized to property, plant and equipment (8) 0 0
Stock based compensation expense, before tax 46 22 28
Income tax benefit recognized related to stock-based compensation $ 84 $ 6 $ 32
v3.25.4
Earnings per Share - Narrative (Details)
shares in Billions
 1 Months Ended
Sep. 30, 2023
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
2023 Merger (in shares) 2.0
Venture Global LNG, Inc (VGLNG)  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
2023 Merger (in shares) 2.0
Venture Global LNG, Inc (VGLNG) | VG Partners  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Noncontrolling interest, parent, ownership percentage 100.00%
v3.25.4
Earnings per Share - Schedule of Computation of Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 2,733 $ 1,746 $ 3,616
Less: Net income attributable to redeemable stock of subsidiary 167 144 130
Less: Net income attributable to non-controlling interests 36 59 805
Less: Dividends on VGLNG Series A Preferred Shares 270 68 0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC 2,260 1,475 2,681
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS, DILUTED $ 2,260 $ 1,475 $ 2,681
Weighted average shares of common stock outstanding      
Basic (in shares) [1] 2,426 2,350 2,070
Dilutive stock options outstanding (in shares) 209 235 73
Diluted (in shares) [1] 2,635 2,585 2,143
Net income attributable to common stockholders per share—basic (in usd per share) $ 0.93 $ 0.63 $ 1.30
Net income attributable to common stockholders per share—diluted (in usd per share) $ 0.86 $ 0.57 $ 1.25
Anti-dilutive stock options excluded from diluted net income per share (in shares) 14    
[1] See Note 20 – Earnings per Share for further discussion regarding the weighted average number of shares of common stock outstanding.
v3.25.4
Related Parties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
General and administrative expense $ 433 $ 312 $ 224
General Partner      
Related Party Transaction [Line Items]      
General and administrative expense $ 12 $ 7 $ 2
v3.25.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Accrued capital expenditures $ 1,579 $ 2,091 $ 1,248
Cash paid for interest, net of amounts capitalized 1,000 338 368
Conversion of equity method investment to property, plant and equipment 327 319 0
Accrued dividends and distributions 0 95 15
Right-of-use assets in exchange for new finance lease liabilities 7 178 10
Right-of-use assets in exchange for new operating lease liabilities 227 294 90
Cash paid for operating leases $ 141 $ 81 $ 45
v3.25.4
Segment Information - Schedule of Financial Information by Segment (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segment 4    
Segment Reporting Information [Line Items]      
Revenue $ 13,769 $ 4,972 $ 7,897
Operating expense      
Cost of sales 5,920 1,351 1,684
Operating and maintenance expense 975 589 391
General and administrative expense 433 312 224
Development expense 344 635 490
Depreciation and amortization 941 322 277
Insurance recoveries, net 0 0 (19)
Total operating expense 8,613 3,209 3,047
INCOME FROM OPERATIONS 5,156 1,763 4,850
Interest income 151 244 172
Interest expense, net (1,454) (584) (641)
Loss on interest rate swaps (220) 774 174
Loss on financing transactions (267) (14) (123)
Loss on foreign currency transactions (3) 0 0
INCOME BEFORE INCOME TAX EXPENSE 3,363 2,183 4,432
Capital expenditures 13,441 14,098 8,155
Total assets 53,446 43,491  
Operating segments | Calcasieu Project      
Segment Reporting Information [Line Items]      
Revenue 4,125 4,916 7,897
Operating expense      
Cost of sales 2,198 1,363 1,684
Operating and maintenance expense 375 452 319
General and administrative expense 15 15 15
Development expense 0 6 44
Depreciation and amortization 221 267 256
Insurance recoveries, net     (19)
Total operating expense 2,809 2,103 2,299
INCOME FROM OPERATIONS 1,316 2,813 5,598
Capital expenditures 88 373 98
Total assets 6,955 7,181  
Operating segments | Plaquemines Project      
Segment Reporting Information [Line Items]      
Revenue 9,175 23 0
Operating expense      
Cost of sales 3,863 14 0
Operating and maintenance expense 359 94 80
General and administrative expense 63 62 57
Development expense 49 54 50
Depreciation and amortization 613 16 0
Insurance recoveries, net     0
Total operating expense 4,947 240 187
INCOME FROM OPERATIONS 4,228 (217) (187)
Capital expenditures 5,555 9,458 6,351
Total assets 26,256 24,627  
Operating segments | CP2 Project      
Segment Reporting Information [Line Items]      
Revenue 1 2 0
Operating expense      
Cost of sales 0 0 0
Operating and maintenance expense 29 0 0
General and administrative expense 47 16 0
Development expense 203 485 362
Depreciation and amortization 0 1 0
Insurance recoveries, net     0
Total operating expense 279 502 362
INCOME FROM OPERATIONS (278) (500) (362)
Capital expenditures 5,257 2,179 831
Total assets 10,857 3,643  
Operating segments | Sales and Shipping      
Segment Reporting Information [Line Items]      
Revenue 2,518 329 0
Operating expense      
Cost of sales 1,994 266 0
Operating and maintenance expense 228 53 0
General and administrative expense 6 17 6
Development expense 0 1 1
Depreciation and amortization 42 12 0
Insurance recoveries, net     0
Total operating expense 2,270 349 7
INCOME FROM OPERATIONS 248 (20) (7)
Capital expenditures 754 403 51
Total assets 2,485 1,473  
Corporate, other and eliminations      
Segment Reporting Information [Line Items]      
Revenue (2,050) (298) 0
Operating expense      
Cost of sales (2,135) (292) 0
Operating and maintenance expense (16) (10) (8)
General and administrative expense 302 202 146
Development expense 92 89 33
Depreciation and amortization 65 26 21
Insurance recoveries, net     0
Total operating expense (1,692) 15 192
INCOME FROM OPERATIONS (358) (313) (192)
Capital expenditures 1,787 1,685 $ 824
Total assets $ 6,893 $ 6,567  
v3.25.4
Segment Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 13,769 $ 4,972 $ 7,897
Long-lived assets 46,588 34,675  
United States      
Segment Reporting Information [Line Items]      
Revenue 11,375 4,673 7,897
Long-lived assets 45,437 34,077  
Germany      
Segment Reporting Information [Line Items]      
Revenue 772 179 0
France      
Segment Reporting Information [Line Items]      
Revenue 682 81 0
Netherlands      
Segment Reporting Information [Line Items]      
Revenue 456 0 0
United Kingdom      
Segment Reporting Information [Line Items]      
Revenue 164 0 0
Foreign      
Segment Reporting Information [Line Items]      
Long-lived assets 1,151 598  
Other      
Segment Reporting Information [Line Items]      
Revenue $ 320 $ 39 $ 0
v3.25.4
Segment Information - Schedules of Concentration of Risk, by Risk Factor (Details) - Revenue Benchmark - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Customer A      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 23.00% 32.00% 13.00%
Customer B      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 14.00% 25.00% 33.00%
Customer C      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 13.00%    
Customer D      
Segment Reporting Information [Line Items]      
Concentration risk, percentage   15.00% 11.00%
Customer E      
Segment Reporting Information [Line Items]      
Concentration risk, percentage     17.00%
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Total current assets $ 4,040 $ 4,559
Other noncurrent assets 447 952
TOTAL ASSETS 53,446 43,491
Current liabilities    
Accounts payable 737 1,536
Accrued and other liabilities 2,795 1,816
Total current liabilities 4,344 3,542
Total liabilities 41,450 35,595
Equity    
Venture Global, Inc. stockholders' equity 6,743 2,897
TOTAL LIABILITIES AND EQUITY 53,446 43,491
Parent Company    
Current assets    
Cash 0 0
Total current assets 0 0
Investment in subsidiaries, net 6,742 2,972
Other noncurrent assets 3 7
TOTAL ASSETS 6,745 2,979
Current liabilities    
Accounts payable 1 1
Accrued and other liabilities 1 81
Total current liabilities 2 82
Total liabilities 2 82
Equity    
Venture Global, Inc. stockholders' equity 6,743 2,897
TOTAL LIABILITIES AND EQUITY $ 6,745 $ 2,979
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Statement Of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING EXPENSE      
General and administrative expense $ 433 $ 312 $ 224
Total operating expense 8,613 3,209 3,047
INCOME FROM OPERATIONS 5,156 1,763 4,850
OTHER INCOME (EXPENSE)      
Interest expense, net (1,454) (584) (641)
Total other income (expense) (1,793) 420 (418)
INCOME BEFORE INCOME TAX EXPENSE 3,363 2,183 4,432
Less: income tax benefit 630 437 816
Parent Company      
Condensed Income Statements, Captions [Line Items]      
MANAGEMENT FEE FROM SUBSIDIARIES 0 0 5
OPERATING EXPENSE      
General and administrative expense 10 3 2
Total operating expense 10 3 2
INCOME FROM OPERATIONS (10) (3) 3
OTHER INCOME (EXPENSE)      
Interest expense, net 0 0 (29)
Total other income (expense) 0 0 (29)
INCOME BEFORE INCOME TAX EXPENSE (10) (3) (26)
Less: income tax benefit (2) (1) 0
Add: equity in income of subsidiaries, net of income taxes 2,268 1,545 2,707
NET INCOME $ 2,260 $ 1,543 $ 2,681
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Cash Flow (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]      
OPERATING ACTIVITIES $ 6,566 $ 2,149 $ 4,550
INVESTING ACTIVITIES      
Capital expenditures (13,365) (13,717) (8,091)
Net cash used by investing activities (13,220) (14,159) (8,725)
FINANCING ACTIVITIES      
IPO issuance of Class A common stock 1,750 0 0
Payments of dividends and subsidiary distributions (465) (139) (164)
Financing and issuance costs (1,004) (142) (591)
Issuance of debt and draws on credit facilities 16,329 9,360 16,153
Other financing activities 2 (41) (173)
Net cash from financing activities 5,465 10,752 7,635
Net increase (decrease) in cash, cash equivalents and restricted cash (1,189) (1,258) 3,460
Cash, cash equivalents and restricted cash at beginning of period 4,614 5,872 2,412
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 3,425 4,614 5,872
Parent Company      
Condensed Balance Sheet Statements, Captions [Line Items]      
OPERATING ACTIVITIES (10) (5) 6
INVESTING ACTIVITIES      
Capital expenditures 0 0 (1)
Net cash used by investing activities 0 0 (1)
FINANCING ACTIVITIES      
IPO issuance of Class A common stock 1,750 0 0
Distributions from subsidiaries 143 90 71
Contributions to subsidiaries (1,680) 0 0
Payments of dividends and subsidiary distributions (163) (80) (149)
Financing and issuance costs (75) (5) (42)
Issuance of debt and draws on credit facilities 0 0 115
Other financing activities 35 0 0
Net cash from financing activities 10 5 (5)
Net increase (decrease) in cash, cash equivalents and restricted cash 0 0 0
Cash, cash equivalents and restricted cash at beginning of period 0 0 0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 0 $ 0 $ 0
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Basis of presentation (Details)
$ in Millions
 1 Months Ended
Jan. 27, 2025
Sep. 30, 2023
USD ($)
shares
Dec. 31, 2025
shares
Dec. 31, 2024
shares
Condensed Financial Statements, Captions [Line Items]        
Stock split, conversion ratio 4,520.3317      
2023 Merger (in shares)   2,000,000,000.0    
Common Class A        
Condensed Financial Statements, Captions [Line Items]        
Common stock, outstanding (in shares)     488,000,000 2,350,000,000
Shares received in exchange (in shares)   381,000,000    
Payments of merger related costs | $   $ 40    
Legacy VG Partners        
Condensed Financial Statements, Captions [Line Items]        
Noncontrolling interest, parent, ownership percentage   100.00%    
Venture Global LNG, Inc (VGLNG)        
Condensed Financial Statements, Captions [Line Items]        
2023 Merger (in shares)   2,000,000,000.0    
Venture Global LNG, Inc (VGLNG) | Common Class C        
Condensed Financial Statements, Captions [Line Items]        
Common stock, outstanding (in shares)   84,272    
Parent Company        
Condensed Financial Statements, Captions [Line Items]        
Stock split, conversion ratio 4,520.3317      
2023 Merger (in shares)   2,000,000,000.0    
Parent Company | Common Class A        
Condensed Financial Statements, Captions [Line Items]        
Payments of merger related costs | $   $ 40    
Parent Company | Venture Global LNG, Inc (VGLNG) | Common Class C        
Condensed Financial Statements, Captions [Line Items]        
Common stock, outstanding (in shares)   84,272    
Shares received in exchange (in shares)   381,000,000    
Parent Company | Venture Global LNG, Inc (VGLNG) | Legacy VG Partners        
Condensed Financial Statements, Captions [Line Items]        
Noncontrolling interest, parent, ownership percentage   100.00%    
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Investment in Subsidiaries (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased, value | $ $ 1.6
Series B Common Stock | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased (in shares) 5,000
Series C Common Stock | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased (in shares) 81,896
Parent Company  
Condensed Financial Statements, Captions [Line Items]  
Decrease in subsidiary, ownership | $ $ 1.1
Parent Company | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Noncontrolling interest, parent, ownership percentage 83.80%
Parent Company | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Ownership interest 100.00%
Parent Company | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased, value | $ $ 1.6
Parent Company | Series B Common Stock | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased (in shares) 5,000
Parent Company | Series C Common Stock | Venture Global LNG, Inc (VGLNG)  
Condensed Financial Statements, Captions [Line Items]  
Stock repurchased (in shares) 81,896
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Equity (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jan. 27, 2025
USD ($)
$ / shares
shares
Sep. 25, 2023
shares
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
quarter
$ / shares
shares
Sep. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
payment
quarter
$ / shares
shares
Jan. 31, 2025
shares
Condensed Financial Statements, Captions [Line Items]                  
Preferred stock, authorized (in shares)         1,000,000   200,000,000 1,000,000  
Common stock, dividends declared, per share (in usd per share) | $ / shares             $ 0.03    
Common stock dividends | $     $ 40 $ 40 $ 40 $ 40 $ 83 $ 160  
Dividends, common stock, number of payments | payment               4  
Number of consecutive calendar quarters | quarter         4     4  
Stock split, conversion ratio 4,520.3317                
Predecessor Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Outstanding options to purchase   86,664              
2023 Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Number of shares authorized (in shares)   429,000,000              
Omnibus Incentive Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Number of shares authorized (in shares)                 172,000,000
Parent Company                  
Condensed Financial Statements, Captions [Line Items]                  
Preferred stock, authorized (in shares)         1,000   200,000 1,000  
Common stock, dividends declared, per share (in usd per share) | $ / shares             $ 0.03    
Common stock dividends | $     $ 40 $ 40 $ 40 $ 40 $ 83 $ 160  
Dividends, common stock, number of payments | payment               4  
Number of consecutive calendar quarters | quarter         4     4  
Stock split, conversion ratio 4,520.3317                
Parent Company | Predecessor Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Outstanding options to purchase   86,664              
Parent Company | 2023 Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Number of shares authorized (in shares)   429,000,000              
Parent Company | Omnibus Incentive Plan                  
Condensed Financial Statements, Captions [Line Items]                  
Number of shares authorized (in shares)                 172,000,000
Common Class A                  
Condensed Financial Statements, Captions [Line Items]                  
Stock issued and sold (in shares) 70,000,000                
Common stock, par value (in usd per share) | $ / shares $ 0.01       $ 0.01   $ 0.01 $ 0.01  
Stock issued and sold, price per share (in usd per share) | $ / shares $ 25.00                
Proceeds from issuance and sale of stock | $ $ 1,700                
Underwriting discounts and commissions | $ 70                
Offering expenses | $ $ 10                
Conversion of Class A common stock to Class B common stock (in shares) (1,970,000,000)                
Common stock, number of votes per share | vote             1    
Common stock, authorized (in shares)         4,500,000,000   4,400,000,000 4,500,000,000  
Common Class A | Parent Company                  
Condensed Financial Statements, Captions [Line Items]                  
Stock issued and sold (in shares) 70,000,000                
Common stock, par value (in usd per share) | $ / shares $ 0.01                
Stock issued and sold, price per share (in usd per share) | $ / shares $ 25.00                
Proceeds from issuance and sale of stock | $ $ 1,700                
Underwriting discounts and commissions | $ 70                
Offering expenses | $ $ 10                
Conversion of Class A common stock to Class B common stock (in shares) 1,970,000,000                
Common stock, number of votes per share | vote             1    
Common stock, authorized (in shares)         4,500   4,400 4,500  
Common Class B                  
Condensed Financial Statements, Captions [Line Items]                  
Common stock, par value (in usd per share) | $ / shares         $ 0.01   $ 0.01 $ 0.01  
Conversion of Class A common stock to Class B common stock (in shares) (1,970,000,000)                
Common stock, number of votes per share | vote             10    
Common stock, authorized (in shares)         1,000,000   3,000,000,000.0 1,000,000  
Common Class B | Parent Company                  
Condensed Financial Statements, Captions [Line Items]                  
Conversion of Class A common stock to Class B common stock (in shares) 1,970,000,000                
Common stock, number of votes per share | vote             10    
Common stock, authorized (in shares)         1,000   3,000 1,000  
v3.25.4
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]      
Accrued dividends and distributions $ 0 $ 95 $ 15
Stock-based compensation 46 22 28
Parent Company      
Condensed Cash Flow Statements, Captions [Line Items]      
Accrued dividends and distributions 0 80 0
Stock-based compensation $ 22 $ 7 $ 141