Venture Global Q3 2026: EPS Beats by 83%, New AI Utility Plan

Venture Global reported third-quarter 2026 GAAP earnings per share of $0.96, beating the $0.53 consensus estimate by roughly 83%. Revenue came in at $4.76 billion, about 1.7% ahead of expectations and up nearly 43% from the same period a year earlier. Net income surged more than 413% year over year to $2.55 billion, though that figure includes a $1.37 billion gain on interest rate swaps compared with a $144 million swap loss in Q3 2025.

The company exported 124 cargos and sold 465.8 TBtu of LNG in the quarter, up from 100 cargos and 373.0 TBtu a year ago. Commissioning activity at the Plaquemines Project drove much of that volume growth, and LNG pricing net of feed gas costs also improved. Consolidated Adjusted EBITDA reached $2.58 billion, nearly double the prior-year figure.

After the quarter closed, Plaquemines Phase 1 reached commercial operations on October 31, a milestone management called one of the fastest commercial starts for a greenfield LNG project of this scale. That event gave the company enough confidence to raise its full-year 2026 Consolidated Adjusted EBITDA guidance to $10.0 billion to $10.3 billion, up from a prior range of $8.7 billion to $9.1 billion. The company also expects to export between 509 and 518 total cargos for the full year.

The less-expected item was management's disclosure of a new business line: an off-grid, island-mode power and infrastructure network designed to supply AI data centers with dedicated compute capacity. CEO Mike Sabel framed it as a natural extension of the company's existing capabilities in building and operating power networks at scale. The company said it expects to begin delivering data center compute capacity as early as late 2028 and scale the offering to roughly 5 GW by the end of 2031.

The EPS history shows a choppy trajectory before this quarter: reported earnings missed estimates in Q1 and Q2 2025, fell short again in Q4 2025, then began recovering with a modest beat in Q1 2026 and a closer beat in Q2 2026. The Q3 2026 result is the largest absolute beat in that eight-quarter window, which will likely reset analyst models heading into year-end. Investors will want to track how much of the EBITDA guidance lift survives into 2027 as Plaquemines Phase 2, CP2, and the expansion projects move toward their respective FID and COD targets.