What is NextDecade's operating income?

NextDecade's total operating income in 2025 was -$225.93 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $225.93 million

NextDecade (NEXT) Financials

$7.02 +0.15 (+2.18%)

Closing price 09/21/2026 04:00 PM Eastern

Extended Trading

$6.95 -0.07 (-1.00%)

As of 07:33 AM Eastern

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Annual Income Statements for NextDecade

This table shows NextDecade's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.76	-8.44	-35	-44	-49	-29	-40	-84	-183	-62	-306
Consolidated Net Income / (Loss)	-7.76	-8.44	-35	-42	-36	-14	-22	-60	-222	277	-430
Net Income / (Loss) Continuing Operations	-7.76	-8.44	-35	-42	-36	-14	-22	-60	-222	277	-430
Total Pre-Tax Income	-7.76	-8.44	-35	-42	-36	-14	-22	-60	-222	277	-430
Total Operating Income	-7.77	-8.50	-36	-43	-35	-22	-20	-54	-123	-171	-226
Total Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	7.77	8.50	36	43	35	22	20	54	123	171	226
Selling, General & Admin Expense	7.11	7.30	35	35	23	20	17	49	111	150	206
Research & Development Expense	-	-	-	-	-	-	1.62	4.10	4.89	8.26	8.01
Depreciation Expense	0.08	0.10	0.11	0.17	0.25	0.20	0.18	0.16	6.31	13	12
Total Other Income / (Expense), net	0.01	0.06	0.31	1.06	-0.87	7.68	-2.53	-5.60	-99	449	-204
Interest Expense	-	-	-	-	-	-	-	0.00	60	137	200
Other Income / (Expense), net	-0.02	-0.02	-0.03	0.04	-2.59	7.44	-2.53	-5.60	-39	585	-3.56
Preferred Stock Dividends Declared	-	-	0.00	1.55	13	14	18	24	20	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	-59	339	-123
Basic Earnings per Share	-	-	-	($0.41)	($0.45)	($0.24)	($0.34)	($0.65)	($0.94)	($0.24)	($1.17)
Weighted Average Basic Shares Outstanding	55.23M	95.68M	100.93K	106.56M	109.06M	117.52M	119.20M	130.14M	194.60M	258.54M	262.16M
Diluted Earnings per Share	-	-	-	($0.41)	($0.45)	($0.24)	-	($0.65)	($0.94)	($0.24)	($1.17)
Weighted Average Diluted Shares Outstanding	55.23M	95.68M	100.93K	106.56M	109.06M	117.52M	119.20M	130.14M	194.60M	258.54M	262.16M
Weighted Average Basic & Diluted Shares Outstanding	55.23M	95.68M	100.93K	106.56M	109.06M	117.52M	119.20M	150.57M	256.71M	260.44M	264.93M

This table shows NextDecade's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-129	28	-33	-123	66	-89	-61	-109	-47	-136	-65
Consolidated Net Income / (Loss)	-256	187	2.30	-393	481	-245	-71	-185	71	-195	-60
Net Income / (Loss) Continuing Operations	-256	187	2.30	-393	481	-245	-71	-185	71	-195	-60
Total Pre-Tax Income	-256	187	2.30	-393	481	-245	-71	-185	71	-195	-60
Total Operating Income	-32	-38	-40	-49	-44	-52	-56	-72	-46	-55	-55
Total Gross Profit	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Operating Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	32	38	40	49	44	52	56	72	46	55	55
Selling, General & Admin Expense	26	33	34	44	40	48	55	66	39	50	44
Research & Development Expense	2.93	2.51	2.41	2.39	0.96	0.31	1.25	2.88	3.57	2.14	2.85
Depreciation Expense	0.05	3.10	3.22	3.17	0.61	3.15	0.39	2.98	3.03	3.03	7.90
Total Other Income / (Expense), net	-224	225	42	-344	526	-193	-14	-113	117	-140	-5.61
Interest Expense	27	33	66	16	22	27	41	39	96	79	123
Other Income / (Expense), net	-196	258	108	-328	546	-166	26	-74	213	-61	118
Income Tax Expense	-	-	-	-	-	0.00	0.00	-	-	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-127	158	35	-270	416	-156	-9.77	-75	118	-59	5.24
Basic Earnings per Share	($0.35)	$0.11	($0.13)	($0.47)	$0.25	($0.34)	($0.23)	($0.42)	($0.18)	($0.51)	($0.25)
Weighted Average Basic Shares Outstanding	194.60M	256.71M	257.84M	259.38M	258.54M	260.41M	260.88M	262.58M	262.16M	264.91M	265.04M
Diluted Earnings per Share	($0.35)	$0.11	($0.13)	($0.47)	$0.25	($0.34)	($0.23)	($0.42)	($0.18)	($0.51)	($0.25)
Weighted Average Diluted Shares Outstanding	194.60M	266.89M	257.84M	259.38M	258.54M	260.41M	260.88M	262.58M	262.16M	264.91M	265.39M
Weighted Average Basic & Diluted Shares Outstanding	256.71M	257.99M	259.47M	260.29M	260.44M	260.87M	261.99M	264.80M	264.93M	264.99M	266.19M

This table details how cash moves in and out of NextDecade's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	127	-32	23	-33	13	6.87	2.94	37	232	98	314
Net Cash From Operating Activities	-6.23	-7.19	-13	-23	-41	-26	-18	-40	-74	-96	-169
Net Cash From Continuing Operating Activities	-6.23	-7.19	-13	-23	-41	-26	-18	-40	-74	-96	-169
Net Income / (Loss) Continuing Operations	-7.76	-8.44	-35	-42	-36	-14	-22	-60	-222	277	-430
Consolidated Net Income / (Loss)	-7.76	-8.44	-35	-42	-36	-14	-22	-60	-222	277	-430
Depreciation Expense	0.08	0.10	0.11	0.17	0.38	1.56	1.60	0.52	0.17	1.93	1.79
Amortization Expense	-	-	-	0.00	0.96	1.23	0.55	0.76	44	70	91
Non-Cash Adjustments To Reconcile Net Income	0.00	0.51	23	17	-8.85	-7.79	-1.78	13	85	-469	120
Changes in Operating Assets and Liabilities, net	1.46	0.64	-0.30	1.71	2.69	-6.92	3.71	5.50	19	24	48
Net Cash From Investing Activities	-33	-24	12	-86	-17	19	-19	-41	-1,753	-2,574	-4,853
Net Cash From Continuing Investing Activities	-33	-24	12	-86	-17	19	-19	-41	-1,753	-2,574	-4,853
Purchase of Property, Plant & Equipment	-33	-19	-15	-19	-20	-32	-12	-34	-1,738	-2,568	-4,847
Other Investing Activities, net	0.00	0.00	27	-	-	-11	-6.43	-7.14	-15	-6.40	-6.10
Net Cash From Financing Activities	166	0.00	24	77	70	15	39	118	2,058	2,768	5,337
Net Cash From Continuing Financing Activities	166	0.00	24	77	70	15	39	118	2,058	2,768	5,337
Repayment of Debt	-	-	-	-	-	-	-	0.00	-233	-1,352	0.00
Repurchase of Common Equity	-2.75	0.00	-5.95	-2.14	-0.94	-0.35	-0.55	-7.22	-504	-80	-330
Payment of Dividends	-1.04	0.00	0.00	-0.00	-0.04	-0.05	-0.07	-0.08	-0.05	0.00	0.00
Issuance of Debt	-	-	-	-	-	-	-	0.00	2,083	3,523	4,701
Issuance of Common Equity	87	0.00	30	79	71	0.00	0.56	115	712	676	982
Other Financing Activities, net	83	-	-	-	0.00	15	-	0.00	0.00	0.00	-16

This table details how cash moves in and out of NextDecade's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-151	-43	-48	63	127	-6.61	71	288	-38	-242	35
Net Cash From Operating Activities	-21	-29	5.99	-64	-8.90	-69	-3.90	-76	-21	-111	-17
Net Cash From Continuing Operating Activities	-21	-29	5.99	-64	-8.90	-69	-3.90	-76	-21	-111	-80
Net Income / (Loss) Continuing Operations	-256	187	2.30	-393	481	-245	-71	-185	71	-195	-60
Consolidated Net Income / (Loss)	-256	187	2.30	-393	481	-245	-71	-185	71	-195	-60
Depreciation Expense	0.05	0.08	0.62	0.61	0.61	0.61	0.39	0.39	0.39	0.38	7.90
Amortization Expense	18	18	18	17	17	17	21	21	31	28	-27
Non-Cash Adjustments To Reconcile Net Income	211	-242	-28	337	-534	180	8.12	95	-166	100	-52
Changes in Operating Assets and Liabilities, net	5.88	8.69	14	-26	26	-21	37	-7.69	43	-44	52
Net Cash From Investing Activities	-742	-781	-594	-505	-695	-779	-752	-1,349	-1,973	-1,177	-1,027
Net Cash From Continuing Investing Activities	-742	-781	-594	-505	-695	-779	-752	-1,349	-1,973	-1,177	-981
Purchase of Property, Plant & Equipment	-741	-775	-593	-505	-695	-770	-732	-1,358	-1,987	-1,177	-981
Net Cash From Financing Activities	612	766	539	632	830	842	827	1,712	1,956	1,045	1,078
Net Cash From Continuing Financing Activities	612	766	539	632	830	842	827	1,712	1,956	1,045	1,078
Repurchase of Common Equity	-3.33	-20	-17	-22	-20	-18	-14	-60	-238	-20	-24
Issuance of Debt	674	769	1,532	498	724	645	643	1,475	1,939	817	1,587
Issuance of Common Equity	174	195	139	160	183	215	198	298	271	249	511

This table presents NextDecade's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	118	76	116	169	221	202	222	312	3,324	6,404	12,426
Total Current Assets	0.37	19	43	77	79	23	26	64	315	413	718
Cash & Equivalents	0.32	13	36	3.17	16	23	26	63	38	148	144
Restricted Cash	-	-	-	-	-	-	-	0.00	256	245	563
Prepaid Expenses	0.05	1.10	2.10	1.31	0.86	0.67	0.84	1.15	2.09	20	11
Other Current Assets	-	0.58	-	-	-	-	-	0.00	18	-	0.00
Plant, Property, & Equipment, net	0.00	56	73	92	135	162	174	219	2,438	5,020	10,568
Total Noncurrent Assets	117	0.35	0.00	0.00	7.80	17	22	30	572	971	1,139
Other Noncurrent Operating Assets	117	0.35	-	0.00	7.80	17	22	30	182	654	716
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	0.00	390	318	423
Total Liabilities & Shareholders' Equity	118	76	116	169	221	202	222	312	3,324	6,404	12,426
Total Liabilities	4.34	7.68	13	20	34	29	34	56	2,583	4,660	10,125
Total Current Liabilities	0.02	4.93	8.40	12	22	5.14	8.23	25	552	595	1,336
Accounts Payable	0.02	1.17	0.73	0.72	12	0.21	0.28	1.08	243	245	444
Accrued Expenses	-	3.77	5.86	8.35	8.75	1.03	5.97	23	306	348	888
Other Current Liabilities	-	-	-	0.00	0.70	3.72	1.97	1.09	3.14	2.88	3.88
Total Noncurrent Liabilities	4.33	2.75	4.60	7.44	12	24	26	30	2,031	4,065	8,789
Long-Term Debt	0.00	-	-	-	-	-	-	0.00	1,816	3,920	8,511
Other Noncurrent Operating Liabilities	4.33	-	0.00	7.44	12	24	26	30	215	144	278
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.43	68	103	83	90	60	20	54	740	1,744	2,301
Total Preferred & Common Equity	5.43	68	103	83	90	60	20	54	288	378	95
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5.43	68	103	83	90	60	20	54	288	378	95
Common Stock	5.69	88	159	181	224	209	191	289	694	852	893
Retained Earnings	-0.26	-20	-56	-98	-134	-148	-170	-230	-392	-454	-760
Treasury Stock	-	-	0.00	-0.04	-0.69	-1.03	-1.32	-4.59	-14	-21	-38
Noncontrolling Interest	-	-	-	-	-	-	-	0.00	453	1,367	2,206

This table presents NextDecade's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	328	353	2,898	4,176	4,757	5,124	6,894	7,865	10,009	13,232	15,205
Total Current Assets	53	53	469	284	224	271	405	477	765	488	632
Cash & Equivalents	51	40	51	46	38	38	131	159	209	143	84
Restricted Cash	-	-	395	206	165	228	255	299	535	322	416
Prepaid Expenses	1.57	13	2.27	3.19	2.10	1.32	4.37	6.70	10	9.26	120
Other Current Assets	-	-	21	29	19	4.25	14	13	9.68	13	12
Plant, Property, & Equipment, net	244	266	1,714	3,158	3,734	4,329	5,703	6,589	8,470	11,664	13,514
Total Noncurrent Assets	31	33	715	734	799	523	786	799	774	1,080	1,059
Other Noncurrent Operating Assets	31	33	314	362	441	183	493	538	529	687	683
Other Noncurrent Nonoperating Assets	-	-	402	371	358	340	293	261	245	393	376
Total Liabilities & Shareholders' Equity	328	353	2,898	4,176	4,757	5,124	6,894	7,865	10,009	13,232	15,205
Total Liabilities	62	157	2,081	3,045	3,478	4,078	5,170	5,999	8,032	10,872	12,389
Total Current Liabilities	35	45	551	506	500	558	476	684	1,194	1,214	1,693
Accounts Payable	1.85	13	327	175	132	224	257	312	429	298	327
Accrued Expenses	29	20	213	322	365	331	216	369	762	915	1,364
Other Current Liabilities	4.38	13	11	8.27	2.85	2.89	2.85	3.00	3.30	1.29	1.63
Total Noncurrent Liabilities	27	111	1,530	2,539	2,979	3,520	4,693	5,315	6,838	9,657	10,696
Long-Term Debt	-	-	1,382	2,394	2,834	3,315	4,549	5,171	6,609	9,355	10,417
Other Noncurrent Operating Liabilities	27	111	148	145	145	205	144	145	229	302	280
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	57	-20	818	1,131	1,279	1,046	1,724	1,866	1,976	2,360	2,817
Total Preferred & Common Equity	57	-20	477	520	633	670	302	260	154	-31	-57
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	57	-20	477	520	633	670	302	260	154	-31	-57
Common Stock	319	363	754	898	1,043	1,210	866	885	904	904	942
Retained Earnings	-257	-378	-263	-363	-396	-519	-542	-603	-713	-896	-962
Treasury Stock	-4.63	-4.66	-14	-14	-14	-21	-21	-21	-36	-38	-38
Noncontrolling Interest	-	-	341	611	646	376	1,421	1,605	1,822	2,391	2,874

This table displays calculated financial ratios and metrics derived from NextDecade's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,801,408.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,801,408.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-5.44	-5.95	-25	-30	-25	-15	-14	-38	-86	-171	-158
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-3.36%	-3.02%	-1.46%
Earnings before Interest and Taxes (EBIT)	-7.79	-8.52	-36	-43	-38	-15	-22	-60	-162	414	-229
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.71	-8.42	-36	-43	-36	-12	-20	-59	-117	486	-137
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	57	-37	-42	-60	-56	-26	-69	-1,764	-3,253	-4,886
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	113	51	62	74	110	150	163	194	1,873	4,954	9,682
Increase / (Decrease) in Invested Capital	0.00	-63	12	12	36	40	13	31	1,679	3,082	4,728
Book Value per Share	$0.36	$4.51	$0.97	$0.76	$0.74	$0.50	$0.16	$0.38	$1.12	$1.45	$0.36
Tangible Book Value per Share	$0.36	$4.51	$0.97	$0.76	$0.74	$0.50	$0.16	$0.38	$1.12	$1.45	$0.36
Total Capital	113	68	103	149	188	173	188	257	2,557	5,665	10,812
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,816	3,920	8,511
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,816	3,920	8,511
Net Debt	-0.32	-18	-41	-76	-78	-23	-26	-63	1,522	3,528	7,804
Capital Expenditures (CapEx)	33	19	15	19	20	32	12	34	1,738	2,568	4,847
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.03	-3.26	-6.30	-11	-21	-4.47	-7.39	-24	-532	-575	-1,325
Debt-free Net Working Capital (DFNWC)	0.35	14	34	65	57	18	18	39	-238	-183	-618
Net Working Capital (NWC)	0.35	14	34	65	57	18	18	39	-238	-183	-618
Net Nonoperating Expense (NNE)	2.32	2.49	10	12	11	-1.08	8.38	22	136	-449	271
Net Nonoperating Obligations (NNO)	-0.32	-18	-41	-76	-78	-23	-26	-63	1,132	3,210	7,381
Total Depreciation and Amortization (D&A)	0.08	0.10	0.11	0.17	1.33	2.79	2.15	1.27	45	72	93
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.45)	($0.24)	($0.34)	($0.65)	($0.94)	($0.24)	($1.17)
Adjusted Weighted Average Basic Shares Outstanding	55.23M	95.68M	106.40M	109.85M	120.84M	122.17M	123.36M	130.14M	194.60M	258.54M	262.16M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.45)	($0.24)	($0.34)	$0.00	($0.94)	($0.24)	($1.17)
Adjusted Weighted Average Diluted Shares Outstanding	55.23M	95.68M	106.40M	109.85M	120.84M	122.17M	123.36M	150.57M	194.60M	258.54M	262.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.45)	($0.24)	($0.34)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	55.23M	95.68M	100.93M	106.56K	109.06M	117.52M	119.20M	150.57M	256.71M	260.44M	264.93M
Normalized Net Operating Profit after Tax (NOPAT)	-5.44	-5.60	-25	-30	-25	-15	-14	-38	-86	-120	-158
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from NextDecade's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	264,801,408.00	264,930,065.00	264,992,987.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	264,801,408.00	264,930,065.00	264,992,987.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.18	-0.51	-0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
EBITDA Growth	-7,556.00%	983.54%	172.54%	-249.70%	347.05%	-183.96%	-112.84%	65.19%	-	56.59%	207.24%
EBIT Growth	-7,481.03%	908.90%	156.92%	-275.94%	319.54%	-199.24%	-147.67%	61.26%	-	46.89%	311.29%
NOPAT Growth	-2,184.76%	-100.86%	-104.81%	3.98%	-96.72%	4.66%	0.37%	-46.40%	-	-6.16%	3.01%
Net Income Growth	-8,385.84%	782.98%	101.92%	-316.16%	288.18%	-231.30%	-3,165.63%	53.00%	-	20.47%	14.79%
EPS Growth	0.00%	147.83%	84.52%	-197.92%	171.43%	-409.09%	-76.92%	10.64%	-	-50.00%	-8.70%
Operating Cash Flow Growth	-73.28%	-24.33%	133.23%	-458.91%	57.59%	-138.77%	-165.07%	-19.07%	-	-61.04%	-341.02%
Free Cash Flow Firm Growth	-5,531.54%	-1,601.18%	-42,997.73%	-99.00%	-83.77%	7.16%	18.30%	-59.71%	-	-94.19%	-116.56%
Invested Capital Growth	865.11%	0.00%	2,174.20%	177.72%	164.57%	92.81%	77.90%	102.33%	-	94.04%	95.58%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
EBITDA Q/Q Growth	-187.61%	215.16%	-63.58%	-513.03%	244.58%	-138.37%	94.39%	-1,019.38%	-	-143.78%	150.76%
EBIT Q/Q Growth	-206.62%	198.00%	-69.05%	-650.88%	233.04%	-143.45%	85.03%	-347.70%	-	-169.21%	154.45%
NOPAT Q/Q Growth	37.20%	-69.39%	-3.72%	12.96%	-28.65%	17.91%	-8.38%	-27.89%	-	15.73%	0.99%
Net Income Q/Q Growth	-240.70%	173.00%	-98.77%	-17,160.55%	222.48%	-150.94%	71.20%	-161.58%	-	-374.79%	69.14%
EPS Q/Q Growth	-172.92%	131.43%	-218.18%	-261.54%	153.19%	-236.00%	32.35%	-82.61%	-	-183.33%	50.98%
Operating Cash Flow Q/Q Growth	-83.78%	-37.31%	120.77%	-1,166.38%	86.06%	-673.07%	94.34%	-1,851.21%	-	-436.57%	84.50%
Free Cash Flow Firm Q/Q Growth	-38.90%	-72.84%	-16.84%	29.05%	-28.27%	12.68%	-2.81%	-38.70%	-	-11.04%	-14.66%
Invested Capital Q/Q Growth	38.51%	54.97%	22.39%	5.72%	31.95%	12.93%	12.93%	20.23%	-	12.14%	13.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-	100.00%	100.00%
Interest Burden Percent	111.94%	84.43%	3.37%	104.22%	95.94%	112.48%	216.40%	126.44%	-	168.44%	-95.46%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Return on Equity (ROE)	-44.45%	-0.66%	15.60%	-49.36%	22.33%	-10.83%	-14.47%	-1.27%	-	-18.58%	-15.76%
Cash Return on Invested Capital (CROIC)	-170.76%	-206.45%	-191.01%	-98.46%	-95.29%	-66.44%	-58.93%	-70.46%	-	-65.92%	-66.38%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Return on Common Equity (ROCE)	-15.26%	-0.31%	6.49%	-30.38%	5.98%	-3.12%	-4.11%	-0.35%	-	-1.24%	-0.68%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.45%	18.18%	-68.66%	0.00%	-51.10%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	-38	-40	-34	-44	-36	-39	-50	-46	-39	-38
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	43.64%	-25.40%	-3.75%	22.12%	-24.22%	7.40%	0.93%	3.23%	-	2.53%	0.31%
Return On Investment Capital (ROIC_SIMPLE)	-0.88%	-	-	-	-0.78%	-0.58%	-0.56%	-0.59%	-0.42%	-0.33%	-0.29%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-229	221	68	-377	502	-218	-33	-146	167	-116	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-210	239	87	-359	520	-199	-11	-125	199	-87	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.25	2.80	3.24	1.82	5.31	6.70	8.92	11.52	-	0.00	0.00
Price to Tangible Book Value (P/TBV)	4.25	2.80	3.24	1.82	5.31	6.70	8.92	11.52	-	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.71	1.45	1.50	1.24	1.39	1.36	1.37	1.25	-	1.23	1.20
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	27.95	14.89	0.00	14.19	154.01	0.00	51.01	-	0.00	238.74
Enterprise Value to EBIT (EV/EBIT)	0.00	47.53	19.20	0.00	16.66	0.00	0.00	88.86	-	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.45	2.12	2.22	3.17	2.25	2.64	2.77	3.34	-	3.96	3.70
Long-Term Debt to Equity	2.45	2.12	2.22	3.17	2.25	2.64	2.77	3.34	-	3.96	3.70
Financial Leverage	1.07	1.57	1.51	1.74	1.75	1.98	2.14	2.76	-	3.03	2.99
Leverage Ratio	3.65	3.69	3.46	4.31	3.91	3.88	4.01	5.01	-	4.93	4.93
Compound Leverage Factor	4.08	3.12	0.12	4.49	3.76	4.36	8.69	6.33	-	8.30	-4.70
Debt to Total Capital	71.04%	67.91%	68.91%	76.02%	69.21%	72.52%	73.49%	76.98%	-	79.85%	78.72%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Long-Term Debt to Total Capital	71.04%	67.91%	68.91%	76.02%	69.21%	72.52%	73.49%	76.98%	-	79.85%	78.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	17.70%	17.33%	15.70%	8.62%	24.13%	22.65%	22.81%	21.22%	-	20.41%	21.72%
Common Equity to Total Capital	11.26%	14.76%	15.39%	15.36%	6.67%	4.82%	3.70%	1.80%	-	-0.26%	-0.43%
Debt to EBITDA	-15.49	15.89	7.92	-13.70	8.06	92.06	-105.95	35.62	-	-399.13	168.15
Net Debt to EBITDA	-12.98	14.22	7.36	-12.60	7.25	84.25	-96.58	31.61	-	-379.29	160.09
Long-Term Debt to EBITDA	-15.49	15.89	7.92	-13.70	8.06	92.06	-105.95	35.62	-	-399.13	168.15
Debt to NOPAT	-21.15	-25.58	-19.46	-29.79	-22.92	-35.15	-36.64	-42.07	-	-58.33	-65.43
Net Debt to NOPAT	-17.72	-22.89	-18.06	-27.41	-20.62	-32.17	-33.40	-37.33	-	-55.43	-62.29
Long-Term Debt to NOPAT	-21.15	-25.58	-19.46	-29.79	-22.92	-35.15	-36.64	-42.07	-	-58.33	-65.43
Altman Z-Score	-0.19	0.28	0.21	-0.27	0.38	0.01	0.08	-0.07	-	-0.08	-0.06
Noncontrolling Interest Sharing Ratio	65.68%	54.02%	58.42%	38.46%	73.21%	71.18%	71.59%	72.73%	-	93.35%	95.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.57	0.56	0.45	0.49	0.69	0.85	0.70	0.64	-	0.40	0.37
Quick Ratio	0.07	0.09	0.08	0.07	0.25	0.28	0.23	0.18	-	0.12	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,701	-2,940	-3,435	-2,437	-3,126	-2,730	-2,806	-3,892	-4,773	-5,300	-6,077
Operating Cash Flow to CapEx	-2.83%	-3.72%	1.01%	-12.63%	-1.28%	-8.94%	-0.53%	-5.60%	-	-9.42%	-1.75%
Free Cash Flow to Firm to Interest Expense	-62.35	-89.31	-51.92	-153.23	-142.96	-100.33	-73.86	-100.75	-	-66.88	-49.32
Operating Cash Flow to Interest Expense	-0.77	-0.88	0.09	-4.01	-0.41	-2.53	-0.10	-1.97	-	-1.40	-0.14
Operating Cash Flow Less CapEx to Interest Expense	-27.94	-24.41	-8.88	-35.78	-32.17	-30.83	-19.36	-37.11	-	-16.25	-8.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,873	2,902	3,552	3,755	4,954	5,595	6,318	7,597	9,682	10,857	12,358
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Increase / (Decrease) in Invested Capital	1,679	2,902	3,395	2,403	3,082	2,693	2,767	3,842	4,728	5,262	6,039
Enterprise Value (EV)	3,198	4,211	5,325	4,647	6,901	7,610	8,643	9,466	-	13,310	14,789
Market Capitalization	1,224	1,458	2,048	1,222	2,007	2,026	2,324	1,779	-	2,029	1,998
Book Value per Share	$1.12	$2.03	$2.45	$2.58	$1.45	$1.16	$1.00	$0.59	$0.36	($0.12)	($0.22)
Tangible Book Value per Share	$1.12	$2.03	$2.45	$2.58	$1.45	$1.16	$1.00	$0.59	$0.36	($0.12)	($0.22)
Total Capital	2,557	3,525	4,113	4,361	5,665	6,273	7,036	8,586	10,812	11,715	13,233
Total Debt	1,816	2,394	2,834	3,315	3,920	4,549	5,171	6,609	8,511	9,355	10,417
Total Long-Term Debt	1,816	2,394	2,834	3,315	3,920	4,549	5,171	6,609	8,511	9,355	10,417
Net Debt	1,522	2,142	2,631	3,049	3,528	4,163	4,714	5,865	7,804	8,890	9,917
Capital Expenditures (CapEx)	741	775	593	505	695	770	732	1,358	1,987	1,177	981
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-532	-473	-479	-553	-575	-457	-664	-1,174	-1,325	-1,192	-1,560
Debt-free Net Working Capital (DFNWC)	-238	-222	-276	-287	-183	-71	-207	-429	-618	-727	-1,061
Net Working Capital (NWC)	-238	-222	-276	-287	-183	-71	-207	-429	-618	-727	-1,061
Net Nonoperating Expense (NNE)	233	-225	-42	359	-526	209	31	134	-117	156	22
Net Nonoperating Obligations (NNO)	1,132	1,771	2,273	2,709	3,210	3,872	4,453	5,620	7,381	8,497	9,541
Total Depreciation and Amortization (D&A)	18	18	19	18	18	19	21	21	32	29	-19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.35)	$0.11	($0.13)	($0.47)	$0.25	($0.34)	($0.23)	($0.42)	($0.18)	($0.51)	($0.25)
Adjusted Weighted Average Basic Shares Outstanding	194.60M	256.71M	257.84M	259.38M	258.54M	260.41M	260.88M	262.58M	262.16M	264.91M	265.04M
Adjusted Diluted Earnings per Share	($0.35)	$0.11	($0.13)	($0.47)	$0.25	($0.34)	($0.23)	($0.42)	($0.18)	($0.51)	($0.25)
Adjusted Weighted Average Diluted Shares Outstanding	194.60M	266.89M	257.84M	259.38M	258.54M	260.41M	260.88M	262.58M	262.16M	264.91M	265.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	256.71M	257.99M	259.47M	260.29M	260.44M	260.87M	261.99M	264.80M	264.93M	264.99M	266.19M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-27	-28	-34	-31	-36	-39	-50	-32	-39	-38
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.38	6.72	1.03	-23.71	22.95	-8.01	-0.86	-3.78	-	-1.46	0.51
NOPAT to Interest Expense	-0.82	-1.16	-0.60	-2.16	-2.02	-1.34	-1.04	-1.30	-	-0.49	-0.31
EBIT Less CapEx to Interest Expense	-35.55	-16.81	-7.93	-55.48	-8.82	-36.32	-20.12	-38.93	-	-16.31	-7.45
NOPAT Less CapEx to Interest Expense	-27.99	-24.69	-9.56	-33.93	-33.79	-29.64	-20.29	-36.45	-	-15.34	-8.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.02%	-0.53%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Augmented Payout Ratio	-227.37%	-6,970.07%	469.74%	-13.60%	28.66%	-50.31%	-33.02%	-587.74%	-	-87.56%	-92.89%

Financials Breakdown Chart

Key Financial Trends

NextDecade remains in a heavy construction and financing phase. The company reported no operating revenue in the quarters provided, while its LNG project investment has driven a substantial increase in assets, debt and financing needs. The latest results show some improvement in quarterly losses, but NextDecade continues to consume cash and has not yet established an operating revenue base.

Quarterly earnings improved in Q2 2026. Consolidated net loss narrowed to $60.2 million from $195.0 million in Q1 2026, while the loss attributable to common shareholders declined to $65.4 million from $136.4 million. However, the improvement was partly offset by higher interest expense of $123.2 million, compared with $79.2 million in Q1.

The balance sheet has expanded rapidly. Net property, plant and equipment increased to $13.5 billion in Q2 2026 from $1.8 billion in Q3 2023 and $243.9 million in Q1 2023. This reflects the scale of NextDecade’s LNG development spending. Long-term debt also rose to $10.4 billion from $1.4 billion in Q3 2023, placing greater importance on project completion, future cash generation and financing conditions.

Cash flow remains dependent on external financing. NextDecade used $980.7 million for capital expenditures in Q2 2026, following $1.18 billion in Q1. Continuing operating activities consumed $79.6 million during the latest quarter. Financing activities provided $1.08 billion, including $1.59 billion of new debt and $511.3 million from common equity issuance, allowing cash and equivalents to increase by $34.5 million.

Quarterly net loss improved substantially in Q2 2026, falling to $60.2 million from $195.0 million in Q1 2026.
Selling, general and administrative expense declined to $43.8 million in Q2 2026 from $49.9 million in Q1 and $66.1 million in Q3 2025, indicating some recent cost control.
Net property, plant and equipment expanded to $13.5 billion by Q2 2026, up from $4.3 billion in Q3 2024, showing continued progress in building the company’s LNG infrastructure.
Q2 2026 capital expenditures of $980.7 million were lower than the $1.18 billion recorded in Q1, which may indicate a moderation in near-term construction spending.
Cash and restricted cash totaled approximately $502.3 million at June 30, 2026, up from approximately $465.1 million at March 31, 2026.
The company has reported zero operating revenue in each income statement included in the dataset, so current earnings do not yet reflect an operating LNG business.
The Q4 2025 profit was not representative of recurring operations: consolidated net income of $71.0 million was supported by $213.1 million of other income, while operating income remained negative.
Long-term debt increased to $10.4 billion in Q2 2026 from $5.2 billion in Q2 2025 and $1.4 billion in Q3 2023, increasing leverage and interest-rate sensitivity.
Interest expense rose to $123.2 million in Q2 2026 from $66.2 million in Q2 2025, adding pressure to results while revenue remains absent.
Liquidity is strained on a current basis: current assets of $631.9 million were well below current liabilities of $1.69 billion, and common equity was negative $57.3 million at June 30, 2026.

For investors, the central issue is execution rather than current profitability. NextDecade’s growing project asset base could support long-term value if construction is completed on schedule and the company begins generating contracted LNG revenue. Until then, persistent operating losses, substantial capital requirements, rising debt and repeated equity issuance remain significant risks to common shareholders.

09/22/26 07:45 AM ETAI Generated. May Contain Errors.

NextDecade Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NextDecade's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NextDecade's net income appears to be on an upward trend, with a most recent value of -$429.64 million in 2025, rising from -$7.76 million in 2015. The previous period was $277.45 million in 2024. See NextDecade's forecast for analyst expectations on what's next for the company.

NextDecade's total operating income in 2025 was -$225.93 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $225.93 million

Over the last 10 years, NextDecade's total revenue changed from $0.00 in 2015 to $0.00 in 2025, a change of 0.0%.

NextDecade's total liabilities were at $10.12 billion at the end of 2025, a 117.3% increase from 2024, and a 233,067.6% increase since 2015.

In the past 10 years, NextDecade's cash and equivalents has ranged from $324.99 thousand in 2015 to $148.14 million in 2024, and is currently $143.78 million as of their latest financial filing in 2025.

Over the last 10 years, NextDecade's book value per share changed from 0.36 in 2015 to 0.36 in 2025, a change of 0.1%.

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Financial statements for NASDAQ:NEXT last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NextDecade (NEXT) Financials

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NextDecade (NEXT) Financials

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