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NEXT logoNextDecade Corporation(NEXT)Earnings, Financials & Key Ratios

NEXT•NASDAQ
$7.47
$1.98B mkt cap·Price updated May 6, 2026
SectorEnergyIndustryOil & Gas E&PSub-IndustryEnergy transition and low carbon fuels
AboutNextDecade Corporation engages in the development activities related to the liquefaction and sale of liquefied natural gas (LNG); and capture and storage of CO2 emissions. The company focuses on the development activities on the Rio Grande LNG terminal facility located in the Port of Brownsville in southern Texas. It also focuses on a carbon capture and storage project (CCS project) at the terminal, as well as on other CCS projects with third-party industrial source facilities. The company was founded in 2010 is based in Houston, Texas.Show more
  • Revenue$0
  • EBITDA-$214M-30.1%
  • Net Income-$306M-396.2%
  • EPS (Diluted)-1.17-387.5%
  • ROE-15.15%-204.8%
  • ROIC-2.06%+33.2%
  • Debt/Equity3.76+61.3%
  • Interest Coverage-1.33-131.9%
Technical→

NEXT Key Insights

NextDecade Corporation (NEXT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 83 (top 17%)
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.8x
  • ✗Profits declining 84.5% over 5 years
  • ✗Weak Piotroski F-Score: 1/9
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NEXT Price & Volume

NextDecade Corporation (NEXT) stock price & volume — 10-year historical chart

Loading chart...

NEXT Growth Metrics

NextDecade Corporation (NEXT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-396.24%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-387.5%

Return on Capital

10 Years-14.14%
5 Years-9.19%
3 Years-4.89%
Last Year-2.67%

NEXT Recent Earnings

NextDecade Corporation (NEXT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)
Q2 2026Latest
Mar 2, 2026
EPS
$0.18
Est $0.68
+73.5%
Revenue
—
Q1 2026
Feb 27, 2026
EPS
$0.88
Est $0.68
-29.4%
Revenue
—
Q4 2025
Oct 30, 2025
EPS
$0.42
Est $0.32
-31.3%
Revenue
—
Q3 2025
Jul 31, 2025
EPS
$0.23
Est $0.23
+0.0%
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 2, 2026
$0.18vs $0.68+73.5%
—
Q1 2026Feb 27, 2026
$0.88vs $0.68-29.4%
—
Q4 2025Oct 30, 2025
$0.42vs $0.32-31.3%
—
Q3 2025Jul 31, 2025
$0.23vs $0.23+0.0%
—
Based on last 12 quarters of dataView full earnings history →

NEXT Peer Comparison

NextDecade Corporation (NEXT) competitors in Energy transition and low carbon fuels — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NFE logoNFENew Fortress Energy Inc.Direct Competitor211.17M0.74-0.11-36.4%-122.58%-158.34%27.68
GLNG logoGLNGGolar LNG LimitedDirect Competitor5.71B54.6684.0951.14%16.69%3.18%1.33
CLNE logoCLNEClean Energy Fuels Corp.Direct Competitor491.3M2.24-2.222.16%-52.22%-39.29%0.18
LNG logoLNGCheniere Energy, Inc.Product Competitor54.93B261.4210.8324.44%27.01%46.4%2.19
CQP logoCQPCheniere Energy Partners, L.P.Product Competitor30.99B64.0315.07-9.93%22.54%
ET logoETEnergy Transfer LPProduct Competitor68.36B19.8714.72-0.05%5.93%10.38%1.45
KMI logoKMIKinder Morgan, Inc.Product Competitor70.26B31.5823.0512.45%18.92%10.27%1.00
DKNG logoDKNGDraftKings Inc.Product Competitor11.86B23.92-2953.0926.99%0.06%0.46%3.06

Compare NEXT vs Peers

NextDecade Corporation (NEXT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NFE

Most directly comparable listed peer for NEXT.

Scale Benchmark

vs CB

Larger-name benchmark to compare NEXT against a more recognizable public peer.

Peer Set

Compare Top 5

vs NFE, GLNG, CLNE, LNG

NEXT Income Statement

NextDecade Corporation (NEXT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue000000000
Revenue Growth %---------
Cost of Goods Sold1.09M1.27M1.33M2.79M2.15M1.27M3.15M6.68M12.12M
COGS % of Revenue---------
Gross Profit
-1.09M▲ 0%
-1.27M▼ 16.8%
-1.33M▼ 5.0%
-2.79M▼ 109.0%
-2.15M▲ 22.8%
-1.27M▲ 40.9%
-3.15M▼ 147.5%
-6.68M▼ 112.1%
-12.12M▼ 81.6%
Gross Margin %---------
Gross Profit Growth %-987%-16.84%-4.96%-109%22.79%40.86%-147.48%-112.07%-81.58%
Operating Expenses34.55M43.02M33.67M19.23M17.36M53.2M119.52M164.4M213.81M
OpEx % of Revenue---------
Selling, General & Admin34.55M35.18M33.67M19.23M17.36M49.1M114.63M150.11M202.28M
SG&A % of Revenue---------
Research & Development000004.1M4.89M8.26M8.01M
R&D % of Revenue---------
Other Operating Expenses01.27M000006.03M3.52M
Operating Income
-35.64M▲ 0%
-43.02M▼ 20.7%
-35M▲ 18.6%
-22.01M▲ 37.1%
-19.51M▲ 11.4%
-54.48M▼ 179.3%
-122.67M▼ 125.2%
-171.07M▼ 39.5%
-225.93M▼ 32.1%
Operating Margin %---------
Operating Income Growth %-5064.93%-20.7%18.63%37.11%11.38%-179.26%-125.18%-39.46%-32.07%
EBITDA-35.53M-42.84M-33.67M-19.23M-17.36M-53.2M-119.52M-164.4M-213.81M
EBITDA Margin %---------
EBITDA Growth %-5922.37%-20.58%21.42%42.9%9.73%-206.54%-124.65%-37.55%-30.05%
D&A (Non-Cash Add-back)106K171K1.33M2.79M2.15M1.27M3.15M6.68M12.12M
EBIT-35.36M-41.96M-35.87M-14.33M-22.04M-60.07M-171.35M364.99M-225.93M
Net Interest Income001.72M243K2K-5.75M-84.66M-87.54M-170.01M
Interest Income343K1.02M1.72M243K2K0000
Interest Expense000005.75M84.66M87.54M170.01M
Other Income/Expense312K1.05M-870K7.68M-2.53M-5.6M-98.97M448.52M-203.71M
Pretax Income
-35.33M▲ 0%
-41.96M▼ 18.8%
-35.87M▲ 14.5%
-14.33M▲ 60.1%
-22.04M▼ 53.8%
-60.07M▼ 172.6%
-221.64M▼ 269.0%
277.45M▲ 225.2%
-429.64M▼ 254.9%
Pretax Margin %---------
Income Tax-343K36K0000000
Effective Tax Rate %0.97%-0.09%0%0%0%0%0%0%0%
Net Income
-35.33M▲ 0%
-41.96M▼ 18.8%
-35.87M▲ 14.5%
-14.33M▲ 60.1%
-22.04M▼ 53.8%
-60.07M▼ 172.6%
-162.26M▼ 170.1%
-61.75M▲ 61.9%
-306.43M▼ 396.2%
Net Margin %---------
Net Income Growth %-8020.92%-18.78%14.51%60.05%-53.81%-172.57%-170.12%61.94%-396.24%
Net Income (Continuing)-35.33M-41.96M-35.87M-14.33M-22.04M-60.07M-221.64M277.45M-429.64M
Discontinued Operations000000000
Minority Interest000000452.51M1.37B2.21B
EPS (Diluted)
-0.35▲ 0%
-0.39▼ 11.4%
-0.45▼ 15.4%
-0.24▲ 46.7%
-0.34▼ 41.7%
-0.65▼ 91.2%
-0.94▼ 44.6%
-0.24▲ 74.5%
-1.17▼ 387.5%
EPS Growth %-262.32%-11.43%-15.38%46.67%-41.67%-91.18%-44.62%74.47%-387.5%
EPS (Basic)-0.35-0.39-0.45-0.24-0.34-0.65-0.94-0.24-1.17
Diluted Shares Outstanding100.93M106.56M109.06M117.52M119.2M130.14M194.59M258.54M262.16M
Basic Shares Outstanding100.93M106.56M109.06M117.52M119.2M130.14M194.59M258.54M262.16M
Dividend Payout Ratio---------

NEXT Balance Sheet

NextDecade Corporation (NEXT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets42.87M76.93M78.8M23.28M26.39M63.94M314.52M412.57M718.05M
Cash & Short-Term Investments40.77M75.62M77.94M22.61M25.55M62.79M38.24M148.14M143.78M
Cash Only35.7M3.17M15.74M22.61M25.55M62.79M38.24M148.14M143.78M
Short-Term Investments5.06M72.45M62.21M000000
Accounts Receivable000000000
Days Sales Outstanding---------
Inventory000000000
Days Inventory Outstanding---------
Other Current Assets1.84M835K381K267K314K107K274.19M264.44M574.27M
Total Non-Current Assets73.23M92.07M142.39M178.39M195.72M248.49M3.01B5.99B11.71B
Property, Plant & Equipment73.23M92.07M135.65M162.09M174.41M220.12M2.62B5.19B10.73B
Fixed Asset Turnover---------
Goodwill000000000
Intangible Assets003.17M1.8M354K0000
Long-Term Investments0000000472.06M532.25M
Other Non-Current Assets003.58M14.49M20.96M28.37M393.18M333.35M444.73M
Total Assets
116.09M▲ 0%
169M▲ 45.6%
221.19M▲ 30.9%
201.67M▼ 8.8%
222.1M▲ 10.1%
312.43M▲ 40.7%
3.32B▲ 963.9%
6.4B▲ 92.7%
12.43B▲ 94.0%
Asset Turnover---------
Asset Growth %-1.24%45.58%30.88%-8.83%10.13%40.67%963.85%92.67%94.03%
Total Current Liabilities8.4M12.09M21.54M5.14M8.23M25.36M552.39M595.08M1.34B
Accounts Payable726K719K11.91M207K281K1.08M243.13M244.64M443.95M
Days Payables Outstanding243.78206.643.26K27.1247.68311.0528.19K13.38K13.37K
Short-Term Debt000000003.88M
Deferred Revenue (Current)000000000
Other Current Liabilities3.32M2.01M2.5M3.94M2.3M12.05M275.67M13.43M888.2M
Current Ratio5.10x6.36x3.66x4.53x3.21x2.52x0.57x0.69x0.54x
Quick Ratio5.10x6.36x3.66x4.53x3.21x2.52x0.57x0.69x0.54x
Cash Conversion Cycle---------
Total Non-Current Liabilities4.6M7.44M12.04M23.79M25.59M30.25M2.03B4.06B8.79B
Long-Term Debt0000001.82B3.92B8.51B
Capital Lease Obligations003K00465K145.96M144.16M142.27M
Deferred Tax Liabilities000000000
Other Non-Current Liabilities4.6M7.44M12.03M23.79M25.59M29.79M68.72M0135.52M
Total Liabilities13M19.53M33.58M28.93M33.81M55.62M2.58B4.66B10.12B
Total Debt00701K432K596K1.56M1.97B4.07B8.66B
Net Debt-35.7M-3.17M-15.04M-22.18M-24.96M-61.23M1.93B3.92B8.51B
Debt / Equity--0.00x0.00x0.00x0.01x2.65x2.33x3.76x
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage------10.45x-2.02x4.17x-1.33x
Total Equity
103.09M▲ 0%
149.47M▲ 45.0%
187.62M▲ 25.5%
172.74M▼ 7.9%
188.29M▲ 9.0%
256.81M▲ 36.4%
740.43M▲ 188.3%
1.74B▲ 135.6%
2.3B▲ 31.9%
Equity Growth %-8.8%44.99%25.52%-7.93%9.01%36.39%188.32%135.59%31.91%
Book Value per Share1.021.401.721.471.581.973.816.758.78
Total Shareholders' Equity103.09M149.47M187.62M172.74M188.29M256.81M287.92M377.64M95.34M
Common Stock11K11K12K12K12K14K26K26K26K
Retained Earnings-55.62M-97.62M-133.7M-148.03M-170.07M-230.14M-391.77M-453.52M-759.96M
Treasury Stock0-35K-685K-1.03M-1.31M-4.59M-14.21M-20.92M-37.86M
Accumulated OCI-40K-66.25M0000000
Minority Interest000000452.51M1.37B2.21B

NEXT Cash Flow Statement

NextDecade Corporation (NEXT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-12.83M-23.29M-40.7M-26.25M-17.96M-40.08M-73.62M-95.58M-169.4M
Operating CF Margin %---------
Operating CF Growth %-2555.53%-81.49%-74.79%35.5%31.59%-123.14%-83.7%-29.84%-77.22%
Net Income-35.33M-41.96M-35.87M-14.33M-22.04M-60.07M-221.64M277.45M-429.64M
Depreciation & Amortization106K171K1.21M1.43M735K918K3.15M6.68M1.78M
Stock-Based Compensation22.69M16.84M-9.65M-341K-4.31M7.47M26.55M19.91M39.21M
Deferred Taxes000000000
Other Non-Cash Items22.91M-50K2.55M-6.09M3.95M6.1M122.46M-419.73M182.42M
Working Capital Changes-303K1.71M1.06M-6.92M3.71M5.5M-4.14M20.12M36.82M
Change in Receivables000000000
Change in Inventory000000000
Change in Payables-137K124K207K-370K-26K684K4.06M-2.22M0
Cash from Investing11.86M-86.16M-16.69M18.52M-18.53M-40.89M-1.75B-2.57B-4.85B
Capital Expenditures-14.83M-18.66M-20.3M-32.35M-12.11M-33.75M-1.74B-2.57B0
CapEx % of Revenue---------
Acquisitions26.77M18.66M0000000
Investments---------
Other Investing26.77M-18.66M-6.88M-10.91M-6.43M-7.13M-15.16M-6.4M-4.85B
Cash from Financing50.92K76.91K69.96M14.6M39.44M118.2M2.06B2.77B5.34B
Debt Issued (Net)0000001.85B2.19B4.69B
Equity Issued (Net)24.15M76.92M70.94M040.06M125.5M254.4M-6.7M-16.95M
Dividends Paid0-4-42K-50K-67K-75K-53K00
Share Repurchases0-35K00000-6.7M-16.95M
Other Financing00-943K14.65M-552K-7.22M-46.24M589.78M668.18M
Net Change in Cash
23.18M▲ 0%
-32.53M▼ 240.4%
12.57M▲ 138.6%
6.87M▼ 45.3%
2.94M▼ 57.2%
37.24M▲ 1164.8%
231.69M▲ 522.2%
98.28M▼ 57.6%
314.33M▲ 219.8%
Free Cash Flow
-27.66M▲ 0%
-41.94M▼ 51.6%
-61M▼ 45.4%
-58.6M▲ 3.9%
-30.07M▲ 48.7%
-73.83M▼ 145.6%
-1.81B▼ 2353.3%
-2.66B▼ 47.0%
-5.02B▼ 88.3%
FCF Margin %---------
FCF Growth %-39.18%-51.62%-45.44%3.93%48.7%-145.56%-2353.31%-47.05%-88.34%
FCF per Share-0.27-0.39-0.56-0.50-0.25-0.57-9.31-10.30-19.13
FCF Conversion (FCF/Net Income)0.36x0.55x1.13x1.83x0.81x0.67x0.45x1.55x0.55x
Interest Paid00000023.36M00
Taxes Paid000000000

NEXT Key Ratios

NextDecade Corporation (NEXT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-0.38%-32.69%-33.23%-21.28%-7.95%-12.21%-26.99%-32.54%-4.97%-15.15%
Return on Invested Capital (ROIC)-0.46%-29.62%-30.19%-16.46%-10.22%-9.32%-22.77%-6.43%-3.08%-2.06%
Debt / Equity0.00x--0.00x0.00x0.00x0.01x2.65x2.33x3.76x
Interest Coverage-------10.45x-2.02x4.17x-1.33x
FCF Conversion1.11x0.36x0.55x1.13x1.83x0.81x0.67x0.45x1.55x0.55x

NEXT SEC Filings & Documents

NextDecade Corporation (NEXT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 15, 2026·SEC

Material company update

Nov 18, 2025·SEC

Material company update

Oct 16, 2025·SEC

10-K Annual Reports

3
FY 2026

Mar 2, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Mar 11, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 30, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 6, 2025·SEC

NEXT Frequently Asked Questions

NextDecade Corporation (NEXT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

NextDecade Corporation (NEXT) grew revenue by 0.0% over the past year. Growth has been modest.

NextDecade Corporation (NEXT) reported a net loss of $306.4M for fiscal year 2025.

Dividend & Returns

NextDecade Corporation (NEXT) has a return on equity (ROE) of -15.1%. Negative ROE indicates the company is unprofitable.

NextDecade Corporation (NEXT) had negative free cash flow of $5.30B in fiscal year 2025, likely due to heavy capital investments.

Explore More NEXT

NextDecade Corporation (NEXT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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