Free cash flow remains deeply negative, highlighted by a peak quarterly outflow of $2.3 billion in 2025Q4 due to aggressive capital expenditure requirements.
| Cash from Operations | -211.41M | -169.4M | -95.58M | -73.62M | -40.08M | -17.96M | -26.25M | -40.7M | -23.29M | -12.83M | -483.14K | -433.88K | -2.2K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -377.19% | -77.22% | -29.84% | -83.7% | -123.14% | 31.59% | 35.5% | -74.79% | -81.49% | -2555.53% | -11.35% | -19612.99% | - |
| Net Income | -354.04M | -429.64M | 277.45M | -221.64M | -60.07M | -22.04M | -14.33M | -35.87M | -41.96M | -35.33M | -434.7K | -263.19K | -2.89K |
| Depreciation & Amortization | 17.13M | 12.12M | 6.68M | 3.15M | 918K | 735K | 1.43M | 1.21M | 171K | 106K | 100K | 80 | 74 |
| Stock-Based Compensation | 19.56M | 39.21M | 19.91M | 26.55M | 7.47M | -4.31M | -341K | -9.65M | 16.84M | 22.69M | 0 | 0 | 687 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -19.81M | 172.09M | -419.73M | 122.46M | 6.1M | 3.95M | -6.09M | 2.55M | -50K | 22.91M | -254.73K | -74.89K | 53 |
| Working Capital Changes | 17.26M | 36.82M | 20.12M | -4.14M | 5.5M | 3.71M | -6.92M | 1.06M | 1.71M | -303K | 206.29K | -95.8K | -127 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -10.36M | 2.17M | -2.22M | 4.06M | 684K | -26K | -370K | 207K | 124K | -137K | 113.64K | 17.26K | 0 |
| Cash from Investing | -5.25B | -4.85B | -2.57B | -1.75B | -40.89M | -18.53M | 18.52M | -16.69M | -86.16M | 11.86M | 122.02K | -117.3M | -392 |
| Capital Expenditures | -5.54B | -4.85B | -2.57B | -1.74B | -33.75M | -12.11M | -32.35M | -20.3M | -18.66M | -14.83M | -19.39M | -33.21K | -392 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.66M | 26.77M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 287.43M | -6.1M | -6.4M | -15.16M | -7.13M | -6.43M | -10.91M | -6.88M | -18.66M | 26.77M | 122.02K | -117.3M | 0 |
| Cash from Financing | 5.54B | 5.34B | 2.77B | 2.06B | 118.2M | 39.44M | 14.6M | 69.96M | 76.91K | 50.92K | 60K | 118.06M | 2.93K |
| Debt Issued (Net) | 4.84B | 4.69B | 2.19B | 1.85B | 0 | 0 | 0 | 0 | 0 | 0 | 60K | 0 | 0 |
| Equity Issued (Net) | 213.03M | -16.95M | -6.7M | 254.4M | 125.5M | 40.06M | 0 | 70.94M | 76.92M | 24.15M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -53K | -75K | -67K | -50K | -42K | -4 | 0 | 0 | -1.04K | -1.07K |
| Share Repurchases | -16.91M | -16.95M | -6.7M | 0 | 0 | 0 | 0 | 0 | -35K | 0 | 0 | 0 | 0 |
| Other Financing | 490.23M | 668.18M | 589.78M | -46.24M | -7.22M | -552K | 14.65M | -943K | 0 | 0 | 0 | 119.1M | 4K |
| Net Change in Cash | 78.92M | 314.33M | 98.28M | 231.69M | 37.24M | 2.94M | 6.87M | 12.57M | -32.53M | 23.18M | -301.13K | 323.88K | 341 |
| Free Cash Flow | -5.75B | -5.02B | -2.66B | -1.81B | -73.83M | -30.07M | -58.6M | -61M | -41.94M | -27.66M | -19.88M | -467.1K | -2.59K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -114.24% | -88.34% | -47.05% | -2353.31% | -145.56% | 48.7% | 3.93% | -45.44% | -51.62% | -39.18% | -4155.04% | -17913.73% | - |
| FCF per Share | -21.70 | -19.13 | -10.30 | -9.31 | -0.57 | -0.25 | -0.50 | -0.56 | -0.39 | -0.27 | -4.42 | -0.11 | -0.00 |
| FCF Conversion (FCF/Net Income) | 16.24x | 0.55x | 1.55x | 0.45x | 0.67x | 0.81x | 1.83x | 1.13x | 0.55x | 0.36x | 1.11x | 1.65x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 23.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Construction and financing execution
As indicated by recent financial disclosures, NextDecade's free cash flow remains deeply negative, with a peak quarterly outflow of $2.3 billion in 2025Q4, underscoring the massive capital intensity required to fund the Rio Grande LNG facility construction before any operational revenue generation can commence.
The consistent and substantial negative free cash flow reflects the company's current status as a pure-play infrastructure developer rather than an operating entity. Investors should monitor whether these outflows remain within the projected EPC budget, as any deviation could necessitate further dilutive financing or increased reliance on project-level debt.
According to the provided quarterly data, capital expenditures have reached as high as $2.3 billion in a single quarter, illustrating the aggressive pace of investment required to advance the liquefaction trains and integrated carbon capture infrastructure toward their targeted completion dates.
This level of capital intensity is characteristic of large-scale energy projects, yet it leaves the company with virtually no margin for error regarding construction timelines. The reliance on heavy upfront spending suggests that the company's liquidity position is highly sensitive to the successful and timely execution of Bechtel's construction milestones.
Based on reported figures, the relationship between net income and operating cash flow is consistently distorted, with operating cash flow frequently trailing net results, as evidenced by the 2026Q1 period where the company reported a $136.4 million loss alongside a $110.8 million operating cash outflow.
The persistent gap between net income and operating cash flow suggests that non-cash items and accounting adjustments are masking the true scale of the company's operational cash burn. Analysts should focus on the operating cash flow line as the primary indicator of the company's actual ability to sustain its administrative and development overhead.
Financial statements reveal erratic working capital fluctuations, with quarterly changes swinging from a $37.8 million inflow in 2025Q4 to a $44.4 million outflow in 2026Q1, reflecting the complex timing of payments to contractors and suppliers during the ongoing construction phase.
These swings appear to be driven by the timing of large-scale EPC payments rather than underlying operational efficiency. Investors should interpret these movements as a function of project-finance mechanics rather than a signal of changing business health, though they warrant monitoring for potential liquidity constraints.
As reported in recent filings, the cash flow statement obscures the true cost of development through the capitalization of interest and development expenses, which effectively shifts significant cash outflows away from the immediate income statement and into long-term asset accounts.
This accounting treatment may provide a misleading view of the company's current burn rate by deferring the recognition of financing costs. Analysts should be cautious, as the eventual transition to operational status will likely result in a significant increase in reported interest expenses, potentially impacting future cash flow availability.
Quick answers to the most common questions about buying NEXT stock.
NextDecade Corporation (NEXT) generated $-169.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NextDecade Corporation (NEXT) reported negative free cash flow of $5.02B in 2025, indicating capital requirements exceeded cash from operations.
NextDecade Corporation (NEXT) spent $4.85B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NextDecade Corporation (NEXT) spent $16.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.