Nextdecade Corp (NEXT) Cash Flow Statement

The 2026Q3 ratio of 0.72 on $155.4M of net income appears to be the exception rather than the trend, since most quarters show negative net income paired with negative operating cash flow. Because operating losses persisted in the income statement, the positive cash conversion in 2026Q3 may reflect working capital timing or non-operating items rather than a durable earnings improvement. Investors should monitor whether conversion stabilizes before treating the 2026Q3 result as evidence of earnings quality.

With no reported revenue, free cash flow margins cannot be computed, so the trajectory must be judged against absolute dollar burn, which has been large and irregular. The shift from roughly -$0.5B to -$0.8B per quarter in 2024 and 2025 to around -$1.1B to -$2.3B in late 2025 and 2026 suggests spending scaled up sharply. This pattern warrants further investigation into how the company is funding sustained outflows.

Capex in the range of roughly -$0.5B to -$2.3B per quarter, against D&A of only a few million dollars, indicates the spending is overwhelmingly growth-oriented build-out rather than maintenance replacement of existing assets. The gap suggests the asset base is in an early phase where cash is being converted into long-lived infrastructure that has not yet begun contributing reported operating revenue. Whether that investment ultimately earns an adequate return cannot be assessed from the supplied data.

The absence of dividends and the near-zero buybacks mean nearly all cash leaving the business is directed toward investment rather than shareholder distributions. This allocation is consistent with a company in build-phase, though the supplied data does not disclose how the spending is financed. Investors should monitor the financing sources required to sustain roughly $1B-plus quarterly outflows, as the data alone cannot confirm the funding mix.