NextDecade Corp. (NEXT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$0

Net income, last twelve months

-$93.7M

Earnings per share

-$0.40

Free cash flow

-$5.4B

Return on equity

-83.8%

Market value

$1.7B

Cash

$129.9M

Debt

$12.0B

Debt to equity

107.19

Shares outstanding

268.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

Company events

The newest 8-K filings of 132 held.

Every filing

The newest filings with the SEC of 355 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

246 funds held it at 30 Jun 2026: 127 added and 48 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ONEOK Inc. (OKE): revenue $43.2B, market value $59.7B
• Southwest Gas Holdings, Inc. (SWX): revenue –, market value $6.7B
• Chesapeake Utilities Corp. (CPK): revenue $993.5M, market value $3.2B
• Centuri Holdings, Inc. (CTRI): revenue $3.4B, market value $2.1B

What the company does

NextDecade Corporation is a Houston-based energy company that builds and develops natural gas liquefaction capacity and sells LNG. Its project is the Rio Grande LNG Facility in the Rio Grande Valley near Brownsville, Texas. Five liquefaction trains there are under construction, with a total expected LNG production capacity of approximately 30 MTPA (million tonnes per annum). Its common stock trades on the Nasdaq Capital Market under the symbol NEXT.

How the business is organised

NextDecade LLC was founded in 2010 to develop LNG export projects and associated pipelines. It merged with a subsidiary of the company on 24 July 2017.

The company is also developing Trains 6 through 8, which it wholly owns, and says it is exploring a possible carbon capture and storage project at the same site.

The Rio Grande LNG Facility

The site covers approximately 1,000 acres of long-term leased land on the north shore of the Brownsville Ship Channel, with 15,000 feet of channel frontage. The company says there is space for up to 10 liquefaction trains.

- four full containment LNG storage tanks of 180,000 cubic meters each - two jetty berthing structures designed to load LNG carriers of up to 216,000 cubic meters - feed gas pretreatment facilities, electric and water utilities, ground flares, levees and support buildings

Bechtel builds the trains under fully wrapped, lump-sum turnkey engineering, procurement and construction contracts. The company says the plant will use Honeywell AP-C3MR liquefaction technology.

As of January 2026, the overall project completion percentage was 64.5% for Trains 1 and 2 with the common facilities, 39.8% for Train 3, 7.8% for Train 4 and 3.3% for Train 5. Guaranteed substantial completion is the third quarter of 2030 for Train 4 and the second quarter of 2031 for Train 5.

Who buys the LNG and how

NextDecade has long-term sale and purchase agreements with 14 counterparties for approximately 25.3 MTPA from Trains 1 through 5, with a weighted average term of 19.5 years. Customers pay a fixed fee per MMBtu of LNG plus a variable fee per MMBtu. The variable fee is structured to cover the expected cost of natural gas plus fuel and other sourcing costs. If a customer cancels or suspends a cargo, it still owes the fixed fee on that cargo. Part of the fixed fee is adjusted annually for inflation. Approximately 23.75 MTPA of these volumes are linked to Henry Hub.

- a subsidiary of Saudi Aramco, 1.2 MTPA from Train 4 - TotalEnergies, 1.5 MTPA from Train 4 - JERA, 2.0 MTPA from Train 5 - EQT Corporation, 1.5 MTPA from Train 5 - ConocoPhillips, 1.0 MTPA from Train 5

The company also has a 1.0 MTPA delivered ex-ship agreement. It has time charter agreements for shipping capacity. In early 2026 it began marketing early cargoes expected in 2027 and 2028, and has agreed sales of over 175 TBtu, which it says is 33% of its expected open volumes from 2027 through early 2029.

Gas supply

The company is putting in place a feedstock sourcing and transportation plan across multiple contracts, counterparties and pricing hubs. It has transportation agreements, firm and interruptible, to bring gas to the facility. These allow purchases at the Agua Dulce Hub and other physical access points, with supply from the Permian Basin, Eagle Ford Shale and other basins.

What NextDecade earns from the trains

- Phase 1: up to approximately 20.8% of distributions of available cash, with a majority of its otherwise due distributions paid only after partners reach an agreed threshold. - Train 4: 40%, rising to 60% once partners receive a certain return. - Train 5: 50%, rising to 70% once partners receive a certain return.

NextDecade LLC also receives development and services fees from the Train 4 and Train 5 project companies.

Permits and regulation

LNG export is regulated under Section 3 of the Natural Gas Act. The Federal Energy Regulatory Commission (FERC) authorizes siting, construction and operation of export facilities. The Department of Energy authorizes exports of the gas itself. The company has obtained all major permits for the first five trains, including FERC approval and Department of Energy FTA and non-FTA export authorizations.

In March 2025 the D.C. Circuit Court sent the FERC order back to FERC without vacating it. FERC issued a final order on remand in August 2025 that reaffirmed its authorization. In December 2025 certain intervenors petitioned the D.C. Circuit Court to review that order, and the petition remains pending.

For Trains 6 through 8, the company began the FERC pre-filing process in November 2025 for an expansion including Train 6 and an additional marine berth. It says it expects to file a full application in mid-2026.

Competition

The Rio Grande LNG Facility competes with liquefaction facilities worldwide. Competitors include independent technology-driven companies, state-owned companies, other oil and natural gas companies and utilities. The company says many have longer operating histories and greater resources than it does.

*From NextDecade's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1612720/000161272026000009/next-20251231.htm)*

From the company's 10-K.