NextDecade Corp (NEXT) financial statements: income statement, balance sheet and cash flow
NextDecade Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NextDecade Corp reported revenue of $0 and net income of ($306.4M) (-396.2% year on year).
Income statement
NextDecade Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$0
$0
$0
$0
General and administrative expense
$202.3M
$150.1M
$111.5M
—
Development expense
$8.0M
$8.3M
$4.9M
—
Depreciation and amortization expense
$12.1M
—
—
—
Other
$3.5M
—
—
—
Total operating expenses
$225.9M
$171.1M
$122.7M
$54.5M
Total operating loss
($225.9M)
($171.1M)
($122.7M)
($54.5M)
Derivative (loss) gain, net
($11.0M)
$586.5M
($44.8M)
—
Interest expense
($170.0M)
($87.5M)
—
—
Loss on debt extinguishment and modification cost
($30.1M)
($49.3M)
($9.5M)
—
Other income (expense), net
$7.4M
($1.2M)
$7.5M
$151.0K
Total other income (expense)
($203.7M)
$448.5M
($99.0M)
($5.6M)
Net (loss) income
($429.6M)
$277.4M
($221.6M)
—
Less: net (loss) income attributable to non-controlling interest
($123.2M)
$339.2M
($59.4M)
—
Less: preferred stock dividends
$0
$0
$20.5M
($24.3M)
Net loss attributable to common stockholders
($306.4M)
($61.8M)
($182.7M)
($84.4M)
Net loss per common share - basic (in usd per share)
-$1.17
-$0.24
-$0.94
-$0.65
Net loss per common share - diluted (in usd per share)
-$1.17
-$0.24
-$0.94
—
Weighted average shares outstanding - basic (in shares)
262.2M
258.5M
194.6M
130.1M
Weighted average shares outstanding - diluted (in shares)
262.2M
258.5M
194.6M
—
NextDecade Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$0
$0
$0
$0
Operating and maintenance expense
$13.5M
—
—
—
General and administrative expense
$30.3M
$49.9M
$66.1M
$52.0M
Development expense
$2.9M
$2.1M
$2.9M
$1.2M
Depreciation and amortization expense
$7.9M
$3.0M
$3.0M
$3.0M
Other
$0
$0
$0
$0
Total operating expenses
$54.6M
$55.1M
$72.0M
$56.3M
Total operating loss
($54.6M)
($55.1M)
($72.0M)
($56.3M)
Derivative gain (loss), net
$116.1M
($62.1M)
($74.1M)
$25.2M
Interest expense
($90.8M)
($79.2M)
($38.6M)
($28.8M)
Loss on debt extinguishment
($32.5M)
—
$0
($9.2M)
Other income (expense), net
$1.5M
$1.4M
($20.0K)
($1.5M)
Total other income (expense)
($5.6M)
($139.9M)
($112.8M)
($14.4M)
Loss before income taxes
($60.2M)
($195.0M)
—
—
Income tax expense
$0
$0
—
—
Net loss
($60.2M)
($195.0M)
($184.8M)
($70.6M)
Less: net income (loss) attributable to non-controlling interests
$5.2M
($58.6M)
($75.3M)
($9.8M)
Net loss attributable to common stockholders
($65.4M)
($136.4M)
($109.5M)
($60.9M)
Loss per common share - basic (in usd per share)
-$0.25
-$0.51
-$0.42
-$0.23
Loss per common share - diluted (in usd per share)
-$0.25
-$0.51
-$0.42
-$0.23
Weighted average shares outstanding - basic (in shares)
265.0M
264.9M
262.6M
260.9M
Weighted average shares outstanding - diluted (in shares)
265.4M
264.9M
262.6M
260.9M
Balance sheet
NextDecade Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$143.8M
$148.1M
$38.2M
$62.8M
Restricted cash
$563.3M
$244.6M
$256.2M
—
Prepaid expenses and other current assets
$11.0M
$2.9M
$2.1M
$1.1M
Total current assets
$718.0M
$412.6M
$314.5M
$63.9M
Property, plant and equipment, net
$10.6B
$5.0B
$2.4B
$218.6M
Operating lease right-of-use assets
$162.5M
$166.1M
$170.8M
$1.5M
Deferred financing fees
$423.1M
$317.8M
$389.7M
—
Derivatives
$532.2M
$16.9M
—
—
Other non-current assets
$21.7M
$15.6M
$11.0M
$28.4M
Total assets
$12.4B
$6.4B
$3.3B
$312.4M
Accounts payable
$443.9M
$244.6M
$243.1M
$1.1M
Operating leases
$3.9M
$2.9M
$3.1M
$1.1M
Accrued and other current liabilities
$888.2M
$347.6M
$299.3M
—
Total current liabilities
$1.3B
$595.1M
$552.4M
$25.4M
Debt, net
$8.5B
$3.9B
$1.8B
—
Operating leases
$142.3M
$144.2M
$146.0M
$465.0K
Derivatives - noncurrent liabilities
$135.5M
$0
$66.9M
—
Total liabilities
$10.1B
$4.7B
$2.6B
$55.6M
Common stock, $0.0001 par value, 480.0 million authorized: 264.8 million and 260.2 million outstanding, respectively
$26.0K
$26.0K
$26.0K
—
Treasury stock: 4.9 million and 3.1 million respectively, at cost
($37.9M)
($20.9M)
($14.2M)
($4.6M)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding
$0
$0
$0
—
Additional paid-in-capital
$893.1M
$852.1M
$693.9M
$289.1M
Accumulated deficit
($760.0M)
($453.5M)
($391.8M)
($230.1M)
Total stockholders’ equity
$95.3M
$377.6M
$287.9M
$54.4M
Non-controlling interest
$2.2B
$1.4B
$452.5M
—
Total equity
$2.3B
$1.7B
$740.4M
—
Total liabilities and equity
$12.4B
$6.4B
$3.3B
$312.4M
NextDecade Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$83.7M
$143.1M
$209.4M
$158.5M
Restricted cash
$415.9M
$321.9M
$535.3M
$298.5M
Derivatives
$12.1M
$13.2M
$9.7M
$13.1M
Prepaid expenses and other current assets
$120.2M
$9.3M
$10.5M
$6.7M
Total current assets
$631.9M
$487.5M
$764.8M
$476.8M
Property, plant and equipment, net
$13.5B
$11.7B
$8.5B
$6.6B
Operating lease right-of-use assets
$136.8M
$135.1M
$163.6M
$163.9M
Deferred financing fees
$376.1M
$393.5M
$244.5M
$260.6M
Derivatives
$479.2M
$501.2M
$329.5M
$324.9M
Other non-current assets
$67.0M
$50.4M
$36.3M
$49.3M
Total assets
$15.2B
$13.2B
$10.0B
$7.9B
Accounts payable
$327.2M
$298.1M
$428.9M
$311.7M
Operating leases
$1.6M
$1.3M
$3.3M
$3.0M
Accrued and other current liabilities
$1.4B
$914.9M
$761.8M
$369.2M
Total current liabilities
$1.7B
$1.2B
$1.2B
$683.9M
Debt, net
$10.4B
$9.4B
$6.6B
$5.2B
Operating leases
$118.9M
$117.6M
$143.3M
$143.2M
Derivatives
$160.6M
$184.4M
—
—
Total liabilities
$12.4B
$10.9B
$8.0B
$6.0B
Common stock, $0.0001 par value, 480.0 million authorized: 265.1 million and 264.8 million outstanding, respectively
$27.0K
$27.0K
$26.0K
$26.0K
Treasury stock: 4.9 million and 4.9 million, respectively, at cost
($37.9M)
($37.9M)
($36.5M)
($21.0M)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding
$0
$0
$0
$0
Additional paid-in-capital
$942.4M
$903.5M
$903.6M
$884.7M
Accumulated deficit
($961.8M)
($896.4M)
($712.7M)
($603.2M)
Total stockholders’ equity
($57.3M)
($30.7M)
$154.5M
$260.5M
Non-controlling interests
$2.9B
$2.4B
$1.8B
$1.6B
Total equity
$2.8B
$2.4B
$2.0B
$1.9B
Total liabilities and equity
$15.2B
$13.2B
$10.0B
$7.9B
Cash flow statement
NextDecade Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net (loss) income
($429.6M)
$277.4M
—
($60.1M)
Depreciation
$1.8M
$1.9M
$168.0K
$162.0K
Share-based compensation expense
$39.2M
$19.9M
$26.6M
$7.5M
Derivative (gain) loss
$11.0M
($586.5M)
$44.8M
—
Derivative settlements
$21.3M
$48.7M
$4.1M
—
Amortization of leases
$10.3M
$4.7M
$3.0M
$756.0K
Loss on debt extinguishment and modification cost
$30.1M
$49.3M
$9.5M
—
Amortization of debt issuance costs
$80.5M
$65.3M
$41.4M
—
Interest elected to be paid-in-kind
$25.9M
—
$26.4M
—
Other
$3.4M
$593.0K
—
—
Prepaid expenses and other current assets
($4.0M)
($854.0K)
($940.0K)
—
Accounts payable
$2.2M
($2.2M)
$4.1M
$684.0K
Operating leases
($7.6M)
($2.1M)
($179.0K)
—
Accrued expenses and other liabilities
$46.2M
$25.3M
($7.1M)
$5.8M
Net cash used in operating activities
($169.4M)
($95.6M)
($73.6M)
($40.1M)
Acquisition of property, plant and equipment
($4.8B)
($2.6B)
($1.7B)
($33.8M)
Acquisition of other non-current assets
($6.1M)
($6.4M)
($15.2M)
($7.1M)
Net cash used in investing activities
($4.9B)
($2.6B)
($1.8B)
($40.9M)
Proceeds from debt issuance
$4.7B
$3.5B
$2.1B
—
Receipt of equity commitments
$981.7M
$676.0M
—
—
Proceeds from sale of common stock
$0
$0
$254.4M
$115.0M
Repayment of debt
$0
($1.3B)
($233.0M)
—
Costs associated with repayment of debt
$0
($13.4M)
—
—
Debt and equity issuance costs
($313.5M)
($72.8M)
($494.3M)
—
Debt modification costs
($15.6M)
—
—
—
Preferred stock dividends
$0
$0
($53.0K)
($75.0K)
Shares repurchased related to share-based compensation
-16.9M
-6.7M
-9.6M
-3.3M
Net cash provided by financing activities
$5.3B
$2.8B
$2.1B
$118.2M
Net increase in cash, cash equivalents and restricted cash
$314.3M
$98.3M
$231.7M
$37.2M
Cash, cash equivalents and restricted cash – beginning of period
$392.8M
$294.5M
$62.8M
$25.6M
Cash, cash equivalents and restricted cash – end of period
$707.1M
$392.8M
$294.5M
—
NextDecade Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($255.2M)
($195.0M)
—
—
Depreciation and amortization
$8.3M
—
—
—
Share-based compensation expense
$10.8M
$5.4M
$26.9M
$13.8M
Derivative (gain) loss, net
($54.0M)
$62.1M
$217.7M
$143.5M
Derivative settlements
$4.2M
$2.3M
$16.0M
$9.3M
Reduction of right-of-use assets
$1.6M
$1.1M
$7.7M
$5.2M
Loss on debt extinguishment
$32.5M
—
$9.2M
$9.2M
Amortization of debt issuance costs
$58.3M
$28.4M
$51.9M
$33.9M
Interest elected to be paid-in-kind
$58.0M
$28.8M
$18.8M
$11.5M
Other
$152.0K
$152.0K
($203.0K)
($203.0K)
Prepaid expenses and other current assets
$2.5M
$1.7M
$1.3M
($1.1M)
Accounts payable
$857.0K
$2.5M
$13.3M
$2.9M
Operating lease liabilities
($1.7M)
($1.1M)
($5.7M)
($3.8M)
Accrued expenses and other liabilities
$5.6M
($47.4M)
($10.0M)
$14.3M
Net cash used in operating activities
($128.0M)
($110.8M)
($148.7M)
($72.7M)
Acquisition of property, plant and equipment
($2.2B)
($1.2B)
($2.9B)
($1.5B)
Acquisition of other non-current assets
($46.0M)
$0
($20.8M)
($29.7M)
Net cash used in investing activities
($2.2B)
($1.2B)
($2.9B)
($1.5B)
Proceeds from debt issuance
$2.4B
$817.0M
$2.8B
$1.3B
Repayments of debt
($990.0M)
—
—
—
Receipt of equity commitments
$760.0M
$248.7M
$710.7M
$412.7M
Debt issuance costs
($44.7M)
($20.2M)
($76.8M)
($32.2M)
Finance lease payments
($5.4M)
—
—
—
Shares repurchased related to share-based compensation
-18.0K
-18.0K
-15.6M
-91.0K
Net cash provided by financing activities
$2.1B
$1.0B
$3.4B
$1.7B
Net (decrease) increase in cash, cash equivalents and restricted cash
($207.5M)
($242.0M)
$351.9M
$64.3M
Cash, cash equivalents and restricted cash – beginning of period
$707.1M
$707.1M
$392.8M
$392.8M
Cash, cash equivalents and restricted cash – end of period