Nextdecade Financials
This page shows Nextdecade (NEXT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Nextdecade passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Nextdecade generates $-0.34 in operating cash flow (-$95.6M OCF vs $277.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Nextdecade earns $-2.0 in operating income for every $1 of interest expense (-$171.1M vs $87.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Nextdecade generated $0 in revenue in fiscal year 2024.
Nextdecade's EBITDA was -$169.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 38.1% from the prior year.
Nextdecade generated -$2.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 47.0% from the prior year.
Nextdecade reported $277.4M in net income in fiscal year 2024. This represents an increase of 225.2% from the prior year.
Nextdecade earned $-0.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 74.5% from the prior year.
Nextdecade held $148.1M in cash against $3.9B in long-term debt as of fiscal year 2024.
Nextdecade had 260M shares outstanding in fiscal year 2024. This represents an increase of 1.4% from the prior year.
Nextdecade's ROE was 73.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Nextdecade invested $8.3M in research and development in fiscal year 2024. This represents an increase of 68.9% from the prior year.
Nextdecade spent $6.7M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 30.4% from the prior year.
Nextdecade invested $2.6B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 47.8% from the prior year.
NEXT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.9M+130.8% | $1.2M+306.5% | $307K-67.9% | $956K-60.3% | $2.4M-4.0% | $2.5M-14.3% | $2.9M+170.2% | $1.1M |
| SG&A Expenses | $66.1M+27.0% | $52.0M+15.8% | $44.9M+12.1% | $40.1M+18.3% | $33.9M+4.3% | $32.5M+23.7% | $26.3M-18.2% | $32.1M |
| Operating Income | -$72.0M-27.9% | -$56.3M-8.4% | -$51.9M-17.3% | -$44.3M-12.0% | -$39.5M-3.7% | -$38.1M-18.6% | -$32.1M+10.3% | -$35.8M |
| Interest Expense | $40.3M+27.3% | $31.6M+16.3% | $27.2M+35.2% | $20.1M-22.7% | $26.0M+2.2% | $25.5M+43.6% | $17.7M-45.4% | $32.5M |
| Income Tax | N/A | N/A | N/A | $0 | N/A | $0 | N/A | $0 |
| Net Income | -$184.8M-161.6% | -$70.6M+71.2% | -$245.2M-150.9% | $481.4M+20796.0% | $2.3M-98.8% | $186.8M+173.0% | -$255.8M-240.7% | $181.8M |
| EPS (Diluted) | $-0.42-82.6% | $-0.23+32.4% | $-0.34-236.0% | $0.25+292.3% | $-0.13-218.2% | $0.11+131.4% | $-0.35-172.9% | $0.48 |
NEXT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.0B+27.3% | $7.9B+14.1% | $6.9B+7.6% | $6.4B+34.6% | $4.8B+13.9% | $4.2B+25.6% | $3.3B+14.7% | $2.9B |
| Current Assets | $764.8M+60.4% | $476.8M+17.8% | $404.8M-1.9% | $412.6M+84.1% | $224.1M-21.1% | $283.9M-9.7% | $314.5M-33.0% | $469.2M |
| Cash & Equivalents | $209.4M+32.1% | $158.5M+21.1% | $130.9M-11.6% | $148.1M+288.4% | $38.1M-16.6% | $45.8M+19.6% | $38.2M-24.8% | $50.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $8.0B+5.6% | $7.6B+15.4% | $6.6B+9.4% | $6.0B+73.3% | $3.5B+14.2% | $3.0B+17.9% | $2.6B+24.2% | $2.1B |
| Current Liabilities | $1.2B+74.6% | $683.9M+43.8% | $475.7M-20.1% | $595.1M+19.1% | $499.6M-1.2% | $505.6M-8.5% | $552.4M+0.3% | $550.7M |
| Long-Term Debt | $6.6B+27.8% | $5.2B+13.7% | $4.5B+16.0% | $3.9B+38.3% | $2.8B+18.4% | $2.4B+31.8% | $1.8B+31.4% | $1.4B |
| Total Equity | $154.5M-40.7% | $260.5M-13.9% | $302.5M-19.9% | $377.6M-4.1% | $393.8M-5.5% | $416.9M+44.8% | $287.9M-39.6% | $477.0M |
| Retained Earnings | -$712.7M-18.2% | -$603.2M-11.2% | -$542.3M-19.6% | -$453.5M-14.5% | -$396.0M-9.0% | -$363.4M+7.2% | -$391.8M-49.2% | -$262.5M |
NEXT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$76.0M-1851.2% | -$3.9M+94.3% | -$68.8M-673.1% | -$8.9M-248.7% | $6.0M+120.8% | -$28.8M-37.3% | -$21.0M-83.8% | -$11.4M |
| Capital Expenditures | $1.4B+85.6% | $731.6M-5.0% | $770.0M+10.8% | $694.6M+17.1% | $593.3M-23.4% | $774.6M+4.5% | $741.2M-21.4% | $943.5M |
| Free Cash Flow | -$1.4B-94.9% | -$735.5M+12.3% | -$838.8M-19.2% | -$703.5M-19.8% | -$587.3M+26.9% | -$803.4M-5.4% | -$762.2M+20.2% | -$954.9M |
| Investing Cash Flow | -$1.3B-79.4% | -$751.9M+3.5% | -$779.4M-12.2% | -$694.6M-17.0% | -$593.6M+24.0% | -$780.6M-5.2% | -$742.4M+22.2% | -$954.0M |
| Financing Cash Flow | $1.7B+107.1% | $826.7M-1.8% | $841.6M+1.3% | $830.5M+54.0% | $539.3M-29.6% | $766.4M+25.2% | $612.0M-55.4% | $1.4B |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $15.5M+36735.7% | $42K-14.3% | $49K-60.8% | $125K+111.9% | $59K-37.2% | $94K+370.0% | $20K-99.8% | $9.5M |
NEXT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | 127.5%+126.9pp | 0.6%-44.2pp | 44.8% | N/A | 38.1% |
| Return on Assets | -1.8%-0.9pp | -0.9%+2.7pp | -3.6%-11.1pp | 7.5%+7.5pp | 0.1%-4.4pp | 4.5%+12.2pp | -7.7%-14.0pp | 6.3% |
| Current Ratio | 0.64-0.1 | 0.70-0.2 | 0.85+0.2 | 0.69+0.2 | 0.45-0.1 | 0.560.0 | 0.57-0.3 | 0.85 |
| Debt-to-Equity | 42.78+22.9 | 19.85+4.8 | 15.04+4.7 | 10.38+3.2 | 7.20+1.5 | 5.74-0.6 | 6.31+3.4 | 2.90 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.69), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Nextdecade's annual revenue?
Nextdecade (NEXT) reported $0 in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Nextdecade profitable?
Yes, Nextdecade (NEXT) reported a net income of $277.4M in fiscal year 2024.
What is Nextdecade's earnings per share (EPS)?
Nextdecade (NEXT) reported diluted earnings per share of $-0.24 for fiscal year 2024. This represents a 74.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Nextdecade's EBITDA?
Nextdecade (NEXT) had EBITDA of -$169.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nextdecade have?
As of fiscal year 2024, Nextdecade (NEXT) had $148.1M in cash and equivalents against $3.9B in long-term debt.
What is Nextdecade's return on equity (ROE)?
Nextdecade (NEXT) has a return on equity of 73.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Nextdecade's free cash flow?
Nextdecade (NEXT) generated -$2.7B in free cash flow during fiscal year 2024. This represents a -47.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nextdecade's operating cash flow?
Nextdecade (NEXT) generated -$95.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Nextdecade's total assets?
Nextdecade (NEXT) had $6.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Nextdecade's capital expenditures?
Nextdecade (NEXT) invested $2.6B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Nextdecade spend on research and development?
Nextdecade (NEXT) invested $8.3M in research and development during fiscal year 2024.
Does Nextdecade buy back shares?
Yes, Nextdecade (NEXT) spent $6.7M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Nextdecade have outstanding?
Nextdecade (NEXT) had 260M shares outstanding as of fiscal year 2024.
What is Nextdecade's current ratio?
Nextdecade (NEXT) had a current ratio of 0.69 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Nextdecade's debt-to-equity ratio?
Nextdecade (NEXT) had a debt-to-equity ratio of 10.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nextdecade's return on assets (ROA)?
Nextdecade (NEXT) had a return on assets of 4.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Nextdecade's cash runway?
Based on fiscal year 2024 data, Nextdecade (NEXT) had $148.1M in cash against an annual operating cash burn of $95.6M. This gives an estimated cash runway of approximately 19 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nextdecade's Piotroski F-Score?
Nextdecade (NEXT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nextdecade's earnings high quality?
Nextdecade (NEXT) has an earnings quality ratio of -0.34x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nextdecade cover its interest payments?
Nextdecade (NEXT) has an interest coverage ratio of -2.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.