Here are the 10-Q quarterly reports from NextDecade Corporation (NEXT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NEXT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NEXT filings page.
NextDecade Corporation (NEXT) reported $155.381 million of net income attributable to common stockholders for the third quarter of 2026, versus a $109.482 million loss a year earlier. The quarter included an $851.229 million net derivative gain, primarily reflecting higher forward SOFR rates; revenue was zero and operating loss was $82.912 million, versus $71.963 million.
As of September 2026, overall construction completion was 79.7% for Trains 1 and 2, 55.2% for Train 3, 22.5% for Train 4 and 14.0% for Train 5. NextDecade expects first gas before year-end 2026, first LNG production from Train 1 in the second quarter of 2027 and substantial completion in the third quarter of 2027. FERC approved an uprate to 30.15 MTPA authorized capacity for Trains 1–5; the U.S. Army Corps of Engineers authorized Train 6. An appeal of the earlier FERC authorization remains pending in the D.C. Circuit.
Phase 1 LLC completed third-quarter senior secured note offerings of approximately $4.1 billion, using net proceeds to reduce credit-facility borrowings and pay fees and expenses. Debt, net was $11.989538 billion at September 30, 2026. Long-term SPAs cover approximately 25.3 MTPA from Trains 1–5, with a weighted average term of 19.5 years.
NextDecade Corporation is a Houston-based developer of the Rio Grande LNG export facility in Brownsville, Texas. Trains 1–5 are under construction, with overall completion at June 2026 of 74.0% for Trains 1–2 and 50.4% for Train 3; Trains 4 and 5 were 15.5% and 9.4%. Management continues to expect first gas in the second half of 2026 and first LNG from Train 1 in the first half of 2027.
The business remains pre-revenue. For the quarter ended June 30, 2026, net loss attributable to common stockholders was $65,426 thousand, driven by an operating loss of $54,572 thousand, partially offset by a derivative gain of $116,075 thousand and offset by $90,777 thousand of interest expense and a $32,451 thousand loss on debt extinguishment. Year-to-date capital spending on property, plant and equipment reached $2,157,350 thousand, contributing to net cash used in investing activities of $2,203,393 thousand.
At June 30, 2026, total assets were $15,205,221 thousand, including $13,514,226 thousand of property, plant and equipment, and total debt was $10,335,911 thousand. Cash, cash equivalents and restricted cash were $499,569 thousand. The company added a $1.0 billion Phase 1 HoldCo term loan in June and, in July 2026, Phase 1 LLC issued $3.5 billion of senior secured notes to refinance construction credit facilities.
NextDecade Corporation reported a net loss attributable to common stockholders of $136.4 million for the quarter ended March 31, 2026, or $0.51 per share, as it continues to construct its Rio Grande LNG Facility with no revenues yet recognized. Total assets reached $13.23 billion, driven mainly by $11.66 billion of property, plant and equipment under construction, while debt, net totaled $9.36 billion and cash, cash equivalents and restricted cash were $465.1 million.
Phase 1 (Trains 1–2 and common facilities) was 67.8% complete and Train 3 was 44.2% complete as of March 2026, with early electrical commissioning underway on Train 1 and first gas expected in the second half of 2026. Train 4 and Train 5 were 10.6% and 6.8% complete, respectively, supporting an expected total production capacity of about 30 MTPA.
The company continued to fund heavy construction, using $1.18 billion in investing cash flows and raising $817 million of new debt and $248.7 million of equity commitments in the quarter. It also entered LNG sales agreements covering over 175 TBtu of early cargoes for 2027–2028, targeting cargo margins above $3.00 per MMBtu.
NextDecade (NEXT) reported Q3 2025 results and major project milestones. The company posted a net loss attributable to common stockholders of $109.5 million (basic and diluted $0.42 per share) with no revenue as construction continues. Operating expenses were $72.0 million, including $66.1 million of general and administrative expense. Other items included a $74.1 million derivative loss and $40.3 million interest expense. Cash, cash equivalents and restricted cash totaled $744.7 million at quarter‑end; debt, net, was $6.61 billion. Property, plant and equipment, net, reached $8.47 billion, reflecting Rio Grande LNG build‑out.
Construction progressed: Trains 1–2 and common facilities were 55.9% complete, and Train 3 was 33.4% complete as of September 2025. The company reached FID on Train 4 on September 9, 2025 and on Train 5 on October 16, 2025, each with total project costs expected at $6.7 billion. Subsequent events included Train 5 financing and a FERC remand order becoming final on October 30, 2025, enabling interest rate swaps effectiveness and availability under the FinCo facility.