1.Sales and profit
See section β- NextDecade Corp had $0.0M of revenue in fiscal 2025.
- NextDecade Corp lost $430M in fiscal 2025.
NextDecade Corp
NEXT Nasdaq Natural Gas Transmisison & Distribution Financials FY2016βFY2025
NextDecade Corp had $0.0M of revenue in fiscal 2025.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$6.29
6.4%KIRAβs summary AI analyst
Hi! I read NextDecade Corpβs latest annual report (fiscal 2025). Here is what stands out:
4 to watch
2.Cash and shareholders
See section β- Free cash flow was β$5.0B in fiscal 2025, β of revenue.
- NextDecade Corp returned $16.9M to shareholders in fiscal 2025. The diluted share count rose 1.4%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- NextDecade Corp owes $8.7B more than it holds in cash.
- Its return on capital was β2.0%: every 100 invested in the business earned about β2 in a year.
- NextDecade Corp passes 1 of 8 financial health tests (Piotroski F-score).
NextDecade Corp in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$430M
No. It lost money last year.
Weak
How healthy are the accounts?
1 / 8
Weak. It passes 1 of 8 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$1.36 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days NextDecade Corp did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday Β· in 3 days
- Time
- Before the market opens
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- β$0.35
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 30, 2026 | Q2 '26 | Time not announced | 10-Q β |
| May 1, 2026 | Q1 '26 | Time not announced | 10-Q β |
| Mar 2, 2026 | Q4 '25 | Time not announced | 10-K β |
| Oct 30, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 1, 2025 | Q2 '25 | Time not announced | 10-Q β |
| May 6, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Feb 28, 2025 | Q4 '24 | Time not announced | 10-K β |
| Nov 7, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· NextDecade Corp had $0.0M of revenue in fiscal 2025.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $0.0M
FY17
Revenue $0.0M
FY18
Revenue $0.0M
FY19
Revenue $0.0M
FY20
Revenue $0.0M
FY21
Revenue $0.0M
FY22
Revenue $0.0M
FY23
Revenue $0.0M
FY24
Revenue $0.0M
FY25
Revenue $0.0M
Revenue
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $0.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $0.0M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue $0.0M
Q4 '25
Revenue $0.0M
Q1 '26
Revenue $0.0M
Q2 '26
Revenue $0.0M
Margins, % of revenue
FY16
Gross β
Operating β
Net β
FCF β
FY17
Gross β
Operating β
Net β
FCF β
FY18
Gross β
Operating β
Net β
FCF β
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· NextDecade Corp lost $430M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income β$0.4M
FY17
Net income β$35.3M
FY18
Net income β$42.0M
FY19
Net income β$35.9M
FY20
Net income β$14.3M
FY21
Net income β$22.0M
FY22
Net income β$60.1M
FY23
Net income β$222M
FY24
Net income $277M
FY25
Net income β$430M
Net income
Q3 '23
Net income $182M
Q4 '23
Net income β$256M
Q1 '24
Net income $187M
Q2 '24
Net income $2.3M
Q3 '24
Net income β$393M
Q4 '24
Net income $481M
Q1 '25
Net income β$245M
Q2 '25
Net income β$70.6M
Q3 '25
Net income β$185M
Q4 '25
Net income $71.0M
Q1 '26
Net income β$195M
Q2 '26
Net income β$60.2M
Diluted EPS
FY16
Diluted EPS β$0.09
FY17
Diluted EPS β$0.35
FY18
Diluted EPS β$0.41
FY19
Diluted EPS β$0.45
FY20
Diluted EPS β$0.24
FY21
Diluted EPS β$0.34
FY22
Diluted EPS β$0.65
FY23
Diluted EPS β$0.94
FY24
Diluted EPS β$0.24
FY25
Diluted EPS β$1.17
Diluted EPS
Q3 '23
Diluted EPS $0.48
Q4 '23
Diluted EPS β$0.35
Q1 '24
Diluted EPS $0.11
Q2 '24
Diluted EPS β$0.13
Q3 '24
Diluted EPS β$0.47
Q4 '24
Diluted EPS $0.25
Q1 '25
Diluted EPS β$0.34
Q2 '25
Diluted EPS β$0.23
Q3 '25
Diluted EPS β$0.42
Q4 '25
Diluted EPS β$0.18
Q1 '26
Diluted EPS β$0.51
Q2 '26
Diluted EPS β$0.25
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$5.0B in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β$26.6M
FY17
Free cash flow β$27.7M
FY18
Free cash flow β$41.9M
FY19
Free cash flow β$61.0M
FY20
Free cash flow β$58.6M
FY21
Free cash flow β$30.1M
FY22
Free cash flow β$73.8M
FY23
Free cash flow β$1.8B
FY24
Free cash flow β$2.7B
FY25
Free cash flow β$5.0B
Free cash flow
Q3 '23
Free cash flow β$955M
Q4 '23
Free cash flow β$762M
Q1 '24
Free cash flow β$803M
Q2 '24
Free cash flow β$587M
Q3 '24
Free cash flow β$569M
Q4 '24
Free cash flow β$704M
Q1 '25
Free cash flow β$839M
Q2 '25
Free cash flow β$736M
Q3 '25
Free cash flow β$1.4B
Q4 '25
Free cash flow β$2.0B
Q1 '26
Free cash flow β$1.3B
Q2 '26
Free cash flow β$998M
Cash from operations vs capital spending
FY16
Cash from operations β$7.2M
Capital spending $19.4M
FY17
Cash from operations β$12.8M
Capital spending $14.8M
FY18
Cash from operations β$23.3M
Capital spending $18.7M
FY19
Cash from operations β$40.7M
Capital spending $20.3M
FY20
Cash from operations β$26.3M
Capital spending $32.4M
FY21
Cash from operations β$18.0M
Capital spending $12.1M
FY22
Cash from operations β$40.1M
Capital spending $33.8M
FY23
Cash from operations β$73.6M
Capital spending $1.7B
FY24
Cash from operations β$95.6M
Capital spending $2.6B
FY25
Cash from operations β$169M
Capital spending $4.8B
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$11.4M
Capital spending $944M
Q4 '23
Cash from operations β$21.0M
Capital spending $741M
Q1 '24
Cash from operations β$28.8M
Capital spending $775M
Q2 '24
Cash from operations $6.0M
Capital spending $593M
Q3 '24
Cash from operations β$63.8M
Capital spending $505M
Q4 '24
Cash from operations β$8.9M
Capital spending $695M
Q1 '25
Cash from operations β$68.8M
Capital spending $770M
Q2 '25
Cash from operations β$3.9M
Capital spending $732M
Q3 '25
Cash from operations β$76.0M
Capital spending $1.4B
Q4 '25
Cash from operations β$20.7M
Capital spending $2.0B
Q1 '26
Cash from operations β$111M
Capital spending $1.2B
Q2 '26
Cash from operations β$17.2M
Capital spending $981M
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· NextDecade Corp returned $16.9M to shareholders in fiscal 2025. The diluted share count rose 1.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends β
Buybacks β
FY17
Dividends β
Buybacks β
FY18
Dividends β
Buybacks $0.0M
FY19
Dividends β
Buybacks $0.7M
FY20
Dividends β
Buybacks $0.3M
FY21
Dividends β
Buybacks $0.3M
FY22
Dividends β
Buybacks $3.3M
FY23
Dividends β
Buybacks $9.6M
FY24
Dividends β
Buybacks $6.7M
FY25
Dividends β
Buybacks $16.9M
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends β
Buybacks $9.5M
Q4 '23
Dividends β
Buybacks $0.0M
Q1 '24
Dividends β
Buybacks $0.1M
Q2 '24
Dividends β
Buybacks $0.1M
Q3 '24
Dividends β
Buybacks $6.4M
Q4 '24
Dividends β
Buybacks $0.1M
Q1 '25
Dividends β
Buybacks $0.0M
Q2 '25
Dividends β
Buybacks $0.0M
Q3 '25
Dividends β
Buybacks $15.5M
Q4 '25
Dividends β
Buybacks $1.4M
Q1 '26
Dividends β
Buybacks $0.0M
Q2 '26
Dividends β
Buybacks $0.0M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.10B
FY17
Diluted shares 0.10B
FY18
Diluted shares 0.11B
FY19
Diluted shares 0.11B
FY20
Diluted shares 0.12B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.19B
FY24
Diluted shares 0.26B
FY25
Diluted shares 0.26B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· NextDecade Corp owes $8.7B more than it holds in cash.
Cash, debt and the ratios that show how comfortably NextDecade Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $12.5M
Debt β
FY17
Cash $40.8M
Debt β
FY18
Cash $75.6M
Debt β
FY19
Cash $77.9M
Debt β
FY20
Cash $22.6M
Debt β
FY21
Cash $25.6M
Debt β
FY22
Cash $62.8M
Debt $0.0M
FY23
Cash $38.2M
Debt $1.8B
FY24
Cash $148M
Debt $4.0B
FY25
Cash $144M
Debt $8.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $25.6M | $62.8M | $38.2M | $148M | $144M |
| Debt incl. finance leases | β | $0.0M | $1.8B | $4.0B | $8.8B |
| Debt / equity | β | 0.0x | 6.3x | 10.7x | 92.6x |
| Interest coverage | β | β | β2.4x | β2.0x | β1.3x |
| Current ratio | 3.2x | 2.5x | 0.6x | 0.7x | 0.5x |
| Quick ratio | 3.2x | 2.5x | 0.6x | 0.7x | 0.5x |
| Total assets | $222M | $312M | $3.3B | $6.4B | $12.4B |
| Total liabilities | $33.8M | $55.6M | $2.6B | $4.7B | $10.1B |
| Shareholders' equity | $19.9M | $54.4M | $288M | $378M | $95.3M |
| Net debt (β = net cash) | β | β$62.8M | $1.8B | $3.9B | $8.7B |
Returns on capital
KIRA Β· Its return on capital was β2.0%: every 100 invested in the business earned about β2 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity β0.6%
Return on assets β0.6%
FY17
Return on capital β
Return on equity β41.3%
Return on assets β36.8%
FY18
Return on capital β
Return on equity β45.0%
Return on assets β29.4%
FY19
Return on capital β
Return on equity β41.5%
Return on assets β18.4%
FY20
Return on capital β
Return on equity β19.1%
Return on assets β6.8%
FY21
Return on capital β
Return on equity β54.9%
Return on assets β10.4%
FY22
Return on capital β
Return on equity β161.8%
Return on assets β22.5%
FY23
Return on capital β4.7%
Return on equity β129.5%
Return on assets β12.2%
FY24
Return on capital β3.2%
Return on equity 83.4%
Return on assets 5.7%
FY25
Return on capital β2.0%
Return on equity β181.7%
Return on assets β4.6%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· NextDecade Corp passes 1 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 3 / 7 | 1 / 7 | 2 / 7 | 1 / 7 | 1 / 7 | 2 / 8 | 3 / 8 | 1 / 8 |
| Accruals ratio | 8.9% | β23.4% | β13.1% | 2.5% | 5.6% | β1.9% | β7.5% | β8.1% | 7.7% | β2.8% |
| Altman Z'' | 8.92 | 6.65 | 3.40 | 1.47 | β0.34 | β1.93 | β1.74 | β0.98 | β0.51 | β0.64 |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net interest income | $0.3M | β | β | β | β | β | β | β | β | β |
| Research and development | β | β | β | β | β | β | $4.1M | $4.9M | $8.3M | $8.0M |
| Operating income | β$8.5M | β$35.6M | β$43.0M | β$35.0M | β$22.0M | β$19.5M | β$54.5M | β$123M | β$171M | β$226M |
| Interest expense | β | β | β | β | β | β | $0.0M | $50.3M | $87.5M | $170M |
| Income tax | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β | $0.0M |
| Net income | β$0.4M | β$35.3M | β$42.0M | β$35.9M | β$14.3M | β$22.0M | β$60.1M | β$222M | $277M | β$430M |
| Net income to common | β$8.4M | β$35.3M | β$43.5M | β$48.6M | β$28.8M | β$40.4M | β$84.4M | β$183M | β$61.8M | β$306M |
| Diluted EPS | β$0.09 | β$0.35 | β$0.41 | β$0.45 | β$0.24 | β$0.34 | β$0.65 | β$0.94 | β$0.24 | β$1.17 |
| Diluted shares | 0.10B | 0.10B | 0.11B | 0.11B | 0.12B | 0.12B | 0.13B | 0.19B | 0.26B | 0.26B |
| Cash flow | ||||||||||
| Cash from operations | β$7.2M | β$12.8M | β$23.3M | β$40.7M | β$26.3M | β$18.0M | β$40.1M | β$73.6M | β$95.6M | β$169M |
| Capital expenditure | $19.4M | $14.8M | $18.7M | $20.3M | $32.4M | $12.1M | $33.8M | $1.7B | $2.6B | $4.8B |
| Free cash flow | β$26.6M | β$27.7M | β$41.9M | β$61.0M | β$58.6M | β$30.1M | β$73.8M | β$1.8B | β$2.7B | β$5.0B |
| Depreciation and amortization | $0.1M | $0.1M | $0.2M | $0.3M | $0.2M | $0.2M | $0.2M | $6.3M | $12.7M | $12.1M |
| Stock-based compensation | β | $22.7M | $16.8M | β$9.6M | β$0.3M | β$4.3M | $7.5M | $26.6M | $19.9M | $39.2M |
| Share buybacks | β | β | $0.0M | $0.7M | $0.3M | $0.3M | $3.3M | $9.6M | $6.7M | $16.9M |
| Dividends and buybacks | β | β | $0.0M | $0.7M | $0.3M | $0.3M | $3.3M | $9.6M | $6.7M | $16.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $12.5M | $40.8M | $75.6M | $77.9M | $22.6M | $25.6M | $62.8M | $38.2M | $148M | $144M |
| Total debt | β | β | β | β | β | β | $0.0M | $1.8B | $4.0B | $8.8B |
| Current assets | $19.2M | $42.9M | $76.9M | $78.8M | $23.3M | $26.4M | $63.9M | $315M | $413M | $718M |
| Current liabilities | $4.9M | $8.4M | $12.1M | $21.5M | $5.1M | $8.2M | $25.4M | $552M | $595M | $1.3B |
| Property and equipment, net | $56.2M | $73.2M | $92.1M | $135M | $162M | $174M | $219M | $2.4B | $5.0B | $10.6B |
| Total assets | $75.8M | $116M | $169M | $221M | $202M | $222M | $312M | $3.3B | $6.4B | $12.4B |
| Total liabilities | $7.7M | $13.0M | $19.5M | $33.6M | $28.9M | $33.8M | $55.6M | $2.6B | $4.7B | $10.1B |
| Preferred stock | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β |
| Shareholders' equity | $68.1M | $103M | $83.2M | $89.7M | $60.4M | $19.9M | $54.4M | $288M | $378M | $95.3M |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β | β4.7% | β3.2% | β2.0% |
| Return on capital employed | β12.0% | β33.1% | β27.4% | β17.5% | β11.2% | β9.1% | β19.0% | β4.4% | β2.9% | β2.0% |
| Return on equity | β0.6% | β41.3% | β45.0% | β41.5% | β19.1% | β54.9% | β161.8% | β129.5% | 83.4% | β181.7% |
| Return on assets | β0.6% | β36.8% | β29.4% | β18.4% | β6.8% | β10.4% | β22.5% | β12.2% | 5.7% | β4.6% |
| Return on tangible equity | β12.4% | β34.3% | β52.3% | β54.1% | β47.6% | β203.1% | β155.1% | β63.5% | β16.4% | β321.4% |
| Growth | ||||||||||
| Net income growth | β | β | β | β | β | β | β | β | β | β254.9% |
| Share count change | β | 5.5% | 5.6% | 2.3% | 7.8% | 1.4% | 9.2% | 49.5% | 32.9% | 1.4% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | β | β | 0.0x | 6.3x | 10.7x | 92.6x |
| Interest coverage | β | β | β | β | β | β | β | β2.4x | β2.0x | β1.3x |
| Current ratio | 3.9x | 5.1x | 6.4x | 3.7x | 4.5x | 3.2x | 2.5x | 0.6x | 0.7x | 0.5x |
| Quick ratio | 3.9x | 5.1x | 6.4x | 3.7x | 4.5x | 3.2x | 2.5x | 0.6x | 0.7x | 0.5x |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 1.0 | 2.0 | 1.0 | 1.0 | 2.0 | 3.0 | 1.0 |
| Altman Z'' | 8.9 | 6.7 | 3.4 | 1.5 | β0.3 | β1.9 | β1.7 | β1.0 | β0.5 | β0.6 |
| Accruals ratio | 8.9% | β23.4% | β13.1% | 2.5% | 5.6% | β1.9% | β7.5% | β8.1% | 7.7% | β2.8% |
Source: SEC EDGAR XBRL filings (CIK 0001612720). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.