NextDecade Corp (NEXT)
NextDecade Corp brought in $0 of revenue over the twelve months to September 30, 2026. It posted a net loss of $119.1M. In fiscal 2025 capital spending exceeded operating cash flow by $5B. At September 30, 2026 it held $129.9M in cash against $12B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on October 29, 2026.
Key facts about NextDecade Corp
- Net worth
- NextDecade Corp has a market value (market cap) of $1.7B at the latest share price, and shareholders' equity of $111.8M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $0, with a net loss of $429.6M. Over the 12 months to September 30, 2026: revenue $0, net loss $119.1M.
- Cash flow
- In fiscal 2025 operations used $169.4M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on October 29, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- NextDecade Corp's next report is expected around March 1, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What NextDecade Corp does
NextDecade Corp is registered with the SEC under industry code SIC 4923 (Natural Gas Transmisison & Distribution). Its shares trade on NASDAQ under the ticker NEXT.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $0 | -$429.6M | -$1.17 | -$5B |
| 2024 | $0 | $277.4M | -$0.24 | -$2.7B |
| 2023 | $0 | -$221.6M | -$0.94 | -$1.8B |
| 2022 | $0 | -$60.1M | -$0.65 | -$73.8M |
| 2021 | $0 | -$22M | -$0.34 | -$30.1M |
| 2020 | $0 | -$14.3M | -$0.24 | -$58.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Dividends
It paid out $1M in cash dividends.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2015 | n/a | $1M | n/a |
Latest SEC filings
What NextDecade Corp has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 29, 2026
- October 1, 2026Executive or director change8-KGiovanni Oddo has resigned from the Board of Directors of NextDecade Corporation.
- July 30, 2026
- July 30, 2026
- July 2, 2026
- June 18, 2026
- June 10, 2026Activist stake (5% or more) SCHEDULE 13D
- June 3, 2026
- May 19, 2026Additional proxy material DEFA14A
- May 13, 2026
Insider trades
What the people running NextDecade Corp did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider bought or sold shares on the open market in the last 90 days. The 16 reported changes were pay in shares, option exercises, shares withheld for tax or gifts.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 16, 2026 | Schatzman Matthew KChief Executive Officer, Director | Shares withheld for tax | 43,976 | $275.3K |
| October 16, 2026 | de Gyarfas VeraGeneral Counsel | Shares withheld for tax | 9,773 | $61.2K |
| October 16, 2026 | Skeik TarikChief Operating Officer | Shares withheld for tax | 9,773 | $61.2K |
| October 13, 2026 | Boylston LukeChief Accounting Officer | Shares withheld for tax | 19,675 | $133.8K |
| September 9, 2026 | Schatzman Matthew KChief Executive Officer, Director | Shares withheld for tax | 69,583 | $524.7K |
| September 9, 2026 | de Gyarfas VeraGeneral Counsel | Shares withheld for tax | 15,463 | $116.6K |
| September 9, 2026 | Skeik TarikChief Operating Officer | Shares withheld for tax | 7,732 | $58.3K |
| August 31, 2026 | Zuklic JohnChief Financial Officer | Received as pay | 139,257 | - |
Who owns NEXT
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Hanwha Aerospace Co., Ltd.13D, may seek influence with 6 related filers | 9.7% | December 11, 2025 |
| Hgc Next Inv LLC13D, may seek influence with 6 related filers | 9.1% | July 31, 2024 |
| Gasc GP, LLC13D, may seek influence with 8 related filers | 5.9% | June 10, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 211 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 23,820,718 | +857,363 |
| Mubadala Investment Co PJSC | 14,206,376 | 0 |
| Man Investment Partners (US) LP | 9,274,894 | 0 |
| Vanguard Capital Management LLC | 5,530,334 | -375,837 |
| Catalyst Capital Advisors LLC | 5,216,592 | 0 |
| Geode Capital Management, LLC | 4,251,461 | +229,801 |
| State Street Corp | 3,799,466 | +251,193 |
| Vanguard Portfolio Management LLC | 2,483,302 | +40,727 |
| Millennium Management LLC | 2,254,323 | -299,518 |
| NEOS Investment Management LLC | 2,158,224 | -384,353 |
| Hotchkis & Wiley Capital Management LLC | 2,130,800 | +231,750 |
| Balyasny Asset Management L.P. | 1,926,956 | -613,199 |
| Bank of America Corp | 1,911,869 | +36,582 |
| Kestra Advisory Services, LLC | 1,464,047 | new |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 1,461,169 | -151,305 |
| Westwood Holdings Group Inc | 1,412,509 | +46,421 |
| Northern Trust Corp | 1,339,554 | +57,470 |
| Jpmorgan Chase & Co | 1,349,621 | +1,183,081 |
| Charles Schwab Investment Management Inc | 1,237,688 | +13,648 |
| Freshford Capital Management, LLC | 1,180,872 | +629,772 |
Insiders
15 insiders reported holding 34,843,300 shares in total, about $221.3M at the last price.
| Holder | Shares |
|---|---|
| Hanwha Aerospace Co., Ltd.10% owner | 26,420,222 |
| Schatzman Matthew KChief Executive Officer, Director | 5,275,550 |
| de Gyarfas VeraGeneral Counsel | 945,330 |
| Belke BrianDirector | 440,919 |
| Skeik TarikChief Operating Officer | 345,769 |
| Chapman FrankDirector | 285,427 |
| Wells Louis SpencerDirector | 276,410 |
| Scoggins Edward Andrew Jr.Director | 230,315 |
| Boylston LukeChief Accounting Officer | 217,143 |
| Zuklic JohnChief Financial Officer | 139,257 |
Questions about NEXT
What does NextDecade Corp do?
NextDecade Corp is a company in the Utilities sector, listed on NASDAQ as NEXT. Its shares trade on NASDAQ under the ticker NEXT.
What is NextDecade Corp's net worth?
NextDecade Corp has a market value (market cap) of $1.7B at the latest share price, and shareholders' equity of $111.8M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is NextDecade Corp profitable?
No. Over the twelve months to September 30, 2026 it reported a net loss of $119.1M.
How much revenue does NextDecade Corp make?
Over the twelve months to September 30, 2026 NextDecade Corp reported revenue of $0.
When did NextDecade Corp last report?
Its most recent periodic report is the quarterly report (10-Q) filed on October 29, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the planned insider sale from November 4, 2026.
When is NextDecade Corp's next earnings report?
NextDecade Corp's next report is expected around March 1, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values NextDecade Corp tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.