# NextDecade Corp: overview

NEXT · Nasdaq · CIK 1612720 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/next.md) · [Financials](/companies/next/financials.md) · [Filings](/companies/next/filings.md) · [Insiders](/companies/next/insiders.md)

Latest reported revenue: [$0](/filings/0001612720-26-000049.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Jul 30, 2026 (XBRL us-gaap:Revenues, accession 0001612720-26-000049).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [0.0](/filings/0001612720-25-000030.md) | [0.0 d](/filings/0001612720-26-000009.md) | [0.0](/filings/0001612720-26-000026.md) | [0.0](/filings/0001612720-26-000049.md) | [0.0](/filings/0001612720-25-000030.md) | [0.0 d](/filings/0001612720-26-000009.md) | [0.0](/filings/0001612720-26-000026.md) | [0.0](/filings/0001612720-26-000049.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [(0.47)](/filings/0001612720-25-000030.md) | not reported | [(0.34)](/filings/0001612720-26-000026.md) | [(0.23)](/filings/0001612720-26-000049.md) | [(0.42)](/filings/0001612720-25-000030.md) | not reported | [(0.51)](/filings/0001612720-26-000026.md) | [(0.25)](/filings/0001612720-26-000049.md) |
| Free cash flow | $m | [(569) d](/filings/0001612720-25-000030.md) | [(704) d](/filings/0001612720-26-000009.md) | [(839)](/filings/0001612720-26-000026.md) | [(736) d](/filings/0001612720-26-000049.md) | [(1,434) d](/filings/0001612720-25-000030.md) | [(2,008) d](/filings/0001612720-26-000009.md) | [(1,288)](/filings/0001612720-26-000026.md) | [(998) d](/filings/0001612720-26-000049.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:ProfitLoss; Revenue: us-gaap:Revenues; Net income: us-gaap:NetIncomeLoss. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [0.0](/filings/0001437749-23-006171.md) | [0.0](/filings/0001628280-24-010236.md) | [0.0](/filings/0001612720-26-000009.md) | [0.0](/filings/0001612720-26-000009.md) | [0.0](/filings/0001612720-26-000009.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [(0.34)](/filings/0001437749-22-007396.md) | [(0.65)](/filings/0001628280-24-010236.md) | [(0.94)](/filings/0001612720-26-000009.md) | [(0.24)](/filings/0001612720-26-000009.md) | [(1.17)](/filings/0001612720-26-000009.md) |
| Free cash flow | $m | [(30.1)](/filings/0001437749-23-006171.md) | [(73.8)](/filings/0001628280-24-010236.md) | [(1,811)](/filings/0001612720-26-000009.md) | [(2,663)](/filings/0001612720-26-000009.md) | [(5,016)](/filings/0001612720-26-000009.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareBasicAndDiluted; Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/next/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $179.6m | 23,820,718 |  | Added +857,363 |
| [Mubadala Investment Co PJSC](/funds/1704268.md) | 2026-06-30 | $107.1m | 14,206,376 |  | Unchanged |
| [Man Investment Partners (US) LP](/funds/1633312.md) | 2026-06-30 | $69.9m | 9,274,894 |  | Unchanged |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $41.7m | 5,530,334 |  | Reduced −375,837 |
| [Catalyst Capital Advisors LLC](/funds/1549275.md) | 2026-06-30 | $39.3m | 5,216,592 |  | Unchanged |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $34.5m | 4,571,200 | Call | Added +237,300 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $32.1m | 4,251,461 |  | Added +229,801 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $28.6m | 3,799,466 |  | Added +251,193 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $21.8m | 2,896,000 | Call | Added +606,900 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $18.7m | 2,483,302 |  | Added +40,727 |

## Recent filings

[All 832 filings](/companies/next/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-01 | 20:26 ET | [8-K](/filings/0001612720-26-000055.md) | 5.02 Departure or appointment of officers or directors | 0001612720-26-000055 |
| 2026-07-30 | 21:41 ET | [10-Q](/filings/0001612720-26-000049.md) | Quarterly report, period 2026-06-30 | 0001612720-26-000049 |
| 2026-07-02 | 20:25 ET | [8-K](/filings/0001612720-26-000043.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation | 0001612720-26-000043 |
| 2026-06-18 | 20:34 ET | [8-K](/filings/0001612720-26-000039.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation | 0001612720-26-000039 |
| 2026-06-10 | 23:28 ET | [SCHEDULE 13D](/filings/0000950142-26-001726.md) | Ownership report, active investor | 0000950142-26-001726 |
| 2026-06-03 | 20:40 ET | [8-K](/filings/0001612720-26-000036.md) | 5.02 Departure or appointment of officers or directors | 0001612720-26-000036 |
| 2026-05-01 | 21:40 ET | [10-Q](/filings/0001612720-26-000026.md) | Quarterly report, period 2026-03-31 | 0001612720-26-000026 |
| 2026-04-23 | 21:17 ET | [DEF 14A](/filings/0001612720-26-000018.md) | Proxy statement, period 2026-04-23 | 0001612720-26-000018 |
| 2026-04-15 | 20:29 ET | [8-K](/filings/0001612720-26-000013.md) | 5.02 Departure or appointment of officers or directors | 0001612720-26-000013 |
| 2026-03-02 | 22:50 ET | [10-K](/filings/0001612720-26-000009.md) | Annual report, period 2025-12-31 | 0001612720-26-000009 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001612720-26-000009.md), filed Mar 2, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/6911775a-5989-4e81-a5fd-f66a23367ed0)

## About the filer

- CIK: 1612720
- Tickers: NEXT
- Exchange: Nasdaq
- SIC code: 4923 Natural Gas Transmisison & Distribution
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:44 ET. No prices; not investment advice.