NEXT NextDecade Corp

Overview and Growth

Fiscal 2025 results for NextDecade Corp combined $0.00 of revenue with net loss of $429.64M and an operating cash outflow of $169.40M. The company reported diluted EPS of -$1.17, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 262.16M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 258.54M diluted shares in fiscal 2024, the current 262.16M base was 1.4% higher. At period end, total assets were $12.43B, framing the scale of the company’s operating and financing commitments.

Profitability

The company recorded an operating loss of $225.93M after the reported operating expense base. The bottom-line result was a net loss of $429.64M after operating, financing, tax, and other recognized items. Negative EBITDA totaled $213.81M, confirming that the earnings deficit remained before depreciation and amortization. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 18.7%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 3.5%. The company moved from fiscal 2024 net income of $277.45M to a current net loss of $429.64M.

Liquidity and Capital Structure

The company held $12.43B of assets against $10.12B of liabilities and $2.30B of equity, revealing how the asset base was financed. Current assets were $718.05M against $1.34B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.54x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $143.78M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 10.8% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $8.51B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 3.7x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 68.5%, showing how much of the asset base was matched by borrowing. Equity equaled 18.5% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 81.5%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 1.2% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 94.0% from $6.40B in fiscal 2024, leaving current total assets higher year over year. Book equity was 31.9% higher than fiscal 2024 equity of $1.74B, showing how shareholder capital changed year over year. Compared with $148.14M in fiscal 2024, the current cash balance moved 2.9% and finished lower.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $169.40M, rather than cash generation from operations. Capital expenditures used $4.85B in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $5.02B, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 40.4% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $95.58M operating cash outflow in fiscal 2024, the current outflow increased to $169.40M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.