NextDecade
Developer of the five-train Rio Grande LNG export facility and additional expansion capacity.
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Profile
Develops the Rio Grande LNG export facility in South Texas, pairing long-term LNG contracts with fixed liquefaction fees and variable charges tied to gas and fuel costs. Five trains are under construction, while cash flows depend on Bechtel-led delivery, project-joint-venture distributions, and federal approvals.
Builds the Rio Grande LNG export facility near Brownsville, Texas, with Phase 1, Train 4, and Train 5 under construction and further liquefaction capacity in development. Long-term sales agreements pair fixed liquefaction fees with variable charges covering gas, fuel, and sourcing costs; excess volumes can be sold under shorter-term arrangements.
Execution centers on Bechtel-led construction and commissioning, with recent updates reporting the initial phase ahead of schedule and within budget. A potential carbon capture project remains exploratory. Project joint ventures govern cash distributions, which vary by train and partner return thresholds. Expansion requires further financing and permits, while construction and LNG exports remain subject to FERC, Energy Department, environmental, and court review.
Company facts
Categories
Key statistics
Year to date +36.7% · Average volume (30d) 2.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Jul 15, 2026 | Goldman Sachs | Initiate | Neutral | $8.50 | |
| Feb 24, 2026 | Morgan Stanley | Reiterate | Equal Weight | $7 | |
| Feb 6, 2026 | Capital One Financial | Target | $7 | ||
| Sep 15, 2025 | TD Cowen | Downgrade | Buy | Hold | |
| Sep 12, 2025 | Morgan Stanley | Downgrade | Overweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$0.66 | −$0.25 | +62.1% | — | — | — | +6.15% |
| May 1, 2026Q1 FY26 | −$0.66 | −$0.66 | +0.2% | — | — | — | +8.81% |
| Mar 2, 2026Q4 FY25 | −$0.68 | −$0.18 | +73.5% | — | — | — | 0.00% |
| Oct 30, 2025Q3 FY25 | −$0.32 | −$0.42 | −31.2% | — | — | — | +2.77% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | −$3.1M | −$3.0M | −$3.0M | −$3.0M | −$3.0M | $0 | |
| Operating income | −$51.9M | −$56.3M | −$72.0M | −$45.8M | −$55.1M | −$54.6M | |
| Net income | −$88.8M | −$60.9M | −$109.5M | −$47.3M | −$136.4M | −$65.4M | |
| Diluted EPS | −$0.34 | −$0.23 | −$0.42 | −$0.18 | −$0.51 | −$0.25 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $83.7M · Total debt $10.54B · Total assets $15.21B · Shareholders' equity −$57.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 266.19M · Float 129.77M · 48.8% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Hanwha Aerospace Co., Ltd. · 10 percent owner | 25.62M | 9.62% | Form 4 | Dec 15, 2025 |
| BlackRock, Inc. | 23.82M | 8.95% | 13F | Aug 7, 2026 |
| Atlantic Park Strategic Capital Fund II GP, L.P. | 16.66M | 5.90% | 13D | Jun 10, 2026 |
| Mubadala Investment Co PJSC | 14.21M | 5.34% | 13F | Aug 14, 2026 |
| Bardin Hill Investment Partners LP | 9.27M | 3.48% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 23, 2026 | Pamela K.M. Beall | director | +71,500 | $7.07 |
| Dec 11, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +851,971 | $5.83 |
| Dec 12, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +800,000 | $5.54 |
| Dec 8, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +39,467 | $6.26 |
| Dec 9, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +293,131 | $6.36 |
Peers
- Cheniere Energy
Direct U.S. LNG export scale at Sabine Pass and Corpus Christi
- Venture Global
Fast-growing U.S. LNG export developer with Calcasieu and Plaquemines
- Sempra
Infrastructure-backed LNG projects at Port Arthur, Cameron, and ECA
- Woodside Energy Group (ADR)
Global LNG operator building Louisiana LNG after Driftwood acquisition
- Energy Transfer
Pipeline-backed Lake Charles LNG development overlaps in Gulf Coast exports
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NextDecade | $7.35 | −0.00% | $1.96B | — | — | — | — |
| Cheniere Energy | $282.89 | +0.21% | $59.16B | 21.0 | 16.3 | 2.7 | +26.3% |
| Venture Global | $14.23 | +0.39% | $34.63B | 11.2 | 9.7 | 2.0 | +47.6% |
| Sempra | $84.31 | −0.01% | $55.12B | 24.4 | 16.1 | 4.1 | −0.1% |
| Woodside Energy Group (ADR) | $23.06 | −0.02% | $43.72B | 14.2 | — | 3.2 | +13.2% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Median | 14.2 | 14.5 | 2.7 | +26.3% |