NextDecade (NEXT) Earnings Date & Reports

Key Takeaways

• NextDecade reported third-quarter 2026 net income attributable to common stockholders of roughly $155.4 million, or $0.58 per basic share, versus a $109.5 million net loss a year earlier.
• The swing was driven primarily by non-cash mark-to-market gains on interest-rate swaps rather than operating revenue; the company remains pre-revenue as it builds the Rio Grande LNG facility.
• Construction advanced with Trains 1 and 2 about 79.7% complete, and first LNG (liquefied natural gas) production from Train 1 is targeted for the second quarter of 2027.
• Management reiterated plans to bring first gas into the facility before year-end 2026 and achieve substantial completion of Train 1 about a quarter ahead of the EPC (engineering, procurement, and construction) contract schedule.
• The company refinanced more than $7 billion, or about 60%, of its $11.1 billion in Phase 1 bank facilities, extending and staggering its debt maturity profile.
• For more on NextDecade, including its Major News, Today's Price Move, Price Targets, and Forecast, explore the dedicated NEXT pages on Tickeron.
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Earnings Context and Why It Matters

NextDecade Corporation is a Houston-based developer of the Rio Grande LNG liquefaction and export facility near Brownsville, Texas. Because the company is still pre-revenue, its quarterly statements are shaped by project financing, interest-rate swaps, and construction milestones rather than product sales. That makes each earnings report a window into how the build-out is progressing and how capital is being deployed. Investors are watching closely because NextDecade is transitioning from a development-stage business into an operating LNG producer, with first production expected in 2027. The report also carries broader significance because the global LNG market has tightened, supporting long-term demand and pricing discussions for the company's future trains.

Reported Results

For the third quarter ended September 30, 2026, NextDecade reported no revenue, consistent with its pre-commercial status. Net income attributable to common stockholders was approximately $155.4 million, compared with a net loss of $109.5 million in the prior-year period. Basic earnings per share from continuing operations were $0.58, versus a basic loss of $0.42 a year earlier, while diluted earnings per share were $0.54 compared with a diluted loss of $0.42.

The swing to profitability was driven largely by a roughly $851 million derivative gain, as rising forward SOFR (Secured Overnight Financing Rate) rates lifted the fair value of the company's interest-rate swap portfolio. This compared with a derivative loss of about $74.1 million in the prior-year quarter. These gains were partly offset by about $69.3 million in interest expense and a roughly $137 million loss on debt extinguishment. Operating expenses totaled about $82.9 million, up from $71.96 million a year earlier. For the first nine months of 2026, the company posted a net loss attributable to common stockholders of $46.45 million, narrowing from $259.15 million in the same period a year ago.

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Market Reaction and Investor Sentiment

Shares of NextDecade moved sharply higher on the day of the report, reflecting investor focus on execution toward first LNG production rather than the non-cash accounting items that shaped the income statement. Because the company generates no revenue yet, traders have increasingly weighed project milestones such as construction completion percentages, gas introduction timing, and financing progress when interpreting results. The approval by FERC (the Federal Energy Regulatory Commission) to raise authorized liquefaction capacity for Trains 1 through 5 to 30.15 MTPA (million tonnes per annum) reinforced confidence in the project's long-term scale, while the company's refinancing activity helped ease concerns about near-term debt maturities.

Forward Outlook and Key Factors to Monitor

The central catalyst for NextDecade remains the transition from construction to operations. Management expects first gas to enter the Rio Grande LNG facility before the end of 2026, with Train 1 first LNG production targeted for the second quarter of 2027 and substantial completion in the third quarter of 2027. Reaching these milestones on schedule will be a key test of execution.

Investors should also watch the commercialization of Train 6. The company is targeting a final investment decision, or FID, in the second half of 2027, with a final environmental impact statement expected in June 2027. Securing long-term offtake agreements and arranging equity financing for Train 6 will be important signals of future growth.

Finally, quarterly net income is likely to remain volatile because of non-cash derivative movements tied to interest rates. For that reason, many investors will focus on construction progress, financing costs, cash balances, and the trajectory of global LNG prices rather than headline earnings alone. Rising interest expenses and one-time debt extinguishment costs also bear monitoring as the company completes its financing strategy ahead of first production.

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