NextDecade Corporation released its fourth‑quarter 2025 earnings before the market opened on March 2, 2026. The company reported a GAAP earnings per share of $-0.18, beating the consensus estimate of $-0.61 by $0.43. Revenue remained at $0.00, consistent with the company’s status as a development‑phase LNG project.
The fourth‑quarter loss narrowed from $-0.42 in the third quarter, which had already beaten the $-0.45 estimate, to $-0.18. In contrast, the fourth quarter of 2024 produced a $0.25 EPS that missed the $-0.19 consensus, underscoring the company’s transition from a loss‑making development phase to a more controlled loss profile as construction progresses.
Matt Schatzman, NextDecade’s Chairman and CEO, said, "In 2025, we commercialized and achieved positive final investment decisions (FIDs) on Trains 4 and 5 at the Rio Grande LNG Facility with strong expected economic returns, illustrating the robust value and competitiveness of our liquefaction capacity." He added, "With 30 million tonnes per annum (MTPA) of expected LNG production capacity under construction and the goal of doubling our capacity to 60 MTPA on site, growth at attractive returns continues to be a primary focus for the Company."
Schatzman continued, "We are also laser‑focused on continuing to construct Trains 1 through 5 at the Rio Grande LNG Facility safely, on budget, and on or ahead of schedule." He also noted, "We initiated the pre‑filing process with the Federal Energy Regulatory Commission (FERC) for Train 6 in November 2025; we expect to file a full application for Train 6 by mid‑year, and we expect to advance the development of Trains 7 and 8 throughout the year."
The company reiterated its outlook, stating that first LNG production is expected in the first half of 2027 and that it projects distributable cash flows of $800 million annually at a $5 per MMBtu cargo margin. While NextDecade remains unprofitable and carries a debt‑to‑equity ratio of 3.34, the progress on the Rio Grande LNG project positions it for future cash flows and a shift toward production.
Investors reacted positively to the earnings release, reflecting confidence in the company’s construction milestones, the completion of $13 billion in project financing, and the steady progress toward first‑half 2027 production. The market’s favorable response underscores the significance of the company’s operational and financial milestones in the context of its long‑term development strategy.
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