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NEXT earnings analysis

10-Q · Filed October 28, 2026 · Our reading of the company's report

The latest report

The provided 10-Q extract does not include the income statement, balance sheet, cash-flow statement, MD&A, or segment disclosures, so current-quarter revenue, margins, EPS, free cash flow, and year-over-year trends…

Read full summary

The provided 10-Q extract does not include the income statement, balance sheet, cash-flow statement, MD&A, or segment disclosures, so current-quarter revenue, margins, EPS, free cash flow, and year-over-year trends cannot be assessed. The filing confirms effective disclosure controls as of September 30, 2026 and no material changes to previously disclosed risk factors. Project execution and financing remain key monitoring areas, given 13 disclosed construction change orders and a new July 2, 2026 indenture.

Read the original on SEC.gov

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2023 Oct 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

What stood out

  • Disclosure controls remained effective

    Management concluded that disclosure controls and procedures were effective as of September 30, 2026, with the assessment performed by the CEO and CFO.

  • Tax-withholding share repurchases disclosed

    The company repurchased 602,156 shares in aggregate during the three months ended September 30, 2026: 318,466 in July, 190,912 in August, and 92,778 in September. These were shares surrendered by incentive-plan participants for tax liabilities, not open-market plan repurchases; announced-plan purchases were $0 in each month.

  • New project financing instrument filed

    The filing includes a new indenture dated July 2, 2026, between Rio Grande LNG, LLC and Wilmington Trust, National Association, indicating continued financing activity for the Rio Grande LNG project.

  • No insider trading-plan changes

    No director or executive officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended September 30, 2026.

What to watch

  • Ongoing LNG construction change orders

    The company disclosed 13 construction change orders across Rio Grande LNG Trains 1 through 5 during 2026: 5 for Trains 1 and 2, 4 for Train 3, 2 for Train 4, and 2 for Train 5. Continued change-order activity may increase execution complexity, project costs, or completion risk.

  • Additional project financing obligations

    A new indenture dated July 2, 2026 was filed for Rio Grande LNG, LLC. The extract does not provide the debt principal or terms, but the financing instrument adds potential contractual and liquidity obligations to the project.

  • No updated risk-factor disclosure

    The company states that there were no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Accordingly, the filing does not identify a new risk-factor change, but the existing 2025 risk framework remains applicable.

Management's outlook

The provided 10-Q extract contains no quantitative revenue or EPS outlook; numeric guidance may have been provided separately in the earnings release or conference call.

Earlier filings 4

10-Q · April 30, 2026

NextDecade Corporation's Q1 2026 10-Q filing reveals continued struggles with no reported revenue and increasing net losses. The company reported a net loss attributable to common stockholders of approximately $136.4…

10-K · March 2, 2026

NextDecade's 2025 10-K highlights tangible project progress: construction of Phase 1 began July 2023 and the company issued final notices to proceed for Train 4 (September 9, 2025) and Train 5 (October 16, 2025). The…

10-Q · August 1, 2025

NextDecade reported no revenues for the quarter and a larger net loss versus prior year driven by higher operating expenses and weaker derivative results. Cash (including restricted cash) increased to $457,039,000 and…

10-Q · August 14, 2024

NextDecade reported no revenue and a GAAP net loss attributable to common stockholders of $(32,576) (three months ended June 30, 2024) and diluted EPS of $(0.13). A $109,067 derivative gain for the quarter ( $367,939…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.

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