NextDecade Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on October 29, 2026, reporting a swing to net income attributable to common stockholders of $155.381 million for the third quarter, driven largely by derivative gains.

Key Highlights

  • Net income attributable to common stockholders: $155.381 million for the three months ended September 30, 2026, compared to a net loss of $109.482 million in the same period of 2025.
  • Derivative gain: $851.229 million net derivative gain recorded in Q3 2026, versus a net derivative loss of $74.141 million in Q3 2025, according to the filing.
  • Total assets: $17.812 billion as of September 30, 2026, up from $12.426 billion as of December 31, 2025.
  • Property, plant and equipment, net: $15.435 billion as of September 30, 2026, compared to $10.568 billion at year-end 2025.
  • Loss on debt extinguishment: $136.511 million in Q3 2026 and $168.962 million for the nine months ended September 30, 2026.
  • Shares outstanding: 268,802,281 shares of common stock outstanding as of October 23, 2026.
  • Accumulated deficit: $806.408 million as of September 30, 2026, compared to $759.957 million as of December 31, 2025.

NextDecade Reports Q3 2026 Financial Results Amid Accelerating Construction Spend

NextDecade Corporation (NASDAQ:NEXT), a Houston-based LNG development company, disclosed its unaudited consolidated financial results for the three and nine months ended September 30, 2026. According to the filing, the company reported revenues of $0 for both periods, as it has not yet commenced commercial operations. Total operating expenses for Q3 2026 were $82.912 million, compared to $71.963 million in Q3 2025, with general and administrative expenses of $48.787 million and depreciation and amortization rising to $18.541 million from $393 thousand in the prior-year quarter.

The filing attributes the Q3 2026 net income primarily to a $851.229 million net derivative gain, which more than offset operating losses of $82.912 million and interest expense of $69.260 million. For the nine-month period, the company reported a net loss attributable to common stockholders of $46.451 million, compared to a loss of $259.154 million for the same period in 2025. Basic earnings per share for Q3 2026 were $0.58 and diluted earnings per share were $0.54, the filing stated.

Total debt, net, grew to $11.990 billion as of September 30, 2026, from $8.511 billion at December 31, 2025, reflecting ongoing project financing. Non-controlling interests, associated with the Joint Ventures Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, rose to $3.642 billion from $2.206 billion over the same period. The company reported receipt of equity commitments of $1.071 billion from non-controlling interests for the nine months ended September 30, 2026, according to the filing.

What Was Disclosed

NextDecade filed its Q3 2026 quarterly report covering the period ended September 30, 2026. The filing disclosed financial statements including balance sheets, income statements, and changes in equity, reflecting continued construction-phase spending and no operating revenues.