NextDecade Corporation (NEXT) Balance Sheet
NEXT balance sheet, 2025
December 31, 2025 · U.S. dollars$12.43B assets = $10.12B liabilities + $2.30B equity
Both columns are drawn to the same scale: what NEXT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NEXT financial health
Descriptive bands, not a rating. Fiscal 2025.
NEXT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $117.6M2016 | $12.43B2025 | +67.8%/yr | |
| Total liabilities | $4.5M2016 | $10.12B2025 | +135.7%/yr | |
| Shareholders’ equity | $113.0M2016 | $95.3M2025 | −1.9%/yr | |
| Cash & short-term investments | $23,8652016 | $143.8M2025 | +163.0%/yr | |
| Total debt | $60,0002016 | $8.66B2025 | +274.3%/yr | |
| Net cash (debt) | −$36,1352016 | −$8.51B2025 | −$8.5B | |
| Working capital | −$86,6202016 | −$618.0M2025 | −$617.9M | |
| Book value per share | $1.022017 | $0.362025 | −12.1%/yr | |
| Current ratio | 0.342016 | 0.542025 | +0.20 | |
| Debt / equity | 0.002016 | 90.802025 | +90.80 | |
| Shares outstanding | 100.9M2017 | 262.2M2025 | +12.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NEXT assets
NEXT liabilities and equity
NEXT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NEXT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $143.8M | $148.1M | $38.2M | $62.8M | $25.6M | $22.6M | $77.9M | $75.6M | $40.8M | $23,865 |
| Cash & equivalents | $143.8M | $148.1M | $38.2M | $62.8M | $25.6M | $22.6M | $15.7M | $3.2M | $35.7M | $23,865 |
| Short-term investments | — | — | — | — | — | $0 | $62.2M | $72.5M | $5.1M | $117.5M |
| Receivables | $0 | $0 | $0 | $28.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $574.3M | $264.4M | $276.3M | $0 | $835,000 | $670,000 | $859,000 | $1.3M | $2.1M | $20,415 |
| Total current assets | $718.0M | $412.6M | $314.5M | $63.9M | $26.4M | $23.3M | $78.8M | $76.9M | $42.9M | $44,280 |
| Property, plant & equipment (net) | $10.73B | $5.19B | $2.62B | $220.1M | $174.4M | $162.1M | $135.6M | $92.1M | $73.2M | $56.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $354,000 | $1.8M | $3.2M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $977.0M | $805.4M | $393.2M | $28.4M | $21.0M | $14.5M | $3.6M | $0 | $0 | $61.3M |
| Total assets | $12.43B | $6.40B | $3.32B | $312.4M | $222.1M | $201.7M | $221.2M | $169.0M | $116.1M | $117.6M |
| Liabilities | ||||||||||
| Accounts payable | $443.9M | $244.6M | $243.1M | $1.1M | $281,000 | $207,000 | $11.9M | $719,000 | $726,000 | $130,900 |
| Short-term debt | $3.9M | $2.9M | $3.1M | $1.1M | $596,000 | $432,000 | $698,000 | — | — | — |
| Deferred revenue | — | −$337.0M | −$243.1M | — | $6.0M | $1.2M | — | — | — | — |
| Total current liabilities | $1.34B | $595.1M | $552.4M | $25.4M | $8.2M | $5.1M | $21.5M | $12.1M | $8.4M | $130,900 |
| Long-term debt | $8.51B | $3.92B | $1.82B | $0 | $0 | $0 | $0 | $0 | $0 | $60,000 |
| Lease obligations | $146.1M | $147.0M | $149.1M | $1.6M | $596,000 | $432,000 | $701,000 | — | — | — |
| Other long-term liabilities | $277.8M | $144.2M | $214.7M | $30.3M | $25.6M | $23.8M | $12.0M | $7.4M | $4.6M | $4.3M |
| Total liabilities | $10.12B | $4.66B | $2.58B | $55.6M | $33.8M | $28.9M | $33.6M | $19.5M | $13.0M | $4.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $26,000 | $26,000 | $26,000 | $14,000 | $12,000 | $12,000 | $12,000 | $11,000 | $11,000 | $108.0M |
| Retained earnings (deficit) | −$760.0M | −$453.5M | −$391.8M | −$230.1M | −$170.1M | −$148.0M | −$133.7M | −$97.6M | −$55.6M | −$699,208 |
| Treasury stock | — | — | — | −$4.6M | −$1.3M | −$1.0M | −$685,000 | −$35,000 | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$3.32B | $0 | $0 | $0 | $0 | −$66.2M | −$40,000 | −$27,000 |
| Minority interest | $2.21B | $1.37B | $452.5M | $0 | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $95.3M | $377.6M | $287.9M | $256.8M | $188.3M | $172.7M | $187.6M | $149.5M | $103.1M | $113.0M |
| Key figures | ||||||||||
| Total debt | $8.66B | $4.07B | $1.97B | $1.6M | $596,000 | $432,000 | $701,000 | — | — | $60,000 |
| Net cash (debt) | −$8.51B | −$3.92B | −$1.93B | $61.2M | $25.0M | $22.2M | $77.2M | — | — | −$36,135 |
| Working capital | −$618.0M | −$182.5M | −$237.9M | $38.6M | $18.2M | $18.1M | $57.3M | $64.8M | $34.5M | −$86,620 |
| Tangible book value | $95.3M | $377.6M | $287.9M | $256.8M | $187.9M | $170.9M | $184.4M | $149.5M | $103.1M | $113.0M |
| Book value per share | $0.36 | $1.46 | $1.48 | $1.97 | $1.58 | $1.47 | $1.72 | $1.40 | $1.02 | — |
| Shares outstanding | 262.2M | 258.5M | 194.6M | 130.1M | 119.2M | 117.5M | 109.1M | 106.6M | 100.9M | — |
| Current ratio | 0.54 | 0.69 | 0.57 | 2.52 | 3.21 | 4.53 | 3.66 | 6.36 | 5.10 | 0.34 |
| Quick ratio | 0.11 | 0.25 | 0.07 | 3.59 | 3.11 | 4.40 | 3.62 | 6.25 | 4.85 | 0.18 |
| Debt / equity | 90.80 | 10.77 | 6.83 | 0.01 | 0.00 | 0.00 | 0.00 | — | — | 0.00 |
| Equity / assets | 0.8% | 5.9% | 8.7% | 82.2% | 84.8% | 85.7% | 84.8% | 88.4% | 88.8% | 96.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $83.7M | $465.1M | $143.8M | $209.4M | $158.5M | $130.9M | $148.1M | $38.2M | $38.1M | $45.8M | $38.2M | $50.8M |
| Cash & equivalents | $83.7M | $465.1M | $143.8M | $209.4M | $158.5M | $130.9M | $148.1M | $38.2M | $38.1M | $45.8M | $38.2M | $50.8M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $548.2M | $22.5M | $574.3M | $555.4M | $318.3M | $273.8M | $264.4M | $233.1M | $185.9M | $238.2M | $276.3M | $418.3M |
| Total current assets | $631.9M | $487.5M | $718.0M | $764.8M | $476.8M | $404.8M | $412.6M | $271.4M | $224.1M | $283.9M | $314.5M | $469.2M |
| Property, plant & equipment (net) | $13.65B | $11.80B | $10.73B | $8.63B | $6.75B | $5.87B | $5.19B | $4.50B | $3.90B | $3.33B | $2.62B | $1.89B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $922.3M | $945.1M | $977.0M | $610.4M | $634.8M | $621.2M | $805.4M | $356.0M | $631.1M | $564.2M | $393.2M | $543.3M |
| Total assets | $15.21B | $13.23B | $12.43B | $10.01B | $7.86B | $6.89B | $6.40B | $5.12B | $4.76B | $4.18B | $3.32B | $2.90B |
| Liabilities | ||||||||||||
| Accounts payable | $327.2M | $298.1M | $443.9M | $428.9M | $311.7M | $256.8M | $244.6M | $224.4M | $131.8M | $175.4M | $243.1M | $326.8M |
| Short-term debt | $1.6M | $1.3M | $3.9M | $3.3M | $3.0M | $2.8M | $2.9M | $2.9M | $2.8M | $3.0M | $3.1M | $3.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$131.8M | −$175.4M | −$243.1M | $213.1M |
| Total current liabilities | $1.69B | $1.21B | $1.34B | $1.19B | $683.9M | $475.7M | $595.1M | $558.3M | $499.6M | $505.6M | $552.4M | $550.7M |
| Long-term debt | $10.02B | $9.36B | $8.51B | $6.61B | $5.17B | $4.55B | $3.92B | $3.32B | $2.83B | $2.39B | $1.82B | $1.38B |
| Lease obligations | $517.3M | $118.9M | $146.1M | $146.6M | $146.2M | $146.6M | $147.0M | $147.5M | $147.9M | $148.4M | $149.1M | $149.7M |
| Other long-term liabilities | $676.2M | $302.0M | $277.8M | $229.1M | $144.9M | $145.2M | $144.2M | $204.8M | $145.0M | $145.5M | $214.7M | $148.3M |
| Total liabilities | $12.39B | $10.87B | $10.12B | $8.03B | $6.00B | $5.17B | $4.66B | $4.08B | $3.48B | $3.04B | $2.58B | $2.08B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $27,000 | $27,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 | $26,000 |
| Retained earnings (deficit) | −$961.8M | −$896.4M | −$760.0M | −$712.7M | −$603.2M | −$542.3M | −$453.5M | −$519.2M | −$396.0M | −$363.4M | −$391.8M | −$262.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Minority interest | $2.87B | $2.39B | $2.21B | $1.82B | $1.61B | — | — | — | — | — | — | — |
| Total shareholders' equity | −$57.3M | −$30.7M | $95.3M | $154.5M | $260.5M | $302.5M | $377.6M | $669.8M | $633.0M | $520.1M | $287.9M | $477.0M |
| Key figures | ||||||||||||
| Total debt | $10.54B | $9.47B | $8.66B | $6.76B | $5.32B | $4.70B | $4.07B | $3.46B | $2.98B | $2.54B | $1.97B | $1.53B |
| Net cash (debt) | −$10.45B | −$9.01B | −$8.51B | −$6.55B | −$5.16B | −$4.56B | −$3.92B | −$3.42B | −$2.94B | −$2.50B | −$1.93B | −$1.48B |
| Working capital | −$1.06B | −$726.8M | −$618.0M | −$429.2M | −$207.0M | −$70.9M | −$182.5M | −$286.9M | −$275.5M | −$221.7M | −$237.9M | −$81.5M |
| Tangible book value | −$57.3M | −$30.7M | $95.3M | $154.5M | $260.5M | $302.5M | $377.6M | $669.8M | $633.0M | $520.1M | $287.9M | $477.0M |
| Book value per share | −$0.22 | −$0.12 | $0.36 | $0.59 | $1.00 | $1.16 | $1.45 | $2.58 | $2.45 | $1.95 | $1.13 | $2.11 |
| Shares outstanding | 265.4M | 264.9M | 262.2M | 262.6M | 260.9M | 260.4M | 260.2M | 259.4M | 257.8M | 266.9M | 254.3M | 226.3M |
| Current ratio | 0.37 | 0.40 | 0.54 | 0.64 | 0.70 | 0.85 | 0.69 | 0.49 | 0.45 | 0.56 | 0.57 | 0.85 |
| Quick ratio | 0.05 | 0.38 | 0.11 | 0.18 | 0.23 | 0.28 | 0.25 | 0.07 | 0.08 | 0.09 | 0.07 | 0.09 |
| Debt / equity | — | — | 90.80 | 43.73 | 20.41 | 15.52 | 10.77 | 5.17 | 4.71 | 4.89 | 6.83 | 3.21 |
| Equity / assets | −0.4% | −0.2% | 0.8% | 1.5% | 3.3% | 4.4% | 5.9% | 13.1% | 13.3% | 12.5% | 8.7% | 16.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
NEXT financial position
At the end of fiscal 2025 (December 31, 2025), NextDecade had total assets of $12.4 billion (up 94.0% from a year earlier), total liabilities of $10.1 billion and shareholders' equity of $95.3 million. It held $143.8 million in cash and short-term investments against $8.7 billion of debt, net debt of $8.5 billion. Its current ratio was 0.54. In the latest quarter (ended June 30, 2026) total assets were $15.2 billion and equity -$57.3 million.
Related: NEXT income statement, NEXT cash flow statement, NEXT key metrics. See the NEXT stock overview for the latest quote and news.
NEXT balance sheet FAQ
What are NextDecade's total assets?
NextDecade reported total assets of $12.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.4 billion a year earlier.
How much debt does NextDecade have?
NextDecade had $8.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 90.80.
How much cash does NextDecade have?
NextDecade held $143.8 million in cash and short-term investments at the end of fiscal 2025; with $8.7 billion of debt that is net debt of $8.5 billion.
What is NextDecade's book value?
NextDecade's shareholders' equity (book value) was $95.3 million at the end of fiscal 2025, or $0.36 per share.
What is NextDecade's current ratio?
NextDecade had current assets of $718.0 million and current liabilities of $1.3 billion, a current ratio of 0.54 (current liabilities exceed current assets).