NextDecade Corporation (NEXT) Cash Flow Statement
Where NEXT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$169.4M
- Capital expenditures
- $4.85B
- Free cash flow
- −$5.02B
- Returned to shareholders
- $16.9M
- Change in cash
- $314.3M cash at year-end $707.1M
Cash from operations
−$169.4M
Capital expenditures
−$4.85B
Acquisitions & other
−$6.1M
Share buybacks (net)
−$16.9M
Net borrowing (repayment)
+$4.70B
Other financing
+$652.6M
Change in cash
$314.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NEXT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NEXT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$483,1422016 | −$169.4M2025 | — | |
| Capital expenditures | $19.4M2016 | $4.85B2025 | +84.7%/yr | |
| Free cash flow | −$19.9M2016 | −$5.02B2025 | — | |
| Stock-based compensation | $22.7M2017 | $39.2M2025 | +7.1%/yr | |
| Dividends paid | $4,0002016 | $02025 | −100.0% | |
| Share buybacks (net) | $02016 | $16.9M2025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NEXT cash flow by activity
OperatingInvestingFinancingChange in cash
NEXT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NEXT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$429.6M | $277.4M | −$221.6M | −$60.1M | −$22.0M | −$14.3M | −$35.9M | −$42.0M | −$35.3M | −$434,698 |
| Depreciation & amortization | $12.1M | $6.7M | $3.1M | $918,000 | $735,000 | $1.4M | $1.2M | $171,000 | $106,000 | $100,000 |
| Stock-based compensation | $39.2M | $19.9M | $26.6M | $7.5M | −$4.3M | −$341,000 | −$9.6M | $16.8M | $22.7M | — |
| Change in working capital | $36.8M | $20.1M | −$4.1M | $5.5M | $3.7M | −$6.9M | $1.1M | $1.7M | −$303,000 | $206,286 |
| Other non-cash items | $172.1M | −$419.7M | $122.5M | $6.1M | $3.9M | −$6.1M | $2.5M | −$50,000 | $0 | −$354,730 |
| Cash from operating activities | −$169.4M | −$95.6M | −$73.6M | −$40.1M | −$18.0M | −$26.3M | −$40.7M | −$23.3M | −$12.8M | −$483,142 |
| Investing activities | ||||||||||
| Capital expenditures | −$4.85B | −$2.57B | −$1.74B | −$33.8M | −$12.1M | −$32.4M | −$20.3M | −$18.7M | −$14.8M | −$19.4M |
| Investments (net) | — | −$2.57B | −$1.75B | −$40.9M | −$18.5M | $61.8M | $10.5M | −$67.5M | $36,000 | $122,016 |
| Acquisitions & other investing | −$6.1M | $2.57B | $1.74B | $33.8M | $12.1M | −$10.9M | −$6.9M | $0 | $26.7M | $19.4M |
| Cash from investing activities | −$4.85B | −$2.57B | −$1.75B | −$40.9M | −$18.5M | $18.5M | −$16.7M | −$86.2M | $11.9M | $122,016 |
| Financing activities | ||||||||||
| Dividends paid | $0 | $0 | −$53,000 | −$75,000 | −$67,000 | −$50,000 | −$42,000 | −$4 | −$4,000 | −$4,000 |
| Share repurchases & issuance (net) | −$16.9M | −$6.7M | −$9.6M | $118.3M | $39.5M | −$346,000 | −$650,000 | −$35,000 | $24.1M | $0 |
| Net borrowing (repayment) | $4.70B | $2.19B | $1.85B | $0 | — | — | — | — | — | $60,000 |
| Shares issued | $0 | $0 | $254.4M | $125.5M | $40.1M | $15.0M | $70.9M | $79.1M | $0 | $0 |
| Other financing | $652.6M | $589.8M | −$36.6M | −$125.5M | −$40.1M | $0 | −$293,000 | −$78.9M | −$24.1M | $4,000 |
| Cash from financing activities | $5.34B | $2.77B | $2.06B | $118.2M | $39.4M | $14.6M | $70.0M | $76,912 | $50,921 | $60,000 |
| Summary | ||||||||||
| Net change in cash | $314.3M | $98.3M | $231.7M | $37.2M | $2.9M | $6.9M | $12.6M | −$32.5M | $23.2M | −$301,126 |
| Cash at end of period | $707.1M | $392.8M | $294.5M | $62.8M | $25.6M | $22.6M | $15.7M | $3.2M | $35.7M | $23,865 |
| Free cash flow | −$5.02B | −$2.66B | −$1.81B | −$73.8M | −$30.1M | −$58.6M | −$61.0M | −$41.9M | −$27.7M | −$19.9M |
| Free cash flow margin | — | — | — | — | — | −29,900,510.2% | — | — | — | — |
| Capex / revenue | — | — | — | — | — | 16,506,122.4% | — | — | — | — |
| Operating cash flow / net income | — | −0.34 | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$118.8M | −$136.4M | $71.0M | −$109.5M | −$70.6M | −$245.2M | $65.7M | −$393.1M | −$32.6M | $28.3M | −$129.3M | $181.8M |
| Depreciation & amortization | $8.4M | $1.5M | $3.0M | $3.0M | $4.5M | $1.7M | $1.7M | $1.7M | $1.9M | $1.4M | $2.5M | $89,000 |
| Stock-based compensation | $5.3M | $5.4M | $12.3M | $13.1M | $7.2M | $6.6M | $6.1M | $5.0M | $4.4M | $4.4M | $4.5M | $9.7M |
| Change in working capital | $47.7M | −$46.9M | $37.8M | −$23.8M | $37.2M | −$24.8M | $33.1M | −$24.6M | $10.1M | $7.1M | −$21.1M | $16.8M |
| Other non-cash items | $41.0M | $65.5M | −$144.7M | $41.2M | $17.8M | $192.9M | −$115.4M | $347.2M | $22.2M | −$70.1M | $122.4M | −$219.8M |
| Cash from operating activities | −$16.3M | −$110.8M | −$20.7M | −$76.0M | −$3.9M | −$68.8M | −$8.9M | −$63.8M | $6.0M | −$28.8M | −$21.0M | −$11.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.18B | −$1.18B | −$2.27B | −$1.36B | −$731.6M | −$770.0M | −$694.6M | −$505.3M | −$577.9M | −$796.4M | −$741.2M | −$943.5M |
| Investments (net) | — | — | — | −$1.35B | −$751.9M | −$779.4M | −$694.6M | −$505.3M | −$593.6M | −$796.4M | −$742.4M | −$954.0M |
| Acquisitions & other investing | $150.0M | $0 | $298.8M | $1.36B | $731.6M | $770.0M | $694.6M | $505.3M | $593.6M | $812.1M | $741.2M | $943.5M |
| Cash from investing activities | −$1.03B | −$1.18B | −$1.97B | −$1.35B | −$751.9M | −$779.4M | −$694.6M | −$505.3M | −$577.9M | −$780.6M | −$742.4M | −$954.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | −$8.6M | −$4.3M | $0 | −$4.3M | $0 | −$21,000 |
| Share repurchases & issuance (net) | $18,000 | −$18,000 | −$1.4M | −$15.5M | −$42,000 | −$49,000 | −$125,000 | −$6.4M | −$59,000 | −$94,000 | −$20,000 | −$9.5M |
| Net borrowing (repayment) | $591.6M | $817.0M | $1.94B | $1.47B | $643.0M | $645.0M | $668.1M | $498.3M | — | — | — | — |
| Shares issued | $511.3M | $248.7M | $0 | $0 | $197.7M | $215.0M | $0 | $0 | $138.7M | $194.6M | $0 | $458.4M |
| Other financing | −$24.5M | −$20.2M | $18.7M | $253.4M | −$13.9M | −$18.3M | $171.1M | $144.3M | $385.0M | $576.2M | $612.0M | $922.4M |
| Cash from financing activities | $1.08B | $1.05B | $1.96B | $1.71B | $826.7M | $841.6M | $830.5M | $631.9M | $523.6M | $766.4M | $612.0M | $1.37B |
| Summary | ||||||||||||
| Net change in cash | $35.4M | −$242.0M | −$37.6M | $287.6M | $70.9M | −$6.6M | $127.0M | $62.7M | −$48.3M | −$43.1M | −$151.4M | $405.8M |
| Cash at end of period | $500.4M | $465.1M | $707.1M | $744.7M | $457.0M | $386.1M | $392.8M | $265.8M | $203.1M | $251.4M | $294.5M | $445.9M |
| Free cash flow | $1.16B | −$1.29B | −$2.29B | −$1.43B | −$735.5M | −$838.8M | −$703.5M | −$569.2M | −$571.9M | −$825.2M | −$762.2M | −$954.9M |
| Free cash flow margin | — | — | — | — | — | — | −9,042.5% | — | — | — | −83,754.1% | — |
| Capex / revenue | — | — | — | — | — | — | 8,928.1% | — | — | — | 81,447.1% | — |
| Operating cash flow / net income | — | — | −0.29 | — | — | — | −0.14 | — | — | −1.02 | — | −0.06 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NEXT cash generation
In fiscal 2025 (ended December 31, 2025), NextDecade generated -$169.4 million of cash from operations and spent $4.8 billion on capital expenditures, leaving free cash flow of -$5.0 billion. It returned $16.9 million to shareholders through dividends ($0) and net share buybacks ($16.9 million). Cash and equivalents rose by $314.3 million over the year.
Related: NEXT income statement, NEXT balance sheet. See the NEXT stock overview for the latest quote and news.
NEXT cash flow FAQ
What is NextDecade's free cash flow?
NextDecade's free cash flow was -$5.0 billion in fiscal 2025: -$169.4 million of operating cash flow minus $4.8 billion of capital expenditures It was -$2.7 billion a year earlier..
How much cash does NextDecade generate from operations?
NextDecade generated -$169.4 million of cash from operating activities in fiscal 2025.
How much does NextDecade spend on capital expenditures?
NextDecade spent $4.8 billion on capital expenditures in fiscal 2025, compared with $2.6 billion the year before.
How much stock does NextDecade buy back?
NextDecade spent $16.9 million on net share repurchases in fiscal 2025.