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Dec 31, 2025
NextDecade Q4 2025 Earnings Report
NextDecade reported fourth quarter 2025 results reflecting continued construction progress at Rio Grande LNG and a quarterly net loss.
Key Takeaways
For Q4 2025, NextDecade reported a net loss of 45400000, or -0.18 per share, as it continued advancing construction of Trains 1-5 and progressing development of Trains 6-8 at the Rio Grande LNG facility.
Net loss for Q4 2025 was 45400000.
EPS for the quarter was -0.18.
Trains 1-2 common facilities reached 64.5% overall completion.
Train 3 construction reached 39.8% overall completion.
Forward Guidance
NextDecade expects first LNG from Train 1 in the first half of 2027 and plans to advance permitting and commercialization for Trains 6-8.
Positive Outlook
- First LNG from Train 1 expected in 1H 2027.
- Construction progressing on schedule for Trains 1-5.
- Train 6 FERC application targeted for mid-2026.
- Over 7 MTPA of long-term LNG SPAs signed in 2025.
- Fully funded equity commitments for Trains 4 and 5.
Challenges Ahead
- Net loss of 45400000 for the quarter.
- Ongoing large capital requirements for project development.
- Exposure to LNG market and pricing volatility.
- Dependence on successful completion of construction milestones.
- Future funding and leverage dependent on project execution.
Historical Earnings Impact
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