NextDecade Corporation

NEXTNASDAQEnergy● Active

$8.46

$-0.07(-0.82%)

Market Cap$2.2B

P/E Ratio—

52W High$12.12

52W Low$4.75

Avg Volume4.6M

Open$8.61

Beta1.50

Free Cash Flow Financials Revenue

NextDecade Corporation (NEXT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NEXT · free cash flow · updated Jun 9, 2026

Core FCF metrics

NEXT · FCF · TTM · margin & CAGR

Free cash flow was −$5.02B for FY2025 (fiscal year ending 2025-12-31), down 88.3% year-over-year

FY2025 Free Cash Flow−$5.02B▼ -88.3% YoY

Trailing 12M (TTM)−$5.75Btrailing 4 quarters sum

FCF Margin——

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NEXT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$169.4M(4.85B)−$5.02B▼ 88.3%—

FY2024−$95.6M(2.57B)−$2.66B▼ 47.0%—

FY2023−$73.6M(1.74B)−$1.81B▼ 2353.3%—

FY2022−$40.1M(34M)−$73.8M▼ 145.6%—

FY2021−$18.0M(12M)−$30.1M▲ +48.7%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NEXT · P/FCF · FCF yield · FCF per share

NextDecade Corporation (NEXT) reported negative free cash flow of −$5.02B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NEXT · cash flow statement · operating / investing / financing

For FY2025, NextDecade Corporation generated −$169.4M in operating cash flow and spent 4.85B in capital expenditures, yielding −$5.02B in free cash flow.

Operating Activities

−$169.4M

Cash from core business operations

2025-12-31

Investing Activities

−$4.85B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$5.34B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$169.4M) − |CapEx| (4.85B) = FCF (−$5.02B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

NEXT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

NextDecade CorporationYOU

−$5.02B-88.3%—

Loss

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

NextDecade Corporation (NEXT) reported free cash flow of −$5.02B for FY2025 (fiscal year ending 2025-12-31), down 88.3% year-over-year.

NextDecade Corporation has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 12 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NEXT free cash flow · 8 questions

NextDecade Corporation free cash flow was −$5.02B for FY2025, down 88.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$5.75B.

NEXT free cash flowNEXT FCFNEXT FCF 2025NEXT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · NextDecade Corporation · NextDecade Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026