NextDecade Corporation (NEXT)
NASDAQ:NEXT
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Earnings Data
Report Date
Mar 08, 2027TBA (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
―Last Year’s EPS
-0.18Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and commercial progress: Phase 1 construction is advancing ahead of schedule and on budget with exemplary safety; early cargo sales and robust market demand (amplified by Middle East disruptions) support attractive early and steady-state cash flow scenarios. Management reaffirmed guidance and presented clear financing and commercialization plans for Train 6+. Key risks noted include short-term market volatility from the Iran conflict, remaining uncontracted early volumes, and cost/financing uncertainty for future trains. Overall, the positives around schedule, safety, early sales, and robust long-term demand outweighed the challenges discussed.Company Guidance
Construction Progress Ahead of Schedule and On Budget
As of March 2026, Trains 1 & 2 are 67.8% complete, Train 3 is 44.2% complete, Train 4 is 10.6% and Train 5 is 6.8% complete. Engineering for Trains 1 & 2 is ~98% complete and procurement ~94%; Train 3 engineering is >90% and procurement >80%. Phase 1 is tracking ahead of guaranteed substantial completion dates and remains within EPC budget.
Strong Safety Performance
First quarter TRIR (total recordable incident rate) of less than 0.1, reflecting strong site safety execution during rapid construction.
Operational Readiness and Staffing
Rapid hiring and systems build-out with over 400 employees (majority in Brownsville). Core enterprise platforms are going live and in-house integration capabilities established to support commissioning and transition to operations.
Early Cargo Sales and Margin Protection
Sold over 175 TBtu of early Phase 1 cargoes on an FOB basis, reducing market exposure on Phase 1 early LNG by ~33%. These forward sales carry fixed liquefaction fees and are expected to deliver cargo margins above $3 per MMBtu (FOB price less expected feedstock and fuel costs).
Early Production and Cash Flow Guidance Reaffirmed
Early LNG production guidance: ~3,800 TBtu total from start-up of Train 1 through first commercial delivery to Train 5 customers, including ~1,275 TBtu of production in excess of contracted long-term SPAs. Early cash flow outlook: at $5/MMBtu margin => ~ $2.0 billion NextDecade share distributable cash flow; at $3/MMBtu => ~ $1.2 billion.
Steady-State Distributable Cash Flow Targets
Reaffirmed steady-state guidance: base case (assume $5/MMBtu) projects ~ $500 million annual NextDecade distributable cash flow after DFCD pre-flip and ~ $800 million annually post-flip (mid-2030s). Alternative scenario (lower early margins plus incremental SPAs) projects ~$400M pre-flip and ~$500M post-flip.
Finance and Capital Strategy Progress
Over $9 billion of credit facility commitments for Phase 1, ~$3.8B for Train 4 and ~$3.6B for Train 5. Since Phase 1 FID, NextDecade refinanced > $1.85 billion of Phase 1 bank debt and plans opportunistic refinancings. FinCo bank facility priced ~150 bps over project bank facilities and provides flexibility for equity funding needs.
Market Dynamics Increasing Long-Term Contract Demand
Iran conflict has removed significant supply (~14 million tons initially) and damaged capacity (~13 mtpa at Ras Laffan estimated to need 3–5 years repairs), tightening global balances. Long-term U.S. Henry Hub-indexed SPAs remain attractively priced (historical example: 115% Henry Hub + $2.50 + shipping ~ $8.83 vs JKM spot ~ $17.50) and NextDecade is seeing strong demand for Train 6+ volumes.
Train 6 FEED and Permitting Progress
Bechtel FEED for Train 6 and third berth underway. Formal FERC application for Train 6 expected before quarter end. Management expects Train 6 FERC permit potentially as early as mid-2027 and possible FID in H2 2027 (subject to commercialization and financing).
Shipping and Freight Preparation
Five vessels chartered for Phase 1: three long-term charters from Dynagas (first new vessel from Hyundai recently sailed) and two subchartered vessels. Company intends to charter additional short-term vessels to support excess/merchant cargoes and maintain DES flexibility.
NEXT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NEXT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 01, 2026 | $7.83 | $7.83 | 0.00% |
Mar 02, 2026 | $5.39 | $5.61 | +4.08% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does NextDecade Corporation (NEXT) report earnings?
NextDecade Corporation (NEXT) is schdueled to report earning on Mar 08, 2027, TBA (Confirmed).
What is NextDecade Corporation (NEXT) earnings time?
NextDecade Corporation (NEXT) earnings time is at Mar 08, 2027, TBA (Confirmed).
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What is NEXT EPS forecast?
Currently, no data Available