EarningsQ2 2026 Earnings Report
DE:2XD Q2 2026 EPS Results
Actual EPS-€0.22
Consensus EPS-€0.59
Beat/MissBeat by +€0.36
One Year Ago EPS-€0.20
DE:2XD Q2 2026 Revenue Results
Actual Revenue€0.00
Expected Revenue€0.00
Beat/MissMet expectations
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:2XD Upcoming Earnings
NextDecade's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2XD Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: construction and permitting milestones are advancing ahead of prior schedules, major financings were successfully completed and used to de‑risk project-level bank debt, regulatory progress for Train 6 supports a potential H2 2027 FID, and commercial interest and market fundamentals have strengthened due to global supply disruptions. Key risks remain around commissioning timing, completion of remaining milestones (LNG tank, pipeline, commissioning sequencing), firming enough long‑term SPAs to support Train 6 FID, elevated near‑term O&M and financing costs, and broader geopolitical/market volatility. On balance, the positive operational, financing, and market developments outweigh the outstanding execution and market‑timing risks.Company Guidance
Construction Progress and Schedule
Trains 1 and 2: 74% complete on engineering and procurement and ~60% complete on construction (June 2026). Train 3: >50% complete; Train 4: 15.5% complete; Train 5: 9.4% complete. Over 6,000 workers on site daily; Bechtel tracking ahead of the company's early volume guidance with construction on budget and ahead of schedule.
Commissioning Milestones and Near-Term Timing
Safely energized the main substation with 138 kV power (May 2026) and seconded 100+ operational employees to Bechtel (June 2026). Company expects first gas later in 2026 and first LNG production from Train 1 in H1 2027, with intent to narrow timing guidance in Q4 2026.
Pipeline, Marine, and Site Infrastructure Achievements
Bay Runner pipeline on track for Q3 2026 in-service; hot tap to Valley Crossing Pipeline completed. Dredging and channel deepening substantially complete; permanent buildings nearing completion; berth and turning basin dredging substantially complete.
Regulatory and Permitting Progress for Train 6
Filed formal FERC application for Train 6 (May 2026). FERC notified NextDecade that the final Environmental Impact Statement (EIS) is scheduled for June 25, 2027, supporting a potential Train 6 FID in H2 2027 (contingent on commercial support and financing). DOE export authorization applications for Train 6 submitted (June 2026).
Key Long‑lead Procurement Actions
Executed a reservation agreement with Baker Hughes to secure main refrigeration compressors for Train 6, reducing long‑lead equipment risk.
Successful Financing and Balance Sheet Actions
Completed a $1.0 billion term loan (7.05% interest, maturing June 2033) and a $3.5 billion inaugural 144A senior secured note issuance (four tranches: $1.0B 5.25% due 2031, $0.5B 5.5% due 2034, $1.25B 5.75% due 2036, $0.75B 6.15% due 2041; rated BBB-). Built an initial order book > $14 billion and priced at the tight end. Net proceeds (and swap settlement) used to pay down ~ $4.6 billion of Phase 1 bank facility borrowings; received $109 million swap settlement in July 2026.
Vessel Fleet and Shipping Strategy
Took delivery of two LNG vessels during Q2 2026 (including newbuild Clean Texas); currently three LNG vessels are under charter with additional vessels expected ahead of first LNG. Sub‑chartered excess shipping capacity to third parties to better match needs.
Commercial Interest and Market Backdrop
Strong buyer interest for Train 6 SPAs; active discussions with high-credit-quality counterparties. Management cites materially tightened global LNG supply due to Iran conflict (closure of Strait of Hormuz removed ~20% of world LNG supply, ~7 million tons/month impact), supporting elevated spot and front‑end contract pricing through at least 2030 and strengthening the case for U.S. Henry Hub‑indexed long‑term SPAs.
Leadership and Organizational Transition
Appointed John Zuklic as CFO (30 years in energy); company focused on transitioning from LNG developer to an LNG operating company and preparing organization for commissioning, startup, and operations readiness.
Transparency on O&M and Accounting
Began breaking out operating & maintenance expense in Q2 2026 to reflect site and pre-operational readiness costs; applied cost-splitting retrospectively and signaled expected increases in O&M as commissioning approaches.
DE:2XD 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