0001612720-26-000026 | 10-Q | XBRL Viewer

Leases

3 Months Ended

Mar. 31, 2026

Note 3 — Leases

The Company commenced the Rio Grande LNG Facility site lease in July 2023, and it has an initial term of 30 years. The lease includes options to renew for up to two additional 10-year periods which are recognized as part of our right of use assets and lease liabilities. The Company has also entered into an office space lease that expires on December 31, 2035 and does not include any options for renewal.

Additionally, the Company has entered into certain time charter agreements with vessel owners to provide shipping capacity for LNG sales related to its delivered ex-ship LNG sale and purchase agreement, as well as expected commissioning and portfolio volumes. These lease arrangements are expected to commence in 2026 upon delivery of the vessels.

For the three months ended March 31, 2026 and 2025, our operating lease costs were $2.6 million and $2.5 million, respectively.

Maturity of operating lease liabilities as of March 31, 2026 are as follows (in thousands, except lease term and discount rate):


2026 (remaining)	$	7,105
2027	9,757
2028	9,801
2029	9,546
2030	9,591
Thereafter	319,535
Total undiscounted lease payments	365,335
Discount to present value	(246,414)
Present value of lease liabilities	$	118,921

Weighted average remaining lease term — years	42.0
Weighted average discount rate — percent	7.0

Other information related to our operating leases is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,636	$	1,908
Noncash right-of-use assets and lease liabilities recorded for new and modified leases	(26,100)		—

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 2 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Rio Grande LNG Facility under construction	$	11,659,040	$	10,563,032
Corporate and other	8,163		8,163
Total property, plant and equipment, at cost	11,667,203		10,571,195
Less: accumulated depreciation	(3,262)		(2,884)
Total property, plant and equipment, net	$	11,663,941	$	10,568,311

Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Loss Per Share

Note 8 — Loss Per Share

The computation of basic and diluted loss per share is as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Net loss attributable to common stockholders	$	(136,406)	$	(88,805)
Weighted average shares outstanding — basic & diluted	264,908		260,405
Loss per common share — basic & diluted	$	(0.51)	$	(0.34)

Potentially dilutive shares related to unvested restricted stock and restricted stock units, outstanding stock options, the Warrants, and the Series A Exchange Option were excluded from the calculation of diluted loss per share because their effect would have been antidilutive for the periods presented.

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share

The computation of basic and diluted loss per share is as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Net loss attributable to common stockholders	$	(136,406)	$	(88,805)
Weighted average shares outstanding — basic & diluted	264,908		260,405
Loss per common share — basic & diluted	$	(0.51)	$	(0.34)

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,636	$ 1,908
Noncash right-of-use assets and lease liabilities recorded for new and modified leases	$ (26,100)	$ 0

Variable Interest Entities (Details) - USD ($)	3 Months Ended
Variable Interest Entities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Restricted cash	$ 143,120,000	$ 143,782,000
Derivatives	13,202,000	0
Prepaid expenses and other current assets	9,255,000	10,961,000
Total current assets	487,520,000	718,049,000
Property, plant and equipment, net	11,663,941,000	10,568,311,000
Operating lease right-of-use assets	135,147,000	162,493,000
Deferred financing fees	393,489,000	423,076,000
Derivatives	501,207,000	532,245,000
Other non-current assets	50,436,000	21,654,000
Total assets	13,231,740,000	12,425,828,000
Current liabilities:
Accounts payable	298,124,000	443,947,000
Operating leases	1,294,000	3,883,000
Accrued and other current liabilities	914,940,000	888,200,000
Total current liabilities	1,214,358,000	1,336,030,000
Debt, net	9,355,258,000	8,510,925,000
Operating leases	117,627,000	142,266,000
Derivatives	184,353,000	135,520,000
Total liabilities	10,871,596,000	10,124,741,000
Related Party
Current liabilities:
Related party, contribution	48,400,000
Variable Interest Entity, Primary Beneficiary
Current assets:
Restricted cash	255,781,000	486,221,000
Derivatives	13,202,000	0
Prepaid expenses and other current assets	4,918,000	7,219,000
Total current assets	273,901,000	493,440,000
Property, plant and equipment, net	11,607,436,000	10,563,022,000
Operating lease right-of-use assets	123,074,000	150,210,000
Deferred financing fees	339,648,000	367,022,000
Derivatives	500,466,000	532,245,000
Other non-current assets	50,278,000	21,496,000
Total assets	12,894,803,000	12,127,435,000
Current liabilities:
Accounts payable	292,236,000	438,498,000
Operating leases	300,000	2,747,000
Accrued and other current liabilities	868,082,000	829,340,000
Total current liabilities	1,160,618,000	1,270,585,000
Debt, net	7,928,837,000	7,135,483,000
Operating leases	102,175,000	126,506,000
Derivatives	104,460,000	84,606,000
Total liabilities	$ 9,296,090,000	$ 8,617,180,000

Debt - FinCo Credit Agreement, Super FinCo Term Loan, and Corporate Credit Agreement - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2025 USD ($)	Mar. 31, 2026 USD ($)	Nov. 17, 2025 USD ($) tranche $ / shares	Oct. 31, 2025 USD ($)
Debt Instrument [Line Items]
Number of tranches \| tranche			2
FinCo Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Total facility size	$ 700.0			$ 1,500.0
Line of credit facility, commitment fee percentage		1.05%
Option to extend, period	1 year
Extension option available, period		90 days
Letters of credit outstanding, amount		$ 1,200.0
FinCo Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate		3.50%
FinCo Credit Agreement \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate		2.50%
FinCo Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Total facility size	$ 600.0			$ 1,200.0
Super FinCo Term Loan [Member] \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes issued, value	$ 600.0
Percentage of payments eligible to be paid-in kind				50.00%
Train 5 Credit Agreement \| Line of Credit \| Variable Interest Entity, Primary Beneficiary \| Train 5 LLC
Debt Instrument [Line Items]
Total facility size				$ 1,200.0
8.00% A&R Corporate Credit Agreement due 2030 - Series A \| Senior Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		8.00%
8.00% A&R Corporate Credit Agreement due 2030 - Series A \| Senior Loans \| Super Holdings
Debt Instrument [Line Items]
Senior secured notes issued, value			$ 100.0
Debt instrument, interest rate, stated percentage			8.00%
Debt instrument, convertible, conversion price (per share) \| $ / shares			$ 9.50
13.50% A&R Corporate Credit Agreement due 2030 - Series B \| Senior Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		13.50%
13.50% A&R Corporate Credit Agreement due 2030 - Series B \| Senior Loans \| Super Holdings
Debt Instrument [Line Items]
Percentage of payments eligible to be paid-in kind			50.00%
Debt instrument, interest rate, stated percentage			13.50%
Percentage of interest payable in cash or in-kind			100.00%
Percentage of payments eligible to be paid-in cash			50.00%

Derivatives - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	Mar. 31, 2026 USD ($) $ / shares shares
Derivative [Line Items]
Warrants and rights outstanding \| $	$ 9.2
Warrants that may be subject to cash exercise (in shares)	3.6
Class of warrant or right, volume weighted average price, period	30 days
Period One
Derivative [Line Items]
Volume weighted average trading price threshold, minimum (in dollars per share) \| $ / shares	$ 13.50
Period Two
Derivative [Line Items]
Volume weighted average trading price threshold, minimum (in dollars per share) \| $ / shares	$ 15.00
Warrants, Exercise Price One
Derivative [Line Items]
Warrants purchased (in shares)	3.6
Exercise price (in dollars per share) \| $ / shares	$ 7.15
Warrants, Exercise Price Two
Derivative [Line Items]
Warrants purchased (in shares)	5.6
Exercise price (in dollars per share) \| $ / shares	$ 9.30
Warrants Due 2031
Derivative [Line Items]
Warrants purchased (in shares)	7.2
Warrants Due 2032
Derivative [Line Items]
Warrants purchased (in shares)	2.0

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest on debt obligations	$ 166,652	$ 73,105
Amortization of debt issuance costs	29,542	16,916
Other interest and financing costs	11,070	785
Total interest cost incurred	207,264	90,806
Capitalized interest	(128,017)	(63,601)
Interest expense	$ 79,247	$ 27,205

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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Debt - Debt Covenants and Compliance - Narrative (Details)	3 Months Ended
	Mar. 31, 2026
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt instrument, covenant, historical debt service coverage ratio, minimum	1.10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued and Other Current Liabilities

Note 4 — Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Rio Grande LNG Facility	$	846,362	$	769,137
Accrued interest	39,250		73,945
Employee compensation	7,436		19,740
Other accrued liabilities	21,892		25,378
Total accrued and other current liabilities	$	914,940	$	888,200

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 9,691,057,000	$ 8,827,368,000
Unamortized debt issuance costs	(335,799,000)	(316,443,000)
Total	9,355,258,000	8,510,925,000
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Total	7,928,837,000	7,135,483,000
Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Total debt	7,551,000,000	6,805,000,000
CD Credit Agreement \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Total debt	4,389,000,000	3,708,000,000
TCF Credit Agreement \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Total debt	550,000,000	485,000,000
Train 4 LLC Credit Agreement \| Variable Interest Entity, Primary Beneficiary \| Train 4 LLC
Debt Instrument [Line Items]
Total debt	$ 428,000,000	357,000,000
Phase 1 Senior Secured Notes \| 6.67% Senior Secured Notes due 2033 \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Total debt	$ 700,000,000	700,000,000
Phase 1 Senior Secured Notes \| 6.85% Senior Secured Notes due 2047 \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Total debt	$ 190,000,000	190,000,000
Phase 1 Senior Secured Notes \| 6.58% Senior Secured Notes due 2047 \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
Total debt	$ 1,115,000,000	1,115,000,000
Phase 1 Senior Secured Loans \| 6.72% Senior Secured Loans due 2033 \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Total debt	$ 356,000,000	356,000,000
Phase 1 Senior Secured Loans \| 7.11% Senior Secured Loans due 2047 \| Variable Interest Entity, Primary Beneficiary \| Phase 1 LLC
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Total debt	$ 251,000,000	251,000,000
Secured Debt \| 6.56% Senior Secured Notes due 2050 \| Variable Interest Entity, Primary Beneficiary \| Train 5 LLC
Debt Instrument [Line Items]
Total debt	$ 150,000,000	150,000,000
Secured Debt \| 13.00% Super FinCo Term Loan due 2031
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	13.00%
Total debt	$ 1,254,428,000	1,214,517,000
Senior Loans \| 8.00% A&R Corporate Credit Agreement due 2030 - Series A
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.00%
Total debt	$ 100,000,000	100,000,000
Senior Loans \| 13.50% A&R Corporate Credit Agreement due 2030 - Series B
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	13.50%
Total debt	$ 207,629,000	$ 200,851,000

Derivatives - Schedule of Derivatives Instruments Statements of Financial Performance (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Derivatives - current assets	$ 13,202	$ 0
Derivatives - noncurrent assets	501,207	532,245
Accrued and other current liabilities	4,113	6,422
Derivatives - noncurrent liabilities	184,353	135,520
Swaps
Derivative [Line Items]
Derivatives - current assets	13,202
Derivatives - noncurrent assets	501,207	532,245
Accrued and other current liabilities	4,113	6,422
Derivatives - noncurrent liabilities	108,222	85,888
Series A Exchange Option
Derivative [Line Items]
Derivatives - current assets	0
Derivatives - noncurrent assets	0	0
Accrued and other current liabilities	0	0
Derivatives - noncurrent liabilities	28,986	15,720
Warrants
Derivative [Line Items]
Derivatives - current assets	0
Derivatives - noncurrent assets	0	0
Accrued and other current liabilities	0	0
Derivatives - noncurrent liabilities	$ 47,145	$ 33,912

Leases - Maturity of Operating Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remaining)	$ 7,105
2027	9,757
2028	9,801
2029	9,546
2030	9,591
Thereafter	319,535
Total undiscounted lease payments	365,335
Discount to present value	(246,414)
Present value of lease liabilities	$ 118,921
Weighted average remaining lease term — years	42 years
Weighted average discount rate — percent	7.00%

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

The assets and liabilities in the table below include only the assets and liabilities of Phase 1 Holdings, Train 4 Holdings, Train 5 Holdings, and their respective subsidiaries and exclude intercompany balances between Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	March 31, 2026		December 31, 2025
Assets
Current assets:
Restricted cash	$	255,781	$	486,221
Derivatives	13,202		—
Prepaid expenses and other current assets	4,918		7,219
Total current assets	273,901		493,440
Property, plant and equipment, net	11,607,436		10,563,022
Operating lease right-of-use assets	123,074		150,210
Deferred financing fees	339,648		367,022
Derivatives	500,466		532,245
Other non-current assets	50,278		21,496
Total assets	$	12,894,803	$	12,127,435

Liabilities
Current liabilities:
Accounts payable	$	292,236	$	438,498
Operating leases	300		2,747
Accrued and other current liabilities	868,082		829,340
Total current liabilities	1,160,618		1,270,585
Debt, net	7,928,837		7,135,483
Operating leases	102,175		126,506
Derivatives	104,460		84,606
Total liabilities	$	9,296,090	$	8,617,180

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Derivatives - Schedule of Interest Rate Swaps Outstanding (Details) - Variable Interest Entity, Primary Beneficiary - Interest Rate Swap $ in Thousands	Mar. 31, 2026 USD ($)
Phase 1 LLC
Derivative [Line Items]
Derivative, notional amount	$ 123,000
Weighted Average Fixed Interest Rate Paid	3.40%
Phase 1 LLC \| Maximum
Derivative [Line Items]
Derivative, notional amount	$ 7,916,900
Train 4 LLC
Derivative [Line Items]
Derivative, notional amount	$ 186,900
Weighted Average Fixed Interest Rate Paid	4.30%
Train 4 LLC \| Maximum
Derivative [Line Items]
Derivative, notional amount	$ 3,230,000
Train 5 LLC
Derivative [Line Items]
Derivative, notional amount	$ 17,709
Weighted Average Fixed Interest Rate Paid	4.20%
Train 5 LLC \| Maximum
Derivative [Line Items]
Derivative, notional amount	$ 3,050,650
FinCo Swaps
Derivative [Line Items]
Derivative, notional amount	$ 7,852
Weighted Average Fixed Interest Rate Paid	4.00%
FinCo Swaps \| Maximum
Derivative [Line Items]
Derivative, notional amount	$ 1,389,854

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic	$ (136,406)	$ (88,805)
Net loss attributable to common stockholders, diluted	$ (136,406)	$ (88,805)
Weighted average shares outstanding - basic (in shares)	264,908	260,405
Weighted average shares outstanding - diluted (in shares)	264,908	260,405
Loss per common share - basic (in usd per share)	$ (0.51)	$ (0.34)
Loss per common share - diluted (in usd per share)	$ (0.51)	$ (0.34)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Supplemental Cash Flows

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows

Note 10 — Supplemental Cash Flows

The following table provides supplemental disclosure of cash flow information (in thousands):


	Three Months Ended March 31,
	2026		2025
Interest payments classified as operating activities	$	37,772	$	27,299
Accounts payable for acquisition of property, plant and equipment	261,740		251,513
Accruals for acquisition of property, plant and equipment	850,477		198,539
Non-cash settlement of warrant liabilities	—		2,828
Capitalized interest that was paid-in-kind	17,923		—

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-36842
Entity Registrant Name	NEXTDECADE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		264,992,987
Entity Central Index Key	0001612720
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Rio Grande LNG Facility under construction	$	11,659,040	$	10,563,032
Corporate and other	8,163		8,163
Total property, plant and equipment, at cost	11,667,203		10,571,195
Less: accumulated depreciation	(3,262)		(2,884)
Total property, plant and equipment, net	$	11,663,941	$	10,568,311

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative [Abstract]

Schedule of Interest Rate Swaps Outstanding

As of March 31, 2026, the Company had the following Swaps outstanding (in thousands):


	Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
Phase 1 Swaps	$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR
Train 4 Swaps	186,900		3,230,000		2050	4.3	%	USD - SOFR
Train 5 Swaps	17,709		3,050,650		2051	4.2	%	USD - SOFR
FinCo Swaps	7,852		1,389,854		2035	4.0	%	USD - SOFR

(1) Phase 1, Train 4, Train 5, and FinCo Swaps, have early mandatory terminations dates in July 2030, September 2032, October 2032, and October 2031, respectively.

Schedule of Derivatives Instruments Statements of Financial Performance

The fair value of the Company’s derivative instruments was recorded in the Consolidated Balance Sheets as follows (in thousands):


	March 31, 2026
	Swaps		Series A Exchange Option		Warrants		Total
Derivatives - current assets	$	13,202	$	—	$	—	$	13,202
Derivatives - noncurrent assets	501,207		—		—		501,207
Accrued and other current liabilities	4,113		—		—		4,113
Derivatives - noncurrent liabilities	108,222		28,986		47,145		184,353


	December 31, 2025
	Swaps		Series A Exchange Option		Warrants		Total
Derivatives - noncurrent assets	$	532,245	$	—	$	—	$	532,245
Accrued and other current liabilities	6,422		—		—		6,422
Derivatives - noncurrent liabilities	85,888		15,720		33,912		135,520

Schedule of Gains (Losses) of Derivative Instruments

The gains (losses) on the Company’s derivative instruments as presented in the Consolidated Statements of Operations are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Swaps	$	(35,611)	$	(167,509)
Series A Exchange Option	(13,266)		—
Warrants	(13,233)		—
Other	—		(1,191)
Derivative loss, net	$	(62,110)	$	(168,700)

Derivatives - Schedule of Gains (Losses) of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative [Line Items]
Derivative loss, net	$ (62,110)	$ (168,700)
Swaps
Derivative [Line Items]
Derivative loss, net	(35,611)	(167,509)
Series A Exchange Option
Derivative [Line Items]
Derivative loss, net	(13,266)	0
Warrants
Derivative [Line Items]
Derivative loss, net	(13,233)	0
Other
Derivative [Line Items]
Derivative loss, net	$ 0	$ (1,191)

Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
Supplemental Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Interest payments classified as operating activities	$ 37,772	$ 27,299
Accounts payable for acquisition of property, plant and equipment	261,740	251,513
Accruals for acquisition of property, plant and equipment	850,477	198,539
Non-cash settlement of warrant liabilities	0	2,828
Capitalized interest that was paid-in-kind	$ 17,923	$ 0

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturity of operating lease liabilities as of March 31, 2026 are as follows (in thousands, except lease term and discount rate):


2026 (remaining)	$	7,105
2027	9,757
2028	9,801
2029	9,546
2030	9,591
Thereafter	319,535
Total undiscounted lease payments	365,335
Discount to present value	(246,414)
Present value of lease liabilities	$	118,921

Weighted average remaining lease term — years	42.0
Weighted average discount rate — percent	7.0

Schedule of Other Information Related to Operating Leases

Other information related to our operating leases is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,636	$	1,908
Noncash right-of-use assets and lease liabilities recorded for new and modified leases	(26,100)		—

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Rio Grande LNG Facility	$ 846,362	$ 769,137
Accrued interest	39,250	73,945
Employee compensation	7,436	19,740
Other accrued liabilities	21,892	25,378
Total accrued and other current liabilities	$ 914,940	$ 888,200

Derivatives

3 Months Ended

Mar. 31, 2026

Derivative [Abstract]

Derivatives

Note 6 — Derivatives

To manage interest rate volatility, the Company has entered into interest rate swap agreements (the “Swaps”) to hedge a portion of the floating-rate interest payments associated with the credit agreements described in Note 5 — Debt. These include Swaps entered into by Phase 1 LLC in July 2023 and by Train 4 LLC, Train 5 LLC, and FinCo in the second half of 2025 for their respective debt obligations.

As of March 31, 2026, the Company had the following Swaps outstanding (in thousands):


	Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
Phase 1 Swaps	$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR
Train 4 Swaps	186,900		3,230,000		2050	4.3	%	USD - SOFR
Train 5 Swaps	17,709		3,050,650		2051	4.2	%	USD - SOFR
FinCo Swaps	7,852		1,389,854		2035	4.0	%	USD - SOFR

(1) Phase 1, Train 4, Train 5, and FinCo Swaps, have early mandatory terminations dates in July 2030, September 2032, October 2032, and October 2031, respectively.

The Swaps are measured at fair value each reporting period using an income approach (Level 2) based on observable market inputs, including SOFR forward curves. Changes in fair value are recorded within our Consolidated Statement of Operations.

Series A Exchange Option

The Series A Exchange Option (see Note 5 — Debt) is measured at fair value each reporting period using a lattice model (Level 2), and changes in fair value are recorded within our Consolidated Statement of Operations.

Warrants

The Company has issued approximately 9.2 million warrants (the “Warrants”) in connection with the A&R Corporate Credit Agreement that consist of approximately 3.6 million warrants with an exercise price of $7.15 per share and approximately 5.6 million warrants with an exercise price of $9.30 per share. Approximately 7.2 million of the Warrants mature in 2031 and the approximately 2.0 million remaining warrants mature in 2032. The Warrants may be exercised by the holder solely on a cashless exercise basis at any time prior to their expiration.

Subject to certain liquidity conditions, the Company may cause the cash exercise of approximately 3.6 million of these warrants if the 30-day volume weighted average price of the Company’s common stock and the closing price of the Company’s common stock immediately prior to the date of exercise equals or exceeds $13.50 per share or $15.00 per share during specified periods in 2026 and 2027, respectively.

The Warrants are accounted for as derivative liabilities and are remeasured each period using either a Black-Scholes model or Monte Carlo, depending on the terms of the instrument (Level 2). Changes in fair value are recorded within our Consolidated Statement of Operations.

Consolidated Balance Sheet and Statement of Operations presentation

The fair value of the Company’s derivative instruments was recorded in the Consolidated Balance Sheets as follows (in thousands):


	March 31, 2026
	Swaps		Series A Exchange Option		Warrants		Total
Derivatives - current assets	$	13,202	$	—	$	—	$	13,202
Derivatives - noncurrent assets	501,207		—		—		501,207
Accrued and other current liabilities	4,113		—		—		4,113
Derivatives - noncurrent liabilities	108,222		28,986		47,145		184,353


	December 31, 2025
	Swaps		Series A Exchange Option		Warrants		Total
Derivatives - noncurrent assets	$	532,245	$	—	$	—	$	532,245
Accrued and other current liabilities	6,422		—		—		6,422
Derivatives - noncurrent liabilities	85,888		15,720		33,912		135,520

The gains (losses) on the Company’s derivative instruments as presented in the Consolidated Statements of Operations are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Swaps	$	(35,611)	$	(167,509)
Series A Exchange Option	(13,266)		—
Warrants	(13,233)		—
Other	—		(1,191)
Derivative loss, net	$	(62,110)	$	(168,700)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 143,120,000	$ 143,782,000
Restricted cash	321,943,000	563,306,000
Derivatives	13,202,000	0
Prepaid expenses and other current assets	9,255,000	10,961,000
Total current assets	487,520,000	718,049,000
Property, plant and equipment, net	11,663,941,000	10,568,311,000
Operating lease right-of-use assets	135,147,000	162,493,000
Deferred financing fees	393,489,000	423,076,000
Derivatives	501,207,000	532,245,000
Other non-current assets	50,436,000	21,654,000
Total assets	13,231,740,000	12,425,828,000
Current liabilities:
Accounts payable	298,124,000	443,947,000
Operating leases	1,294,000	3,883,000
Accrued and other current liabilities	914,940,000	888,200,000
Total current liabilities	1,214,358,000	1,336,030,000
Debt, net	9,355,258,000	8,510,925,000
Operating leases	117,627,000	142,266,000
Derivatives	184,353,000	135,520,000
Total liabilities	10,871,596,000	10,124,741,000
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.0001 par value, 480.0 million authorized: 265.0 million and 264.8 million outstanding, respectively	27,000	26,000
Treasury stock: 4.9 million and 4.9 million, respectively, at cost	(37,880,000)	(37,862,000)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0
Additional paid-in-capital	903,508,000	893,131,000
Accumulated deficit	(896,363,000)	(759,957,000)
Total stockholders’ equity	(30,708,000)	95,338,000
Non-controlling interests	2,390,852,000	2,205,749,000
Total equity	2,360,144,000	2,301,087,000
Total liabilities and equity	$ 13,231,740,000	$ 12,425,828,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 0	$ 0
Operating expenses:
General and administrative expense	49,941	44,942
Development expense	2,143	307
Depreciation and amortization expense	3,031	3,149
Other	0	3,518
Total operating expenses	55,115	51,916
Total operating loss	(55,115)	(51,916)
Other income (expense):
Derivative loss, net	(62,110)	(168,700)
Interest expense	(79,247)	(27,205)
Other income (expense), net	1,432	2,593
Total other income (expense)	(139,925)	(193,312)
Loss before income taxes	(195,040)	(245,228)
Income tax expense	0	0
Net loss	(195,040)	(245,228)
Less: net loss attributable to non-controlling interests	(58,634)	(156,423)
Net loss attributable to common stockholders	$ (136,406)	$ (88,805)
Loss per common share - basic (in usd per share)	$ (0.51)	$ (0.34)
Loss per common share - diluted (in usd per share)	$ (0.51)	$ (0.34)
Weighted average shares outstanding - basic (in shares)	264,908	260,405
Weighted average shares outstanding - diluted (in shares)	264,908	260,405

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 — Commitments and Contingencies Legal Proceedings From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. As of March 31, 2026, management is not aware of any claims or legal actions against the Company that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities

Note 7 — Variable Interest Entities

Phase 1 Holdings, Train 4 Holdings, Train 5 Holdings, and their wholly owned subsidiaries were established to construct and operate Phase 1, Train 4, and Train 5 of the Rio Grande LNG Facility, respectively. The Company is not obligated to fund their losses.

The equity investors at risk, as a group, lack the characteristics of a controlling financial interest. Additionally, through agreements with NextDecade LLC, the Company holds decision-making rights over construction and key operational aspects of Phase 1 LLC, Train 4 LLC, and Train 5 LLC, which agreements can only be terminated by equity holders for cause. Based on these factors, the Company holds a variable interest in Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, and is their primary beneficiary, resulting in the consolidation of these entities in these Consolidated Financial Statements.

The following table presents the summarized combined assets and liabilities (in thousands) of Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, which are included in the Company’s Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, respectively. In addition, there is no recourse to NextDecade for the consolidated VIE’s liabilities. The assets and liabilities in the table below include only the assets and liabilities of Phase 1 Holdings, Train 4 Holdings, Train 5 Holdings, and their respective subsidiaries and exclude intercompany balances between Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	March 31, 2026		December 31, 2025
Assets
Current assets:
Restricted cash	$	255,781	$	486,221
Derivatives	13,202		—
Prepaid expenses and other current assets	4,918		7,219
Total current assets	273,901		493,440
Property, plant and equipment, net	11,607,436		10,563,022
Operating lease right-of-use assets	123,074		150,210
Deferred financing fees	339,648		367,022
Derivatives	500,466		532,245
Other non-current assets	50,278		21,496
Total assets	$	12,894,803	$	12,127,435

Liabilities
Current liabilities:
Accounts payable	$	292,236	$	438,498
Operating leases	300		2,747
Accrued and other current liabilities	868,082		829,340
Total current liabilities	1,160,618		1,270,585
Debt, net	7,928,837		7,135,483
Operating leases	102,175		126,506
Derivatives	104,460		84,606
Total liabilities	$	9,296,090	$	8,617,180

Related Party Transactions

TotalEnergies SE and its subsidiaries (together, “TotalEnergies”) are related parties under Accounting Standards Codification 850, Related Party Disclosures, due to TotalEnergies’s ownership of more than 10% of the Company’s common stock. The Company entered into commercial and financing arrangements with TotalEnergies as part of the final investment decisions for Phase 1 and Train 4, including long-term LNG sale and purchase agreements for Phase 1 and Train 4 and equity commitments to Phase 1 Holdings and Train 4 Holdings. TotalEnergies also provides contingent credit support for the TCF Credit Agreement.

For the three months ended March 31, 2026, TotalEnergies contributed approximately $48.4 million under its equity commitments to Phase 1 Holdings.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Phase 1 LLC Debt:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.85% Senior Secured Notes due 2047	190,000		190,000
6.58% Senior Secured Notes due 2047	1,115,000		1,115,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
CD Credit Agreement	4,389,000		3,708,000
TCF Credit Agreement	550,000		485,000
Total Phase 1 LLC Debt	7,551,000		6,805,000
Train 4 LLC Debt:
Train 4 LLC Credit Agreement	428,000		357,000
Train 5 LLC Debt:
6.56% Senior Secured Notes due 2050	150,000		150,000

13.00% Super FinCo Term Loan due 2031	1,254,428		1,214,517
8.00% A&R Corporate Credit Agreement due 2030 - Series A	100,000		100,000
13.50% A&R Corporate Credit Agreement due 2030 - Series B	207,629		200,851
Total debt	9,691,057		8,827,368
Unamortized debt issuance costs	(335,799)		(316,443)
Debt, net	$	9,355,258	$	8,510,925

Schedule of Interest Income and Interest Expense Disclosure

Interest expense consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Interest on debt obligations	$	166,652	$	73,105
Amortization of debt issuance costs	29,542		16,916
Other interest and financing costs	11,070		785
Total interest cost incurred	207,264		90,806
Capitalized interest	(128,017)		(63,601)
Interest expense	$	79,247	$	27,205

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Phase 1 Senior Secured Notes	$	2,005,000	$	2,044,347	$	2,005,000	$	2,077,080
Phase 1 Senior Secured Loans	607,000		633,625		607,000		643,504
Train 5 Senior Secured Notes	150,000		145,714		150,000		148,470
Super FinCo Term Loan	1,254,428		1,197,091		1,214,517		1,144,196
A&R Corporate Credit Agreement - Series A	100,000		92,870		100,000		77,416
A&R Corporate Credit Agreement - Series B	207,629		174,358		200,851		165,518

Debt - Schedule Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Carrying Amount	$ 9,691,057	$ 8,827,368
Senior Loans \| 8.00% A&R Corporate Credit Agreement due 2030 - Series A
Debt Instrument [Line Items]
Carrying Amount	100,000	100,000
Senior Loans \| 13.50% A&R Corporate Credit Agreement due 2030 - Series B
Debt Instrument [Line Items]
Carrying Amount	207,629	200,851
Fair Value, Inputs, Level 2 \| Senior Loans \| 8.00% A&R Corporate Credit Agreement due 2030 - Series A
Debt Instrument [Line Items]
Carrying Amount	100,000	100,000
Estimated Fair Value	92,870	77,416
Fair Value, Inputs, Level 2 \| Senior Loans \| 13.50% A&R Corporate Credit Agreement due 2030 - Series B
Debt Instrument [Line Items]
Carrying Amount	207,629	200,851
Estimated Fair Value	174,358	165,518
Phase One \| Fair Value, Inputs, Level 2 \| Phase 1 Senior Secured Notes
Debt Instrument [Line Items]
Carrying Amount	2,005,000	2,005,000
Estimated Fair Value	2,044,347	2,077,080
Phase One \| Fair Value, Inputs, Level 2 \| Phase 1 Senior Secured Loans
Debt Instrument [Line Items]
Carrying Amount	607,000	607,000
Estimated Fair Value	633,625	643,504
Train Five \| Fair Value, Inputs, Level 2 \| Secured Debt
Debt Instrument [Line Items]
Carrying Amount	150,000	150,000
Estimated Fair Value	145,714	148,470
Super Holdings \| Fair Value, Inputs, Level 2 \| Secured Debt
Debt Instrument [Line Items]
Carrying Amount	1,254,428	1,214,517
Estimated Fair Value	$ 1,197,091	$ 1,144,196

Debt - Train 4 LLC and Train 5 LLC Credit Agreements and Senior Secured Notes - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended
	Oct. 16, 2025	Sep. 09, 2025	Oct. 31, 2025	Sep. 30, 2025	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt					$ 9,691,057	$ 8,827,368
FinCo Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Total facility size			$ 1,500,000	$ 700,000
Line of credit facility, commitment fee percentage					1.05%
FinCo Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Total facility size			1,200,000	600,000
FinCo Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate					3.50%
FinCo Credit Agreement \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate					2.50%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement
Debt Instrument [Line Items]
Total debt					$ 428,000	357,000
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Total facility size				$ 3,800,000
Line of credit facility, commitment fee percentage				30.00%
Period after which amortization begins		90 days
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				2.00%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component One \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				1.00%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				1.875%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Two \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				0.875%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				1.75%
Variable Interest Entity, Primary Beneficiary \| Train 4 LLC \| Train 4 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Three \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate				0.75%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Total facility size			$ 3,600,000
Line of credit facility, commitment fee percentage			30.00%
Period after which amortization begins	90 days
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			2.00%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component One \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			1.00%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			1.875%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Two \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			0.875%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			1.75%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Line of Credit \| Variable Rate Component Three \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, basis spread on variable rate			0.75%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| Train 5 LLC Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Senior secured notes issued, value			$ 500,000
Debt instrument, interest rate, stated percentage			6.56%		6.56%
Variable Interest Entity, Primary Beneficiary \| Train 5 LLC \| 6.56% Senior Secured Notes due 2050 \| Secured Debt
Debt Instrument [Line Items]
Total debt					$ 150,000	$ 150,000

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Note 5 — Debt

Debt, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Phase 1 LLC Debt:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.85% Senior Secured Notes due 2047	190,000		190,000
6.58% Senior Secured Notes due 2047	1,115,000		1,115,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
CD Credit Agreement	4,389,000		3,708,000
TCF Credit Agreement	550,000		485,000
Total Phase 1 LLC Debt	7,551,000		6,805,000
Train 4 LLC Debt:
Train 4 LLC Credit Agreement	428,000		357,000
Train 5 LLC Debt:
6.56% Senior Secured Notes due 2050	150,000		150,000

13.00% Super FinCo Term Loan due 2031	1,254,428		1,214,517
8.00% A&R Corporate Credit Agreement due 2030 - Series A	100,000		100,000
13.50% A&R Corporate Credit Agreement due 2030 - Series B	207,629		200,851
Total debt	9,691,057		8,827,368
Unamortized debt issuance costs	(335,799)		(316,443)
Debt, net	$	9,355,258	$	8,510,925

Phase 1 LLC Debt

Senior Secured Notes and Senior Secured Loans

The 6.67% Senior Secured Notes, 6.85% Senior Secured Notes, and 6.58% Senior Secured Notes (collectively, the “Phase 1 Senior Secured Notes”) and the 6.72% Senior Secured Loans and 7.11% Senior Secured Loans (collectively, the “Phase 1 Senior Secured Loans”) are senior secured obligations of Phase 1 LLC. Principal on the 6.85% Senior Secured Notes, 6.58% Senior Secured Notes, and the 7.11% Senior Secured Loans amortizes beginning in 2029 with final maturities in 2047.

The Phase 1 Senior Secured Notes and Phase 1 Senior Secured Loans rank pari passu with the CD Credit Agreement and the TCF Credit Agreement and are secured on a first-priority basis by a security interest in all of the membership interests in Phase 1 LLC and substantially all of Phase 1 LLC’s assets.

Phase 1 LLC’s Credit Agreements

The total commitments under the CD Credit Agreement and TCF Credit Agreement (together, the “Phase 1 LLC Committed Credit Facilities”) are $8.4 billion and $0.8 billion, respectively.

The CD Credit Agreement includes an additional $250 million commitment (the “CD Senior Working Capital Facility”) that can be used to draw revolving loans or issue letters of credit. As of March 31, 2026, no amounts have been drawn and approximately $141.1 million letters of credit have been issued.

The Phase 1 LLC Committed Credit Facilities are senior secured facilities that amortize quarterly beginning on or after 90 days following the completion of certain conditions including commencement of our long-term LNG Sale and Purchase Agreements (“SPAs”) for Train 3. The facilities have a final maturity in July 2030, bear interest at SOFR plus 2.25%, and accrue commitment fees of 0.68% on undrawn amounts.

Phase 1 LLC’s obligations under the Phase 1 LLC committed facilities rank pari passu with each of the Phase 1 LLC committed credit facilities, the Phase 1 Senior Secured Notes, and the Phase 1 Senior Secured Loans, and are secured by the same collateral package as the Phase 1 Senior Secured Notes and Phase 1 Senior Secured Loans.

Train 4 LLC and Train 5 LLC Credit Agreements

In September 2025 and October 2025, Train 4 LLC and Train 5 LLC, respectively, entered into separate credit facilities of up to approximately $3.8 billion and $3.6 billion, respectively, to fund their respective project costs, related fees and expenses. Obligations under the credit agreements are secured on a first-priority basis by substantially all of the assets of Train 4 LLC and Train 5 LLC, respectively, as well as a pledge of the membership interest in the respective entities.

Borrowings on both credit facilities bear interest at SOFR plus 2.00% (or base rate plus 1.00%), with rating-based step-downs to SOFR + 1.875% / base + 0.875% upon “Baa2/BBB” and to SOFR + 1.75% / base + 0.75% upon “Baa1/BBB+.” Undrawn amounts accrue commitment fees at 30% of the applicable margin for SOFR loans. The Train 4 LLC and Train 5 LLC facilities amortize quarterly beginning on or after 90 days following the completion of certain conditions, including commencement of our SPAs for the respective trains, and mature in September 2032 and October 2032, respectively.

As of March 31, 2026, $428.0 million had been drawn under the Train 4 LLC Credit Agreement and no amounts had been drawn under the Train 5 LLC Credit Agreement.

Train 5 LLC Senior Secured Notes

In October 2025, Train 5 LLC entered into a Note Purchase Agreement to issue $500 million of 6.56% Senior Secured Notes (the “Train 5 Senior Secured Notes”) due in 2050. In December 2025, the Company issued the first installment of $150 million of the Train 5 Senior Secured Notes at par. The remaining Train 5 Senior Secured Notes will be issued at par in installments through October 2026. Principal amortizes beginning in September 2031 with a final maturity in September 2050.

The Train 5 Senior Secured Notes are senior secured obligations of Train 5 LLC, ranking senior in right of payment to any and all of Train 5 LLC’s future indebtedness that is subordinated to the Train 5 Senior Secured Notes, and equal in right of payment with Train 5 LLC’s other existing and future indebtedness that is senior and secured by the same collateral securing the Train 5 Senior Secured Notes. The Train 5 Senior Secured Notes rank pari passu with the Train 5 LLC Credit Agreement and are secured on a first-priority basis by a security interest the same collateral package.

FinCo Credit Agreement

In September 2025, FinCo entered into a credit agreement (the “FinCo Credit Agreement”) providing a loan and letter of credit facility of up to approximately $0.7 billion, including an approximate $0.6 billion letter of credit sublimit, to fund equity contributions for Train 4 LLC and to finance interest during Train 4 construction and related fees and expenses. In October 2025, the FinCo Credit Agreement was amended to increase the loan to approximately $1.5 billion and to increase the letter of credit sublimit to approximately $1.2 billion to fund the same costs associated with both Train 4 and Train 5. Availability commenced on October 30, 2025.

Borrowings bear interest at SOFR plus 3.50% or base rate plus 2.50%, and undrawn commitment amounts are subject to commitment fees of 1.05%. The facility matures in October 2030, with a one-year extension option exercisable within the 90-day period preceding such anniversary. The facility is secured by pledges of FinCo equity and first-priority liens on substantially all FinCo assets, including equity interests in Phase 1 LLC, Train 4 LLC, and Train 5 LLC.

As of March 31, 2026, no amounts had been drawn and $1.2 billion of letters of credit were issued under the FinCo Credit Agreement.

Super FinCo Term Loan

In September 2025, Super FinCo entered into a credit agreement (the “Super FinCo Term Loan”) providing a senior term loan of $0.6 billion to fund a portion of the Company’s equity contributions to finance interest during construction, pay fees and expenses associated with the Super FinCo and FinCo credit agreements and related facilities, and fund other costs of Super FinCo associated with Train 4. In October 2025, the Super FinCo Term Loan was amended to increase the principal amount to $1.2 billion to fund the same costs associated with both Train 4 and Train 5.

The Super FinCo Term Loan matures on the earlier of September 2033 or the 85th day prior to the maturity of the FinCo Agreement (as extended or refinanced). Interest is payable quarterly with an option to pay paid-in-kind (“PIK”) interest in full through

the first anniversary of Train 4 completion and up to 50% thereafter. The Super FinCo Term Loan is secured by pledges of the equity interests in the Super FinCo borrowers by their holding companies and by a first-priority security interest in substantially all personal property of Super FinCo, including membership interests in FinCo.

Corporate Credit Agreement

In November 2025, Super Holdings, a wholly owned subsidiary of the Company, amended its Corporate Credit Agreement (the “A&R Corporate Credit Agreement”). The A&R Corporate Credit Agreement defines two distinct tranches of indebtedness:

•Series A Loans: Consists of $100.0 million in aggregate principal that matures on November 17, 2030 and bears interest at 8.0% per annum that is payable quarterly, in cash or PIK, at Super Holding’s election. These loans include a make-whole premium if prepaid prior to November 17, 2028.

◦Exchange Option: The Series A Loans, including any PIK interest, are exchangeable into shares of common stock of the Company at the election of the lenders at an exchange price of $9.50 per share (the “Series A Exchange Option”). This option is available from the 180th day after November 17, 2025 through maturity. The Series A Exchange Option is accounted for as a derivative liability (see Note 6 — Derivatives).

•Series B Loans: Consists of the remaining principal that matures on October 16, 2030 and bears interest at 13.5% per annum. Prior to March 31, 2027, Super Holdings may elect to pay up to 100% of interest in cash or in kind and is required to pay 50% of interest in kind and 50% of interest in cash thereafter. These loans include a make-whole premium if prepaid prior to June 30, 2028, and a declining prepayment penalty structure thereafter.

Obligations under the A&R Corporate Credit Agreement are secured on a first-priority basis by all of the equity interest in Super Holdings and its direct subsidiaries.

Debt Covenants and Compliance

Each of the Company’s debt instruments contain customary negative covenants that, among other things, limit the ability of the borrower and its subsidiaries to incur additional indebtedness, create liens, make restricted payments (including dividends), make certain investments, and sell all or substantially all assets.

Certain of the Company’s credit agreements also include covenants that, among other things, require the borrower and its subsidiaries to maintain a historical Debt Service Coverage Ratio (DSCR) of at least 1.10:1.00 as of a specified date in the respective agreement, and covenants that restrict the net assets of the respective subsidiaries from being distributed to NextDecade, unless certain conditions are met.

As of March 31, 2026, the Company was in compliance with all covenants related to its respective debt agreements.

Interest Expense

Interest expense consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Interest on debt obligations	$	166,652	$	73,105
Amortization of debt issuance costs	29,542		16,916
Other interest and financing costs	11,070		785
Total interest cost incurred	207,264		90,806
Capitalized interest	(128,017)		(63,601)
Interest expense	$	79,247	$	27,205

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Phase 1 Senior Secured Notes	$	2,005,000	$	2,044,347	$	2,005,000	$	2,077,080
Phase 1 Senior Secured Loans	607,000		633,625		607,000		643,504
Train 5 Senior Secured Notes	150,000		145,714		150,000		148,470
Super FinCo Term Loan	1,254,428		1,197,091		1,214,517		1,144,196
A&R Corporate Credit Agreement - Series A	100,000		92,870		100,000		77,416
A&R Corporate Credit Agreement - Series B	207,629		174,358		200,851		165,518

The fair value of the debt included in the table above was calculated using a lattice model and is classified as Level 2 in the fair value hierarchy.

The fair values of the CD Credit Agreement, TCF Credit Agreement, and Train 4 LLC Credit Agreement approximate their respective carrying amounts because their variable interest rates align to market interest rates.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Note 1 — Background and Basis of Presentation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG. We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the “Rio Grande LNG Facility”). Construction of Trains 1–3 (“Phase 1”) by Phase 1 LLC, Train 4 by Train 4 LLC, and Train 5 by Train 5 LLC, commenced in July 2023, September 2025, and October 2025, respectively. We are also developing and advancing the permitting process for expansion Trains 6 through 8 and exploring a potential carbon capture and storage (“CCS”) project at the Rio Grande LNG Facility. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. In our opinion, all adjustments which are necessary to a fair presentation of the unaudited consolidated financial statements have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (195,040)	$ (245,228)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	378	613
Share-based compensation expense	5,449	6,602
Derivative loss, net	62,110	168,700
Derivative settlements	2,251	3,932
Reduction of right-of-use assets	1,093	1,087
Amortization of debt issuance costs	28,378	16,916
Interest elected to be paid-in-kind	28,766	0
Other	152	3,360
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,706	(1,149)
Accounts payable	2,485	2,071
Operating lease liabilities	(1,127)	(412)
Accrued expenses and other liabilities	(47,435)	(25,318)
Net cash used in operating activities	(110,834)	(68,826)
Investing activities:
Acquisition of property, plant and equipment	(1,176,674)	(769,971)
Acquisition of other non-current assets	0	(9,438)
Net cash used in investing activities	(1,176,674)	(779,409)
Financing activities:
Proceeds from debt issuance	817,000	645,000
Receipt of equity commitments	248,666	215,000
Debt issuance costs	(20,165)	(18,330)
Shares repurchased related to share-based compensation	(18)	(49)
Net cash provided by financing activities	1,045,483	841,621
Net decrease in cash, cash equivalents and restricted cash	(242,025)	(6,614)
Cash, cash equivalents and restricted cash – beginning of period	707,088	392,761
Cash, cash equivalents and restricted cash – end of period	$ 465,063	$ 386,147

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	480,000,000.0	480,000,000.0
Common stock, issued (in shares)	265,000,000.0	264,800,000
Common stock, outstanding (in shares)	265,000,000.0	264,800,000
Treasury stock, common (in shares)	4,900,000	4,900,000
Preferred stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) renewal_period	Mar. 31, 2025 USD ($)
Leases [Abstract]
Term of contract (in years)	30 years
Number of consecutive renewal term \| renewal_period	2
Renewal term (in years)	10 years
Operating lease costs \| $	$ 2.6	$ 2.5

Supplemental Cash Flows (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table provides supplemental disclosure of cash flow information (in thousands):


	Three Months Ended March 31,
	2026		2025
Interest payments classified as operating activities	$	37,772	$	27,299
Accounts payable for acquisition of property, plant and equipment	261,740		251,513
Accruals for acquisition of property, plant and equipment	850,477		198,539
Non-cash settlement of warrant liabilities	—		2,828
Capitalized interest that was paid-in-kind	17,923		—

Background and Basis of Presentation (Policies)	3 Months Ended
Background and Basis of Presentation (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. In our opinion, all adjustments which are necessary to a fair presentation of the unaudited consolidated financial statements have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year.

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 11,667,203	$ 10,571,195
Less: accumulated depreciation	(3,262)	(2,884)
Total property, plant and equipment, net	11,663,941	10,568,311
Rio Grande LNG Facility under construction
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	11,659,040	10,563,032
Corporate and other
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 8,163	$ 8,163

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Parent	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest
Beginning balance at Dec. 31, 2024	$ 1,744,386		$ 26	$ (20,916)	$ 852,054	$ (453,523)	$ 1,366,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased related to share-based compensation				(49)
Share-based compensation					6,602
Receipt of equity commitments					4,262		210,738
Exercise of common stock warrants					2,827
Net loss	(245,228)					(88,805)	(156,423)
Ending balance at Mar. 31, 2025	1,723,538	$ 302,478	26	(20,965)	865,745	(542,328)	1,421,060
Beginning balance at Dec. 31, 2025	2,301,087		26	(37,862)	893,131	(759,957)	2,205,749
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation			1
Shares repurchased related to share-based compensation				(18)
Share-based compensation					5,448
Receipt of equity commitments					4,929		243,737
Net loss	(195,040)					(136,406)	(58,634)
Ending balance at Mar. 31, 2026	$ 2,360,144	$ (30,708)	$ 27	$ (37,880)	$ 903,508	$ (896,363)	$ 2,390,852

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt - Phase I LLC Debt - Narrative (Details) - Variable Interest Entity, Primary Beneficiary - Phase 1 LLC $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
CD Credit Agreement
Line of Credit Facility [Line Items]
Total facility size	$ 8,400.0
TCF Credit Agreement
Line of Credit Facility [Line Items]
Total facility size	$ 800.0
6.67% Senior Secured Notes due 2033 \| Phase 1 Senior Secured Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
6.85% Senior Secured Notes due 2047 \| Phase 1 Senior Secured Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
6.58% Senior Secured Notes due 2047 \| Phase 1 Senior Secured Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
6.72% Senior Secured Loans due 2033 \| Phase 1 Senior Secured Loans
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
7.11% Senior Secured Loans due 2047 \| Phase 1 Senior Secured Loans
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Phase 1 LLC Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 141.1
Period after which amortization begins	90 days
Debt Instrument, basis spread on variable rate	2.25%
Line of credit facility, commitment fee percentage	0.68%
Phase 1 LLC Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Total facility size	$ 250.0

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Rio Grande LNG Facility	$	846,362	$	769,137
Accrued interest	39,250		73,945
Employee compensation	7,436		19,740
Other accrued liabilities	21,892		25,378
Total accrued and other current liabilities	$	914,940	$	888,200