Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information, Holders and Dividends
Our common stock trades on Nasdaq under the symbol “NEXT.”
As of February 20, 2026, 264.9 million shares of Company common stock were outstanding held by approximately 51 record owners. All shares of Company common stock held in street name are recorded in our stock register as being held by one stockholder.
We currently intend to retain earnings to finance the growth and development of our business and do not anticipate paying any cash dividends on Company common stock in the foreseeable future. Any future change in our dividend policy will be made at the discretion of our Board of Directors in light of our financial condition, capital requirements, earnings, prospects and any restrictions under any financing agreements, as well as other factors it deems relevant.
Purchase of Equity Securities by the Issuer
The following table summarizes stock repurchases for the three months ended December 31, 2025:
Period Total Number of
Shares Purchased (1)
Average
Price Paid
Per Share (2)
Total Number of
Shares Purchased as
a Part of Publicly
Announced Plans Maximum Number of
Units That May Yet
Be Purchased Under
the Plans
October 2025 216,401 $ 6.11 — —
November 2025 — $ — — —
December 2025 5,342 $ 5.96 — —
(1) Represents shares of Company common stock surrendered to us by participants in our 2017 Omnibus Incentive Plan (the “2017 Plan”) to settle the participants’ personal tax liabilities that resulted from the lapsing of restrictions on shares awarded to the participants under the 2017 Plan.
(2) The price paid per share of Company common stock was based on the closing trading price of Company common stock on the dates on which we repurchased shares of Company common stock from the participants under the 2017 Plan.
Total Stockholder Return
The following is a customized peer group consisting of 15 companies (the "Peer Group") that were selected because they are publicly-traded companies that have comparable industries and business models, competition for customers and executive talent, geographic presence, and enterprise value.
Peer Group
APA Corporation Plains All American Pipeline, L.P.
Cheniere Energy, Inc. Sempra
Coterra Energy Inc. Sunoco LP
DT Midstream, Inc. Talen Energy Corporation
Genesis Energy LP Targa Resources Corp.
Kinetik Holdings Inc. Venture Global, Inc.
Magnolia Oil & Gas Corporation Western Midstream Partners LP
NRG Energy, Inc.
The following chart compares the five-year total return on our common stock, the S&P 500 Index, and our Peer Group. The chart was constructed on the assumption that $100 was invested in our common stock, the S&P 500 Index, and our Peer Group on December 31, 2020 and that any dividends were fully reinvested.
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Company / Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
NextDecade Corporation $100.00 $136.36 $236.36 $228.23 $368.90 $252.15
S&P 500 Index $100.00 $128.75 $105.35 $132.94 $166.02 $195.43
Peer Group 1
$100.00 $155.62 $205.24 $231.25 $315.25 $350.95
1 DT Midstream, Inc., Talen Energy Corporation, and Venture Global, Inc. are included in the Peer Group total return calculation from the dates they became publicly traded in July 2021, July 2024, and January 2025, respectively, through December 31, 2025, and Kinetik return data includes predecessor company Altus Midstream.
Item 6. [Reserved]