Liberty Energy Inc (LBRT)

Liberty Energy Inc. Announces First Quarter 2026 Financial and Operational ResultsApril 22, 2026 5:34 PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) today reported first quarter 2026 financial and operational results.


Summary Results and Highlights



Revenue of $1.0 billion, a 4% year-over-year increase



Net income of $23 million, or $0.14 fully diluted earnings per share (“EPS”)



Adjusted EBITDA1 of $126 million



Distributed $15 million to shareholders through cash dividends



Completed two convertible senior notes offerings totaling approximately $1.3 billion for long-term growth initiatives, including capped call transactions with a 150% premium to the reference share price



Expanded Liberty Advanced Equipment Technologies (LAET) to include integrated power generation system packaging, strengthening the Company’s in-house engineering and systems integration capabilities



Enhanced LAET with advanced testing, evaluation, and optimization capabilities for multi-OEM power generation systems under transient load conditions and dynamic operating profiles, while advancing proprietary controls and software for future deployment



Commenced commercial deployment of the latest digiPrimeSM technology, featuring the industry’s only 100% natural gas pump with variable speed capability



“Our first quarter results were driven by outsized demand for Liberty’s premium completions service offering, outstanding operational execution, and technology-driven efficiency gains. Revenue of $1.0 billion and Adjusted EBITDA of $126 million reflected record pumping efficiencies and high fleet utilization while absorbing the full realization of pricing headwinds and winter weather disruptions,” commented Ron Gusek, Chief Executive Officer. “Momentum is accelerating, driven by an unprecedented oil and gas supply disruption and renewed focus on the importance of energy security. By strategically investing through the period of completions industry softness, Liberty is well positioned to generate superior returns as the industry strengthens from cyclical lows.”


“Distributed power generation demand continues to build as grid interconnection bottlenecks, utility imposed operational constraints, and system congestion drive hyperscalers toward onsite power as the preferred long-term model. This shift is reinforced by extraordinary hyperscaler investment in infrastructure supporting voracious demand for AI enabled productivity increases. Widening policy mandates that seek to expand generation capacity while providing grid resilience within local communities further encourage distributed power solutions,” continued Mr. Gusek. “As customer requirements grow more complex, Liberty is engaged in more direct collaboration with hyperscalers, expanding beyond the developer ecosystem. Large load customers are increasingly prioritizing fully integrated, end-to-end power solutions that bring together land, fuel sourcing, midstream and generation infrastructure, grid interconnection, on-site power delivery, load optimization, and lifecycle operations. Liberty Power Innovations (LPI) provides seamlessly delivered power through a single trusted partner.”


“Onsite power is a complex operational symphony that requires a sophisticated ecosystem of telemetry, logistics, and technical readiness. At LPI, we have built a comprehensive execution solution designed to manage this complexity at scale, from a globally integrated supply chain and a mobilized workforce to an AI-driven technology overlay to ensure peak performance. Our commitment to reliability is anchored by our LAET advanced testing facility, where we rigorously validate the integration of hardware, software, and dynamic load-following capabilities before they ever reach the field,” continued Mr. Gusek. “This deep integration of people, parts, and systems provides our customers with the operational certainty required to power the next generation of data center demand.”


“Liberty is pushing frac efficiencies to new heights through the integration of real-time execution control and continuously learning intelligence. StimCommander, our advanced fleet control software, automates rate and pressure control in real time to improve stage consistency and reduce variability, while Forge, our cloud-based optimization platform, continuously learns from fleet-wide data to enhance performance over time through closed-loop feedback. Together, they create a system that compounds efficiency across every stage of execution, delivering more consistent operations and a lower cost per barrel of oil,” commented Mr. Gusek. “In today’s high oil price environment, operators are increasingly focused on total fuel consumption and wellsite efficiency, and our integrated system delivers meaningful reductions in fuel intensity and optimization of natural gas substitution in dual fuel systems. The performance gap between industry frac fleets is increasingly defined by the strength of this digital intelligence layer, allowing us to support improved well economics.”


“Liberty’s success is based on innovation and disciplined investment, consistently seizing opportunities through every phase of the cycle. We have strengthened our platform and enhanced our ability to deliver differentiated performance, positioning us well to benefit from both cyclical recovery in the oilfield and the secular growth in power demand,” commented Mr. Gusek. “During the first quarter, we executed $1.3 billion in convertible debt offerings, further strengthening our financial flexibility and positioning us for durable long-term growth. Concurrently, we entered capped call transactions at a 150% premium to the reference share price, designed to preserve substantial upside for shareholders by meaningfully reducing potential dilution from these offerings as we execute on the opportunity ahead. Recent events have reinforced the importance of energy diversification for global consumers, and we are proud to support the growth of reliable energy sources worldwide, including through our alliances and investments in Oklo, Fervo, and the Australian Beetaloo shale basin.”


Outlook


The structural disruption in the Middle East has catalyzed a fundamental shift in global supply side dynamics, establishing a higher baseline for energy security and recalibrating the risk profile of regional supply. In oil markets, the conflict in Iran has driven attacks on regional energy infrastructure and the unprecedented effective closure of the Strait of Hormuz, inducing higher oil prices and raising the prospect of a sustained increase in supply side risk premiums. In parallel, global LNG markets may face multi-year supply constraints following recent attacks on Qatar’s Ras Laffan hub and other regional gas infrastructure. The resulting shock is most acute in Asia, where high import dependence is forcing demand rationing amid constrained physical supply. Over time, this dynamic may support structural tailwinds for North America, as global consumers reevaluate energy supply chains and diversify sourcing, with greater reliance on U.S. and Canadian sourced oil and refined product supply.


As the markets weigh rising concerns over physical oil and gas supply shortages against potential ceasefire implications, North American E&P companies are evaluating a range of macroeconomic scenarios. The recent rise in oil prices is well above early year expectations, now driving substantially better E&P economics with greater potential for increased free cash flow generation.


Entering the year, service companies recalibrated frac fleet supply for flattish activity expectations, resulting in a tighter balance to meet expected demand. Pricing pressure and softer activity over the past few years led to accelerated equipment cannibalization, fleet attrition, and underinvestment in next generation technology. Emerging strength in frac markets, driven by more price-responsive private E&Ps and accelerated DUC activity, is enabling earlier than anticipated pricing recovery from cyclical lows at the start of the year.


U.S. power demand estimates continue to accelerate, exemplified by ERCOT’s recent projections that Texas grid demand could quadruple by 2032. This significant expansion is being met by a fundamental shift in the commercial landscape. Hyperscalers and other large load customers are increasingly relying on distributed power service providers to self-generate and bypass traditional grid constraints. LPI is uniquely positioned as the enabling infrastructure provider supporting customers as they transform from large scale power consumers to more localized, on-site energy users rather than grid dependent power users. LPI’s scalable, decentralized power solutions provide the critical operational infrastructure for these large load customers, with the ability to support local grid stability.


“As the world’s largest producer of oil and gas, North America plays a vital role in delivering reliable, affordable energy supply, supporting domestic industrial activity and power demand, and providing strategic leverage in the geopolitical landscape,” commented Mr. Gusek. “We believe the long-term value of North American energy will see greater recognition as the cornerstone of global energy security. Liberty leads the innovation in technology and services that define North America’s ability to serve the growing need for secure energy.”


“In the second quarter, we expect sequential growth in revenue on increased utilization and corresponding improvement in profitability,” continued Mr. Gusek. “While a challenging market in recent years led many to retrench investment, we chose to lean in and accelerate strategic investments. We have fortified our competitive advantages in power and completion technologies and are well prepared to meet the rising demand for our services that Liberty is seeing today.”


Cash Dividend


During the quarter ended March 31, 2026, the Company paid a quarterly cash dividend of $0.09 per share of Class A common stock, or approximately $15 million in aggregate to shareholders.


On April 14, 2026, the Board declared a cash dividend of $0.09 per share of Class A common stock, to be paid on June 18, 2026 to holders of record as of June 4, 2026.


Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.


First Quarter Results


For the first quarter of 2026, revenue was $1.0 billion, an increase of 4% from $977 million in the first quarter of 2025 and a decrease of 2% from $1.0 billion in the fourth quarter of 2025.


Net income (after taxes) totaled $23 million for the first quarter of 2026 compared to $20 million in the first quarter of 2025 and $14 million in the fourth quarter of 2025.


Adjusted Net Income2 totaled $10 million for the first quarter of 2026 compared to $7 million in the first quarter of 2025 and $8 million in the fourth quarter of 2025.


Adjusted EBITDA1 of $126 million for the first quarter of 2026 decreased 25% from $168 million in the first quarter of 2025 and decreased 20% from $158 million in the fourth quarter of 2025.


Fully diluted earnings per share of $0.14 for the first quarter of 2026 compared to $0.12 for the first quarter of 2025 and $0.08 for the fourth quarter of 2025.


Adjusted Net Income per Diluted Share2 of $0.06 for the first quarter of 2026 compared to $0.04 for the first quarter of 2025 and $0.05 for the fourth quarter of 2025.


Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.


Balance Sheet and Liquidity


As of March 31, 2026, Liberty had cash on hand of $699 million and total debt of approximately $1.3 billion, primarily consisting of the senior convertible notes issued during the quarter. As of March 31, 2026, the Company had no balance drawn on the secured asset-based revolving credit facility, except for $19 million in letters of credit outstanding. Total liquidity, including availability under the credit facility, was approximately $1.2 billion as of March 31, 2026.


During the three months ended March 31, 2026, the Company issued $770 million aggregate principal amount of 0.0% Senior Convertible Notes due March 1, 2031 and $525 million aggregate principal amount of 0.0% Senior Convertible Notes due March 1, 2032. Concurrently, the Company entered into capped call transactions with an initial cap price representing a 150% premium over the Company’s stock price at pricing, designed to reduce potential dilution to common stockholders upon conversion of the notes. Net proceeds were used to fund the capped call transactions, repay outstanding borrowings under the revolving credit facility, and for general corporate purposes, including enhancing liquidity and supporting future growth initiatives.


Conference Call


Liberty will host a conference call to discuss the results at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) on Thursday, April 23, 2026. Presenting Liberty’s results will be Ron Gusek, President and Chief Executive Officer, and Michael Stock, Chief Financial Officer.


Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 2082739. The replay will be available until April 30, 2026.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.




1 “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.








2 “Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.







Non-GAAP Financial Measures


This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, and Adjusted Pre-Tax Return on Capital Employed (“ROCE”). We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, gain or loss on investments, net, bad debt reserves, transaction and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements, and other non-recurring expenses that management does not consider in assessing ongoing performance.


Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under U.S. GAAP.


We present Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Diluted Share because we believe such measures provide useful information to investors regarding our operating performance by excluding the after-tax impacts of unusual or one-time benefits or costs, including items such as gain or loss on investments, net and transaction and other costs, primarily because management views the excluded items to be outside of our normal operating results. We define Adjusted Net (Loss) Income as net income after eliminating the effects of such excluded items and Adjusted Net (Loss) Income per Diluted Share as Adjusted Net (Loss) Income divided by the number of weighted average diluted shares outstanding. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in our business.


We define ROCE as the ratio of adjusted pre-tax net income (adding back income tax and certain adjustments that include tax receivable agreement impacts, gain or loss on investments, net, and transaction and other costs, when applicable) for the twelve months ended March 31, 2026 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of March 31, 2026 and March 31, 2025. ROCE is presented based on our management’s belief that this non-GAAP measure is useful information to investors when evaluating our profitability and the efficiency with which management has employed capital over time. Our management uses ROCE for that purpose. ROCE is not a measure of financial performance under U.S. GAAP and should not be considered an alternative to net income, as defined by U.S. GAAP.


Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP financial measure.


Forward-Looking and Cautionary Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, among others, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words “estimate,” “outlook,” “project,” “forecast,” “position,” “potential,” “likely,” “believe,” “anticipate,” “assume,” “plan,” “expect,” “intend,” “achievable,” “may,” “will,” “continue,” “should,” “could” and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, (the “Annual Report”), and other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new information, future events or otherwise and readers should not rely on the forward-looking statements as representing the Company’s views as of any date subsequent to the date of the filing of the Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.


All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.




Liberty Energy Inc.




Selected Financial Data




(unaudited)








 






 






Three Months Ended








 






 






March 31,






 






December 31,






 






March 31,








 






 






2026






 






2025






 






2025








Statement of Operations Data:






 






(amounts in thousands, except for per share data)








Revenue






 






$






1,021,184






 






 






$






1,038,737






 






 






$






977,461






 








Costs of services (exclusive of depreciation, depletion, and amortization shown separately below)






 






 






843,817






 






 






 






824,625






 






 






 






761,616






 








General and administrative (1)






 






 






59,543






 






 






 






65,033






 






 






 






65,775






 








Transaction and other costs






 






 






—






 






 






 






29






 






 






 






811






 








Depreciation, depletion, and amortization






 






 






114,059






 






 






 






120,243






 






 






 






127,742






 








(Gain) loss on disposal of assets, net






 






 






(18,513






)






 






 






8,925






 






 






 






3,345






 








Total operating costs and expenses






 






 






998,906






 






 






 






1,018,855






 






 






 






959,289






 








Operating income






 






 






22,278






 






 






 






19,882






 






 






 






18,172






 








Gain on remeasurement of liability under tax receivable agreements






 






 






—






 






 






 






(147






)






 






 






—






 








Gain on investments, net






 






 






(17,316






)






 






 






(6,759






)






 






 






(19,288






)








Interest expense, net






 






 






7,731






 






 






 






9,699






 






 






 






9,543






 








Net income before income taxes






 






 






31,863






 






 






 






17,089






 






 






 






27,917






 








Income tax expense






 






 






9,305






 






 






 






3,399






 






 






 






7,806






 








Net income






 






 






22,558






 






 






 






13,690






 






 






 






20,111






 








Net income per common share:






 






 






 






 






 






 








Basic






 






$






0.14






 






 






$






0.08






 






 






$






0.12






 








Diluted






 






$






0.14






 






 






$






0.08






 






 






$






0.12






 








Weighted average common shares outstanding:






 






 






 






 






 






 








Basic






 






 






162,046






 






 






 






161,967






 






 






 






161,938






 








Diluted






 






 






166,255






 






 






 






166,027






 






 






 






165,784






 








 






 






 






 






 






 






 








Other Financial and Operational Data






 






 






 






 








Capital expenditures (2)






 






$






133,426






 






 






$






202,843






 






 






$






120,878






 








Adjusted EBITDA (3)






 






$






125,850






 






 






$






157,519






 






 






$






168,150






 









____________________








(1)


General and administrative costs for the three months ended March 31, 2025 include $10.2 million of non-cash stock-based compensation expense related to the resignation of the Company’s former Chief Executive Officer upon confirmation as Secretary of Energy of the United States.








(2)







Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets.








(3)







Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below.









Liberty Energy Inc.








Condensed Consolidated Balance Sheets








(unaudited, amounts in thousands)








 






March 31,






 






December 31,








 






2026






 






2025








Assets






 








Current assets:






 






 






 








Cash and cash equivalents






$






699,146






 






 






$






27,554






 








Accounts receivable and unbilled revenue






 






729,435






 






 






 






605,370






 








Inventories






 






185,259






 






 






 






188,125






 








Prepaids and other current assets






 






66,634






 






 






 






56,921






 








Total current assets






 






1,680,474






 






 






 






877,970






 








Property and equipment, net






 






2,136,628






 






 






 






2,054,185






 








Operating and finance lease right-of-use assets






 






388,957






 






 






 






407,452






 








Other assets






 






150,394






 






 






 






147,858






 








Investment in equity securities






 






87,029






 






 






 






70,840






 








Total assets






$






4,443,482






 






 






$






3,558,305






 








Liabilities and Equity






 






 






 








Current liabilities:






 






 






 








Accounts payable and accrued liabilities






$






642,183






 






 






$






598,658






 








Current portion of operating and finance lease liabilities






 






110,507






 






 






 






116,598






 








Current portion of long-term debt






 






7,143






 






 






 






5,097






 








Total current liabilities






 






759,833






 






 






 






720,353






 








Long-term debt, net of current portion and deferred financing costs






 






1,271,350






 






 






 






241,510






 








Noncurrent portion of operating and finance lease liabilities






 






234,152






 






 






 






255,081






 








Deferred tax liability






 






162,905






 






 






 






195,602






 








Payable pursuant to tax receivable agreements






 






66,870






 






 






 






66,870






 








Total liabilities






 






2,495,110






 






 






 






1,479,416






 








 






 






 






 








Stockholders’ equity:






 






 






 








Common stock






 






1,621






 






 






 






1,620






 








Additional paid in capital






 






842,359






 






 






 






978,384






 








Retained earnings






 






1,120,082






 






 






 






1,112,747






 








Accumulated other comprehensive loss






 






(15,690






)






 






 






(13,862






)








Total stockholders’ equity






 






1,948,372






 






 






 






2,078,889






 








Total liabilities and equity






$






4,443,482






 






 






$






3,558,305






 









Liberty Energy Inc.








Reconciliation and Calculation of Non-GAAP Financial and Operational Measures








(unaudited, amounts in thousands)








Reconciliation of Net Income to EBITDA and Adjusted EBITDA








 






Three Months Ended








 






March 31,






 






December 31,






 






March 31,








 






2026






 






2025






 






2025








Net income






$






22,558






 






 






$






13,690






 






 






$






20,111






 








Depreciation, depletion, and amortization






 






114,059






 






 






 






120,243






 






 






 






127,742






 








Interest expense, net






 






7,731






 






 






 






9,699






 






 






 






9,543






 








Income tax expense






 






9,305






 






 






 






3,399






 






 






 






7,806






 








EBITDA






$






153,653






 






 






$






147,031






 






 






$






165,202






 








Stock-based compensation expense






 






8,026






 






 






 






8,440






 






 






 






18,080






 








Gain on investments, net






 






(17,316






)






 






 






(6,759






)






 






 






(19,288






)








(Gain) loss on disposal of assets, net






 






(18,513






)






 






 






8,925






 






 






 






3,345






 








Gain on remeasurement of liability under tax receivable agreement






 






—






 






 






 






(147






)






 






 






—






 








Transaction and other costs






 






—






 






 






 






29






 






 






 






811






 








Adjusted EBITDA






$






125,850






 






 






$






157,519






 






 






$






168,150






 









Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share








 






Three Months Ended








 






March 31,






 






December 31,






 






March 31,








 






2026






 






2025






 






2025








Net income






$






22,558






 






 






$






13,690






 






 






$






20,111






 








Adjustments:






 






 






 






 






 








Less: Gain on investments, net






 






(17,316






)






 






 






(6,759






)






 






 






(19,288






)








Add back: Transaction and other costs






 






—






 






 






 






29






 






 






 






811






 








Total adjustments, before income taxes






 






(17,316






)






 






 






(6,730






)






 






 






(18,477






)








Income tax effect of adjustments






 






(5,056






)






 






 






(853






)






 






 






(5,174






)








Adjusted Net Income






$






10,298






 






 






$






7,813






 






 






$






6,808






 








 






 






 






 






 






 








Diluted weighted average common shares outstanding






 






166,255






 






 






 






166,027






 






 






 






165,784






 








Net income per diluted share






$






0.14






 






 






$






0.08






 






 






$






0.12






 








Adjusted Net Income per Diluted Share






$






0.06






 






 






$






0.05






 






 






$






0.04






 









Calculation of Adjusted Pre-Tax Return on Capital Employed








 






Twelve Months Ended








 






March 31,








 






2026






 






2025








Net income






$






150,319






 






 






 








Add back: Income tax expense






 






48,818






 






 






 








Less: Gain on remeasurement of liability under tax receivable agreements (1)






 






(147






)






 






 








Less: Gain on investments, net






 






(160,670






)






 






 








Add back: Transaction and other costs






 






29






 






 






 








Adjusted Pre-tax net income






$






38,349






 






 






 








Capital Employed






 






 






 








Total debt






$






1,278,493






 






 






$






210,000








Total equity






 






1,948,372






 






 






 






1,974,112








Total Capital Employed






$






3,226,865






 






 






$






2,184,112








 






 






 






 








Average Capital Employed (2)






$






2,705,489






 






 






 








Adjusted Pre-Tax Return on Capital Employed (3)






 






1






%






 






 









(1)







Gain on remeasurement of the liability under tax receivable agreements is a result of a change in the estimated future effective tax rate and should be excluded in the determination of adjusted pre-tax return on capital employed.








(2)







Average Capital Employed is the simple average of Total Capital Employed as of March 31, 2026 and 2025.








(3)







Adjusted Pre-tax Return on Capital Employed is the ratio of Adjusted pre-tax net income for the twelve months ended March 31, 2026 to Average Capital Employed.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422522708/en/
Michael Stock

Chief Financial Officer

Anjali Voria, CFA

Vice President of Investor Relations


303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces First Quarter 2026 Financial and Operational Results

Liberty Energy Inc. Announces Quarterly Cash DividendApril 14, 2026 5:22 PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that its Board of Directors (the “Board”) has declared a dividend of $0.09 per share of Class A common stock, to be paid on June 18, 2026, to holders of record as of June 4, 2026.


Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.


About Liberty Energy


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260414893130/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations


IR@libertyenergy.com

+1-303-515-2851


Original: Liberty Energy Inc. Announces Quarterly Cash Dividend

Liberty Energy Inc. Announces Timing of Release of First Quarter 2026 Financial Results and Conference CallApril 8, 2026 7:51 PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT) announced today that it will release its financial results for the first quarter ending March 31, 2026, after the market closes on Wednesday, April 22, 2026. Following the release, the Company will host a conference call to discuss the results at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) on Thursday, April 23, 2026. Presenting the Company’s results will be Ron Gusek, President and Chief Executive Officer, and Michael Stock, Chief Financial Officer.


Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 2082739. The replay will be available until April 30, 2026.


About Liberty Energy


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408751404/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations

IR@libertyenergy.com

+1-303-515-2851


Original: Liberty Energy Inc. Announces Timing of Release of First Quarter 2026 Financial Results and Conference Call

Liberty Energy Inc. Announces Pricing of Upsized $475.0 Million Convertible Senior Notes OfferingMarch 26, 2026 12:39 AM
Business Wire
Liberty Energy Inc. (NYSE: LBRT) (“Liberty”) today announced the pricing of, and that it has agreed to sell, $475.0 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “Notes”) in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Liberty also granted the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $50.0 million aggregate principal amount of the Notes (the “Initial Purchaser Option”). The sale of the Notes is expected to close on or about March 30, 2026, subject to the satisfaction of customary closing conditions. The offering size was increased from the previously announced $450.0 million aggregate principal amount of Notes.


The Notes will be general unsecured, senior obligations of Liberty. The Notes will not bear regular interest, and the principal amount of the Notes will not accrete. The Notes will mature on March 1, 2032, unless earlier converted, redeemed or repurchased. At any time prior to the close of business on the business day immediately preceding December 1, 2031, the Notes may be converted at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing conditions. Upon conversion, Liberty will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Liberty’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), or a combination of cash and shares of Class A Common Stock, at the election of Liberty, in respect of the remainder, if any, of Liberty’s conversion obligation in excess of the aggregate principal amount of the Notes being converted.


Liberty may redeem for cash all or any portion of the Notes, at its option, on or after March 1, 2029 and before the 21st scheduled trading day immediately preceding the maturity date if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price of the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.


If Liberty undergoes a “fundamental change,” then, subject to certain conditions and limited exceptions, holders of the Notes may require Liberty to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if Liberty delivers a notice of redemption in respect of the Notes, Liberty will, in certain circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption during the related redemption period, as the case may be.


The Notes will have an initial conversion rate of 26.7094 shares of Class A Common Stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $37.44 per share, which represents a premium of approximately 30.0% over the last reported sale price of the Class A Common Stock on the New York Stock Exchange of $28.80 per share on March 25, 2026.


Liberty estimates that the net proceeds from the Notes Offering will be approximately $462.5 million (or $511.3 million if the initial purchasers exercise the Initial Purchaser Option in full), after deducting the initial purchasers’ discounts and commissions and estimated Notes Offering expenses payable by Liberty. Liberty intends to use the net proceeds from the Notes Offering to fund the approximately $69.8 million cost of entering into the Capped Call Transactions, as described and defined below, with the remaining amount to be used for general corporate purposes. If the initial purchasers exercise their Initial Purchaser Option, Liberty expects to enter into additional Capped Call Transactions with the Option Counterparties (as defined below) and to use the remainder of such net proceeds for general corporate purposes.


In connection with the pricing of the Notes, Liberty entered into privately negotiated capped call transactions relating to the Notes (the “Capped Call Transactions”) with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the “Option Counterparties”). The Capped Call Transactions will cover, subject to anti-dilution adjustments, the number of shares of Class A Common Stock initially underlying the Notes. The cap price of the Capped Call Transactions will initially be approximately $72.00 per share, which represents a premium of 150.00% over the last reported sale price of Class A Common Stock of $28.80 on the New York Stock Exchange on March 25, 2026, and is subject to certain adjustments under the terms of the Capped Call Transactions.


The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of any Notes and/or offset any cash payments Liberty is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap.


In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties may enter into various derivative transactions with respect to the Class A Common Stock and/or purchase the Class A Common Stock in secondary market transactions concurrently with or shortly after the pricing of the Notes, including with or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A Common Stock or the Notes at that time.


In addition, the Option Counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A Common Stock and/or purchasing or selling the Class A Common Stock or other securities of Liberty in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so on each exercise date for the Capped Call Transactions or following any termination of any portion of the Capped Call Transactions in connection with any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A Common Stock or the Notes, which could affect a noteholder’s ability to convert the Notes, and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such Notes.


Neither the Notes, nor any shares of Class A Common Stock issuable upon conversion of the Notes, have been, nor will be registered under the Securities Act or any state securities laws, and unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.


This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.


Forward-Looking Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expectations in connection with the Notes Offering, the use of proceeds from the Notes Offering, actions of the Option Counterparties, the effects on the price of Liberty’s Class A Common Stock as a result thereof, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission (“SEC”). As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.


Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 2, 2026 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260325107453/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations


303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces Pricing of Upsized $475.0 Million Convertible Senior Notes Offering

Liberty Energy shares decline following announcement of convertible notes offeringMarch 25, 2026 10:19 AM
IH Market News
Shares of Liberty Energy Inc. (NYSE:LBRT) dropped about 5.75% on Wednesday after the company revealed plans to issue $450 million in convertible senior notes.The oilfield services provider said the notes, which will mature in 2032, will be offered through a private placement to qualified institutional buyers. Liberty also expects to give the initial purchasers the option to acquire up to an additional $50 million in notes within 13 days of the initial issuance.The convertible notes will represent unsecured senior obligations and are scheduled to mature on March 1, 2032, unless they are converted, redeemed, or repurchased earlier. Interest on the notes will be paid twice a year, on March 1 and September 1, beginning on September 1, 2026.According to the company, a portion of the proceeds will be used to fund capped call transactions, while the remaining funds will be directed toward general corporate purposes. These capped call transactions are intended to help limit potential dilution of Class A common stock if the notes are converted.Before December 1, 2031, noteholders will be able to convert their holdings only if certain conditions are met. After that date, conversions may occur at any time until the second scheduled trading day before the notes reach maturity. When conversions occur, Liberty will settle the principal amount in cash and may choose to deliver additional value in cash, shares, or a mix of both.The company also noted that it may redeem the notes for cash starting March 1, 2029, provided its Class A common stock trades at least 130% of the conversion price for a minimum of 20 trading days within any 30-day trading period.Liberty added that, as part of the hedging strategy for the capped call transactions, counterparties may purchase shares of its Class A common stock in the secondary market, which could influence movements in the stock price.Liberty Energy stock price

Original: Liberty Energy shares decline following announcement of convertible notes offering

Liberty Energy Inc. Announces Proposed $450.0 Million Convertible Senior Notes OfferingMarch 25, 2026 7:33 AM
Business Wire
Liberty Energy Inc. (NYSE: LBRT) (“Liberty”) today announced that it proposes to offer $450.0 million aggregate principal amount of convertible senior notes due 2032 (the “Notes”), subject to market conditions and other factors, in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Liberty also intends to grant the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $50.0 million aggregate principal amount of the Notes (the “Initial Purchaser Option”).


The Notes will be general unsecured, senior obligations of Liberty and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, to holders of record as of the close of business on the immediately preceding February 15 and August 15, respectively, beginning on September 1, 2026. The Notes will mature on March 1, 2032, unless earlier converted, redeemed or repurchased. At any time prior to the close of business on the business day immediately preceding December 1, 2031, the Notes may be converted at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, regardless of the foregoing conditions. Upon conversion, Liberty will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Liberty’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), or a combination of cash and shares of Class A Common Stock, at the election of Liberty, in respect of the remainder, if any, of Liberty’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes Offering.


Liberty may redeem for cash all or any portion of the Notes, at its option, on or after March 1, 2029 and before the 21st scheduled trading day immediately preceding the maturity date if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price of the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.


Liberty intends to use the net proceeds from the Notes Offering to fund the cost of entering into the Capped Call Transactions, as described and defined below, with the remaining amount to be used for general corporate purposes. If the initial purchasers exercise their Initial Purchaser Option, Liberty expects to enter into additional Capped Call Transactions with the Option Counterparties (as defined below) and to use the remainder of such net proceeds for general corporate purposes.


In connection with the pricing of the Notes, Liberty expects to enter into privately negotiated capped call transactions relating to the Notes (the “Capped Call Transactions”) with one or more of the initial purchasers or their respective affiliates and certain other financial institutions (the “Option Counterparties”). The Capped Call Transactions will cover, subject to anti-dilution adjustments, the number of shares of Class A Common Stock that will initially underlie the Notes.


The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of any Notes and/or offset any cash payments Liberty is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap.


In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties may enter into various derivative transactions with respect to the Class A Common Stock and/or purchase the Class A Common Stock in secondary market transactions concurrently with or shortly after the pricing of the Notes, including with or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A Common Stock or the Notes at that time.


In addition, the Option Counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A Common Stock and/or purchasing or selling the Class A Common Stock or other securities of Liberty in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so on each exercise date for the Capped Call Transactions or following any termination of any portion of the Capped Call Transactions in connection with any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A Common Stock or the Notes, which could affect a noteholder’s ability to convert the Notes, and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such Notes.


Neither the Notes, nor any shares of Class A Common Stock issuable upon conversion of the Notes, have been, nor will be registered under the Securities Act or any state securities laws, and unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.


This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum.


Forward-Looking Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expectations in connection with the Notes Offering, the size and terms of the Notes Offering, the use of proceeds from the Notes Offering, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Straight of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission (“SEC”). As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.


Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 2, 2026 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324741168/en/
Michael Stock

Chief Financial Officer
Anjali Voria, CFA

Vice President of Investor Relations
303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces Proposed $450.0 Million Convertible Senior Notes Offering

Liberty Energy Inc. Announces Pricing of Upsized $700 Million Convertible Senior Notes OfferingFebruary 4, 2026 1:55 AM
Business Wire
Liberty Energy Inc. (NYSE: LBRT) (“Liberty”) today announced the pricing of, and that it has agreed to sell, $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031 (the “Notes”) in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Liberty also granted the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $70.0 million aggregate principal amount of the Notes (the “Initial Purchaser Option”). The sale of the Notes is expected to close on or about February 6, 2026, subject to the satisfaction of customary closing conditions. The offering size was increased from the previously announced $500.0 million aggregate principal amount of Notes.


The Notes will be general unsecured, senior obligations of Liberty. The Notes will not bear regular interest, and the principal amount of the Notes will not accrete. The Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. At any time prior to the close of business on the business day immediately preceding December 1, 2030, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time irrespective of the foregoing conditions. Upon conversion, Liberty will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Liberty’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), or a combination of cash and shares of Class A Common Stock, at the election of Liberty, in respect of the remainder, if any, of Liberty’s conversion obligation in excess of the aggregate principal amount of the Notes being converted.


Liberty may redeem for cash all or any portion of the Notes, at its option, on or after March 1, 2029 and before the 21st scheduled trading day immediately preceding the maturity date if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price of the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding on the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.


If Liberty undergoes a “fundamental change,” then, subject to certain conditions and limited exceptions, holders of the Notes may require Liberty to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if Liberty delivers a notice of redemption in respect of the Notes, Liberty will, in certain circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption during the related redemption period, as the case may be.


The Notes will have an initial conversion rate of 28.9830 shares of Class A Common Stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $34.50 per share, which represents a premium of approximately 32.5% over the last reported sale price of the Class A Common Stock on the New York Stock Exchange of $26.04 per share on February 3, 2026.


Liberty estimates that the net proceeds from the Notes Offering will be approximately $678.1 million (or $746.0 million if the initial purchasers exercise the Initial Purchaser Option in full), after deducting the initial purchasers’ discounts and commissions and estimated Notes Offering expenses payable by Liberty. Liberty intends to use the net proceeds from the Notes Offering (i) to fund the approximately $99.4 million cost of entering into the Capped Call Transactions, as described and defined below, (ii) to repay indebtedness outstanding under the Credit Agreement, effective as of July 24, 2025, between certain subsidiaries of Liberty, as borrowers, Liberty, as parent guarantor, J.P. Morgan Chase Bank, N.A., as administrative agent, sole book runner and joint lead arranger, and certain other lenders party thereto and (iii) to use the remaining amount for general corporate purposes. If the initial purchasers exercise their Initial Purchaser Option, Liberty expects to enter into additional Capped Call Transactions with the Option Counterparties (as defined below) and to use the remainder of such net proceeds for general corporate purposes.


In connection with the pricing of the Notes, Liberty entered into privately negotiated capped call transactions relating to the Notes (the “Capped Call Transactions”) with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the “Option Counterparties”). The Capped Call Transactions will cover, subject to anti-dilution adjustments, the number of shares of Class A Common Stock initially underlying the Notes. The cap price of the Capped Call Transactions will initially be approximately $65.10 per share, which represents a premium of 150.00% over the last reported sale price of Class A Common Stock of $26.04 on the New York Stock Exchange on February 3, 2026, and is subject to certain adjustments under the terms of the Capped Call Transactions.


The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of any Notes and/or offset any cash payments Liberty is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap.


In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties may enter into various derivative transactions with respect to the Class A Common Stock and/or purchase the Class A Common Stock in secondary market transactions concurrently with or shortly after the pricing of the Notes, including with or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A Common Stock or the Notes at that time.


In addition, the Option Counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A Common Stock and/or purchasing or selling the Class A Common Stock or other securities of Liberty in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so on each exercise date for the Capped Call Transactions or following any termination of any portion of the Capped Call Transactions in connection with any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A Common Stock or the Notes, which could affect a noteholder’s ability to convert the Notes, and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such Notes.


Neither the Notes, nor any shares of Class A Common Stock issuable upon conversion of the Notes, have been, nor will be registered under the Securities Act or any state securities laws, and unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.


This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.


Forward-Looking Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expectations in connection with the Notes Offering, the use of proceeds from the Notes Offering, actions of the Option Counterparties, the effects on the price of our Class A Common Stock as a result thereof, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict, the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.


Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 2, 2026 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203217599/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations


303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces Pricing of Upsized $700 Million Convertible Senior Notes Offering

Liberty Energy Inc. Announces Proposed $500 Million Convertible Senior Notes OfferingFebruary 2, 2026 4:44 PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT) (“Liberty”) today announced that it proposes to offer $500 million aggregate principal amount of convertible senior notes due 2031 (the “Notes”), subject to market conditions and other factors, in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Liberty also intends to grant the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $50.0 million aggregate principal amount of the Notes (the “Initial Purchaser Option”).


The Notes will be general unsecured, senior obligations of Liberty and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2026. The Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. At any time prior to the close of business on the business day immediately preceding December 1, 2030, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time irrespective of the foregoing conditions. Upon conversion, Liberty will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Liberty’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), or a combination of cash and shares of Class A Common Stock, at the election of Liberty, in respect of the remainder, if any, of Liberty’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes Offering.


Liberty may redeem for cash all or any portion of the Notes, at its option, on or after March 1, 2029 and before the 21st scheduled trading day immediately preceding the maturity date if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price of the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding on the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.


Liberty intends to use the net proceeds from the Notes Offering (i) to fund the cost of entering into the Capped Call Transactions, as described and defined below, (ii) to repay indebtedness outstanding under the Credit Agreement, effective as of July 24, 2025, between certain subsidiaries of Liberty, as borrowers, Liberty, as parent guarantor, J.P. Morgan Chase Bank, N.A., as administrative agent, sole book runner and joint lead arranger, and certain other lenders party thereto and (iii) to use the remaining amount for general corporate purposes. If the initial purchasers exercise their Initial Purchaser Option, Liberty expects to enter into additional Capped Call Transactions with the Option Counterparties (as defined below) and to use the remainder of such net proceeds for general corporate purposes, which may include repayments, redemptions or repurchases of additional outstanding indebtedness.


In connection with the pricing of the Notes, Liberty expects to enter into privately negotiated capped call transactions relating to the Notes (the “Capped Call Transactions”) with one or more of the initial purchasers or their respective affiliates (the “Option Counterparties”). The Capped Call Transactions will cover, subject to anti-dilution adjustments, the number of shares of Class A Common Stock that will initially underlie the Notes.


The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of any Notes and/or offset any cash payments Liberty is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap.


In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties may enter into various derivative transactions with respect to the Class A Common Stock and/or purchase the Class A Common Stock in secondary market transactions concurrently with or shortly after the pricing of the Notes, including with or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A Common Stock or the Notes at that time.


In addition, the Option Counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A Common Stock and/or purchasing or selling the Class A Common Stock or other securities of Liberty in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so on each exercise date for the Capped Call Transactions or following any termination of any portion of the Capped Call Transactions in connection with any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A Common Stock or the Notes, which could affect a noteholder’s ability to convert the Notes, and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such Notes.


Neither the Notes, nor any shares of Class A Common Stock issuable upon conversion of the Notes, have been, nor will be registered under the Securities Act or any state securities laws, and unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.


This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum.


Forward-Looking Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expectations in connection with the Notes Offering, the size and terms of the Notes Offering, the use of proceeds from the Notes Offering, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission (“SEC”). As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.


Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 2, 2026 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260202767678/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations


303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces Proposed $500 Million Convertible Senior Notes Offering

Liberty Energy Inc. Announces Fourth Quarter and Full Year 2025 Financial and Operational ResultsJanuary 28, 2026 5:33 PM
Business Wire
Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today full year and fourth quarter 2025 financial and operational results.


Summary Results and Highlights



Revenue of $4.0 billion for the year ended December 31, 2025



Net income of $148 million, or $0.89 fully diluted earnings per share (“EPS”), for the year ended December 31, 2025



Adjusted EBITDA1 of $634 million for the year ended December 31, 2025



Achieved 13% Cash Return on Capital Invested (“CROCI”)2 for the year ended December 31, 2025



Distributed $77 million to shareholders in 2025 through quarterly cash dividends and share repurchases



Fourth quarter 2025 revenue of $1.0 billion and net income of $14 million, or $0.08 fully diluted earnings per share



Fourth quarter 2025 Adjusted EBITDA1 of $158 million



Raised quarterly cash dividend by 13% to $0.09 per share beginning in the fourth quarter of 2025



Announced a 1 GW power development agreement with Vantage Data Centers, anchored by a firm reservation contract for 400 MW



Executed a 330 MW power reservation and preliminary energy services agreement (“ESA”) with a leading data center developer for a site expansion in Texas last week



Accelerated deployment plan for distributed power projects to 3 GW by 2029



“Liberty’s strong fourth quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team’s focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI2 of 13% during a volatile year,” commented Ron Gusek, chief executive officer. “During the year, we strengthened our customer relationships by expanding our simulfrac offering with strategic, dedicated customers and delivering meaningful efficiencies. Leveraging Liberty developed AI-driven asset optimization software and our digiTechnologiesSM transition, we reduced total maintenance costs per unit of work by approximately 14%. We built the Liberty Power Innovations (“LPI”) execution platform for earnings growth with strategic partnerships and targeted investments. We have gained strong commercial traction, capitalizing on the revolutionary transformation of power supply and delivery that is redefining the energy landscape.”


“Earlier this year, we announced an agreement with Vantage Data Centers to develop and deliver at least one gigawatt (“1 GW”) of utility scale, high efficiency power solutions, supporting the energization of Vantage data center projects for hyperscale end users. The agreement is anchored by a firm reservation of 400 megawatts (“MW”) delivered during 2027, with a contracted payment structure that aligns with the expected returns under an ESA with end users,” continued Mr. Gusek. “This agreement creates a collaborative framework to accelerate the deployment of power solutions for Vantage’s data centers, preserving flexible execution to meet customer needs across a broad portfolio of data center sites.”


“We also entered into a power reservation and preliminary ESA with another leading data center developer for a 330 MW data center expansion in Texas. The project is currently expected to begin operations in two phases, with the first half online in Q4 2027 and the second half in Q2 2028. The agreement defines the economic terms of the expected ESA as well as the construction schedule, cost recovery, and termination payment provisions in the event the final agreement is not executed,” continued Mr. Gusek. “Our projects will be developed using LPI’s ForteSM modular, standardized construction approach designed to de-risk project execution and will include the TempoSM power quality system to manage the high-amplitude, cyclical load variations of AI workloads. These customers could also benefit from the ChorusSM solution with a potential grid integration, optimizing power costs and providing access to grid attributes that they value.”


“We are at the forefront of a seismic shift in how data centers and other large loads are sourcing power. Onsite generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures. Our robust power execution platform is built upon 15 years of industry-leading experience in the design, manufacture, engineering, and operation of complex, industrial scale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AI-enhanced operations and maintenance systems. Our comprehensive power solution is designed to address our customers’ top priorities: rapid, scalable deployment with uninterrupted operations and predictable power costs. LPI’s power as a service offering, underpinned by the Forte generation platform, Tempo power quality management system, and our midstream services, delivers resilience, economic efficiency, and operational flexibility. Our Chorus solution could further unlock power cost advantages through grid integration, while also transforming our customers into active contributors to grid reliability for local communities,” continued Mr. Gusek. “LPI’s distributed power solutions are a strategic cornerstone of resilient, future-proof energy planning for our customers.”


“We are focused on driving value creation, prioritizing long-term returns with our industry-leading completions business and our power growth platform,” commented Mr. Gusek. “Our success is fueled by the combination of cutting-edge technology, a dedicated workforce, and strategic partners across the energy ecosystem, powering innovation today to shape the future of the industry.”


Outlook


As we enter the new year, Liberty’s premier completions business and rapidly scaling power infrastructure platform position the company to lead through market cycles and capitalize on power growth potential. During 2025, we strengthened our core oilfield service operations while aggressively expanding our reach into the growing power market.


U.S. power demand is rising at the fastest pace in decades. The convergence of AI-driven data center expansion, the onshoring of domestic manufacturing, and increased industrial electrification has created structural demand growth for power. Underinvestment in grid infrastructure, transmission constraints, and evolving commercial realities and utility reforms, driven in part by public concerns, have catalyzed broader market recognition of the inherent strategic value of distributed power solutions. Against this backdrop, data center demand for power is projected to grow threefold by 2030, and already long interconnection queues continue to lengthen, highlighting the urgent need for flexible, scalable capacity to meet rapidly evolving energy requirements. LPI is well positioned to support this call, providing power consumers with predictable, long-term power prices. Our platform is designed to be economically competitive with today’s grid prices at our targeted returns and is increasingly advantaged as grid power prices rise over time.


Within North American oil and gas markets, conditions have now stabilized after a protracted period of softening activity, as the industry has largely adjusted to last year’s OPEC+ supply concerns and tariff-related volatility. Fourth quarter completions activity defied normal seasonal declines, surpassing expectations. Completions demand is projected to hold firm in 2026. North American producers are responding to global oil and gas dynamics with flat oil production targets and modest growth in gas-directed activity. Global oil markets are currently balancing a structural oil surplus, elevated geopolitical risk, and an OPEC+ production pause, keeping oil prices largely rangebound. Natural gas markets are supported by significant expansion in LNG export capacity and multi-year growth in power consumption.


Industry fundamentals are expected to improve over time as supply-side dynamics gradually rebalance with completions demand. Recent pricing pressures on completions services, combined with the slowdown in activity, have driven an acceleration in equipment cannibalization and attrition, while underinvestment in next generation technology has limited the replacement of lost capacity. As the market recalibrated at the start of the year, fewer crews are available to meet any incremental completions demand.


E&Ps remain focused on harnessing efficiency gains and engineering solutions to lower the total cost per unit of energy, driving the bar higher for technologically superior services and operational success to achieve these results. Few service providers are positioned to meet the increasing demand for multi-frac jobs, 24-hour continuous operations, and AI-optimized automation and real-time operational transparency that enhances completions execution and data-driven decision-making. This ongoing "flight to quality" is fundamentally reinforcing Liberty’s market leadership, as producers rely on our total service platform, seamlessly aligning our integrated services to deliver a superior service and drive relative outperformance.


“Liberty has evolved from a premier North American completions company into a diversified energy technology and power infrastructure platform. We invested in our technology and culture, while growing our oilfield market share and developing LPI,” commented Mr. Gusek. “This proactive stance has left us well-positioned to capitalize on the dual tailwinds of a potential completions inflection and the generational surge in U.S. power demand.”


“Our differentiated power execution platform and a robust pipeline of power projects position us to capture structural growth in power demand. We now plan to deploy approximately 3 GW of power projects by 2029 to deliver sustained, long duration earnings and high returns for our investors,” continued Mr. Gusek.


“Our first quarter is expected to reflect the full realization of pricing headwinds and winter weather disruption to drive lower sequential revenue and Adjusted EBITDA. While the precise timing of a broader oil market recovery remains uncertain, we are anticipating stabilization in completions markets, significant demand for our digiTechnologies platform at improved economics, and a powerful growth engine with AI and cloud data center power demand.”


Cash Dividend


During the quarter ended December 31, 2025, Liberty paid a quarterly cash dividend of $0.09 per share of Class A common stock, or approximately $15 million in aggregate to shareholders. During the year ended December 31, 2025, Liberty paid cash dividends of $53 million in aggregate to shareholders.


On January 20, 2026, the Board declared a cash dividend of $0.09 per share of Class A common stock, to be paid on March 18, 2026, to holders of record as of March 4, 2026.


Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.


Share Repurchase Program


During the year ended December 31, 2025, Liberty repurchased and retired 1,546,138 shares of Class A common stock at an average of $15.50 per share, representing 1% of shares outstanding, for approximately $24 million.


Liberty has cumulatively repurchased and retired 16% of shares outstanding at program commencement on July 25, 2022. Total remaining authorization for future common share repurchases is approximately $270 million.


The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.


2025 Full Year Results


For the year ended December 31, 2025, revenues of $4.0 billion decreased 7% from $4.3 billion for the year ended December 31, 2024.


Net income (after taxes) totaled $148 million for the year ended December 31, 2025 compared to $316 million for the year ended December 31, 2024.


Adjusted Net Income3 (after taxes) totaled $25 million for the year ended December 31, 2025 compared to $277 million for the year ended December 31, 2024.


Adjusted EBITDA1 of $634 million for the year ended December 31, 2025, decreased 31% from $922 million for the year ended December 31, 2024. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.


Fully diluted earnings per share was $0.89 for the year ended December 31, 2025 compared to $1.87 for the year ended December 31, 2024.


Adjusted Net Income per Diluted Share3 of $0.15 for the year ended December 31, 2025 compared to $1.64 for the year ended December 31, 2024.


Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.


Fourth Quarter Results


For the fourth quarter of 2025, revenue was $1 billion, an increase of 10% from $944 million in the fourth quarter of 2024 and 10% from $947 million in the third quarter of 2025.


Net income (after taxes) totaled $14 million for the fourth quarter of 2025 compared to $52 million in the fourth quarter of 2024 and $43 million in the third quarter of 2025.


Adjusted Net Income (Loss)3 totaled $8 million for the fourth quarter of 2025 compared to $17 million in the fourth quarter of 2024 and ($10 million) in the third quarter of 2025.


Adjusted EBITDA1 of $158 million for the fourth quarter of 2025 increased 1% from $156 million in the fourth quarter of 2024 and 23% from $128 million in the third quarter of 2025. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.


Fully diluted earnings per share was $0.08 for the fourth quarter of 2025 compared to $0.31 for the fourth quarter of 2024 and $0.26 for the third quarter of 2025.


Adjusted Net Income (Loss) per Diluted Share3 was $0.05 for the fourth quarter of 2025 compared to $0.10 for the fourth quarter of 2024 and $(0.06) for the third quarter of 2025.


Balance Sheet and Liquidity


As of December 31, 2025, Liberty had cash on hand of $28 million, an increase from third quarter levels, and total debt of $247 million drawn on the secured asset-based revolving credit facility (“ABL Facility”) and long-term note facility, a $6 million decrease from third quarter. Total liquidity, including availability under the ABL Facility, was $281 million as of December 31, 2025.


Conference Call


Liberty will host a conference call to discuss the results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 29, 2026. Presenting Liberty’s results will be Ron Gusek, chief executive officer, and Michael Stock, Chief Financial Officer.


Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 5460375. The replay will be available until February 5, 2026.


About Liberty


Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.




1







“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.








2







Cash Return on Capital Invested (“CROCI”) is a non-U.S. GAAP operational measure. Please see the supplemental financial information in the table under “Calculation of Cash Return on Capital Invested” at the end of this earnings release.








3







“Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.







Non-GAAP Financial Measures


This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, Adjusted Pre-Tax Return on Capital Employed (“ROCE”), and Cash Return on Capital Invested (“CROCI”). We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, unrealized gain or loss on investments, net, bad debt reserves, transaction and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements, and other non-recurring expenses that management does not consider in assessing ongoing performance.


Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under U.S. GAAP.


We present Adjusted Net Income and Adjusted Net Income per Diluted Share because we believe such measures provide useful information to investors regarding our operating performance by excluding the after-tax impacts of unusual or one-time benefits or costs, including items such as unrealized gain or loss on investments, net and transaction and other costs, primarily because management views the excluded items to be outside of our normal operating results. We define Adjusted Net Income as net income after eliminating the effects of such excluded items and Adjusted Net Income per Diluted Share as Adjusted Net Income divided by the number of weighted average diluted shares outstanding. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in our business.


We define ROCE as the ratio of adjusted pre-tax net income (adding back income tax and certain adjustments that include tax receivable agreement impacts, unrealized gain or loss on investments, net, and transaction and other costs, when applicable) for the twelve months ended December 31, 2025 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of December 31, 2025 and December 31, 2024. CROCI is defined as the ratio of Adjusted EBITDA to the average of the beginning and ending period Gross Capital Invested (total assets plus accumulated depreciation and depletion less non-interest bearing current liabilities). ROCE and CROCI are presented based on our management’s belief that these non-GAAP measures are useful information to investors when evaluating our profitability and the efficiency with which management has employed capital over time. Our management uses ROCE and CROCI for that purpose. ROCE and CROCI are not measures of financial performance under U.S. GAAP and should not be considered an alternative to net income, as defined by U.S. GAAP.


Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.


Forward-Looking and Cautionary Statements


The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expected growth from recent acquisitions, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, outlook for the power industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, regulatory, and legislative changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.


Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 6, 2025 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.




Liberty Energy Inc.








Selected Financial Data








(unaudited)








 






 






Three Months Ended






 






Year Ended








 






 






December 31,






 






September 30,






 






December 31,






 






December 31,








 






 






 






2025






 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Statement of Operations Data:






 






(amounts in thousands, except for per share data)








Revenue






 






$






1,038,737






 






 






$






947,397






 






 






$






943,574






 






 






$






4,006,116






 






 






$






4,315,161






 








Costs of services, excluding depreciation, depletion, and amortization shown separately






 






 






824,625






 






 






 






769,761






 






 






 






741,754






 






 






 






3,168,109






 






 






 






3,200,506






 








General and administrative (1)






 






 






65,033






 






 






 






58,284






 






 






 






56,174






 






 






 






247,436






 






 






 






225,474






 








Transaction and other costs






 






 






29






 






 






 






—






 






 






 






—






 






 






 






840






 






 






 






—






 








Depreciation, depletion, and amortization






 






 






120,243






 






 






 






122,981






 






 






 






132,164






 






 






 






500,332






 






 






 






505,050






 








Loss (gain) on disposal of assets






 






 






8,925






 






 






 






(1,210






)






 






 






(11,442






)






 






 






16,691






 






 






 






(5,337






)








Total operating expenses






 






 






1,018,855






 






 






 






949,816






 






 






 






918,650






 






 






 






3,933,408






 






 






 






3,925,693






 








Operating income






 






 






19,882






 






 






 






(2,419






)






 






 






24,924






 






 






 






72,708






 






 






 






389,468






 








(Gain) loss on remeasurement of liability under tax receivable agreements






 






 






(147






)






 






 






—






 






 






 






3,210






 






 






 






(147






)






 






 






3,210






 








Gain on investments, net






 






 






(6,759






)






 






 






(68,353






)






 






 






(44,753






)






 






 






(162,642






)






 






 






(49,227






)








Interest expense, net






 






 






9,699






 






 






 






10,902






 






 






 






8,499






 






 






 






40,306






 






 






 






32,214






 








Net income before taxes






 






 






17,089






 






 






 






55,032






 






 






 






57,968






 






 






 






195,191






 






 






 






403,271






 








Income tax expense






 






 






3,399






 






 






 






11,977






 






 






 






6,075






 






 






 






47,319






 






 






 






87,261






 








Net income






 






 






13,690






 






 






 






43,055






 






 






 






51,893






 






 






 






147,872






 






 






 






316,010






 








Net income attributable to Liberty Energy Inc. stockholders per common share:






 






 






 






 






 






 






 






 






 






 








Basic






 






$






0.08






 






 






$






0.27






 






 






$






0.32






 






 






$






0.91






 






 






$






1.91






 








Diluted






 






$






0.08






 






 






$






0.26






 






 






$






0.31






 






 






$






0.89






 






 






$






1.87






 








Weighted average common shares outstanding:






 






 






 






 






 






 






 






 






 






 








Basic






 






 






161,967






 






 






 






161,959






 






 






 






162,856






 






 






 






161,932






 






 






 






165,026






 








Diluted






 






 






166,027






 






 






 






165,066






 






 






 






167,163






 






 






 






165,365






 






 






 






169,398






 








 






 






 






 






 






 






 






 






 






 






 








Other Financial and Operational Data






 






 






 






 






 






 






 






 








Capital expenditures (2)






 






$






202,843






 






 






$






113,034






 






 






$






188,148






 






 






$






570,801






 






 






$






627,057






 








Adjusted EBITDA (3)






 






$






157,519






 






 






$






127,679






 






 






$






155,740






 






 






$






634,146






 






 






$






921,593






 








____________________




 



(1)







General and administrative costs for the year ended December 31, 2025 include $10.2 million of non-cash stock-based compensation expense related to the resignation of the Company’s former Chief Executive Officer upon confirmation as Secretary of Energy of the United States.








(2)







Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets.








(3)







Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below.









Liberty Energy Inc.








Condensed Consolidated Balance Sheets








(unaudited, amounts in thousands)








 






December 31,






 






December 31,








 






 






2025






 






 






 






2024






 








Assets






 








Current assets:






 






 






 








Cash and cash equivalents






$






27,554






 






 






$






19,984






 








Accounts receivable and unbilled revenue






 






605,370






 






 






 






539,856






 








Inventories






 






188,125






 






 






 






203,469






 








Prepaids and other current assets






 






56,921






 






 






 






85,214






 








Total current assets






 






877,970






 






 






 






848,523






 








Property and equipment, net






 






2,054,185






 






 






 






1,890,998






 








Operating and finance lease right-of-use assets






 






407,452






 






 






 






356,435






 








Investments in equity securities






 






70,840






 






 






 






81,036






 








Other assets






 






147,858






 






 






 






119,402






 








Total assets






$






3,558,305






 






 






$






3,296,394






 








Liabilities and Equity






 






 






 








Current liabilities:






 






 






 








Accounts payable and accrued liabilities






$






598,658






 






 






$






571,305






 








Current portion of operating and finance lease liabilities






 






116,598






 






 






 






95,218






 








Current portion of long-term debt






 






5,097






 






 






 






—






 








Total current liabilities






 






720,353






 






 






 






666,523






 








Long-term debt, net of discount






 






241,510






 






 






 






190,500






 








Long-term operating and finance lease liabilities






 






255,081






 






 






 






247,888






 








Deferred tax liability






 






195,602






 






 






 






137,728






 








Payable pursuant to tax receivable agreements






 






66,870






 






 






 






74,886






 








Total liabilities






 






1,479,416






 






 






 






1,317,525






 








 






 






 






 








Stockholders’ equity:






 






 






 








Common stock






 






1,620






 






 






 






1,619






 








Additional paid in capital






 






978,384






 






 






 






977,484






 








Retained earnings






 






1,112,747






 






 






 






1,019,517






 








Accumulated other comprehensive loss






 






(13,862






)






 






 






(19,751






)








Total stockholders’ equity






 






2,078,889






 






 






 






1,978,869






 








Total liabilities and equity






$






3,558,305






 






 






$






3,296,394






 









Liberty Energy Inc.








Reconciliation and Calculation of Non-GAAP Financial and Operational Measures








(unaudited, amounts in thousands)








Reconciliation of Net Income to EBITDA and Adjusted EBITDA






 






 






 






 








 






Three Months Ended






 






Year Ended








 






December 31,






 






September 30,






 






December 31,






 






December 31,








 






 






2025






 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income






$






13,690






 






 






$






43,055






 






 






$






51,893






 






 






$






147,872






 






 






$






316,010






 








Depreciation, depletion, and amortization






 






120,243






 






 






 






122,981






 






 






 






132,164






 






 






 






500,332






 






 






 






505,050






 








Interest expense, net






 






9,699






 






 






 






10,902






 






 






 






8,499






 






 






 






40,306






 






 






 






32,214






 








Income tax expense






 






3,399






 






 






 






11,977






 






 






 






6,075






 






 






 






47,319






 






 






 






87,261






 








EBITDA






$






147,031






 






 






$






188,915






 






 






$






198,631






 






 






$






735,829






 






 






$






940,535






 








Stock-based compensation expense






 






8,440






 






 






 






7,301






 






 






 






10,094






 






 






 






41,922






 






 






 






32,412






 








Gain on investments, net






 






(6,759






)






 






 






(68,353






)






 






 






(44,753






)






 






 






(162,642






)






 






 






(49,227






)








Loss (gain) on disposal of assets






 






8,925






 






 






 






(1,210






)






 






 






(11,442






)






 






 






16,691






 






 






 






(5,337






)








(Gain) loss on remeasurement of liability under tax receivable agreements






 






(147






)






 






 






—






 






 






 






3,210






 






 






 






(147






)






 






 






3,210






 








Transaction and other costs






 






29






 






 






 






—






 






 






 






—






 






 






 






840






 






 






 






—






 








Provision for credit losses






 






—






 






 






 






1,026






 






 






 






—






 






 






 






1,653






 






 






 






—






 








Adjusted EBITDA






$






157,519






 






 






$






127,679






 






 






$






155,740






 






 






$






634,146






 






 






$






921,593






 









Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share








 






Three Months Ended






 






Year Ended








 






December 31,






 






September 30,






 






December 31,






 






December 31,








 






 






2025






 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income






$






13,690






 






 






$






43,055






 






 






$






51,893






 






 






$






147,872






 






 






$






316,010






 








Adjustments:






 






 






 






 






 






 






 






 






 








Less: Gain on investments, net






 






(6,759






)






 






 






(68,353






)






 






 






(44,753






)






 






 






(162,642






)






 






 






(49,227






)








Add back: Transaction and other costs






 






29






 






 






 






—






 






 






 






—






 






 






 






840






 






 






 






—






 








Total adjustments, before taxes






 






(6,730






)






 






 






(68,353






)






 






 






(44,753






)






 






 






(161,802






)






 






 






(49,227






)








Income tax benefit of adjustments






 






(853






)






 






 






(15,756






)






 






 






(9,582






)






 






 






(39,156






)






 






 






(10,633






)








Adjusted Net Income (Loss)






$






7,813






 






 






$






(9,542






)






 






$






16,722






 






 






$






25,226






 






 






$






277,416






 








 






 






 






 






 






 






 






 






 






 








Diluted weighted average common shares outstanding






 






166,027






 






 






 






165,066






 






 






 






167,163






 






 






 






165,365






 






 






 






169,398






 








Net income per diluted share






$






0.08






 






 






$






0.26






 






 






$






0.31






 






 






$






0.89






 






 






$






1.87






 








Adjusted net income (loss) per diluted share






$






0.05






 






 






$






(0.06






)






 






$






0.10






 






 






$






0.15






 






 






$






1.64






 









Calculation of Adjusted Pre-Tax Return on Capital Employed








 






Twelve Months Ended








 






December 31,








 






 






2025






 






 






 






2024






 








Net income






$






147,872






 






 






 








Add back: Income tax expense






 






47,319






 






 






 








Less: Gain on remeasurement of liability under tax receivable agreements (1)






 






(147






)






 






 








Less: Gain on investments, net






 






(162,642






)






 






 








Add back: Transaction and other costs






 






840






 






 






 








Adjusted Pre-tax net income






$






33,242






 






 






 








Capital Employed






 






 






 








Total debt, net of discount






$






246,607






 






 






$






190,500









Total equity






 






2,078,889






 






 






 






1,978,869






 








Total Capital Employed






$






2,325,496






 






 






$






2,169,369






 








 






 






 






 








Average Capital Employed (2)






$






2,247,433






 






 






 








Adjusted Pre-Tax Return on Capital Employed (3)






 






1






%






 






 









(1)







Loss on remeasurement of the liability under tax receivable agreements is a result of a change in the estimated future effective tax rate and should be excluded in the determination of pre-tax return on capital employed.








(2)







Average Capital Employed is the simple average of Total Capital Employed as of December 31, 2025 and 2024.








(3)







Adjusted Pre-tax Return on Capital Employed is the ratio of adjusted pre-tax net income for the twelve months ended December 31, 2025 to Average Capital Employed.









Calculation of Cash Return on Capital Invested








 






Twelve Months Ended








 






December 31,








 






 






2025






 






 






 






2024






 








Adjusted EBITDA (1)






$






634,146






 






 






 








Gross Capital Invested






 






 






 








Total assets






$






3,558,305






 






 






$






3,296,394









Add back: Accumulated depreciation, depletion, and amortization






 






1,968,065






 






 






 






1,917,551






 








Less: Accounts payable and accrued liabilities






 






598,658






 






 






 






571,305






 








Total Gross Capital Invested






$






4,927,712






 






 






$






4,642,640






 








 






 






 






 








Average Gross Capital Invested (2)






$






4,785,176






 






 






 








Cash Return on Capital Invested (3)






 






13






%






 






 









(1)







Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” above.








(2)







Average Gross Capital Invested is the simple average of Gross Capital Invested as of December 31, 2025 and 2024.








(3)







Cash Return on Capital Invested is the ratio of Adjusted EBITDA, as reconciled above, for the twelve months ended December 31, 2025 to Average Gross Capital Invested.









Reconciliation of Historical Net Income (Loss) to EBITDA and Adjusted EBITDA






 






 






 






 








 






 






Year Ended December 31,






 








 






 






2023






 






2022






 






2021






 






2020






 






2019






 






2018






 






2017






 






2016






 






2015






 






2014






 






2013






 






2012








Net income (loss)






 






$






556,408






 






 






$






400,302






 






 






$






(187,004






)






 






$






(160,674






)






 






$






74,864






 






$






249,033






 






 






$






168,501






 






$






(60,560






)






 






$






(9,061






)






 






$






34,519






 






$






8,881






 






$






25,807








Depreciation, depletion, and amortization






 






 






421,514






 






 






 






323,028






 






 






 






262,757






 






 






 






180,084






 






 






 






165,379






 






 






125,110






 






 






 






81,473






 






 






41,362






 






 






 






36,436






 






 






 






21,749






 






 






12,881






 






 






5,875








Interest expense, net






 






 






27,506






 






 






 






22,715






 






 






 






15,603






 






 






 






14,505






 






 






 






14,681






 






 






17,145






 






 






 






12,636






 






 






6,126






 






 






 






5,501






 






 






 






3,610






 






 






1,139






 






 






—








Income tax (benefit) expense






 






 






178,482






 






 






 






(793






)






 






 






9,216






 






 






 






(30,857






)






 






 






14,052






 






 






40,385






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—








EBITDA






 






$






1,183,910






 






 






$






745,252






 






 






$






100,572






 






 






$






3,058






 






 






$






268,976






 






$






431,673






 






 






$






262,610






 






$






(13,072






)






 






$






32,876






 






 






$






59,878






 






$






22,901






 






$






31,682








Stock-based compensation expense






 






 






33,026






 






 






 






23,108






 






 






 






19,946






 






 






 






17,139






 






 






 






13,592






 






 






5,450






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—








Fleet start-up costs






 






 






2,082






 






 






 






17,007






 






 






 






2,751






 






 






 






12,175






 






 






 






4,519






 






 






10,069






 






 






 






13,955






 






 






4,280






 






 






 






1,044






 






 






 






4,502






 






 






2,711






 






 






—








Transaction and other costs






 






 






2,053






 






 






 






5,837






 






 






 






15,138






 






 






 






21,061






 






 






 






—






 






 






834






 






 






 






4,015






 






 






5,877






 






 






 






446






 






 






 






—






 






 






—






 






 






—








(Gain) loss on disposal of assets






 






 






(6,994






)






 






 






(4,603






)






 






 






779






 






 






 






(411






)






 






 






2,601






 






 






(4,342






)






 






 






148






 






 






(2,673






)






 






 






423






 






 






 






494






 






 






—






 






 






—








Provision for credit losses






 






 






808






 






 






 






—






 






 






 






745






 






 






 






4,877






 






 






 






1,053






 






 






—






 






 






 






—






 






 






—






 






 






 






6,424






 






 






 






—






 






 






—






 






 






—








Loss (gain) on remeasurement of liability under tax receivable agreements






 






 






(1,817






)






 






 






76,191






 






 






 






(19,039






)






 






 






—






 






 






 






—






 






 






—






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—








Gain on investments






 






 






—






 






 






 






(2,525






)






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






—








Adjusted EBITDA






 






$






1,213,068






 






 






$






860,267






 






 






$






120,892






 






 






$






57,899






 






 






$






290,741






 






$






443,684






 






 






$






280,728






 






$






(5,588






)






 






$






41,213






 






 






$






64,874






 






$






25,612






 






$






31,682









Calculation of Historical Cash Return on Capital Invested






 








 






 






 






 






Year Ended December 31,






 






 






 






 








 






 






2024






 






2023






 






2022






 






2021






 






2020






 






2019






 






2018






 






2017






 






2016






 






2015






 






2014






 






2013






 






2012






 






2011








Adjusted EBITDA (1)






 






$






921,593






 






 






$






1,213,068






 






 






$






860,267






 






 






$






120,892






 






 






$






57,899






 






 






$






290,741






 






 






$






443,684






 






 






$






280,728






 






 






$






(5,588






)






 






$






41,213






 






 






$






64,874






 






 






$






25,612






 






 






$






31,682






 






 






 








Gross Capital Invested






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total assets






 






$






3,296,394






 






 






$






3,033,557






 






 






$






2,575,932






 






 






$






2,040,660






 






 






$






1,889,942






 






 






$






1,283,429






 






 






$






1,116,501






 






 






$






852,103






 






 






$






451,845






 






 






$






296,971






 






 






$






331,671






 






 






$






174,813






 






 






$






107,225






 






 






$






35,699








Add back: Accumulated depreciation, depletion, and amortization






 






 






1,917,551






 






 






 






1,501,685






 






 






 






1,141,656






 






 






 






863,194






 






 






 






622,530






 






 






 






455,687






 






 






 






307,277






 






 






 






198,453






 






 






 






117,779






 






 






 






77,057






 






 






 






40,715






 






 






 






19,082






 






 






 






6,196






 






 






 






321








Less: Accounts payable and accrued liabilities






 






 






571,305






 






 






 






572,029






 






 






 






609,790






 






 






 






528,468






 






 






 






311,721






 






 






 






226,567






 






 






 






219,351






 






 






 






220,494






 






 






 






118,949






 






 






 






52,688






 






 






 






99,005






 






 






 






26,600






 






 






 






13,275






 






 






 






1,718








Total Gross Capital Invested






 






$






4,642,640






 






 






$






3,963,213






 






 






$






3,107,798






 






 






$






2,375,386






 






 






$






2,200,751






 






 






$






1,512,549






 






 






$






1,204,427






 






 






$






830,062






 






 






$






450,675






 






 






$






321,340






 






 






$






273,381






 






 






$






167,295






 






 






$






100,146






 






 






$






34,302








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average Gross Capital Invested (2)






 






$






4,302,927






 






 






$






3,535,506






 






 






$






2,741,592






 






 






$






2,288,069






 






 






$






1,856,650






 






 






$






1,358,488






 






 






$






1,017,245






 






 






$






640,369






 






 






$






386,008






 






 






$






297,361






 






 






$






220,338






 






 






$






133,721






 






 






$






67,224






 






 






 








Cash Return on Capital Invested (3)






 






 






21






%






 






 






34






%






 






 






31






%






 






 






5






%






 






 






3






%






 






 






21






%






 






 






44






%






 






 






44






%






 






 






(1






)%






 






 






14






%






 






 






29






%






 






 






19






%






 






 






47






%






 






 









(1)







Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Historical Non-GAAP Financial and Operational Measures” above.








(2)







Average Gross Capital Invested is the simple average of Gross Capital Invested as of the end of the current year and prior year.








(3)







Cash Return on Capital Invested is the ratio of Adjusted EBITDA, as reconciled above, for the year then ended to Average Gross Capital Invested.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260128426869/en/
Michael Stock

Chief Financial Officer


Anjali Voria, CFA

Vice President of Investor Relations


303-515-2851

IR@libertyenergy.com


Original: Liberty Energy Inc. Announces Fourth Quarter and Full Year 2025 Financial and Operational Results