US Market News
2月前
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
US Market News
3月前
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
US Market News
4月前
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
US Market News
5月前
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
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