Liberty Energy posts $39.1M net loss in Q3 2026
A 1.2 GW data-center power agreement sets a phased energization schedule running from Q4 2027 through Q1 2029.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Liberty Energy Inc. reported third-quarter 2026 revenue of $1,196.156 million, up 26% year over year, and Adjusted EBITDA of $141.630 million, up 11%. GAAP net loss was $39.063 million, compared with net income of $43.055 million a year earlier; Adjusted Net Income was $9.756 million, versus an adjusted net loss of $9.542 million.
During the quarter, Liberty paid approximately $15 million in dividends. The board declared an 11% increase in the quarterly cash dividend to $0.10 per share, payable December 18, 2026, to holders of record December 4, 2026.
Liberty Power Innovations entered a strategic development agreement with a leading frontier AI lab and a dedicated infrastructure platform for 1.2 GW of integrated power services at data center campuses. The agreement targets execution of a first energy service agreement for approximately 500 MW by December 2026, with phased energization from Q4 2027 through Q1 2029.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointRevenue increased 26% year over year in Q3 2026.
- Moderate pointAdjusted EBITDA increased 11% year over year to $141.630 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Quarterly cash dividend increased 11% to $0.10 per share beginning Q4 2026.
Negative
- Moderate pointGAAP net loss was $39.063 million, versus prior-year net income of $43.055 million.
- Moderate pointAdjusted EBITDA declined 6% sequentially to $141.630 million.
Filing Explained
The reconciliation adjusts the non-GAAP result for an investment loss, explaining a key difference without changing the reported GAAP result.
This 8-K reports Liberty Energy’s third-quarter results; at
Cash was
The reconciliation lists a net loss on investments and transaction and other costs among adjustments to adjusted net income, and shows an income-tax effect; adjusted net income is a non-GAAP measure, not a replacement for the GAAP result.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $1,196.156 million
Net loss: $39.063 million
Adjusted EBITDA: $141.630 million
+4 more
7 metrics
Revenue
$1,196.156 million
Third quarter 2026; up 26% year over year.
Net loss
$39.063 million
Third quarter 2026; prior-year quarter net income was $43.055 million.
Adjusted EBITDA
$141.630 million
Third quarter 2026; up 11% year over year and down 6% from Q2 2026.
Quarterly cash dividend
$0.10 per share
Class A common stock; 11% increase beginning fourth quarter 2026.
Integrated power services
1.2 GW
Strategic development agreement for data center campuses.
First energy service agreement
Approximately 500 MW
Execution targeted by December 2026.
Total liquidity
Approximately $669 million
As of September 30, 2026.
Key Terms
Adjusted EBITDA, Adjusted Net Income per Diluted Share, secured asset-based revolving credit facility, energy service agreement, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $142 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
secured asset-based revolving credit facility financial
"secured asset-based revolving credit facility"
energy service agreement technical
"first energy service agreement (“ESA”) contract"
Average Capital Employed financial
"Average Capital Employed is the simple average"
Earnings Snapshot
Revenue: $1,196.156 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$1,196.156 million
Up 26% year over year from $947.397 million in Q3 2025.
Net loss
$39.063 million
Compared with net income of $43.055 million in Q3 2025.
Adjusted EBITDA
$141.630 million
Up 11% year over year from $127.679 million; down 6% from Q2 2026's $151.145 million.
Adjusted Net Income
$9.756 million
Compared with an adjusted net loss of $9.542 million in Q3 2025.
Guidance
Liberty expects fourth-quarter weather and holiday seasonality to be partially offset by continued strength in demand, including activity deferred from the third quarter.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were LBRT's third-quarter 2026 revenue and net loss?
LBRT reported revenue of $1,196.156 million and a net loss of $39.063 million for Q3 2026. Revenue increased 26% year over year, while Q3 2025 had net income of $43.055 million.
How much Adjusted EBITDA did LBRT report in Q3 2026?
Adjusted EBITDA was $141.630 million, up 11% from $127.679 million in Q3 2025. Liberty identifies Adjusted EBITDA as a non-GAAP financial measure and provides a reconciliation to net income.
When will LBRT pay its increased quarterly dividend?
The board declared a quarterly cash dividend of $0.10 per Class A common share, payable December 18, 2026, to holders of record December 4, 2026. The increase was 11%.
What are the terms of LBRT's data-center power agreement?
The agreement includes a significant prepayment of capacity fees and targets execution of the first energy service agreement for approximately 500 MW by December 2026. It also establishes phased energization from Q4 2027 through Q1 2029 and substantive commercial terms for additional long-term energy service agreements.
How much liquidity did LBRT report at September 30, 2026?
Total liquidity was approximately $669 million, including $118.973 million of cash and availability under the credit facility. Liberty had no balance drawn on its secured asset-based revolving credit facility, except for $30.2 million in letters of credit outstanding.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 21, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address and Zip Code of Principal Executive Offices)
(303 ) 515-2800
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||||||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||||||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||||||||||||||
| Securities registered pursuant to Section 12(b) of the Act | ||||||||||||||||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
| NYSE Texas | ||||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On October 21, 2026 , Liberty Energy Inc., a Delaware corporation (the “Company”), issued a press release announcing its results for the third quarter ended September 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Press Release dated October 21, 2026 | |||||||
| 104 | Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIBERTY ENERGY INC. | ||||||||||||||||||||
Dated: | By: | /s/ R. Sean Elliott | ||||||||||||||||||
| R. Sean Elliott | ||||||||||||||||||||
| Chief Legal Officer and Corporate Secretary | ||||||||||||||||||||
Liberty Energy Inc. Announces Third Quarter 2026 Financial and Operational Results
October 21, 2026
Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) today reported third quarter 2026 financial and operational results.
Summary Results and Highlights
•Revenue of $1.2 billion, a 26% year-over-year increase
•Net loss of $39 million, or $(0.24) fully diluted earnings per share (“EPS”) and Adjusted Net Income1 of $10 million, or $0.06 Adjusted Net Income per Diluted Share1
•Adjusted EBITDA2 of $142 million
•Distributed $15 million to shareholders through cash dividends
•Increased quarterly cash dividend by 11% to $0.10 per share beginning fourth quarter of 2026
•Executed a strategic development agreement with a leading frontier AI lab and a dedicated infrastructure platform to deliver 1.2 GW of integrated power services at data center campuses
•Collaborated with the U.S. Department of Energy’s National Laboratory of the Rockies at its advanced grid simulation testbed, successfully validating Liberty’s power technologies under real-world grid conditions
•Achieved record natural gas substitution across our frac fleets, driven by continued investment in natural gas fueled equipment and optimization through Liberty’s digital intelligence layer
“Liberty's completions trajectory has improved meaningfully from early year cyclical lows. Strong customer engagement and strengthening market fundamentals provide a more constructive outlook as we close out the year. Third quarter revenue of $1.2 billion and Adjusted EBITDA of $142 million reflected strong operational execution and modest price increases, partially offset by drilling-related delays and cost inflation headwinds,” commented Ron Gusek, Chief Executive Officer. “During the quarter, we delivered significantly lower fuel costs for our customers. Record natural gas substitution of over 60% of the total fuel consumed by our fleets provided annualized fuel savings of over $1 billion for our customers. This achievement reflects continued investment in natural gas fueled equipment and a concerted focus on the digital intelligence layer that drives meaningful operational optimization of equipment and widens the performance gap amongst industry frac fleets.”
“In power, we are excited to share that Liberty Power Innovations (“LPI”) entered into a strategic development agreement with a leading frontier AI lab and a dedicated infrastructure platform for 1.2 GW of integrated power services at data center campuses. The agreement includes a significant prepayment of capacity fees and targeted execution of the first energy service agreement (“ESA”) contract for approximately 500 megawatts ("MW") by December 2026. The agreement also establishes a phased energization schedule from Q4 2027 through Q1 2029 and includes the substantive commercial terms for the additional long-term ESAs. This is the culmination of months of work on engineering and design between our teams, defining the integrated power architecture tailored to the generation, power quality, reliability and dynamic AI load requirements,” commented Mr. Gusek. “We see significant opportunity to expand this relationship and are already working together to advance additional projects across other sites, including gas supply, interconnection, permitting and construction planning.”
“We are building a durable portfolio across completions and power, anchored by the principles that have long defined Liberty: a relentless focus on our customers, continuous technology innovation, and disciplined execution.
1 “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.
2 “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.
In completions, these capabilities have helped our customers improve performance and economics year after year, and we are applying that same approach in power as we develop differentiated solutions to meet the increasingly complex objectives of technology customers,” continued Mr. Gusek. “These dual investments are strengthening our competitive advantage and expanding our market opportunities, positioning us to generate strong returns through cycles. Earlier this week we announced an 11% increase in our quarterly cash dividend, reflecting confidence in our strategy and a continued commitment to delivering long-term shareholder value.”
Outlook
Global oil and refined product prices strengthened during the third quarter, as the ongoing conflicts in the Middle East and Ukraine continue to impact markets. While flows through the Strait of Hormuz partially recovered, Gulf exports remain vulnerable to operational disruption, sustaining a risk premium in crude oil prices. Renewed attacks on energy infrastructure have exacerbated refined product shortages, with low diesel inventories emerging as a critical constraint. Elevated maritime freight costs and longer trade routes have further compounded these pressures, increasing delivered crude and product costs. Expectations for a prolonged supply disruption and an eventual replenishment of strategic petroleum reserves have sustained the oil risk premium and lifted forward prices.
North American natural gas fundamentals remain more balanced, as strong summer power demand was outpaced by record production and ample inventories. Disruptions to Qatari gas supply have also increased reliance on U.S. LNG, including replacement cargoes required to fulfill existing customer commitments. Longer term, LNG exports and growing power consumption from AI and data center development are expected to drive significant demand growth.
Against this backdrop, producer well economics have strengthened meaningfully, with a more constructive forward curve providing attractive 2027 oil hedging opportunities and enhancing E&P revenue visibility. These improving fundamentals further reinforce already tight frac market dynamics, where modestly higher completions activity has absorbed much of the industry’s available capacity. Ongoing fleet attrition, equipment cannibalization and industry underinvestment have constrained supply, particularly in next generation equipment with compelling gas arbitrage economics. Increasing completion intensity and complexity also favor scaled providers with integrated services and advanced digital technologies. Together, these dynamics are supporting more durable frac markets and continued improvement in service pricing.
As AI accelerates demand for compute capacity, infrastructure developers are increasingly leveraging co-located integrated power solutions for data center campuses and other large load sites to address growing community considerations around power costs, availability, and other concerns. Beyond accelerating energization timelines and enabling tailored energy configurations, co-location can reduce pressure on existing grid infrastructure and limit the need for costly transmission investment, helping mitigate impacts on local ratepayers and communities. Liberty’s partnerships broaden the capabilities we can bring to these projects, combining our power services with complementary technologies and infrastructure solutions, including hybrid power systems, advanced energy management and waste-heat recovery. Over time, this integrated approach creates opportunities to address overall energy efficiency while providing customers greater flexibility to address environmental and community priorities specific to each site.
“Today’s announcement with a frontier AI lab underscores the strength of our integrated power platform and its ability to advance our customers’ broader strategic objectives. Our relationship has been built on trust, collaboration, and a shared commitment to advancing AI infrastructure at scale,” commented Mr. Gusek. “Over the past year, we have built a strong foundation spanning power design and architecture, power quality and load management, testing and validation, and long-term operations needed to support this project and others like it. We are excited to support a growing base of customers seeking reliable, high-performance power infrastructure for data centers and other industrial applications.”
“North American oil and gas markets are increasingly constructive as global energy consumers place greater emphasis on secure, reliable energy supplies. Our disciplined investment in leading edge digital and equipment technologies through cycles expands our competitive advantage and increases our market opportunities over the coming years,” commented Mr. Gusek. “Looking forward, we expect fourth quarter weather and holiday seasonality to be partially offset by continued strength in demand, including activity deferred from the third quarter. We’re proud of the Liberty team’s continued focus on ingenuity, innovation, and execution. We are well positioned today to serve the demand for energy services in the years ahead.”
Cash Dividend
During the quarter ended September 30, 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 October 20, 2026, the Board declared a cash dividend of $0.10 per share of Class A common stock, to be paid on December 18, 2026 to holders of record as of December 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.
Third Quarter Results
For the third quarter of 2026, revenue was $1.2 billion, an increase of 26% from $0.9 billion in the third quarter of 2025 and an increase of 1% from $1.2 billion in the second quarter of 2026.
Net loss (after taxes) totaled $39 million for the third quarter of 2026 compared to net income of $43 million in the third quarter of 2025 and net income of $43 million in the second quarter of 2026.
Adjusted Net Income1 totaled $10 million for the third quarter of 2026 compared to an adjusted net loss of $10 million in the third quarter of 2025 and an adjusted net income of $14 million in the second quarter of 2026.
Adjusted EBITDA2of $142 million for the third quarter of 2026 increased 11% from $128 million in the third quarter of 2025 and decreased 6% from $151 million in the second quarter of 2026.
Fully diluted earnings per share of $(0.24) for the third quarter of 2026 compared to $0.26 for the third quarter of 2025 and $0.26 for the second quarter of 2026.
Adjusted Net Income per Diluted Share1 of $0.06 for the third quarter of 2026 compared to $(0.06) for the third quarter of 2025 and $0.09 for the second quarter of 2026.
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 September 30, 2026, Liberty had cash on hand of $119 million and total debt of approximately $1.3 billion, primarily consisting of the senior convertible notes issued during the first quarter of 2026. As of September 30, 2026, the Company had no balance drawn on the secured asset-based revolving credit facility, except for $30.2 million in letters of credit outstanding. Total liquidity, including availability under the credit facility, was approximately $669 million as of September 30, 2026.
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, October 22, 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 3483884. The replay will be available until October 29, 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.
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 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 September 30, 2026 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of September 30, 2026 and September 30, 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 this release. 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 release 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.
Contact:
Michael Stock
Chief Financial Officer
Anjali Voria, CFA
Vice President of Investor Relations
303-515-2851
IR@libertyenergy.com
Liberty Energy Inc.
Selected Financial Data
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||
| Statement of Operations Data: | (amounts in thousands, except for per share data) | |||||||||||||||||||||||||||||||
| Revenue | $ | 1,196,156 | $ | 1,188,596 | $ | 947,397 | $ | 3,405,936 | $ | 2,967,379 | ||||||||||||||||||||||
| Costs of services (exclusive of depreciation, depletion, and amortization shown separately below) | 995,049 | 980,255 | 769,761 | 2,819,121 | 2,343,484 | |||||||||||||||||||||||||||
| General and administrative (1) | 69,479 | 67,169 | 58,284 | 196,191 | 182,403 | |||||||||||||||||||||||||||
| Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 | |||||||||||||||||||||||||||
| Depreciation, depletion, and amortization | 113,704 | 114,213 | 122,981 | 341,976 | 380,089 | |||||||||||||||||||||||||||
| (Gain) loss on disposal of assets, net | (1,165) | 6,552 | (1,210) | (13,126) | 7,766 | |||||||||||||||||||||||||||
| Total operating costs and expenses | 1,176,852 | 1,175,880 | 949,816 | 3,351,638 | 2,914,553 | |||||||||||||||||||||||||||
| Operating income (loss) | 19,304 | 12,716 | (2,419) | 54,298 | 52,826 | |||||||||||||||||||||||||||
| Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) | |||||||||||||||||||||||||||
| Interest expense, net | 5,898 | 3,354 | 10,902 | 16,983 | 30,607 | |||||||||||||||||||||||||||
| Net (loss) income before income taxes | (49,486) | 52,275 | 55,032 | 34,652 | 178,102 | |||||||||||||||||||||||||||
| Income tax (benefit) expense | (10,423) | 9,154 | 11,977 | 8,036 | 43,920 | |||||||||||||||||||||||||||
| Net (loss) income | (39,063) | 43,121 | 43,055 | 26,616 | 134,182 | |||||||||||||||||||||||||||
| Net (loss) income per common share: | ||||||||||||||||||||||||||||||||
| Basic | $ | (0.24) | $ | 0.26 | $ | 0.27 | $ | 0.16 | $ | 0.83 | ||||||||||||||||||||||
| Diluted (2) | $ | (0.24) | $ | 0.26 | $ | 0.26 | $ | 0.16 | $ | 0.81 | ||||||||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||
| Basic | 163,191 | 163,016 | 161,959 | 162,755 | 161,921 | |||||||||||||||||||||||||||
| Diluted (2) | 163,191 | 167,663 | 165,066 | 166,855 | 165,126 | |||||||||||||||||||||||||||
| Other Financial and Operational Data | ||||||||||||||||||||||||||||||||
| Capital expenditures (3) | $ | 621,933 | $ | 221,484 | $ | 113,034 | $ | 976,843 | $ | 367,958 | ||||||||||||||||||||||
| Adjusted EBITDA (4) | $ | 141,630 | $ | 151,145 | $ | 127,679 | $ | 418,625 | $ | 476,627 | ||||||||||||||||||||||
(1)General and administrative costs for the nine months ended September 30, 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)For the three months ended September 30, 2026, the Company reported a net loss. Accordingly, approximately 3.8 million potential common shares related to outstanding restricted stock units and performance stock units were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.
(3)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.
(4)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) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 118,973 | $ | 27,554 | |||||||
| Accounts receivable and unbilled revenue | 756,765 | 605,370 | |||||||||
| Inventories | 181,071 | 188,125 | |||||||||
| Prepaids and other current assets | 61,448 | 56,921 | |||||||||
| Total current assets | 1,118,257 | 877,970 | |||||||||
| Property and equipment, net | 2,775,804 | 2,054,185 | |||||||||
| Operating and finance lease right-of-use assets | 379,020 | 407,452 | |||||||||
| Investments | 127,300 | 123,888 | |||||||||
| Other assets | 89,480 | 94,810 | |||||||||
| Total assets | $ | 4,489,861 | $ | 3,558,305 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 739,148 | $ | 598,658 | |||||||
| Current portion of operating and finance lease liabilities | 106,034 | 116,598 | |||||||||
| Current portion of long-term debt | 11,906 | 5,097 | |||||||||
| Total current liabilities | 857,088 | 720,353 | |||||||||
| Long-term debt, net of current portion and deferred financing costs | 1,278,666 | 241,510 | |||||||||
| Noncurrent portion of operating and finance lease liabilities | 206,928 | 255,081 | |||||||||
| Deferred tax liability | 159,611 | 195,602 | |||||||||
| Payable pursuant to tax receivable agreements | 66,870 | 66,870 | |||||||||
| Total liabilities | 2,569,163 | 1,479,416 | |||||||||
Stockholders’ equity: | |||||||||||
| Common stock | 1,632 | 1,620 | |||||||||
| Additional paid in capital | 842,975 | 978,384 | |||||||||
| Retained earnings | 1,094,997 | 1,112,747 | |||||||||
| Accumulated other comprehensive loss | (18,906) | (13,862) | |||||||||
Total stockholders’ equity | 1,920,698 | 2,078,889 | |||||||||
| Total liabilities and equity | $ | 4,489,861 | $ | 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 | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net (loss) income | $ | (39,063) | $ | 43,121 | $ | 43,055 | $ | 26,616 | $ | 134,182 | |||||||||||||||||||
| Depreciation, depletion, and amortization | 113,704 | 114,213 | 122,981 | 341,976 | 380,089 | ||||||||||||||||||||||||
| Interest expense, net | 5,898 | 3,354 | 10,902 | 16,983 | 30,607 | ||||||||||||||||||||||||
| Income tax (benefit) expense | (10,423) | 9,154 | 11,977 | 8,036 | 43,920 | ||||||||||||||||||||||||
| EBITDA | $ | 70,116 | $ | 169,842 | $ | 188,915 | $ | 393,611 | $ | 588,798 | |||||||||||||||||||
| Stock-based compensation expense | 10,002 | 9,973 | 7,301 | 28,001 | 33,482 | ||||||||||||||||||||||||
| Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) | ||||||||||||||||||||||||
| (Gain) loss on disposal of assets, net | (1,165) | 6,552 | (1,210) | (13,126) | 7,766 | ||||||||||||||||||||||||
| Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 | ||||||||||||||||||||||||
| Provision for credit losses | — | — | 1,026 | — | 1,653 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 141,630 | $ | 151,145 | $ | 127,679 | $ | 418,625 | $ | 476,627 | |||||||||||||||||||
| Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Net (loss) income | $ | (39,063) | $ | 43,121 | $ | 43,055 | $ | 26,616 | $ | 134,182 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Less: Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) | ||||||||||||||||||||||||
| Add back: Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 | ||||||||||||||||||||||||
| Total adjustments, before income taxes | 62,677 | (35,222) | (68,353) | 10,139 | (155,072) | ||||||||||||||||||||||||
| Income tax effect of adjustments | 13,858 | (6,450) | (15,756) | 2,352 | (38,303) | ||||||||||||||||||||||||
| Adjusted Net Income | $ | 9,756 | $ | 14,349 | $ | (9,542) | $ | 34,403 | $ | 17,413 | |||||||||||||||||||
| Diluted weighted average common shares outstanding (1) | 166,967 | 167,663 | 165,066 | 166,855 | 165,126 | ||||||||||||||||||||||||
| Net (loss) income per diluted share | $ | (0.24) | $ | 0.26 | $ | 0.26 | $ | 0.16 | $ | 0.81 | |||||||||||||||||||
| Adjusted Net Income per Diluted Share (1) | $ | 0.06 | $ | 0.09 | $ | (0.06) | $ | 0.21 | $ | 0.11 | |||||||||||||||||||
(1)For the three months ended September 30, 2026, the Company reported Adjusted Net Income. Accordingly, approximately 3.8 million common shares related to outstanding restricted stock units and performance stock units were included in the calculation of diluted loss per share.
| Calculation of Adjusted Pre-Tax Return on Capital Employed | |||||||||||
| Twelve Months Ended | |||||||||||
| September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 40,306 | |||||||||
| Add back: Income tax expense | 11,435 | ||||||||||
| Less: Gain on remeasurement of liability under tax receivable agreements (1) | (147) | ||||||||||
| Less: Gain on investments, net | (4,096) | ||||||||||
| Add back: Transaction and other costs | 7,505 | ||||||||||
| Adjusted Pre-tax net income | $ | 55,003 | |||||||||
| Capital Employed | |||||||||||
| Total debt | $ | 1,290,572 | $ | 253,000 | |||||||
| Total equity | 1,920,698 | 2,069,665 | |||||||||
| Total Capital Employed | $ | 3,211,270 | $ | 2,322,665 | |||||||
| Average Capital Employed (2) | $ | 2,766,968 | |||||||||
| Adjusted Pre-Tax Return on Capital Employed (3) | 2 | % | |||||||||
(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 September 30, 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 September 30, 2026 to Average Capital Employed.