Liberty Energy Inc. (LBRT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.08	$0.09	+12.5%	—	$1.2B	—
Q1 26	-$0.14	$0.06	+142.9%	—	$1B	—
Q4 25	-$0.17	$0.05	+129.4%	—	$1B	—
Q3 25	-$0.07	-$0.06	+14.3%	—	$947.4M	—
Q2 25	$0.14	$0.12	-14.3%	—	$1B	—
Q1 25	$0.03	$0.04	+33.3%	—	$977.5M	—
Q4 24	$0.1	$0.1	0.0%	—	$943.6M	—
Q3 24	$0.56	$0.45	-19.6%	—	$1.1B	—
Q2 24	$0.61	$0.61	0.0%	—	$1.2B	—
Q1 24	$0.55	$0.47	-14.5%	—	$1.1B	—
Q4 23	$0.58	$0.53	-8.6%	—	$1.1B	—
Q3 23	$0.75	$0.84	+12.0%	—	$1.2B	—
Q2 23	$0.9	$0.85	-5.6%	—	$1.2B	—
Q1 23	$0.84	$0.9	+7.1%	—	$1.3B	—
Q4 22	$0.75	$0.82	+9.3%	—	$1.2B	—
Q3 22	$0.64	$0.9	+40.6%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.91	—	—	$4B	—
FY24	—	$1.91	—	—	$4.3B	—
FY23	—	$3.24	—	—	$4.7B	—
FY22	—	$2.17	—	—	$4.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$374.8M	$1.5B	$2.2B	$2B	$965.8M	$2.5B	$4.1B	$4.7B	$4.3B	$4B
YoY change	-17.7%	+297.5%	+44.7%	-7.65%	-51.5%	+155.8%	+67.9%	+14.4%	-9.11%	-7.16%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	374.8M	1.5B	2.2B	2B	965.8M	2.5B	4.1B	4.7B	4.3B	4B
Cost of revenue	396.1M	1.2B	1.8B	1.8B	1B	2.5B	3.5B	3.8B	3.7B	3.7B
Gross profit	-21.3M	261.4M	401.3M	203.8M	-72.3M	-41.9M	677.2M	977M	609.6M	337.7M
Gross margin	-5.69%	17.5%	18.6%	10.2%	-7.48%	-1.7%	16.3%	20.6%	14.1%	8.43%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	35.8M	80.1M	98.4M	97.6M	84.1M	123.4M	180M	221.4M	225.5M	247.4M
Operating expenses	35.8M	80.1M	98.4M	97.6M	84.1M	123.4M	180M	221.4M	225.5M	247.4M
Operating income	-57.1M	181.3M	302.9M	106.2M	-156.4M	-165.3M	497.1M	755.6M	384.1M	90.2M
Operating margin	-15.2%	12.2%	14.1%	5.34%	-16.2%	-6.69%	12%	15.9%	8.9%	2.25%
Non-operating income, net	2.7M	-148K	3.7M	-2.6M	-20.6M	3.1M	-74.9M	6.8M	51.4M	145.3M
Pretax income	-60.6M	168.5M	289.4M	88.9M	-191.5M	-177.8M	399.5M	734.9M	403.3M	195.2M
Income tax	0	0	40.4M	14.1M	-30.9M	9.2M	-793K	178.5M	87.3M	47.3M
Net income	0	0	240.3M	74.9M	-160.7M	-187M	400.3M	556.4M	316M	147.9M
Net margin	0%	0%	11.2%	3.76%	-16.6%	-7.57%	9.65%	11.7%	7.32%	3.69%
EBITDA	-15.7M	262.8M	428.3M	274.4M	24M	116.5M	744M	1.2B	886.4M	590.7M
EPS	0	3	1.84	0.54	-1.36	-1.03	2.17	3.24	1.91	0.91
Diluted EPS	0	3	1.81	0.53	-1.36	-1.03	2.11	3.15	1.87	0.89

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.1B	1.1B	1.2B	1.1B	943.6M	977.5M	1B	947.4M	1B	1B	1.2B
Cost of revenue	959.2M	895.7M	905.9M	959.1M	966.7M	873.9M	889.4M	941.5M	892.7M	944.9M	957.9M	1.1B
Gross profit	256.7M	179.3M	167.3M	200.8M	171.9M	69.7M	88.1M	101M	54.7M	93.9M	63.3M	94.1M
Gross margin	21.1%	16.7%	15.6%	17.3%	15.1%	7.38%	9.01%	9.69%	5.77%	9.04%	6.2%	7.92%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	55M	55.3M	53M	57.7M	58.6M	56.2M	65.8M	58.3M	58.3M	65M	59.5M	67.2M
Operating expenses	55M	55.3M	53M	57.7M	58.6M	56.2M	65.8M	58.3M	58.3M	65M	59.5M	67.2M
Operating income	201.6M	124M	114.3M	143.1M	113.3M	13.5M	22.3M	42.7M	-3.6M	28.8M	3.8M	27M
Operating margin	16.6%	11.5%	10.6%	12.3%	9.95%	1.43%	2.28%	4.1%	-0.38%	2.78%	0.37%	2.27%
Non-operating income, net	3.6M	1.6M	1.2M	6M	-8.7M	53M	15.1M	62.6M	69.6M	-2M	35.8M	28.7M
Pretax income	198.5M	119.2M	108.4M	141M	96M	58M	27.9M	95.2M	55M	17.1M	31.9M	52.3M
Income tax	49.8M	26.8M	26.5M	32.5M	22.2M	6.1M	7.8M	24.1M	12M	3.4M	9.3M	9.2M
Net income	148.6M	92.4M	81.9M	108.4M	73.8M	51.9M	20.1M	71M	43.1M	13.7M	22.6M	43.1M
Net margin	12.2%	8.59%	7.63%	9.35%	6.48%	5.5%	2.06%	6.81%	4.54%	1.32%	2.21%	3.63%
EBITDA	311.1M	245M	237.9M	266.4M	239.7M	142.4M	150.1M	172.1M	119.4M	149.2M	117.8M	141.2M
EPS	0.88	0.55	0.49	0.65	0.45	0.32	0.12	0.44	0.27	—	0.14	0.26
Diluted EPS	0.85	0.54	0.48	0.64	0.44	0.31	0.12	0.43	0.26	—	0.14	0.26

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	891.5M	804.4M	—	—	3B	3.1B	3.3B	3B	3.1B
Enterprise value	—	—	894.7M	898.9M	—	—	3.3B	3.5B	3.8B	3.6B	4.1B
Shares outstanding	67.8M	69M	68.8M	72.3M	85.2M	174M	184.3M	171.8M	165M	162M	162M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	3.71	10.7	—	—	7.37	5.6	10.4	20.2	25.6
P/S	—	—	0.41	0.4	—	—	0.71	0.66	0.76	0.75	0.74
P/B	—	—	1.2	1.03	—	—	1.97	1.69	1.66	1.44	1.57
EV/EBITDA	—	—	2.09	3.28	—	—	4.38	2.95	4.28	6.06	7.82
EV/Sales	—	—	0.42	0.45	—	—	0.78	0.73	0.88	0.89	0.99
Earnings yield	—	—	27%	9.31%	—	—	13.6%	17.8%	9.63%	4.95%	3.91%
FCF yield	—	—	10.4%	8.2%	—	—	2.41%	13.2%	5.43%	0.47%	-9.77%
PEG	—	—	—	—	—	—	—	—	—	—	-0.63

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-5.69%	17.5%	18.6%	10.2%	-7.48%	-1.7%	16.3%	20.6%	14.1%	8.43%	7.92%
Operating margin	-15.2%	12.2%	14.1%	5.34%	-16.2%	-6.69%	12%	15.9%	8.9%	2.25%	1.62%
Net margin	0%	0%	11.2%	3.76%	-16.6%	-7.57%	9.65%	11.7%	7.32%	3.69%	2.92%
ROE	0%	0%	32.4%	9.58%	-12.3%	-15.2%	26.7%	30.2%	16%	7.11%	6.12%
ROA	0%	0%	21.5%	5.83%	-8.5%	-9.16%	15.5%	18.3%	9.59%	4.16%	0.93%
ROIC	-17.8%	31.6%	35%	10.2%	-10.8%	-11.4%	27.6%	25.9%	12.1%	2.56%	1.45%
Return on tangible assets	0%	0%	21.5%	5.83%	-8.5%	-9.16%	15.5%	18.3%	9.59%	4.16%	2.73%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.32	1.6	2.1	1.83	1.59	1.11	1.47	1.49	1.27	1.22	1.99
Quick ratio	1.11	1.34	1.83	1.5	1.26	0.87	1.14	1.17	0.97	0.96	1.75
Debt / equity	0.45	0.5	0.14	0.27	0.16	0.2	0.23	0.22	0.27	0.3	0.82
Debt / assets	0.23	0.23	0.1	0.16	0.11	0.12	0.14	0.13	0.16	0.17	0.36
Net debt / EBITDA	-5.87	0.69	0.01	0.34	5.95	1.92	0.41	0.31	0.58	1	2
Interest coverage	-8.89	14.3	17.5	6.09	-12	-10.4	18.6	25.9	13.3	5.84	5.93
Effective tax rate	0%	0%	14%	15.8%	0%	0%	0%	24.3%	21.6%	24.2%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.53	21.6	31.3	27.5	11.3	14.2	22.5	27.6	26.1	24.7	25.9
EPS (basic)	0	3	1.84	0.54	-1.36	-1.03	2.17	3.24	1.91	0.91	0.91
EPS (diluted)	0	3	1.81	0.53	-1.36	-1.03	2.11	3.15	1.87	0.89	0.74
Book value per share	3.38	5.69	10.8	10.8	15.4	7.07	8.12	10.7	12	12.8	12
FCF per share	-2.11	-1.69	1.34	0.91	-0.21	-0.44	0.39	2.39	1.08	0.09	-1.89
Cash per share	0.17	0.24	1.5	1.56	0.81	0.11	0.24	0.21	0.12	0.17	3.4
Capex per share	—	—	—	2.7	1.22	1.22	2.49	3.51	3.95	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	9.81%	10.7%	8.58%	11.1%	12.7%	15.1%	—	—
Capex / operating cash flow	—	—	—	78.4%	129.8%	192.7%	95.9%	56.6%	68.6%	—	—
Payout ratio	—	—	2.87%	19.7%	-2.76%	-0.09%	2.29%	6.77%	15.3%	36.8%	47.3%
Dividend yield	—	—	0.77%	1.84%	—	—	0.31%	1.21%	1.47%	1.82%	1.9%

Yield

1.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.09

ex-dividend Sep 4, 2026

Payout ratio

47%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 4, 2026	$0.09
Jun 4, 2026	$0.09
Mar 4, 2026	$0.09
Dec 4, 2025	$0.09
Sep 4, 2025	$0.08
Jun 6, 2025	$0.08
Mar 6, 2025	$0.08
Dec 6, 2024	$0.08

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.1B	$1.1B	$1.2B	$1.1B	$943.6M	$977.5M	$1B	$947.4M	$1B	$1B	$1.2B
YoY change	+2.33%	-12.3%	-15%	-2.94%	-6.36%	-12.2%	-8.91%	-10.1%	-16.8%	+10.1%	+4.47%	+14%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	11.5M	16.3M	103.3M	112.7M	69M	20M	43.7M	36.8M	20M	27.6M
Receivables	94.7M	196M	153.6M	204.4M	244.4M	298.5M	410.3M	381.2M	350.4M	351.7M
Inventory	28.1M	55.5M	60M	88.5M	118.6M	134.6M	214.5M	205.9M	203.5M	188.1M
Total current assets	174.1M	352M	461.2M	489M	567.1M	630.4M	956.7M	954.3M	848.5M	878M
Property, plant & equipment	269.3M	470.5M	599.3M	832.4M	1.1B	1.2B	1.4B	1.8B	2.1B	2.3B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	451.8M	852.1M	1.1B	1.3B	1.9B	2B	2.6B	3B	3.3B	3.6B
Accounts payable	42.9M	66.8M	80.5M	117.6M	193.3M	288.8M	326.8M	293.7M	314.1M	358.6M
Short-term debt	12.8M	11K	385K	39.9M	44.4M	40.8M	39.7M	67.4M	95.2M	121.7M
Total current liabilities	131.8M	220.5M	219.7M	266.5M	356.1M	569.2M	649.5M	639.4M	666.5M	720.4M
Long-term debt	91.1M	196.3M	106.1M	167.3M	167.2M	202.9M	309.2M	337.9M	438.4M	496.6M
Total liabilities	222.9M	459.3M	375.7M	501.9M	579.9M	810.2M	1.1B	1.2B	1.3B	1.5B
Shareholders' equity	229M	392.8M	740.8M	781.5M	1.3B	1.2B	1.5B	1.8B	2B	2.1B
Total debt	103.9M	196.4M	106.5M	207.2M	211.6M	243.6M	348.9M	405.3M	533.6M	618.3M
Net debt	92.4M	180M	3.2M	94.5M	142.6M	223.6M	305.2M	368.5M	513.6M	590.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	26.6M	36.8M	23.8M	30M	23M	20M	24.1M	19.6M	13.5M	27.6M	699.1M	555.4M
Receivables	520.3M	381.2M	429.8M	447.9M	411M	350.4M	378.2M	387.8M	386.2M	351.7M	461.7M	515.7M
Inventory	211.7M	205.9M	210.1M	206.4M	197.6M	203.5M	202.9M	201.3M	184.4M	188.1M	185.3M	185.4M
Total current assets	1.1B	954.3M	978M	1B	922.5M	848.5M	858.5M	921.4M	894.4M	878M	1.7B	1.6B
Property, plant & equipment	1.7B	1.8B	1.8B	1.9B	2B	2.1B	2.1B	2.1B	2.2B	2.3B	2.3B	2.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	3.1B	3B	3.1B	3.2B	3.3B	3.3B	3.4B	3.4B	3.5B	3.6B	4.4B	4.5B
Accounts payable	358.6M	293.7M	316M	348.3M	347.1M	314.1M	369.1M	404.5M	350.1M	358.6M	377.6M	417.3M
Short-term debt	55.6M	67.4M	74M	85.1M	93.1M	95.2M	103.3M	109.1M	117.5M	121.7M	117.7M	114.6M
Total current liabilities	793.8M	639.4M	662.4M	743.9M	748.6M	666.5M	716.6M	793.4M	677.2M	720.4M	759.8M	788.7M
Long-term debt	390.9M	337.9M	373.4M	383.2M	378M	438.4M	460.2M	407.8M	508.5M	496.6M	1.5B	1.5B
Total liabilities	1.3B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.5B	2.5B	2.5B
Shareholders' equity	1.8B	1.8B	1.9B	1.9B	2B	2B	2B	2B	2.1B	2.1B	1.9B	2B
Total debt	446.5M	405.3M	447.4M	468.3M	471.1M	533.6M	563.5M	516.9M	626M	618.3M	1.6B	1.6B
Net debt	419.9M	368.5M	423.6M	438.3M	448.1M	513.6M	539.4M	497.3M	612.5M	590.7M	924M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-60.6M	168.5M	249M	74.9M	-160.7M	-187M	400.3M	556.4M	316M	147.9M
Depreciation & amortization	41.4M	81.5M	125.1M	165.4M	180.1M	262.8M	323M	421.5M	505.1M	500.3M
Stock-based compensation	—	0	5.5M	13.6M	17.1M	19.9M	23.1M	33M	32.4M	41.9M
Change in working capital	-22.9M	-70.2M	-84.7M	-28M	63.3M	22.2M	-333.9M	-66.5M	59.5M	-53.6M
Operating cash flow	-41.4M	182.1M	319.4M	249M	79.9M	110M	479M	1.1B	948.9M	609.6M
Capital expenditure	—	—	—	-195.2M	-103.6M	-211.9M	-459.3M	-603.3M	-651M	—
Investing cash flow	6.1M	1.8M	3.3M	-194.3M	-100.3M	-199.6M	-450.7M	-672.3M	-643.1M	160.5M
Dividends paid	—	0	-6.9M	-14.8M	-4.4M	-168K	-9.2M	-37.7M	-48.3M	-54.5M
Share repurchases	0	-62.7M	-108.8M	-18.4M	0	0	-125.3M	-203.1M	-129.3M	-24.9M
Financing cash flow	111.8M	-38.8M	-38.8M	-57.4M	-28.9M	20.1M	-671.8M	-1.5B	-2.4B	-1.8B
Net change in cash	76.5M	145.1M	284M	-2.7M	-49.3M	-69.6M	-643.4M	-1.1B	-2.1B	-1B
Free cash flow	-143.1M	-116.7M	92.4M	65.9M	-18.2M	-76.4M	71M	411.3M	178.3M	14.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	148.6M	92.4M	81.9M	108.4M	73.8M	51.9M	20.1M	71M	43.1M	13.7M	22.6M	43.1M
Depreciation & amortization	109M	118.4M	123.2M	123.3M	126.4M	132.2M	127.7M	129.4M	123M	120.2M	114.1M	114.2M
Stock-based compensation	8.6M	9.3M	7.3M	6.9M	8.1M	10.1M	18.1M	8.1M	7.3M	8.4M	8M	10M
Change in working capital	-33.4M	103.2M	-52.7M	-22.1M	88.6M	45.7M	-4.9M	-59.3M	46M	-35.5M	-122.1M	-40.8M
Operating cash flow	230.7M	447.5M	159.8M	215.7M	296.2M	240.2M	162.4M	150.8M	51.5M	195.4M	8.4M	133M
Capital expenditure	-172.9M	-138.1M	-145M	-136M	-166.6M	-203.5M	-133.9M	-137.5M	—	—	—	—
Investing cash flow	-172.1M	-153.9M	-142M	-150.1M	-162.8M	-188.1M	-106.2M	-83.1M	5.6M	72.7M	19.7M	-3.4M
Dividends paid	-8.4M	-11.7M	-11.6M	-12.2M	-11.4M	-13M	-13.2M	-13.8M	-13M	-14.6M	-14.6M	-15.7M
Share repurchases	-29.3M	-39.1M	-30.2M	-29.6M	-39.4M	-30.2M	-24M	-924K	0	0	0	0
Financing cash flow	-108.1M	-421M	-30.2M	-91.8M	-88.8M	-558.9M	-81.8M	-92.2M	55.5M	-1.7B	800.6M	-48.6M
Net change in cash	-49.5M	-127.4M	-12.4M	-26.2M	44.6M	-506.9M	-25.7M	-24.5M	112.6M	-1.4B	828.7M	81.1M
Free cash flow	102.5M	156.7M	14.4M	112.2M	77.9M	-26.2M	58.2M	33.1M	-67.2M	-10M	-148.6M	-90.8M

Liberty Energy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement