Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons4
American oilfield services company
Liberty Energy Inc. is an American onshore oilfield services company based in Denver, Colorado. Liberty Energy was founded by Chris Wright in 2011, who later became 17th United States secretary of energy. Under Wright's leadership, the company participated in the United States fracking boom of the 2010s.3 Its revenue was $4 billion in 2025.1 Its shares trade on NYSE under the symbol LBRT.1Wikipedia text CC BY-SA 4.0
Liberty Energy Inc. is an American onshore oilfield services company based in Denver, Colorado. Liberty Energy was founded by Chris Wright in 2011, who later became 17th United States secretary of energy. Under Wright's leadership, the company participated in the United States fracking boom of the 2010s.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue9101112135$4.0B in 2025+86% since 2018Operating income9101112135$72.7M in 2025−76% since 2018Net income9101112135$147.9M in 2025+17% since 2018
Revenue141516$1.2B in Q2 FY2026+14% since Q2 FY2025Operating income141516$12.7M in Q2 FY2026−66% since Q2 FY2025Net income141516$43.1M in Q2 FY2026−39% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenue
$4.0B
$4.3B
$4.7B
Costs of services (exclusive of depreciation, depletion, and amortization shown separately below)
$3.2B
$3.2B
$3.3B
General and administrative
$247.4M
$225.5M
$221.4M
Transaction and other costs
$840.0K
$0
$2.1M
Depreciation, depletion, and amortization
$500.3M
$505.1M
$421.5M
Loss (gain) on disposal of assets, net
$16.7M
-$5.3M
-$7.0M
Total operating costs and expenses
$3.9B
$3.9B
$4.0B
Operating income
$72.7M
$389.5M
$760.6M
(Gain) loss on remeasurement of liability under tax receivable agreements
-$147.0K
$3.2M
-$1.8M
Gain on investments, net
-$162.6M
-$49.2M
$0
Interest incomerelated party
$0
-$478.0K
-$2.0M
Interest expense, net
$40.3M
$32.7M
$29.5M
Total other (income) expense, net
-$122.5M
-$13.8M
$25.7M
Net income before income taxes
$195.2M
$403.3M
$734.9M
Income tax expense
$47.3M
$87.3M
$178.5M
Net income
$147.9M
$316.0M
$556.4M
Less: Net income attributable to non-controlling interests
$0
$0
$91.0K
Net income attributable to Liberty Energy Inc. stockholders
$147.9M
$316.0M
$556.3M
Basic (in dollars per share)
$0.91
$1.91
$3.24
Diluted (in dollars per share)
$0.89
$1.87
$3.15
Basic (in shares)
161.9M shares
165.0M shares
171.8M shares
Diluted (in shares)
165.4M shares
169.4M shares
176.4M shares
No quarter-by-quarter statement was filed.
Total assets179101112135$3.6B in 2025+219% since 2018Total liabilities179101112135$1.5B in 2025+294% since 2018Shareholders’ equity1791011125$2.1B in 2025+380% since 2018Cash179101112135$27.6M in 2025−73% since 2018Long-term debt179101112135$241.5M in 2025+128% since 2018
Total assets18151614$4.5B in Q2 FY2026+30% since Q2 FY2025Total liabilities18151614$2.5B in Q2 FY2026+80% since Q2 FY2025Shareholders’ equity141516$2.0B in Q2 FY2026−4% since Q2 FY2025Cash18151614$555.4M in Q2 FY2026+2739% since Q2 FY2025Long-term debt18151614$1.3B in Q2 FY2026+700% since Q2 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$27.6M
$20.0M
Unbilled revenue
$253.7M
$185.2M
Inventories
$188.1M
$203.5M
Prepaid and other current assets
$56.9M
$85.2M
Total current assets
$878.0M
$848.5M
Property and equipment, net
$2.1B
$1.9B
Finance lease right-of-use assets
$342.5M
$283.1M
Operating lease right-of-use assets
$65.0M
$73.3M
Other assets
$147.9M
$119.4M
Total assets
$3.6B
$3.3B
Accounts payable (including amounts due to related parties of $0 and $582, respectively)
$358.6M
$314.1M
Accrued liabilities
$232.1M
$206.7M
Income taxes payable
$0
$9.7M
Current portion of payable pursuant to tax receivable agreements
$7.9M
$40.8M
Current portion of long-term debt
$5.1M
$0
Current portion of finance lease liabilities
$94.2M
$66.6M
Current portion of operating lease liabilities
$22.4M
$28.6M
Total current liabilities
$720.4M
$666.5M
Long-term debt, net of current portion and deferred financing costs of $73 and $0, respectively
$241.5M
$190.5M
Deferred tax liability
$195.6M
$137.7M
Payable pursuant to tax receivable agreements
$66.9M
$74.9M
Noncurrent portion of finance lease liabilities
$213.3M
$203.5M
Noncurrent portion of operating lease liabilities
$41.8M
$44.4M
Total liabilities
$1.5B
$1.3B
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding
$0
$0
Additional paid in capital
$978.4M
$977.5M
Retained earnings
$1.1B
$1.0B
Accumulated other comprehensive loss
-$13.9M
-$19.8M
Total stockholders equity
$2.1B
$2.0B
$1.8B
Total liabilities and equity
$3.6B
$3.3B
Deferred financing costs
$73.0K
$0
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0K shares
10.0K shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$27.6M
$20.0M
Unbilled revenue
$253.7M
$185.2M
Inventories
$188.1M
$203.5M
Prepaid and other current assets
$56.9M
$85.2M
Total current assets
$878.0M
$848.5M
Property and equipment, net
$2.1B
$1.9B
Finance lease right-of-use assets
$342.5M
$283.1M
Operating lease right-of-use assets
$65.0M
$73.3M
Other assets
$147.9M
$119.4M
Total assets
$3.6B
$3.3B
Accounts payable (including amounts due to related parties of $0 and $582, respectively)
$358.6M
$314.1M
Accrued liabilities
$232.1M
$206.7M
Income taxes payable
$0
$9.7M
Current portion of payable pursuant to tax receivable agreements
$7.9M
$40.8M
Current portion of long-term debt
$5.1M
$0
Current portion of finance lease liabilities
$94.2M
$66.6M
Current portion of operating lease liabilities
$22.4M
$28.6M
Total current liabilities
$720.4M
$666.5M
Long-term debt, net of current portion and deferred financing costs of $73 and $0, respectively
$241.5M
$190.5M
Deferred tax liability
$195.6M
$137.7M
Payable pursuant to tax receivable agreements
$66.9M
$74.9M
Noncurrent portion of finance lease liabilities
$213.3M
$203.5M
Noncurrent portion of operating lease liabilities
$41.8M
$44.4M
Total liabilities
$1.5B
$1.3B
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding
$0
$0
Additional paid in capital
$978.4M
$977.5M
Retained earnings
$1.1B
$1.0B
Accumulated other comprehensive loss
-$13.9M
-$19.8M
Total stockholders equity
$2.1B
$2.0B
$1.8B
Total liabilities and equity
$3.6B
$3.3B
Deferred financing costs
$73.0K
$0
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0K shares
10.0K shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Cash from operations9101112135$609.6M in 2025+74% since 2018Dividends paid9101112135$54.5M in 2025+689% since 2018Share buybacks9101112135$24.9M in 2025−70% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$147.9M
$316.0M
$556.4M
Depreciation, depletion, and amortization
$500.3M
$505.1M
$421.5M
Loss (gain) on disposal of assets, net
$16.7M
-$5.3M
-$7.0M
Stock-based compensation expense
$41.9M
$32.4M
$33.0M
Deferred income tax expense
$54.8M
$33.8M
$120.3M
Gain on investments, net
-$162.6M
-$49.2M
$0
Cash return on equity method investment
$5.2M
$4.0M
$0
(Gain) loss on remeasurement of liability under tax receivable agreements
-$147.0K
$3.2M
-$1.8M
Other non-cash items, net
$5.4M
$178.0K
$7.1M
Accounts receivable and unbilled revenue
-$69.8M
$18.2M
$19.6M
Accounts receivable and unbilled revenuerelated party
$4.2M
$41.3M
-$19.9M
Inventories
$12.0M
$66.0K
-$114.0K
Prepaid and other assets
-$41.6M
-$28.2M
-$66.2M
Accounts payable and accrued liabilities
$98.1M
-$41.3M
-$45.1M
Accounts payable and accrued liabilitiesrelated party
-$582.0K
$582.0K
$0
Initial payment of operating lease liability
-$2.2M
-$1.3M
-$3.3M
Net cash provided by operating activities
$609.6M
$829.4M
$1.0B
Purchases of property and equipment, construction in-progress, and deposits on equipment
-$595.5M
-$651.0M
-$603.3M
Investment in equity securities
$0
-$16.1M
-$20.3M
Acquisition of IMG Energy Solutions (2025) and Siren Energy (2023), net of cash received
-$15.2M
$0
-$75.7M
Sale of equity securities
$151.0M
$0
$0
Proceeds from sales of assets
$24.7M
$24.0M
$26.9M
Net cash used in investing activities
-$435.0M
-$643.1M
-$672.3M
Proceeds from borrowings on line-of-credit
$1.6B
$2.2B
$1.2B
Repayments of borrowings on line-of-credit
-$1.6B
-$2.2B
-$1.1B
Proceeds from borrowings on term loan
$16.7M
$0
$0
Repayments of borrowings on term loan
$0
$0
-$104.7M
Payments on finance lease obligations
-$80.9M
-$50.3M
-$17.4M
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting
-$54.5M
-$48.3M
-$37.7M
Share repurchases, including related excise tax
-$24.9M
-$129.2M
-$203.1M
Tax withholding on restricted stock units
-$17.0M
-$20.2M
-$9.6M
Payments under TRA liability
-$40.8M
-$5.2M
$0
Payment of equity issuance costs
$0
$0
-$223.0K
Payments of debt issuance costs
-$5.7M
$0
-$1.6M
Net cash used in financing activities
-$167.5M
-$202.7M
-$349.3M
Net increase (decrease) in cash and cash equivalents
$7.0M
-$16.4M
-$7.1M
Translation effect on cash
$554.0K
-$356.0K
$168.0K
Net cash paid for income taxes
$11.1M
$35.9M
$66.7M
Cash paid for interest
$39.7M
$33.1M
$26.7M
Capital expenditures included in accounts payable and accrued liabilities
$59.3M
$102.2M
$99.2M
Capital expenditures reclassified from prepaid and other current assets
$49.7M
$58.3M
$50.3M
Capital expenditures reclassified from finance lease right-of-use assets
Liberty Energy sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Freedom Proppant LLC Subsidiary · Delaware, United States
Liberty Advanced Equipment Technologies LLC Subsidiary · Texas, United States
Liberty Energy Services LLC Subsidiary · Texas, United States
Liberty Power Innovations LLC Subsidiary · Texas, United States
LOS Leasing Company LLC Subsidiary · Texas, United States
Proppant Express Solutions, LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Liberty Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
In 2020, Schlumberger sold their fracking division to Liberty Energy. In 2023, Liberty Energy bought Siren Energy for $78 million.
In 2023, the company paid for a media campaign against The North Face criticizing their environmental positions, while creating products made of petroleum-based plastics.
In 2024, the company settled a blatant racial discrimination case with the Equal Employment Opportunity Commission for long-term toleration of racial slurs at a Texas oil field.
During the Biden administration, Liberty Energy sued the federal government over rules related to Environmental, social, and governance reporting and the United States Securities and Exchange Commission's requirements for reporting climate risk.
Feb 5, 2025New chief executive Ron Gusek becomes CEO20
Calendar
Coming up
Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.06) a share, on Oct 16, 2025.52
When it reported results
Jul 23, 2026Reported quarterly or annual results41
Apr 23, 2026Reported quarterly or annual results44
Jan 29, 2026Reported quarterly or annual results50
Oct 17, 2025Reported quarterly or annual results51
Jul 25, 2025Reported quarterly or annual results53
Apr 17, 2025Reported quarterly or annual results54
Jan 29, 2025Reported quarterly or annual results55
Oct 16, 2024Reported quarterly or annual results56
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
406 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 220 insider forms, 33 large holders, 89 other. The latest 20:
161 open-market trades by officers, directors and large owners since October 2021: 2 buys and 159 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Christopher A. WrightFormer Chairman of the Board & Former Chief Executive Officer
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 2, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Liberty Energy names in Item 1A of its 10-K filed Feb 2, 2026: 77 risks under these headings, as written.19
Risks Related to the Oil and Natural Gas Industry
•Federal, state, local and other applicable legislative and regulatory initiatives relating to hydraulic fracturing may serve to limit future oil and natural gas E&P activities and could have a material adverse effect on our results of operations and business.
•Federal legislation and regulatory initiatives relating to drilling on federal lands could harm our business and negatively impact the oil and natural gas industry.
•Our business depends on domestic capital spending by the oil and natural gas industry, and reductions in capital spending could have a material adverse effect on our liquidity, results of operations and financial condition.
•The volatility of oil and natural gas prices may adversely affect the demand for our completions services and negatively impact our results of operations.
•Delays or restrictions in obtaining permits by us for our operations or by our customers for their operations could impair our business.
•Oil and natural gas companies’ operations using hydraulic fracturing are substantially dependent on the availability of water. Restrictions on the ability to obtain water for E&P activities and the disposal of flowback and produced water may impact their operations and have a corresponding adverse effect on our business, results of operations and financial condition.
•Our operations are subject to risks associated with climate change and potential regulatory programs meant to address climate change; these programs may impact or limit our business plans, result in significant expenditures or reduce demand for our services and reduce our revenues.
•An increased societal and governmental focus on ESG and climate change issues may adversely impact our business, impact our access to investors and financing, and decrease demand for our services.
•Our operations are subject to significant risks, some of which are beyond our control. These risks may be self-insured, or may not be fully covered under our insurance policies.
•We could experience continued or increased severity of trucking related issues or trucking accidents, which could materially affect our results of operations.
•We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition, prospects and results of operations.
The other 66 risks
•We are subject to environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
•Oilfield anti-indemnity provisions enacted by many states may restrict or prohibit a party’s indemnification of us.
•Technology advancements in well service technologies, including those involving completions services, could have a material adverse effect on our business, financial condition and results of operations.
•The ability or willingness of OPEC+ and other oil exporting nations to set and maintain production levels may have a significant impact on oil and natural gas commodity prices.
•Geopolitical conditions, including political turmoil and volatility, regional conflicts, sanctions, terrorism and war could result in market instability, which could adversely affect our business, financial condition and results of operations.
Risks Related to the TRAs
•The Company is required to make payments under the TRAs for certain tax benefits that it may claim, and the amounts of such payments could be significant.
General Risks Related to our Business
•We may be adversely affected by uncertainty in the global financial markets and the deterioration of the financial condition of our customers.
•Our business, financial condition and results of operations may be adversely impacted by the effects of inflation.
•Reliance upon a few large customers may adversely affect our revenue and operating results.
•We are subject to cyber security risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
•Our assets require significant amounts of capital for maintenance, upgrades and refurbishment and may require significant capital expenditures for new equipment.
•We rely on certain third parties for materials, and delays in deliveries of such materials, increases in the cost of such materials or our contractual obligations to pay for materials that we ultimately do not require could harm our business, results of operations and financial condition.
•We currently utilize a limited number of assemblers and suppliers for major equipment to both build new fleets and upgrade any fleets we acquire to our preferred specifications, and our reliance on these vendors exposes us to risks including price and timing of delivery.
•Changes in transportation regulations may increase our costs and negatively impact our results of operations.
•We face a variety of risks related to our diversification and entry into new lines of business in distributed power generation.
•As we continue our diversification into a new line of business, the market price for our common stock will become subject to factors different from those that have historically and currently impacted our common stock.
•Power generating operations performance involves significant risks and hazards and may be below expected levels of output or efficiency.
•A distributed power business is dependent on our relationships with key suppliers to obtain equipment requiring significant capital commitments and may be on terms and conditions that limit our ability to adjust to changing market conditions.
•We may be unable to adapt our distributed power technologies to meet increasing customer needs and power loads, which could result in increased downtime of our power generation offering and disruptions to the power supply to our customers.
•Distributed power solutions in some applications could be affected by availability of the electrical grid.
•The power industry is highly competitive and rapidly evolving.
•Distributed power systems involve long and uncertain sales cycles, and we may not be successful in converting our sales prospects into revenue generating contracts.
•Our current and future indebtedness could adversely affect our financial condition.
•Unsatisfactory safety performance may negatively affect our customer relationships and, to the extent we fail to retain existing customers or attract new customers, adversely impact our revenues.
•If we are unable to fully protect our intellectual property rights, we may suffer a loss in our competitive advantage or market share.
•We may be adversely affected by disputes regarding intellectual property rights of third parties.
•Seasonal weather conditions, natural disasters, public health crises, and other catastrophic events outside of our control could severely disrupt normal operations and harm our business.
•The sand mining operations are subject to a number of risks relating to the proppant industry.
•Silica-related legislation, health issues and litigation could have a material adverse effect on our business, reputation or results of operations.
•We are subject to the Federal Mine Safety and Health Act of 1977, which imposes stringent health and safety standards on certain aspects of our operations.
•The occurrence of explosive incidents could disrupt our operations and could adversely affect our business, financial condition and results of operations.
•The choice of forum provisions in our charter and bylaws could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
•There can be no assurance we will repurchase shares of our Class A Common Stock in any particular amounts.
Federal, state, local and other applicable legislative and regulatory initiatives relating to hydraulic fracturing may serve to limit future oil and natural gas E&P activities and could have a material adverse effect on our results of operations and business.
Federal legislation and regulatory initiatives relating to drilling on federal lands could harm our business and negatively impact the oil and natural gas industry.
Our business depends on domestic capital spending by the oil and natural gas industry, and reductions in capital spending could have a material adverse effect on our liquidity, results of operations and financial condition.
The volatility of oil and natural gas prices may adversely affect the demand for our completions services and negatively impact our results of operations.
Delays or restrictions in obtaining permits by us for our operations or by our customers for their operations could impair our business.
Oil and natural gas companies’ operations using hydraulic fracturing are substantially dependent on the availability of water. Restrictions on the ability to obtain water for E&P activities and the disposal of flowback and produced water may impact their operations and have a corresponding adverse effect on our business, results of operations and financial condition.
Our operations are subject to risks associated with climate change and potential regulatory programs meant to address climate change; these programs may impact or limit our business plans, result in significant expenditures or reduce demand for our services and reduce our revenues.
An increased societal and governmental focus on ESG and climate change issues may adversely impact our business, impact our access to investors and financing, and decrease demand for our services.
Our operations are subject to significant risks, some of which are beyond our control. These risks may be self-insured, or may not be fully covered under our insurance policies.
We could experience continued or increased severity of trucking related issues or trucking accidents, which could materially affect our results of operations.
We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition, prospects and results of operations.
We are subject to environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
Oilfield anti-indemnity provisions enacted by many states may restrict or prohibit a party’s indemnification of us.
Technology advancements in well service technologies, including those involving completions services, could have a material adverse effect on our business, financial condition and results of operations.
The ability or willingness of OPEC+ and other oil exporting nations to set and maintain production levels may have a significant impact on oil and natural gas commodity prices.
Geopolitical conditions, including political turmoil and volatility, regional conflicts, sanctions, terrorism and war could result in market instability, which could adversely affect our business, financial condition and results of operations.
The Company is required to make payments under the TRAs for certain tax benefits that it may claim, and the amounts of such payments could be significant.
We may be adversely affected by uncertainty in the global financial markets and the deterioration of the financial condition of our customers.
Our business, financial condition and results of operations may be adversely impacted by the effects of inflation.
Reliance upon a few large customers may adversely affect our revenue and operating results.
We are subject to cyber security risks. A cyber incident could occur and result in information theft, data corruption, operational disruption and/or financial loss.
Our assets require significant amounts of capital for maintenance, upgrades and refurbishment and may require significant capital expenditures for new equipment.
We rely on certain third parties for materials, and delays in deliveries of such materials, increases in the cost of such materials or our contractual obligations to pay for materials that we ultimately do not require could harm our business, results of operations and financial condition.
We currently utilize a limited number of assemblers and suppliers for major equipment to both build new fleets and upgrade any fleets we acquire to our preferred specifications, and our reliance on these vendors exposes us to risks including price and timing of delivery.
Changes in transportation regulations may increase our costs and negatively impact our results of operations.
We face a variety of risks related to our diversification and entry into new lines of business in distributed power generation.
As we continue our diversification into a new line of business, the market price for our common stock will become subject to factors different from those that have historically and currently impacted our common stock.
Power generating operations performance involves significant risks and hazards and may be below expected levels of output or efficiency.
A distributed power business is dependent on our relationships with key suppliers to obtain equipment requiring significant capital commitments and may be on terms and conditions that limit our ability to adjust to changing market conditions.
We may be unable to adapt our distributed power technologies to meet increasing customer needs and power loads, which could result in increased downtime of our power generation offering and disruptions to the power supply to our customers.
Distributed power solutions in some applications could be affected by availability of the electrical grid.
The power industry is highly competitive and rapidly evolving.
Distributed power systems involve long and uncertain sales cycles, and we may not be successful in converting our sales prospects into revenue generating contracts.
Legal proceedings
The information with respect to this Item 3. Legal Proceedings is set forth in Note 15—Commitments & Contingencies in Part II, Item 8 of this Annual Report.
