Liberty Energy Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Liberty Energy Inc reported revenue of $4.0B (-7.2% year on year) and net income of $195.2M (-51.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $4.0B | $4.3B | $4.7B | $4.1B |
| Costs of services (exclusive of depreciation, depletion, and amortization shown separately below) | $3.2B | $3.2B | $3.3B | $3.1B |
| General and administrative | $247.4M | $225.5M | $221.4M | $180.0M |
| Transaction and other costs | $840.0K | $0 | — | — |
| Depreciation, depletion, and amortization | $500.3M | $505.1M | $421.5M | $323.0M |
| Loss (gain) on disposal of assets, net | $16.7M | ($5.3M) | ($7.0M) | ($4.6M) |
| Total operating costs and expenses | $3.9B | $3.9B | $4.0B | $3.7B |
| Operating income | $72.7M | $389.5M | $760.6M | $495.9M |
| (Gain) loss on remeasurement of liability under tax receivable agreements | ($147.0K) | $3.2M | ($1.8M) | $76.2M |
| Gain on investments, net | ($162.6M) | — | $0 | ($2.5M) |
| Interest income—related party | $0 | ($478.0K) | ($2.0M) | $0 |
| Interest expense, net | $40.3M | $32.7M | $29.5M | $22.7M |
| Total other (income) expense, net | ($122.5M) | ($13.8M) | — | — |
| Net income before income taxes | $195.2M | $403.3M | $734.9M | $399.5M |
| Income tax expense | $47.3M | $87.3M | $178.5M | ($793.0K) |
| Net income | $147.9M | $316.0M | $556.4M | $400.3M |
| Less: Net income attributable to non-controlling interests | $0 | $0 | $91.0K | $700.0K |
| Net income attributable to Liberty Energy Inc. stockholders | $147.9M | $316.0M | $556.3M | $399.6M |
| Basic (in dollars per share) | $0.91 | $1.91 | $3.24 | $2.17 |
| Diluted (in dollars per share) | $0.89 | $1.87 | $3.15 | $2.11 |
| Basic (in shares) | 161.9M | 165.0M | 171.8M | 184.3M |
| Diluted (in shares) | 165.4M | 169.4M | 176.4M | 189.3M |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Total revenue | $1.2B | $1.2B | $1.0B | $947.4M |
| Cost of services (exclusive of depreciation, depletion, and amortization shown separately below) | $995.0M | $980.3M | $843.8M | $769.8M |
| General and administrative | $69.5M | $67.2M | $59.5M | $58.3M |
| Transaction and other costs | ($215.0K) | $7.7M | $0 | $0 |
| Depreciation, depletion, and amortization | $113.7M | $114.2M | $114.1M | $123.0M |
| (Gain) loss on disposal of assets, net | ($1.2M) | $6.6M | ($18.5M) | ($1.2M) |
| Total operating costs and expenses | $1.2B | $1.2B | $998.9M | $949.8M |
| Operating income (loss) | $19.3M | $12.7M | $22.3M | ($2.4M) |
| Loss (gain) on investments, net | $62.9M | ($42.9M) | ($17.3M) | ($68.4M) |
| Interest expense, net | $5.9M | $3.4M | $7.7M | $10.9M |
| Total other (income) expense, net | $68.8M | ($39.6M) | ($9.6M) | ($57.5M) |
| Net (loss) income before income taxes | ($49.5M) | $52.3M | $31.9M | $55.0M |
| Income tax (benefit) expense | ($10.4M) | $9.2M | $9.3M | $12.0M |
| Net (loss) income | ($39.1M) | $43.1M | $22.6M | $43.1M |
| Basic (in dollars per share) | -$0.24 | $0.26 | $0.14 | $0.27 |
| Diluted (in dollars per share) | -$0.24 | $0.26 | $0.14 | $0.26 |
| Basic (in shares) | 163.2M | 163.0M | 162.0M | 162.0M |
| Diluted (in shares) | 163.2M | 167.7M | 166.3M | 165.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $27.6M | $20.0M | $36.8M | $43.7M |
| Accounts receivable | $351.7M | $354.6M | $398.5M | $410.3M |
| Unbilled revenue | $253.7M | $185.2M | $188.9M | $175.7M |
| Inventories | $188.1M | $203.5M | $205.9M | $214.5M |
| Prepaid and other current assets | $56.9M | $85.2M | $124.1M | $112.5M |
| Total current assets | $878.0M | $848.5M | $954.3M | $956.7M |
| Property and equipment, net | $2.1B | $1.9B | $1.6B | $1.4B |
| Finance lease right-of-use assets | $342.5M | $283.1M | $182.3M | $41.8M |
| Operating lease right-of-use assets | $65.0M | $73.3M | $92.6M | $97.2M |
| Other assets | $147.9M | — | — | $105.3M |
| Long-term investments | $70.8M | $81.0M | — | — |
| Total assets | $3.6B | $3.3B | $3.0B | $2.6B |
| Accounts payable (including amounts due to related parties of $0 and $582, respectively) | $358.6M | $314.1M | $293.7M | $326.8M |
| Accrued liabilities | $232.1M | $206.7M | $261.1M | $279.1M |
| Income taxes payable | $0 | $9.7M | $12.1M | — |
| Current portion of payable pursuant to tax receivable agreements | $7.9M | $40.8M | $5.2M | $3.9M |
| Current portion of long-term debt | $5.1M | — | $0 | $1.0M |
| Current portion of finance lease liabilities | $94.2M | $66.6M | $39.9M | $11.4M |
| Current portion of operating lease liabilities | $22.4M | $28.6M | $27.5M | $27.3M |
| Total current liabilities | $720.4M | $666.5M | $639.4M | $649.5M |
| Long-term debt, net of current portion and deferred financing costs of $73 and $0, respectively | $241.5M | $190.5M | $140.0M | $217.4M |
| Deferred tax liability | $195.6M | $137.7M | $102.3M | $1.0M |
| Payable pursuant to tax receivable agreements | $66.9M | $74.9M | $112.5M | $118.9M |
| Noncurrent portion of finance lease liabilities | $213.3M | $203.5M | $133.7M | $22.5M |
| Noncurrent portion of operating lease liabilities | $41.8M | $44.4M | $64.3M | $69.3M |
| Total liabilities | $1.5B | $1.3B | $1.2B | $1.1B |
| Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding | 0 | 0 | 0 | 0 |
| Common stock, par value $0.01 | $1.6M | $1.6M | $1.7M | $1.8M |
| Additional paid in capital | $978.4M | $977.5M | $1.1B | $1.3B |
| Retained earnings | $1.1B | $1.0B | $752.3M | $234.5M |
| Accumulated other comprehensive loss | ($13.9M) | ($19.8M) | ($6.1M) | ($7.4M) |
| Total stockholders’ equity | $2.1B | $2.0B | $1.8B | $1.5B |
| Total liabilities and equity | $3.6B | $3.3B | $3.0B | $2.6B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $119.0M | $555.4M | $699.1M | $13.5M |
| Accounts receivable—trade, net of allowances for credit losses of $886 and $886, respectively | $429.1M | $515.7M | $461.7M | $386.2M |
| Unbilled revenue | $327.7M | $253.8M | $267.7M | $187.6M |
| Inventories | $181.1M | $185.4M | $185.3M | $184.4M |
| Prepaid and other current assets | $61.4M | $56.5M | $66.6M | $122.7M |
| Total current assets | $1.1B | $1.6B | $1.7B | $894.4M |
| Property and equipment, net | $2.8B | $2.3B | $2.1B | $1.9B |
| Finance lease right-of-use assets | $318.0M | $319.9M | $329.5M | $328.2M |
| Operating lease right-of-use assets | $61.0M | $57.6M | $59.4M | $70.2M |
| Investments | $127.3M | $191.3M | $87.0M | $148.8M |
| Other assets | $89.5M | $89.5M | $150.4M | $135.9M |
| Total assets | $4.5B | $4.5B | $4.4B | $3.5B |
| Accounts payable including amounts due to related parties of $1,634 and $0, respectively | $446.2M | $417.3M | $377.6M | $350.1M |
| Accrued liabilities | $292.9M | $256.9M | $264.6M | $201.8M |
| Current portion of payable pursuant to tax receivable agreements | $0 | $0 | $0 | $7.7M |
| Current portion of long-term debt | $11.9M | $11.9M | $7.1M | — |
| Current portion of finance lease liabilities | $85.8M | $83.0M | $90.5M | $91.4M |
| Current portion of operating lease liabilities | $20.2M | $19.6M | $20.0M | $26.2M |
| Total current liabilities | $857.1M | $788.7M | $759.8M | $677.2M |
| Long-term debt, net of current portion and deferred financing costs of $33,645 and $73, respectively | $1.3B | $1.3B | $1.3B | $253.0M |
| Deferred tax liability | $159.6M | $170.2M | $162.9M | $180.9M |
| Payable pursuant to tax receivable agreements | $66.9M | $66.9M | $66.9M | $67.2M |
| Noncurrent portion of finance lease liabilities | $167.3M | $181.2M | $195.4M | $212.0M |
| Noncurrent portion of operating lease liabilities | $39.7M | $37.4M | $38.8M | $43.5M |
| Total liabilities | $2.6B | $2.5B | $2.5B | $1.4B |
| Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding | 0 | 0 | 0 | 0 |
| Common stock | $1.6M | $1.6M | $1.6M | $1.6M |
| Additional paid in capital | $843.0M | $833.0M | $842.4M | $970.1M |
| Retained earnings | $1.1B | $1.1B | $1.1B | $1.1B |
| Accumulated other comprehensive loss | ($18.9M) | ($19.4M) | ($15.7M) | ($16.0M) |
| Total stockholders’ equity | $1.9B | $2.0B | $1.9B | $2.1B |
| Total liabilities and equity | $4.5B | $4.5B | $4.4B | $3.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $147.9M | $316.0M | $556.4M | $400.3M |
| Depreciation, depletion, and amortization | $500.3M | $505.1M | $421.5M | $323.0M |
| Loss (gain) on disposal of assets, net | $16.7M | ($5.3M) | ($7.0M) | ($4.6M) |
| Stock-based compensation expense | $41.9M | $32.4M | $33.0M | $23.1M |
| Deferred income tax expense | $54.8M | $33.8M | $120.3M | ($12.5M) |
| Gain on investments, net | ($162.6M) | — | — | — |
| Cash return on equity method investment | $5.2M | $4.0M | — | — |
| (Gain) loss on remeasurement of liability under tax receivable agreements | ($147.0K) | $3.2M | ($1.8M) | $76.2M |
| Other non-cash items, net | $5.4M | $178.0K | $7.1M | $4.0K |
| Accounts receivable and unbilled revenue | ($69.8M) | $18.2M | $19.6M | ($166.6M) |
| Accounts receivable and unbilled revenue—related party | $4.2M | $41.3M | ($19.9M) | ($25.5M) |
| Inventories | $12.0M | $66.0K | ($114.0K) | ($85.0M) |
| Prepaid and other assets | ($41.6M) | ($28.2M) | ($66.2M) | ($56.2M) |
| Accounts payable and accrued liabilities | $98.1M | ($41.3M) | ($45.1M) | $57.8M |
| Accounts payable and accrued liabilities—related party | ($582.0K) | $582.0K | $0 | ($1.9M) |
| Initial payment of operating lease liability | ($2.2M) | ($1.3M) | ($3.3M) | ($2.7M) |
| Net cash provided by operating activities | $609.6M | $829.4M | $1.0B | $530.4M |
| Purchases of property and equipment, construction in-progress, and deposits on equipment | ($595.5M) | ($651.0M) | ($603.3M) | ($451.9M) |
| Investment in equity securities | $0 | ($16.1M) | ($20.3M) | ($15.0M) |
| 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 | ($7.4M) |
| Proceeds from sales of assets | $24.7M | $24.0M | $26.9M | $23.7M |
| Net cash used in investing activities | ($435.0M) | ($643.1M) | ($672.3M) | ($450.7M) |
| Proceeds from borrowings on line-of-credit | $1.6B | $2.2B | $1.2B | $713.0M |
| Repayments of borrowings on line-of-credit | ($1.6B) | ($2.2B) | ($1.1B) | ($616.0M) |
| Proceeds from borrowings on term loan | $16.7M | — | — | — |
| Repayments of borrowings on term loan | $0 | $0 | ($104.7M) | ($1.8M) |
| Payments on finance lease obligations | ($80.9M) | ($50.3M) | ($17.4M) | ($6.9M) |
| Class A Common Stock dividends and dividend equivalents upon restricted stock vesting | ($54.5M) | ($48.3M) | ($37.7M) | ($9.2M) |
| Share repurchases, including related excise tax | ($24.9M) | ($129.3M) | ($203.1M) | ($125.3M) |
| Tax withholding on restricted stock units | ($17.0M) | ($20.2M) | ($9.6M) | ($9.7M) |
| Payments under TRA liability | ($40.8M) | ($5.2M) | — | — |
| Payment of equity issuance costs | $0 | $0 | ($223.0K) | ($79.0K) |
| Payments of debt issuance costs | ($5.7M) | $0 | ($1.6M) | ($708.0K) |
| Net cash used in financing activities | ($167.5M) | ($202.7M) | ($349.3M) | ($55.8M) |
| Net increase (decrease) in cash and cash equivalents | $7.0M | ($16.4M) | ($7.1M) | $23.9M |
| Translation effect on cash | $554.0K | ($356.0K) | $168.0K | ($260.0K) |
| Cash and cash equivalents—beginning of period | $20.0M | $36.8M | $43.7M | $20.0M |
| Cash and cash equivalents—end of period | $27.6M | $20.0M | $36.8M | $43.7M |
| Net cash paid for income taxes | $11.1M | $35.9M | $66.7M | $10.7M |
| Cash paid for interest | $39.7M | $33.1M | $26.7M | $20.3M |
| Capital expenditures included in accounts payable and accrued liabilities | $59.3M | $102.2M | $99.2M | $107.5M |
| Capital expenditures reclassified from prepaid and other current assets | $49.7M | $58.3M | $50.3M | $14.9M |
| Capital expenditures reclassified from finance lease right-of-use assets | $907.0K | $6.9M | — | — |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $26.6M | $65.7M | $22.6M | $134.2M |
| Depreciation, depletion, and amortization | $342.0M | $228.3M | $114.1M | $380.1M |
| (Gain) loss on disposal of assets, net | ($13.1M) | ($12.0M) | ($18.5M) | $7.8M |
| Stock-based compensation expense | $28.0M | $18.0M | $8.0M | $33.5M |
| Deferred income tax expense | $8.0M | $17.6M | $9.3M | $42.1M |
| Loss (gain) on investments, net | $2.7M | ($60.2M) | ($17.3M) | ($155.9M) |
| Cash return on equity method investment | $2.9M | $1.6M | $1.6M | $3.6M |
| Other non-cash items, net | $1.1M | $2.8M | $1.7M | $4.1M |
| Accounts receivable and unbilled revenue | ($152.3M) | ($165.4M) | ($124.9M) | ($39.2M) |
| Inventories | $7.8M | $2.5M | $2.8M | $16.9M |
| Prepaid and other assets | ($4.1M) | $2.5M | ($9.7M) | ($63.4M) |
| Accounts payable and accrued liabilities | $113.7M | $40.8M | $18.9M | $47.7M |
| Accounts payable and accrued liabilities—related party | $1.6M | $0 | $187.0K | ($334.0K) |
| Initial payment of operating lease liability | ($632.0K) | ($632.0K) | ($249.0K) | ($1.2M) |
| Net cash provided by operating activities | $364.3M | $141.4M | $8.4M | $414.2M |
| Purchases of property and equipment and construction in-progress | ($1.0B) | ($380.9M) | ($157.0M) | ($390.1M) |
| Investment in equity securities | ($9.7M) | ($9.7M) | ($3.9M) | $0 |
| Acquisition of IMG Energy Solutions, net of cash received | $0 | $0 | $0 | ($15.2M) |
| Sales of equity securities | $0 | $0 | $0 | $80.8M |
| Proceeds from sale of assets | $30.0M | $26.0M | $23.6M | $22.1M |
| Net cash used in investing activities | ($986.5M) | ($364.6M) | ($137.3M) | ($302.3M) |
| Proceeds from issuance of convertible senior notes | $1.3B | $1.3B | $1.3B | — |
| Purchase of capped calls related to convertible senior notes | ($186.5M) | ($186.5M) | ($186.5M) | — |
| Proceeds from borrowings on line-of-credit | $142.0M | $106.0M | $106.0M | $1.4B |
| Repayments of borrowings on line-of-credit | ($372.0M) | ($336.0M) | ($336.0M) | ($1.3B) |
| Borrowings on long-term debt | $19.0M | $19.0M | $4.8M | — |
| Repayments of long-term debt | ($6.5M) | ($3.5M) | ($926.0K) | — |
| Payments of debt issuance costs | ($36.8M) | ($36.8M) | ($36.8M) | ($4.7M) |
| Payments on finance lease obligations | ($68.4M) | ($48.3M) | ($22.4M) | ($54.1M) |
| Class A Common Stock dividends and dividend equivalents upon restricted stock vesting | ($45.0M) | ($30.3M) | ($14.6M) | ($39.9M) |
| Payments of payables pursuant to tax receivable agreements | ($7.9M) | ($7.9M) | ($7.9M) | ($40.8M) |
| Share repurchases | $0 | $0 | $0 | ($24.9M) |
| Tax withholding on restricted stock units | ($18.6M) | ($18.6M) | $0 | ($16.8M) |
| Net cash provided by (used in) financing activities | $714.3M | $752.0M | $800.6M | ($118.6M) |
| Net increase (decrease) in cash and cash equivalents before translation effect | $92.0M | $528.9M | $671.7M | ($6.8M) |
| Translation effect on cash | ($630.0K) | ($1.1M) | ($94.0K) | $222.0K |
| Cash and cash equivalents—beginning of period | $27.6M | $27.6M | $27.6M | $20.0M |
| Cash and cash equivalents—end of period | $119.0M | $555.4M | $699.1M | $13.5M |
| Net (refund received) cash paid for income taxes | ($2.9M) | ($2.9M) | ($10.0K) | $23.1M |
| Cash paid for interest | $20.2M | $14.4M | $8.5M | $30.3M |
| Capital expenditures included in accounts payable and accrued liabilities | $91.3M | $101.5M | $90.7M | $71.0M |
| Capital expenditures reclassified from prepaid and other current assets | $0 | — | — | $41.9M |
| Capital expenditures reclassified from finance lease right-of-use assets | $0 | — | — | $907.0K |
Liberty Energy Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.