LBRT

MKT CAP:$5B

Liberty Energy Inc.

Market Cap

$5B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$29.31+$10.43 (+55.24%)

Apr 22, 2026

Company Details

Liberty Energy Inc. provides hydraulic fracturing and wireline services, and related goods to onshore oil and natural gas exploration and production companies in North America. It also offers hydraulic fracturing pressure pumping services, ...

CEO

Ron Gusek

IPO Date

Jan 11, 2018

Website

www.libertyfrac.com

Key Metrics TTM

Revenue

$4.0B

-4.0% YoY

Net Income

$150M

EPS (Diluted)

$0.91

Free Cash Flow

$14M

Revenue / Share

$24.36

Gross Margin

9.1%

Operating Margin

2.0%

Net Margin

3.7%

FCF Margin

0.3%

P/S

1.3x

P/E

35.7x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$1.0B+4.5%EPS $0.14

FY 2025

Feb 2, 2026

$4.0B-7.2%EPS $0.89

Q4 2025

Feb 2, 2026

$1.0B+10.1%EPS $0.08

Q3 2025

Oct 17, 2025

$947M-16.8%EPS $0.26

Q2 2025

Jul 25, 2025

$1.0B-10.1%EPS $0.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$943M	$152M	$109M
Q3 22	$1.2B	$231M	$180M
Q4 22	$1.2B	$247M	$214M
Q1 23	$1.3B	$279M	$228M
Q2 23	$1.2B	$262M	$204M
Q3 23	$1.2B	$257M	$202M
Q4 23	$1.1B	$179M	$124M
Q1 24	$1.1B	$167M	$114M
Q2 24	$1.2B	$201M	$143M
Q3 24	$1.1B	$172M	$113M
Q4 24	$944M	$70M	$13M
Q1 25	$977M	$88M	$22M
Q2 25	$1.0B	$101M	$43M
Q3 25	$947M	$55M	-$4M
Q4 25	$1.0B	$214M	$20M
Q1 26	$1.0B	$0	$22M

Valuation

Quarter	P/S	P/E
Q2 22	0.8x	461.1x
Q3 22	0.7x	12.9x
Q4 22	0.7x	7.0x
Q1 23	0.5x	4.2x
Q2 23	0.5x	3.8x
Q3 23	0.6x	4.9x
Q4 23	0.6x	5.3x
Q1 24	0.8x	7.3x
Q2 24	0.7x	7.8x
Q3 24	0.7x	8.9x
Q4 24	0.8x	10.3x
Q1 25	0.6x	10.1x
Q2 25	0.5x	8.6x
Q3 25	0.5x	11.1x
Q4 25	0.7x	20.1x
Q1 26	1.2x	31.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$15M	-$76M
Q2 22	$121M	-$13M
Q3 22	$157M	$55M
Q4 22	$238M	$105M
Q1 23	$204M	$71M
Q2 23	$240M	$81M
Q3 23	$275M	$103M
Q4 23	$295M	$157M
Q1 24	$159M	$14M
Q2 24	$248M	$112M
Q3 24	$244M	$78M
Q4 24	$177M	-$26M
Q1 25	$192M	$58M
Q2 25	$171M	$33M
Q3 25	$51M	-$67M
Q4 25	$195M	-$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$91M
Q2 22	$134M
Q3 22	$102M
Q4 22	$132M
Q1 23	$133M
Q2 23	$159M
Q3 23	$173M
Q4 23	$138M
Q1 24	$145M
Q2 24	$136M
Q3 24	$167M
Q4 24	$203M
Q1 25	$134M
Q2 25	$138M
Q3 25	$119M
Q4 25	$205M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+62.2%	+35.6%
Q3 22	+81.8%	+45.7%
Q4 22	+79.2%	+36.7%
Q1 23	+59.2%	+32.0%
Q2 23	+26.8%	+19.0%
Q3 23	+2.3%	+0.6%
Q4 23	-12.3%	-6.0%
Q1 24	-15.0%	-7.2%
Q2 24	-2.9%	+2.6%
Q3 24	-6.4%	+1.1%
Q4 24	-12.2%	-2.2%
Q1 25	-8.9%	-0.4%
Q2 25	-10.1%	-1.7%
Q3 25	-16.8%	-7.2%
Q4 25	+10.1%	+9.5%
Q1 26	+4.5%	+4.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$18M	1.8%
Q2 25	$8M	0.8%
Q3 25	$7M	0.8%
Q4 25	$8M	0.8%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 22	—	$42M
Q3 22	—	$50M
Q4 22	—	$32M
Q1 23	—	$51M
Q2 23	—	$58M
Q3 23	—	$55M
Q4 23	—	$55M
Q1 24	$53M	—
Q2 24	$58M	—
Q3 24	$59M	—
Q4 24	$56M	—
Q1 25	$66M	—
Q2 25	$58M	—
Q3 25	$58M	—
Q4 25	$65M	—
Q1 26	$60M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$41M	$0	$41M
Q3 22	$24M	$0	$24M
Q4 22	$44M	$0	$44M
Q1 23	$21M	$0	$21M
Q2 23	$32M	$0	$32M
Q3 23	$27M	$0	$27M
Q4 23	$37M	$0	$37M
Q1 24	$24M	$0	$24M
Q2 24	$30M	$0	$30M
Q3 24	$23M	$0	$23M
Q4 24	$20M	$0	$20M
Q1 25	$24M	$0	$24M
Q2 25	$20M	$0	$20M
Q3 25	$13M	$0	$13M
Q4 25	$28M	$0	$28M
Q1 26	$699M	$0	$699M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	190M	+3.5%	+10.4%
Q3 22	190M	-0.3%	+6.5%
Q4 22	186M	-2.1%	+2.3%
Q1 23	181M	-2.6%	-1.6%
Q2 23	176M	-2.7%	-7.5%
Q3 23	174M	-1.3%	-8.4%
Q4 23	173M	-0.8%	-7.1%
Q1 24	171M	-0.7%	-5.3%
Q2 24	170M	-1.0%	-3.7%
Q3 24	169M	-0.6%	-3.1%
Q4 24	167M	-0.8%	-3.2%
Q1 25	166M	-0.8%	-3.3%
Q2 25	164M	-0.9%	-3.2%
Q3 25	165M	+0.5%	-2.1%
Q4 25	166M	+0.6%	-0.7%
Q1 26	166M	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$261.8K	4K
Q3 22	$330.0K	4K
Q4 22	$267.6K	5K
Q1 23	$275.6K	5K
Q2 23	$260.9K	5K
Q3 23	$265.5K	5K
Q4 23	$195.4K	6K
Q1 24	$195.1K	6K
Q2 24	$210.9K	6K
Q3 24	$207.0K	6K
Q4 24	$165.5K	6K
Q1 25	$171.5K	6K
Q2 25	$182.9K	6K
Q3 25	$166.2K	6K
Q4 25	$179.1K	6K
Q1 26	$176.1K	6K

Revenue / Employee