Liberty Energy (LBRT) Financials

$33.33 -0.16 (-0.46%)

Closing price 03:59 PM Eastern

Extended Trading

$33.28 -0.04 (-0.12%)

As of 07:47 PM Eastern

Annual Income Statements for Liberty Energy

This table shows Liberty Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	126	39	-116	-179	400	556	316	148
Consolidated Net Income / (Loss)	-61	169	249	75	-161	-187	400	556	316	148
Net Income / (Loss) Continuing Operations	-61	169	249	75	-161	-187	400	556	316	148
Total Pre-Tax Income	-61	169	289	89	-192	-178	400	735	403	195
Total Operating Income	-54	181	307	104	-177	-181	496	761	389	73
Total Gross Profit	20	343	526	369	108	221	1,000	1,399	1,115	838
Total Revenue	375	1,490	2,155	1,990	966	2,471	4,149	4,748	4,315	4,006
Operating Revenue	375	1,490	2,155	1,990	966	2,471	4,149	4,748	4,315	4,006
Total Cost of Revenue	355	1,147	1,629	1,621	858	2,250	3,149	3,349	3,201	3,168
Operating Cost of Revenue	355	1,147	1,629	1,621	858	2,250	3,149	3,349	3,201	3,168
Total Operating Expenses	74	162	220	266	285	402	504	638	725	765
Selling, General & Admin Expense	36	80	98	98	84	123	180	221	225	247
Depreciation Expense	41	81	125	165	180	263	323	422	505	500
Other Operating Expenses / (Income)	-	-	0.63	0.00	21	15	5.84	2.05	0.00	0.84
Other Special Charges / (Income)	-2.67	0.15	-4.34	2.60	-0.41	0.78	-4.60	-6.99	-5.34	17
Total Other Income / (Expense), net	-6.13	-13	-17	-15	-15	3.44	-96	-26	14	122
Interest Expense	6.13	13	18	17	15	16	23	29	33	40
Interest & Investment Income	-	0.05	0.38	2.80	0.26	0.00	0.00	1.99	50	163
Other Income / (Expense), net	-	-	-	0.00	0.00	19	-74	1.82	-3.21	0.15
Income Tax Expense	0.00	0.00	40	14	-31	9.22	-0.79	178	87	47
Net Income / (Loss) Attributable to Noncontrolling Interest	-61	0.00	123	36	-45	-7.76	0.70	0.09	0.00	0.00
Basic Earnings per Share	-	-	$1.84	$0.54	($1.36)	($1.03)	$2.17	$3.24	$1.91	$0.91
Weighted Average Basic Shares Outstanding	-	-	68.84M	72.33M	85.24M	174.02M	184.33M	171.85M	165.03M	161.93M
Diluted Earnings per Share	-	-	$1.81	$0.53	($1.36)	($1.03)	$2.11	$3.15	$1.87	$0.89
Weighted Average Diluted Shares Outstanding	-	-	117.84M	105.26M	85.24M	174.02M	189.35M	176.36M	169.40M	165.37M
Weighted Average Basic & Diluted Shares Outstanding	-	-	68.70M	194.48M	179.54M	186.09M	176.11M	166.68M	161.92M	162.05M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$0.22	$0.29	$0.33

This table shows Liberty Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	149	92	82	108	74	52	20	71	43	14	23
Consolidated Net Income / (Loss)	149	92	82	108	74	52	20	71	43	14	23
Net Income / (Loss) Continuing Operations	149	92	82	108	74	52	20	71	43	14	23
Total Pre-Tax Income	198	119	108	140	96	58	28	95	55	17	32
Total Operating Income	205	124	115	142	107	25	18	37	-2.42	20	22
Total Gross Profit	366	298	290	324	298	202	216	230	178	214	177
Total Revenue	1,216	1,075	1,073	1,160	1,139	944	977	1,043	947	1,039	1,021
Operating Revenue	1,216	1,075	1,073	1,160	1,139	944	977	1,043	947	1,039	1,021
Total Cost of Revenue	850	777	783	836	840	742	762	812	770	825	844
Operating Cost of Revenue	850	777	783	836	840	742	762	812	770	825	844
Total Operating Expenses	160	174	175	182	191	177	198	193	180	194	155
Selling, General & Admin Expense	55	55	53	58	59	56	66	58	58	65	60
Depreciation Expense	109	118	123	123	126	132	128	129	123	120	114
Other Operating Expenses / (Income)	0.20	0.25	0.00	0.00	0.00	-	0.81	0.00	0.00	0.03	0.00
Other Special Charges / (Income)	-3.81	-0.01	-1.16	1.25	6.02	-11	3.35	5.63	-1.21	8.93	-19
Total Other Income / (Expense), net	-6.78	-4.55	-7.06	-1.72	-11	33	9.75	58	57	-2.79	9.59
Interest Expense	7.31	7.10	7.54	8.06	8.59	8.50	9.54	10	11	9.70	7.73
Interest & Investment Income	0.53	0.73	0.48	7.20	-2.73	-	19	68	68	6.76	17
Income Tax Expense	50	27	26	33	22	6.08	7.81	24	12	3.40	9.31
Basic Earnings per Share	$0.88	$0.56	$0.49	$0.65	$0.45	$0.32	$0.12	$0.44	$0.27	$0.08	$0.14
Weighted Average Basic Shares Outstanding	169.78M	171.85M	166.33M	166.21M	164.74M	165.03M	161.94M	161.87M	161.96M	161.93M	162.05M
Diluted Earnings per Share	$0.85	$0.53	$0.48	$0.64	$0.44	$0.31	$0.12	$0.43	$0.26	$0.08	$0.14
Weighted Average Diluted Shares Outstanding	173.98M	176.36M	171.44M	169.67M	168.60M	169.40M	165.78M	164.24M	165.07M	165.37M	166.26M
Weighted Average Basic & Diluted Shares Outstanding	168.61M	166.68M	166.65M	165.33M	163.42M	161.92M	161.95M	161.96M	161.97M	162.05M	163.19M
Cash Dividends to Common per Share	$0.05	-	$0.07	$0.07	$0.07	-	$0.08	$0.08	$0.08	-	$0.09

This table details how cash moves in and out of Liberty Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	11	4.84	87	9.38	-44	-49	24	-7.06	-16	7.02
Net Cash From Operating Activities	-41	195	351	261	85	135	530	1,015	829	610
Net Cash From Continuing Operating Activities	-41	195	351	260	85	135	530	1,015	829	610
Net Income / (Loss) Continuing Operations	-61	169	249	75	-161	-187	400	556	316	148
Consolidated Net Income / (Loss)	-61	169	249	75	-161	-187	400	556	316	148
Depreciation Expense	41	81	125	165	180	263	323	422	505	500
Non-Cash Adjustments To Reconcile Net Income	-2.67	0.41	4.50	16	28	32	97	28	-16	-96
Changes in Operating Assets and Liabilities, net	-19	-58	-31	1.85	38	27	-290	8.64	24	57
Net Cash From Investing Activities	-96	-310	-255	-194	-100	-186	-451	-672	-643	-435
Net Cash From Continuing Investing Activities	-96	-310	-255	-194	-100	-186	-451	-672	-643	-435
Purchase of Property, Plant & Equipment	-102	-312	-259	-195	-104	-199	-452	-603	-651	-595
Acquisitions	-	-	-	-	0.00	0.00	0.00	-96	-16	-15
Sale of Property, Plant & Equipment	6.08	1.75	3.34	0.83	3.37	25	24	27	24	25
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	151
Net Cash From Financing Activities	149	120	-8.78	-57	-29	2.06	-56	-349	-203	-168
Net Cash From Continuing Financing Activities	149	120	-8.78	-57	-29	2.06	-56	-349	-203	-168
Repayment of Debt	-92	-225	-93	-1.75	-1.81	-261	-618	-1,234	-2,188	-1,616
Repurchase of Common Equity	0.00	-67	-89	-20	-1.64	-1.33	-125	-203	-129	-25
Payment of Dividends	0.00	0.00	-12	-23	-13	1.20	-8.26	-38	-48	-54
Issuance of Debt	85	412	-	0.00	0.00	274	713	1,153	2,238	1,667
Other Financing Activities, net	155	0.00	-45	-13	-13	-11	-17	-27	-76	-139
Cash Interest Paid	4.73	9.77	14	13	11	13	20	27	33	40
Cash Income Taxes Paid	0.00	0.00	27	1.04	-9.65	-9.48	11	67	36	11

This table details how cash moves in and out of Liberty Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-4.82	9.87	-13	6.30	-7.16	-2.76	4.09	-4.76	-6.08	14	672
Net Cash From Operating Activities	275	295	159	248	244	177	192	171	51	195	8.40
Net Cash From Continuing Operating Activities	275	295	159	248	244	177	192	171	51	195	8.40
Net Income / (Loss) Continuing Operations	149	92	82	108	74	52	20	71	43	14	23
Consolidated Net Income / (Loss)	149	92	82	108	74	52	20	71	43	14	23
Depreciation Expense	109	118	123	123	126	132	128	129	123	120	114
Non-Cash Adjustments To Reconcile Net Income	2.77	11	6.28	2.10	17	-42	4.46	-52	-61	12	-25
Changes in Operating Assets and Liabilities, net	15	73	-52	14	27	35	40	22	-54	49	-103
Net Cash From Investing Activities	-172	-144	-142	-150	-163	-188	-106	-83	-113	-133	-137
Net Cash From Continuing Investing Activities	-172	-144	-142	-150	-163	-188	-106	-83	-113	-133	-137
Purchase of Property, Plant & Equipment	-173	-138	-145	-136	-167	-203	-134	-138	-119	-205	-157
Acquisitions	-11	10	0.00	-	-	16	-15	-	-	-	-3.92
Sale of Property, Plant & Equipment	12	4.48	2.99	1.88	3.76	15	13	3.47	5.63	2.54	24
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	-	-	-	70	0.00
Net Cash From Financing Activities	-108	-141	-30	-92	-89	8.10	-82	-92	55	-49	801
Net Cash From Continuing Financing Activities	-108	-141	-30	-92	-89	8.10	-82	-92	55	-49	801
Repayment of Debt	-413	-363	-547	-533	-608	-500	-474	-252	-567	-324	-374
Repurchase of Common Equity	-29	-39	-30	-30	-39	-30	-24	-0.92	-	-	0.00
Payment of Dividends	-8.44	-12	-12	-12	-11	-13	-13	-14	-13	-15	-15
Issuance of Debt	348	280	573	514	584	567	493	202	655	317	1,406
Other Financing Activities, net	-5.41	-7.22	-14	-31	-14	-16	-64	-28	-20	-27	-217
Cash Interest Paid	7.56	7.13	7.45	8.39	9.33	7.90	9.04	11	10	9.47	8.51
Cash Income Taxes Paid	7.13	11	17	7.69	16	-4.38	0.83	20	2.50	-12	-0.01

This table presents Liberty Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	852	1,117	1,283	1,890	2,041	2,576	3,034	3,296	3,558
Total Current Assets	352	461	489	567	630	957	954	849	878
Cash & Equivalents	16	103	113	69	20	44	37	20	28
Accounts Receivable	259	248	253	314	407	586	587	540	605
Inventories, net	56	60	89	119	135	214	206	203	188
Prepaid Expenses	21	50	35	66	68	113	124	85	57
Plant, Property, & Equipment, net	495	627	652	1,121	1,199	1,362	1,645	1,891	2,054
Total Noncurrent Assets	5.30	28	143	202	211	257	434	568	626
Long-Term Investments	-	-	-	-	-	-	32	92	71
Noncurrent Note & Lease Receivables	-	-	55	39	18	42	182	283	342
Other Noncurrent Operating Assets	5.30	28	87	158	192	203	220	193	213
Total Liabilities & Shareholders' Equity	852	1,117	1,283	1,890	2,041	2,576	3,034	3,296	3,558
Total Liabilities	417	376	502	580	810	1,079	1,192	1,318	1,479
Total Current Liabilities	221	220	266	356	569	649	639	667	720
Short-Term Debt	0.01	0.39	0.41	0.36	1.01	1.02	-	0.00	5.10
Accounts Payable	69	83	118	193	289	327	294	315	359
Accrued Expenses	79	68	43	118	235	281	261	207	232
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	2.29	12	9.69	7.89
Other Current Liabilities	32	36	66	44	40	39	73	95	117
Total Noncurrent Liabilities	196	156	235	224	241	429	553	651	759
Long-Term Debt	196	106	106	105	121	217	140	191	242
Noncurrent Deferred Revenue	-	17	48	57	38	119	112	75	67
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	33	20	0.00	0.56	1.04	102	138	196
Other Noncurrent Operating Liabilities	0.00	0.00	62	62	81	92	198	248	255
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	393	741	781	1,310	1,230	1,497	1,841	1,979	2,079
Total Preferred & Common Equity	0.00	433	555	1,151	1,213	1,495	1,841	1,979	2,079
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	393	433	555	1,151	1,213	1,495	1,841	1,979	2,079
Common Stock	0.00	314	412	1,127	1,370	1,268	1,095	979	980
Retained Earnings	0.00	119	143	23	-156	235	752	1,020	1,113
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	-0.31	-7.40	-6.08	-20	-14

This table presents Liberty Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,525	2,761	2,925	3,089	3,098	3,241	3,273	3,356	3,441	3,503	4,443
Total Current Assets	996	1,070	1,074	1,068	978	1,002	923	859	921	894	1,680
Cash & Equivalents	24	21	32	27	24	30	23	24	20	13	699
Accounts Receivable	691	733	719	728	649	676	598	544	607	574	729
Inventories, net	186	197	201	212	210	206	198	203	201	184	185
Prepaid Expenses	95	120	122	101	95	90	108	87	93	123	67
Plant, Property, & Equipment, net	1,295	1,431	1,546	1,613	1,694	1,751	1,834	1,926	1,929	1,926	2,137
Total Noncurrent Assets	234	259	304	408	425	488	516	581	590	683	626
Long-Term Investments	-	-	-	-	-	37	35	79	86	149	87
Noncurrent Note & Lease Receivables	32	41	53	135	196	241	276	297	306	328	330
Other Noncurrent Operating Assets	202	197	230	252	229	210	205	205	198	206	210
Total Liabilities & Shareholders' Equity	2,525	2,761	2,925	3,089	3,098	3,241	3,273	3,356	3,441	3,503	4,443
Total Liabilities	1,118	1,171	1,251	1,301	1,213	1,304	1,304	1,382	1,406	1,434	2,495
Total Current Liabilities	705	755	744	794	662	744	749	717	793	677	760
Short-Term Debt	1.02	0.00	0.00	0.00	-	-	-	-	-	-	7.14
Accounts Payable	378	412	369	359	316	348	347	369	404	350	378
Accrued Expenses	287	240	265	268	235	249	241	219	245	202	265
Current Deferred & Payable Income Tax Liabilities	-	62	52	95	37	61	30	17	28	0.00	0.00
Other Current Liabilities	38	37	39	56	74	85	93	103	109	118	111
Total Noncurrent Liabilities	413	416	506	507	551	561	555	665	613	757	1,735
Long-Term Debt	253	210	288	223	166	147	123	210	160	253	1,271
Noncurrent Deferred Revenue	71	115	115	115	75	75	75	67	67	67	67
Noncurrent Deferred & Payable Income Tax Liabilities	0.56	1.04	1.07	1.04	102	102	102	138	138	181	163
Other Noncurrent Operating Liabilities	89	90	102	168	207	236	255	250	248	255	234
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,407	1,590	1,674	1,789	1,884	1,937	1,969	1,974	2,035	2,070	1,948
Total Preferred & Common Equity	1,405	1,590	1,674	1,789	1,884	1,937	1,969	1,974	2,035	2,070	1,948
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,405	1,590	1,674	1,789	1,884	1,937	1,969	1,974	2,035	2,070	1,948
Common Stock	1,323	1,210	1,148	1,126	1,072	1,030	998	967	964	972	844
Retained Earnings	91	388	532	672	822	919	981	1,027	1,084	1,114	1,120
Accumulated Other Comprehensive Income / (Loss)	-8.60	-7.87	-5.87	-9.02	-9.81	-12	-9.89	-20	-14	-16	-16

This table displays calculated financial ratios and metrics derived from Liberty Energy's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	161,966,952.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	161,966,952.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	297.54%	44.65%	-7.65%	-51.48%	155.83%	67.93%	14.43%	-9.11%	-7.16%
EBITDA Growth	0.00%	2,229.25%	64.47%	-37.76%	-98.87%	3,188.82%	641.01%	58.86%	-20.56%	-35.69%
EBIT Growth	0.00%	432.76%	69.24%	-66.21%	-270.88%	8.38%	360.33%	80.57%	-42.88%	-81.14%
NOPAT Growth	0.00%	575.38%	45.63%	-66.93%	-242.07%	-2.37%	491.68%	15.90%	-47.00%	-81.95%
Net Income Growth	0.00%	378.24%	47.79%	-69.94%	-314.62%	-16.39%	314.06%	39.00%	-43.21%	-53.21%
EPS Growth	0.00%	0.00%	0.00%	-70.72%	-356.60%	24.26%	304.85%	49.29%	-40.63%	-52.41%
Operating Cash Flow Growth	0.00%	579.29%	80.03%	-25.67%	-67.28%	58.58%	291.51%	91.30%	-18.25%	-26.50%
Free Cash Flow Firm Growth	0.00%	0.00%	129.96%	-50.09%	-1,155.97%	83.77%	239.66%	112.41%	-55.27%	-169.32%
Invested Capital Growth	0.00%	0.00%	21.19%	2.83%	73.80%	-1.04%	25.45%	14.41%	8.12%	7.71%
Revenue Q/Q Growth	0.00%	0.00%	1.14%	-3.64%	-39.60%	59.23%	15.02%	-3.08%	-2.95%	2.43%
EBITDA Q/Q Growth	0.00%	0.00%	-2.89%	-15.51%	-96.05%	1,021.20%	43.87%	-3.48%	-3.99%	-2.85%
EBIT Q/Q Growth	0.00%	0.00%	-6.55%	-36.63%	-71.13%	22.66%	99.59%	-8.73%	-10.82%	-6.30%
NOPAT Q/Q Growth	0.00%	0.00%	-8.92%	-37.70%	-71.13%	13.58%	116.19%	-14.61%	-18.56%	-10.21%
Net Income Q/Q Growth	0.00%	0.00%	-8.70%	-41.15%	-36.76%	2.63%	110.04%	-9.85%	-11.36%	-20.53%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-47.00%	-54.55%	26.43%	113.13%	-8.16%	-10.53%	-20.54%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	15.69%	-29.94%	-0.70%	41.76%	52.43%	5.95%	-12.40%	3.07%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-53.85%	-1,885,580.76%	84.49%	222.61%	2.58%	-53.39%	-72.22%
Invested Capital Q/Q Growth	0.00%	0.00%	-2.45%	0.68%	93.14%	4.24%	2.14%	-3.63%	1.48%	3.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	5.35%	23.01%	24.42%	18.55%	11.16%	8.94%	24.11%	29.46%	25.83%	20.92%
EBITDA Margin	-3.32%	17.78%	20.22%	13.62%	0.32%	4.07%	17.96%	24.94%	21.80%	14.31%
Operating Margin	-14.52%	12.16%	14.22%	5.21%	-18.33%	-7.33%	11.95%	16.02%	9.03%	1.81%
EBIT Margin	-14.52%	12.16%	14.22%	5.21%	-18.33%	-6.56%	10.18%	16.06%	10.09%	1.82%
Profit (Net Income) Margin	-16.16%	11.31%	11.56%	3.76%	-16.64%	-7.57%	9.65%	11.72%	7.32%	3.69%
Tax Burden Percent	100.00%	100.00%	86.05%	84.20%	83.89%	105.18%	100.20%	75.71%	78.36%	75.76%
Interest Burden Percent	111.25%	93.02%	94.41%	85.83%	108.19%	109.62%	94.62%	96.39%	92.60%	267.92%
Effective Tax Rate	0.00%	0.00%	13.95%	15.80%	0.00%	0.00%	-0.20%	24.29%	21.64%	24.24%
Return on Invested Capital (ROIC)	0.00%	58.26%	38.36%	11.41%	-11.68%	-9.47%	33.07%	32.13%	15.33%	2.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	44.71%	23.56%	-384.32%	-254.72%	-95.85%	-36.60%	16.33%	28.76%	80.83%
Return on Net Nonoperating Assets (RNNOA)	0.00%	19.17%	3.99%	-1.58%	-3.68%	-5.25%	-3.72%	1.21%	1.21%	4.72%
Return on Equity (ROE)	0.00%	77.43%	42.35%	9.84%	-15.36%	-14.72%	29.35%	33.33%	16.54%	7.29%
Cash Return on Invested Capital (CROIC)	0.00%	-141.74%	19.20%	8.62%	-65.59%	-8.43%	10.50%	18.69%	7.53%	-4.85%
Operating Return on Assets (OROA)	0.00%	21.26%	31.15%	8.63%	-11.16%	-8.25%	18.29%	27.18%	13.76%	2.13%
Return on Assets (ROA)	0.00%	19.77%	25.30%	6.24%	-10.13%	-9.52%	17.34%	19.84%	9.98%	4.31%
Return on Common Equity (ROCE)	0.00%	69.87%	29.74%	6.38%	-12.53%	-13.70%	29.14%	33.31%	16.54%	7.29%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	57.50%	13.49%	-13.96%	-15.41%	26.78%	30.22%	15.97%	0.00%
Net Operating Profit after Tax (NOPAT)	-38	181	264	87	-124	-127	497	576	305	55
NOPAT Margin	-10.17%	12.16%	12.24%	4.38%	-12.83%	-5.13%	11.98%	12.13%	7.07%	1.37%
Net Nonoperating Expense Percent (NNEP)	0.00%	13.54%	14.80%	395.74%	243.04%	86.39%	69.67%	15.79%	-13.43%	-78.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	28.96%	29.06%	14.07%	2.37%
Cost of Revenue to Revenue	94.65%	76.99%	75.58%	81.45%	88.84%	91.06%	75.89%	70.54%	74.17%	79.08%
SG&A Expenses to Revenue	9.55%	5.38%	4.57%	4.90%	8.71%	4.99%	4.34%	4.66%	5.23%	6.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.87%	10.85%	10.20%	13.34%	29.49%	16.27%	12.15%	13.44%	16.81%	19.10%
Earnings before Interest and Taxes (EBIT)	-54	181	307	104	-177	-162	422	762	435	73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	265	436	271	3.06	101	745	1,184	941	573
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.55	3.28	2.19	0.99	1.41	1.90	1.64	1.64	1.44
Price to Tangible Book Value (P/TBV)	0.00	0.55	3.28	2.19	0.99	1.41	1.90	1.64	1.64	1.44
Price to Revenue (P/Rev)	0.58	0.15	0.66	0.61	1.18	0.69	0.68	0.64	0.75	0.75
Price to Earnings (P/E)	0.00	0.00	11.26	31.10	0.00	0.00	7.11	5.42	10.29	20.22
Dividend Yield	0.00%	0.00%	0.81%	1.86%	1.98%	0.00%	0.32%	1.23%	1.46%	1.79%
Earnings Yield	0.00%	0.00%	8.88%	3.22%	0.00%	0.00%	14.06%	18.45%	9.72%	4.95%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.71	2.30	1.85	0.99	1.37	1.81	1.61	1.61	1.41
Enterprise Value to Revenue (EV/Rev)	0.00	0.29	0.80	0.72	1.38	0.74	0.73	0.65	0.77	0.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.66	3.98	5.28	436.30	18.17	4.05	2.61	3.55	5.46
Enterprise Value to EBIT (EV/EBIT)	0.00	2.42	5.65	13.83	0.00	0.00	7.15	4.05	7.67	42.96
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2.42	6.57	16.43	0.00	0.00	6.08	5.36	10.94	56.83
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.25	4.94	5.49	15.62	13.49	5.69	3.04	4.03	5.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	13.13	21.75	0.00	0.00	19.14	9.21	22.29	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.45	0.14	0.14	0.08	0.10	0.15	0.08	0.10	0.12
Long-Term Debt to Equity	0.00	0.45	0.14	0.14	0.08	0.10	0.15	0.08	0.10	0.12
Financial Leverage	0.00	0.43	0.17	0.00	0.01	0.05	0.10	0.07	0.04	0.06
Leverage Ratio	0.00	1.96	1.67	1.58	1.52	1.55	1.69	1.68	1.66	1.69
Compound Leverage Factor	0.00	1.82	1.58	1.35	1.64	1.70	1.60	1.62	1.53	4.53
Debt to Total Capital	0.00%	31.09%	12.57%	11.96%	7.47%	9.05%	12.73%	7.07%	8.78%	10.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.05%	0.05%	0.03%	0.07%	0.06%	0.00%	0.00%	0.22%
Long-Term Debt to Total Capital	0.00%	31.09%	12.53%	11.91%	7.45%	8.98%	12.67%	7.07%	8.78%	10.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	6.73%	36.32%	25.54%	11.26%	1.27%	0.13%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	62.19%	51.11%	62.51%	81.27%	89.68%	87.13%	92.93%	91.22%	89.40%
Debt to EBITDA	0.00	0.74	0.24	0.39	34.59	1.22	0.29	0.12	0.20	0.43
Net Debt to EBITDA	0.00	0.68	0.01	-0.02	12.03	1.02	0.23	0.06	0.10	0.24
Long-Term Debt to EBITDA	0.00	0.74	0.24	0.39	34.47	1.21	0.29	0.12	0.20	0.42
Debt to NOPAT	0.00	1.08	0.40	1.22	-0.85	-0.97	0.44	0.24	0.62	4.48
Net Debt to NOPAT	0.00	0.99	0.01	-0.08	-0.30	-0.81	0.35	0.12	0.29	2.54
Long-Term Debt to NOPAT	0.00	1.08	0.40	1.21	-0.85	-0.96	0.44	0.24	0.62	4.38
Altman Z-Score	0.00	2.95	5.52	3.63	1.53	2.14	4.00	4.38	3.72	2.90
Noncontrolling Interest Sharing Ratio	0.00%	9.76%	29.78%	35.11%	18.46%	6.95%	0.71%	0.07%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.60	2.10	1.83	1.59	1.11	1.47	1.49	1.27	1.22
Quick Ratio	0.00	1.25	1.60	1.37	1.08	0.75	0.97	0.98	0.84	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-441	132	66	-696	-113	158	335	150	-104
Operating Cash Flow to CapEx	-42.25%	62.93%	137.48%	134.35%	85.20%	78.13%	123.85%	176.02%	132.26%	106.80%
Free Cash Flow to Firm to Interest Expense	0.00	-34.73	7.53	3.77	-47.12	-7.24	6.94	11.36	4.58	-2.59
Operating Cash Flow to Interest Expense	-6.65	15.38	20.04	14.93	5.78	8.68	23.35	34.40	25.37	15.12
Operating Cash Flow Less CapEx to Interest Expense	-22.37	-9.06	5.46	3.82	-1.01	-2.43	4.50	14.86	6.19	0.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.75	2.19	1.66	0.61	1.26	1.80	1.69	1.36	1.17
Accounts Receivable Turnover	0.00	5.76	8.51	7.95	3.41	6.85	8.35	8.09	7.66	7.00
Inventory Turnover	0.00	20.66	28.19	21.82	8.29	17.77	18.04	15.94	15.64	16.18
Fixed Asset Turnover	0.00	3.01	3.84	3.11	1.09	2.13	3.24	3.16	2.44	2.03
Accounts Payable Turnover	0.00	16.66	21.48	16.18	5.52	9.33	10.23	10.79	10.53	9.41
Days Sales Outstanding (DSO)	0.00	63.40	42.91	45.93	107.12	53.29	43.70	45.11	47.68	52.17
Days Inventory Outstanding (DIO)	0.00	17.67	12.95	16.73	44.06	20.53	20.23	22.90	23.34	22.56
Days Payable Outstanding (DPO)	0.00	21.91	16.99	22.56	66.14	39.11	35.68	33.81	34.66	38.79
Cash Conversion Cycle (CCC)	0.00	59.16	38.87	40.09	85.03	34.71	28.25	34.20	36.36	35.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	622	754	775	1,347	1,333	1,672	1,913	2,068	2,227
Invested Capital Turnover	0.00	4.79	3.13	2.60	0.91	1.84	2.76	2.65	2.17	1.87
Increase / (Decrease) in Invested Capital	0.00	622	132	21	572	-14	339	241	155	159
Enterprise Value (EV)	0.00	439	1,734	1,433	1,334	1,828	3,019	3,087	3,340	3,130
Market Capitalization	216	216	1,423	1,213	1,138	1,708	2,842	3,015	3,250	2,990
Book Value per Share	$0.00	$30.85	$3.76	$4.93	$10.19	$6.73	$8.19	$10.92	$12.11	$12.84
Tangible Book Value per Share	$0.00	$30.85	$3.76	$4.93	$10.19	$6.73	$8.19	$10.92	$12.11	$12.84
Total Capital	0.00	632	847	888	1,416	1,353	1,716	1,981	2,169	2,325
Total Debt	0.00	196	107	106	106	122	218	140	191	247
Total Long-Term Debt	0.00	196	106	106	105	121	217	140	191	242
Net Debt	0.00	180	3.21	-6.55	37	102	175	72	89	140
Capital Expenditures (CapEx)	96	310	255	194	100	173	428	576	627	571
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	115	139	110	142	42	265	278	162	135
Debt-free Net Working Capital (DFNWC)	0.00	132	242	223	211	62	308	315	182	163
Net Working Capital (NWC)	0.00	132	241	222	211	61	307	315	182	158
Net Nonoperating Expense (NNE)	22	13	15	12	37	60	97	19	-11	-93
Net Nonoperating Obligations (NNO)	0.00	187	13	-6.55	37	102	175	72	89	148
Total Depreciation and Amortization (D&A)	42	84	129	168	180	263	323	422	505	500
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	7.73%	6.43%	5.54%	14.74%	1.71%	6.38%	5.86%	3.75%	3.37%
Debt-free Net Working Capital to Revenue	0.00%	8.83%	11.22%	11.20%	21.88%	2.51%	7.43%	6.63%	4.22%	4.06%
Net Working Capital to Revenue	0.00%	8.83%	11.21%	11.18%	21.85%	2.47%	7.40%	6.63%	4.22%	3.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.84	$0.54	($1.36)	($1.03)	$2.17	$3.24	$1.91	$0.91
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	68.84M	72.33M	85.24M	174.02M	184.33M	171.85M	165.03M	161.93M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.81	$0.53	($1.36)	($1.03)	$2.11	$3.15	$1.87	$0.89
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	117.84M	105.26M	85.24M	174.02M	189.35M	176.36M	169.40M	165.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	112.31M	194.48M	179.54M	186.09M	176.11M	166.68M	161.92M	162.05M
Normalized Net Operating Profit after Tax (NOPAT)	-40	127	260	89	-124	-126	344	571	301	68
Normalized NOPAT Margin	-10.67%	8.52%	12.07%	4.49%	-12.86%	-5.11%	8.29%	12.02%	6.98%	1.69%
Pre Tax Income Margin	-16.16%	11.31%	13.43%	4.47%	-19.83%	-7.20%	9.63%	15.48%	9.35%	4.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.89	14.28	17.49	5.92	-11.99	-10.39	18.59	25.85	13.32	1.81
NOPAT to Interest Expense	-6.22	14.28	15.05	4.99	-8.39	-8.13	21.87	19.53	9.34	1.37
EBIT Less CapEx to Interest Expense	-24.61	-10.16	2.91	-5.19	-18.78	-21.51	-0.26	6.31	-5.86	-12.35
NOPAT Less CapEx to Interest Expense	-21.95	-10.16	0.47	-6.13	-15.18	-19.24	3.02	-0.02	-9.85	-12.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	4.65%	30.09%	-7.94%	0.64%	2.06%	6.77%	15.29%	36.84%
Augmented Payout Ratio	0.00%	39.72%	40.44%	56.69%	-8.96%	-0.07%	33.39%	43.31%	56.19%	53.67%

This table displays calculated financial ratios and metrics derived from Liberty Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	161,966,952.00	162,051,526.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	161,966,952.00	162,051,526.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.08	0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.33%	-12.29%	-14.97%	-2.94%	-6.36%	-12.22%	-8.91%	-10.12%	-16.79%	10.09%	4.47%
EBITDA Growth	32.62%	-1.65%	-25.32%	-11.05%	-26.50%	-35.13%	-38.85%	-37.02%	-48.41%	-10.80%	-6.56%
EBIT Growth	33.19%	-21.69%	-48.72%	-27.82%	-49.06%	-79.86%	-84.26%	-73.70%	-102.25%	-20.23%	22.60%
NOPAT Growth	-14.55%	-53.07%	-48.28%	-30.79%	-46.31%	-76.74%	-84.99%	-74.59%	-102.29%	-28.74%	20.48%
Net Income Growth	0.91%	-39.69%	-49.68%	-28.98%	-50.34%	-43.83%	-75.44%	-34.50%	-41.66%	-73.62%	12.17%
EPS Growth	8.97%	-34.57%	-46.67%	-26.44%	-48.24%	-41.51%	-75.00%	-32.81%	-40.91%	-74.19%	16.67%
Operating Cash Flow Growth	75.47%	23.97%	-21.84%	3.22%	-11.24%	-39.85%	20.53%	-31.27%	-78.95%	10.23%	-95.63%
Free Cash Flow Firm Growth	-8.73%	-7.56%	18.93%	109.99%	115.04%	8.23%	68.26%	-298.97%	-523.84%	-8.28%	-557.34%
Invested Capital Growth	21.25%	14.41%	13.91%	4.46%	2.69%	8.12%	3.16%	3.62%	5.98%	7.71%	16.74%
Revenue Q/Q Growth	1.75%	-11.59%	-0.17%	8.08%	-1.84%	-17.13%	3.59%	6.66%	-9.12%	9.64%	-1.69%
EBITDA Q/Q Growth	2.63%	-22.93%	-1.47%	14.13%	-15.20%	-31.98%	-7.11%	14.07%	-27.56%	16.23%	-2.70%
EBIT Q/Q Growth	-0.61%	-39.70%	-6.72%	29.11%	-29.85%	-76.16%	-27.09%	104.01%	-106.53%	921.91%	12.05%
NOPAT Q/Q Growth	-2.49%	-37.59%	-9.05%	25.05%	-24.36%	-72.96%	-41.33%	111.36%	-106.84%	941.59%	-0.98%
Net Income Q/Q Growth	-2.66%	-37.83%	-11.36%	32.40%	-31.93%	-29.69%	-61.25%	253.12%	-39.37%	-68.20%	64.78%
EPS Q/Q Growth	-2.30%	-37.65%	-9.43%	33.33%	-31.25%	-29.55%	-61.29%	258.33%	-39.53%	-69.23%	75.00%
Operating Cash Flow Q/Q Growth	14.56%	7.00%	-45.92%	55.71%	-1.49%	-27.49%	8.36%	-11.21%	-69.84%	279.81%	-95.70%
Free Cash Flow Firm Q/Q Growth	15.63%	25.33%	-2.47%	114.35%	27.02%	-555.65%	61.78%	10.84%	-172.97%	-15.86%	-133.10%
Invested Capital Q/Q Growth	2.83%	-3.63%	5.32%	-0.51%	1.09%	1.48%	1.08%	-0.06%	3.39%	3.10%	9.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.07%	27.69%	27.07%	27.94%	26.20%	21.39%	22.08%	22.10%	18.75%	20.61%	17.37%
EBITDA Margin	25.84%	22.53%	22.24%	23.48%	20.28%	16.65%	14.93%	15.97%	12.73%	13.49%	13.35%
Operating Margin	16.88%	11.51%	10.76%	12.23%	9.42%	2.64%	1.86%	3.56%	-0.26%	1.91%	2.18%
EBIT Margin	16.88%	11.51%	10.76%	12.85%	9.18%	2.64%	1.86%	3.56%	-0.26%	1.91%	2.18%
Profit (Net Income) Margin	12.22%	8.59%	7.63%	9.35%	6.48%	5.50%	2.06%	6.81%	4.54%	1.32%	2.21%
Tax Burden Percent	74.88%	77.50%	75.57%	76.91%	76.91%	89.52%	72.04%	74.63%	78.24%	80.11%	70.80%
Interest Burden Percent	96.70%	96.33%	93.88%	94.59%	91.78%	232.58%	153.63%	256.66%	-2,274.99%	85.95%	143.02%
Effective Tax Rate	25.12%	22.50%	24.43%	23.09%	23.09%	10.48%	27.96%	25.37%	21.76%	19.89%	29.20%
Return on Invested Capital (ROIC)	34.19%	23.63%	19.47%	21.56%	16.02%	5.13%	2.75%	5.30%	-0.37%	2.86%	2.76%
ROIC Less NNEP Spread (ROIC-NNEP)	31.81%	20.77%	16.25%	21.17%	9.47%	41.86%	8.17%	70.06%	55.90%	0.97%	4.99%
Return on Net Nonoperating Assets (RNNOA)	4.24%	1.53%	1.55%	1.97%	0.67%	1.76%	0.55%	2.36%	2.21%	0.06%	0.77%
Return on Equity (ROE)	38.43%	25.16%	21.02%	23.53%	16.69%	6.89%	3.29%	7.66%	1.84%	2.92%	3.54%
Cash Return on Invested Capital (CROIC)	18.03%	18.69%	12.98%	18.24%	15.98%	7.53%	8.07%	3.60%	-2.88%	-4.85%	-12.89%
Operating Return on Assets (OROA)	29.45%	19.49%	16.74%	18.85%	12.84%	3.60%	2.43%	4.37%	-0.29%	2.24%	2.27%
Return on Assets (ROA)	21.33%	14.55%	11.88%	13.72%	9.06%	7.50%	2.69%	8.36%	5.25%	1.54%	2.29%
Return on Common Equity (ROCE)	38.40%	25.15%	21.02%	23.53%	16.69%	6.89%	3.29%	7.66%	1.84%	2.92%	3.54%
Return on Equity Simple (ROE_SIMPLE)	34.51%	0.00%	25.24%	22.27%	18.11%	0.00%	12.88%	10.65%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	154	96	87	109	83	22	13	28	-1.89	16	16
NOPAT Margin	12.64%	8.92%	8.13%	9.40%	7.25%	2.36%	1.34%	2.65%	-0.20%	1.53%	1.54%
Net Nonoperating Expense Percent (NNEP)	2.38%	2.86%	3.22%	0.39%	6.55%	-36.74%	-5.43%	-64.76%	-56.27%	1.89%	-2.23%
Return On Investment Capital (ROIC_SIMPLE)	-	4.84%	-	-	-	1.03%	0.60%	1.26%	-0.08%	0.68%	0.49%
Cost of Revenue to Revenue	69.93%	72.31%	72.93%	72.06%	73.80%	78.61%	77.92%	77.90%	81.25%	79.39%	82.63%
SG&A Expenses to Revenue	4.53%	5.14%	4.94%	4.97%	5.15%	5.95%	6.73%	5.60%	6.15%	6.26%	5.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.19%	16.18%	16.31%	15.71%	16.78%	18.75%	20.22%	18.55%	19.01%	18.70%	15.19%
Earnings before Interest and Taxes (EBIT)	205	124	115	149	105	25	18	37	-2.42	20	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	314	242	239	272	231	157	146	166	121	140	136
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.74	1.64	1.85	1.80	1.60	1.64	1.30	0.91	0.97	1.44	2.40
Price to Tangible Book Value (P/TBV)	1.74	1.64	1.85	1.80	1.60	1.64	1.30	0.91	0.97	1.44	2.40
Price to Revenue (P/Rev)	0.64	0.64	0.76	0.77	0.71	0.75	0.61	0.45	0.51	0.75	1.15
Price to Earnings (P/E)	5.05	5.42	7.32	8.07	8.85	10.29	10.08	8.57	10.74	20.22	31.05
Dividend Yield	1.09%	1.23%	1.16%	1.24%	1.47%	1.46%	1.90%	2.70%	2.59%	1.79%	1.18%
Earnings Yield	19.81%	18.45%	13.65%	12.39%	11.30%	9.72%	9.92%	11.66%	9.31%	4.95%	3.22%
Enterprise Value to Invested Capital (EV/IC)	1.67	1.61	1.79	1.77	1.58	1.61	1.28	0.92	0.97	1.41	2.11
Enterprise Value to Revenue (EV/Rev)	0.68	0.65	0.80	0.79	0.72	0.77	0.63	0.47	0.53	0.78	1.27
Enterprise Value to EBITDA (EV/EBITDA)	2.70	2.61	3.29	3.36	3.29	3.55	3.33	2.72	3.54	5.46	9.16
Enterprise Value to EBIT (EV/EBIT)	3.96	4.05	5.57	6.07	6.60	7.67	9.14	10.21	26.87	42.96	67.17
Enterprise Value to NOPAT (EV/NOPAT)	4.91	5.36	7.33	7.98	8.60	10.94	11.60	13.03	34.06	56.83	88.98
Enterprise Value to Operating Cash Flow (EV/OCF)	3.46	3.04	3.74	3.64	3.40	4.03	3.10	2.44	3.53	5.13	12.11
Enterprise Value to Free Cash Flow (EV/FCFF)	10.14	9.21	14.68	9.90	10.02	22.29	16.07	25.92	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.08	0.09	0.08	0.06	0.10	0.11	0.08	0.12	0.12	0.66
Long-Term Debt to Equity	0.12	0.08	0.09	0.08	0.06	0.10	0.11	0.08	0.12	0.12	0.65
Financial Leverage	0.13	0.07	0.10	0.09	0.07	0.04	0.07	0.03	0.04	0.06	0.16
Leverage Ratio	1.76	1.68	1.69	1.71	1.69	1.66	1.67	1.68	1.68	1.69	1.99
Compound Leverage Factor	1.70	1.62	1.58	1.62	1.55	3.85	2.57	4.32	-38.17	1.45	2.84
Debt to Total Capital	11.09%	7.07%	8.10%	7.05%	5.88%	8.78%	9.61%	7.29%	10.89%	10.60%	39.62%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.22%
Long-Term Debt to Total Capital	11.09%	7.07%	8.10%	7.05%	5.88%	8.78%	9.61%	7.29%	10.89%	10.39%	39.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	88.91%	92.93%	91.90%	92.95%	94.12%	91.22%	90.39%	92.71%	89.11%	89.40%	60.38%
Debt to EBITDA	0.18	0.12	0.15	0.14	0.13	0.20	0.26	0.23	0.43	0.43	2.27
Net Debt to EBITDA	0.16	0.06	0.13	0.08	0.07	0.10	0.13	0.08	0.15	0.24	0.87
Long-Term Debt to EBITDA	0.18	0.12	0.15	0.14	0.13	0.20	0.26	0.23	0.43	0.42	2.26
Debt to NOPAT	0.33	0.24	0.34	0.33	0.33	0.62	0.91	1.09	4.12	4.48	22.05
Net Debt to NOPAT	0.29	0.12	0.29	0.18	0.17	0.29	0.46	0.37	1.48	2.54	8.49
Long-Term Debt to NOPAT	0.33	0.24	0.34	0.33	0.33	0.62	0.91	1.09	4.12	4.38	21.93
Altman Z-Score	3.65	3.69	3.81	3.64	3.40	3.31	2.87	2.51	2.47	2.85	2.65
Noncontrolling Interest Sharing Ratio	0.08%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.49	1.48	1.35	1.23	1.27	1.20	1.16	1.32	1.22	2.21
Quick Ratio	0.95	0.98	1.02	0.95	0.83	0.84	0.79	0.79	0.87	0.88	1.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-194	-145	-160	23	29	-133	-51	-45	-124	-143	-334
Operating Cash Flow to CapEx	170.69%	220.60%	112.26%	185.11%	150.15%	94.23%	158.94%	127.26%	45.52%	96.35%	6.30%
Free Cash Flow to Firm to Interest Expense	-26.58	-20.43	-21.25	2.85	3.40	-15.66	-5.33	-4.46	-11.35	-14.79	-43.24
Operating Cash Flow to Interest Expense	37.70	41.53	21.14	30.78	28.47	20.86	20.13	16.79	4.72	20.15	1.09
Operating Cash Flow Less CapEx to Interest Expense	15.61	22.70	2.31	14.15	9.51	-1.28	7.47	3.60	-5.65	-0.76	-16.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.75	1.69	1.56	1.47	1.40	1.36	1.31	1.23	1.15	1.17	1.04
Accounts Receivable Turnover	6.90	8.09	6.60	6.49	6.70	7.66	7.07	6.39	6.67	7.00	6.36
Inventory Turnover	17.43	15.94	15.95	15.93	15.81	15.64	15.40	15.48	16.15	16.18	16.75
Fixed Asset Turnover	3.37	3.16	2.92	2.74	2.58	2.44	2.33	2.23	2.08	2.03	1.99
Accounts Payable Turnover	9.40	10.79	8.91	9.05	9.17	10.53	9.28	8.38	8.85	9.41	8.71
Days Sales Outstanding (DSO)	52.89	45.11	55.32	56.27	54.44	47.68	51.62	57.08	54.69	52.17	57.40
Days Inventory Outstanding (DIO)	20.94	22.90	22.88	22.91	23.08	23.34	23.70	23.58	22.60	22.56	21.79
Days Payable Outstanding (DPO)	38.84	33.81	40.99	40.31	39.80	34.66	39.33	43.53	41.25	38.79	41.93
Cash Conversion Cycle (CCC)	34.99	34.20	37.21	38.87	37.73	36.36	36.00	37.12	36.03	35.94	37.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,985	1,913	2,027	2,016	2,038	2,068	2,091	2,089	2,160	2,227	2,441
Invested Capital Turnover	2.70	2.65	2.40	2.29	2.21	2.17	2.05	2.00	1.86	1.87	1.79
Increase / (Decrease) in Invested Capital	348	241	247	86	53	155	64	73	122	159	350
Enterprise Value (EV)	3,310	3,087	3,625	3,561	3,221	3,340	2,670	1,914	2,089	3,130	5,159
Market Capitalization	3,113	3,015	3,483	3,481	3,156	3,250	2,563	1,859	1,999	2,990	4,667
Book Value per Share	$10.50	$10.92	$11.33	$11.62	$11.91	$12.11	$12.19	$12.57	$12.78	$12.84	$12.02
Tangible Book Value per Share	$10.50	$10.92	$11.33	$11.62	$11.91	$12.11	$12.19	$12.57	$12.78	$12.84	$12.02
Total Capital	2,012	1,981	2,050	2,084	2,092	2,169	2,184	2,195	2,323	2,325	3,227
Total Debt	223	140	166	147	123	191	210	160	253	247	1,278
Total Long-Term Debt	223	140	166	147	123	191	210	160	253	242	1,271
Net Debt	196	72	142	79	65	89	107	54	91	140	492
Capital Expenditures (CapEx)	161	134	142	134	163	188	121	134	113	203	133
Debt-free, Cash-free Net Working Capital (DFCFNWC)	247	278	292	228	151	162	118	108	204	135	229
Debt-free Net Working Capital (DFNWC)	274	315	316	258	174	182	142	128	217	163	928
Net Working Capital (NWC)	274	315	316	258	174	182	142	128	217	158	921
Net Nonoperating Expense (NNE)	5.07	3.52	5.34	0.66	8.70	-30	-7.02	-43	-45	2.24	-6.79
Net Nonoperating Obligations (NNO)	196	72	142	79	69	89	117	54	90	148	492
Total Depreciation and Amortization (D&A)	109	118	123	123	126	132	128	129	123	120	114
Debt-free, Cash-free Net Working Capital to Revenue	5.05%	5.86%	6.40%	5.05%	3.39%	3.75%	2.79%	2.64%	5.21%	3.37%	5.65%
Debt-free Net Working Capital to Revenue	5.59%	6.63%	6.92%	5.71%	3.91%	4.22%	3.36%	3.12%	5.55%	4.06%	22.91%
Net Working Capital to Revenue	5.59%	6.63%	6.92%	5.71%	3.91%	4.22%	3.36%	3.12%	5.55%	3.93%	22.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.88	$0.56	$0.49	$0.65	$0.45	$0.32	$0.12	$0.44	$0.27	$0.08	$0.14
Adjusted Weighted Average Basic Shares Outstanding	169.78M	171.85M	166.33M	166.21M	164.74M	165.03M	161.94M	161.87M	161.96M	161.93M	162.05M
Adjusted Diluted Earnings per Share	$0.85	$0.53	$0.48	$0.64	$0.44	$0.31	$0.12	$0.43	$0.26	$0.08	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	173.98M	176.36M	171.44M	169.67M	168.60M	169.40M	165.78M	164.24M	165.07M	165.37M	166.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	168.61M	166.68M	166.65M	165.33M	163.42M	161.92M	161.95M	161.96M	161.97M	162.05M	163.19M
Normalized Net Operating Profit after Tax (NOPAT)	151	96	86	110	87	12	16	32	-2.84	23	2.67
Normalized NOPAT Margin	12.40%	8.92%	8.05%	9.49%	7.65%	1.28%	1.59%	3.06%	-0.30%	2.22%	0.26%
Pre Tax Income Margin	16.32%	11.09%	10.10%	12.15%	8.43%	6.14%	2.86%	9.13%	5.81%	1.65%	3.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	28.09	17.44	15.31	18.48	12.17	2.93	1.90	3.65	-0.22	2.05	2.88
NOPAT to Interest Expense	21.03	13.51	11.57	13.53	9.61	2.63	1.37	2.72	-0.17	1.64	2.04
EBIT Less CapEx to Interest Expense	6.00	-1.39	-3.52	1.85	-6.79	-19.21	-10.76	-9.54	-10.59	-18.86	-14.38
NOPAT Less CapEx to Interest Expense	-1.05	-5.31	-7.26	-3.10	-9.35	-19.51	-11.29	-10.47	-10.54	-19.27	-15.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.68%	6.77%	8.53%	10.20%	13.18%	15.29%	19.61%	23.70%	28.43%	36.84%	37.19%
Augmented Payout Ratio	41.16%	43.31%	41.88%	39.90%	51.94%	56.19%	68.01%	67.23%	58.01%	53.67%	37.81%

Financials Breakdown Chart

Key Financial Trends

Liberty Energy (LBRT) has shown a mix of improving profitability and ongoing capital investment in 2025. Below is a concise, bulleted view of trends drawn from the last four quarters and the recent four-year quarterly history, focused on what may matter most to retail investors.

Revenue has regained momentum in 2025, with quarterly operating revenue around $1.04B (Q2 2025: $1,042,521,000; Q4 2025: $1,038,737,000), up from about $0.94B in Q4 2024.
Net income attributable to common shareholders has been positive in multiple 2025 quarters, highlighted by a peak of about $71.0M in Q2 2025 and still positive in subsequent quarters (Q3 2025: $43.1M; Q4 2025: $13.7M; Q1 2025: $20.1M).
Operating cash flow remained robust in 2025, with net cash from continuing operating activities at $192.1M (Q1 2025), $170.6M (Q2 2025), $51.5M (Q3 2025), and $195.4M (Q4 2025).
The balance sheet shows a solid equity base and reasonable leverage, with total assets around $3.5B and total equity about $2.07B in mid‑2025 (e.g., Q3 2025: Total Assets $3.50B, Total Equity $2.07B; Total Current Liabilities $677.2M; Current Assets $894.4M).

Debt financing activity in 2025 provided liquidity for capex and growth, including large debt issuances (Q3 2025: $655.0M; Q2 2025: $316.68M; Q4 2025: $316.68M) that helped fund investments, though some debt was also repaid in the period (Q3 2025: -$566.66M; Q1 2025: -$473.50M).
Capex remains a meaningful use of cash, with quarterly purchases of property, plant & equipment around $120–$205M (Q4 2025: $205.39M; Q3 2025: $118.67M; Q2 2025: $137.51M; Q1 2025: $133.93M), indicating ongoing investment in assets.
Gross margins in 2025 have been generally in the low- to mid‑20% range, though there was a quarterly dip (Q3 2025 gross margin about 18.7%; other quarters around 20–22%), suggesting some cyclical pressure on profitability.

Net income shows notable volatility across quarters in 2025, with positives in several periods but a relatively modest $13.69M in Q4 2025 compared with higher levels earlier in the year (Q2 2025: $71.0M; Q3 2025: $43.1M; Q1 2025: $20.1M).
Large debt repayments in multiple quarters (Q1 2025: -$473.5M; Q3 2025: -$566.7M; Q4 2025: -$324.0M) reduce near-term liquidity despite debt issuances, signaling significant near-term debt service obligations.
Free cash flow has been mixed, turning negative in some high‑capex quarters (e.g., Q3 2025 FCF around -$67M; Q4 2025 FCF around -$10M) even as operating cash flow remains strong in others. This can complicate income statement-to-cash flow alignment for investors.

05/14/26 08:24 PM ETAI Generated. May Contain Errors.

Liberty Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Liberty Energy's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Liberty Energy's net income appears to be on an upward trend, with a most recent value of $147.87 million in 2025, falling from -$60.56 million in 2016. The previous period was $316.01 million in 2024. See Liberty Energy's forecast for analyst expectations on what's next for the company.

Liberty Energy's total operating income in 2025 was $72.71 million, based on the following breakdown:

Total Gross Profit: $838.01 million
Total Operating Expenses: $765.30 million

Over the last 9 years, Liberty Energy's total revenue changed from $374.77 million in 2016 to $4.01 billion in 2025, a change of 968.9%.

Liberty Energy's total liabilities were at $1.48 billion at the end of 2025, a 12.3% increase from 2024, and a 254.9% increase since 2017.

In the past 8 years, Liberty Energy's cash and equivalents has ranged from $16.32 million in 2017 to $112.69 million in 2019, and is currently $27.55 million as of their latest financial filing in 2025.

Over the last 9 years, Liberty Energy's book value per share changed from 0.00 in 2016 to 12.84 in 2025, a change of 1,283.5%.

Related Companies

Financial statements for NYSE:LBRT last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Liberty Energy (LBRT) Financials

Financials Breakdown Chart

Key Financial Trends

Liberty Energy Financials - Frequently Asked Questions

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Liberty Energy (LBRT) Financials

Annual Income Statements for Liberty Energy

Quarterly Income Statements for Liberty Energy

Annual Cash Flow Statements for Liberty Energy

Quarterly Cash Flow Statements for Liberty Energy

Annual Balance Sheets for Liberty Energy

Quarterly Balance Sheets for Liberty Energy

Annual Metrics And Ratios for Liberty Energy

Quarterly Metrics And Ratios for Liberty Energy

Financials Breakdown Chart

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Liberty Energy Financials - Frequently Asked Questions

When does Liberty Energy's fiscal year end?

How has Liberty Energy's net income changed over the last 9 years?

What is Liberty Energy's operating income?

How has Liberty Energy's revenue changed over the last 9 years?

How much debt does Liberty Energy have?

How much cash does Liberty Energy have?

How has Liberty Energy's book value per share changed over the last 9 years?

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