$LBRT

Liberty Energy Inc.

CIK:0001694028|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 1,188,596	$ 1,042,521	$ 2,209,780	$ 2,019,982
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	980,255	812,107	1,824,072	1,573,723
General and administrative	67,169	58,344	126,712	124,119
Transaction and other costs	7,691	0	7,691	811
Depreciation, depletion, and amortization	114,213	129,366	228,272	257,108
(Gain) loss on disposal of assets, net	6,552	5,631	(11,961)	8,976
Total operating costs and expenses	1,175,880	1,005,448	2,174,786	1,964,737
Operating income	12,716	37,073	34,994	55,245
Other (income) expense:
Gain on investments, net	(42,913)	(68,242)	(60,229)	(87,530)
Interest expense, net	3,354	10,162	11,085	19,705
Total other income, net	(39,559)	(58,080)	(49,144)	(67,825)
Net income before income taxes	52,275	95,153	84,138	123,070
Income tax expense	9,154	24,137	18,459	31,943
Net income	$ 43,121	$ 71,016	$ 65,679	$ 91,127
Net income per common share:
Basic (in dollars per share)	$ 0.26	$ 0.44	$ 0.40	$ 0.56
Diluted (in dollars per share)	$ 0.26	$ 0.43	$ 0.40	$ 0.55
Weighted average common shares outstanding:
Basic (in shares)	163,016	161,865	162,534	161,901
Diluted (in shares)	167,663	164,243	165,802	165,041
Nonrelated Party
Revenue:
Total revenue	$ 1,188,596	$ 1,042,521	$ 2,209,780	$ 2,014,135
Related Party
Revenue:
Total revenue	$ 0	$ 0	$ 0	$ 5,847

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 65,679	$ 91,127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	228,272	257,108
(Gain) loss on disposal of assets, net	(11,961)	8,976
Stock-based compensation expense	17,999	26,181
Deferred income tax expense	17,558	0
Gain on investments, net	(60,229)	(87,530)
Cash return on equity method investment	1,566	2,234
Other non-cash items, net	2,795	3,869
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(165,420)	(69,395)
Accounts receivable and unbilled revenue—related party	0	4,234
Inventories	2,526	1,033
Prepaid and other assets	2,488	(26,678)
Accounts payable and accrued liabilities	40,801	153,122
Accounts payable and accrued liabilities—related party	0	(582)
Initial payment of operating lease liability	(632)	(992)
Net cash provided by operating activities	141,442	362,707
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(380,861)	(271,441)
Investment in equity securities	(9,696)	0
Acquisition of IMG Energy Solutions, net of cash received	0	(15,208)
Sales of equity securities	0	80,839
Proceeds from sale of assets	25,951	16,517
Net cash used in investing activities	(364,606)	(189,293)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	1,295,000	0
Purchase of capped calls related to convertible senior notes	(186,515)	0
Proceeds from borrowings on line-of-credit	106,000	695,000
Repayments of borrowings on line-of-credit	(336,000)	(725,500)
Borrowings on long-term debt	19,037	0
Repayments of long-term debt	(3,460)	0
Payments of debt issuance costs	(36,825)	0
Payments on finance lease obligations	(48,335)	(34,165)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(30,319)	(26,944)
Payments of payables pursuant to tax receivable agreements	(7,888)	(40,757)
Share repurchases	0	(24,882)
Tax withholding on restricted stock units	(18,648)	(16,835)
Net cash provided by (used in) financing activities	752,047	(174,083)
Net increase in cash and cash equivalents before translation effect	528,883	(669)
Translation effect on cash	(1,078)	248
Cash and cash equivalents—beginning of period	27,554	19,984
Cash and cash equivalents—end of period	555,359	19,563
Supplemental disclosure of cash flow information:
Net (refund received) cash paid for income taxes	(2,936)	20,573
Cash paid for interest	14,414	19,845
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$ 101,486	$ 90,364

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 555,359	$ 27,554
Accounts receivable—trade, net of allowances for credit losses of $886 and $886, respectively	515,688	351,717
Unbilled revenue	253,779	253,653
Inventories	185,368	188,125
Prepaid and other current assets	56,482	56,921
Total current assets	1,566,676	877,970
Property and equipment, net	2,263,112	2,054,185
Finance lease right-of-use assets	319,913	342,469
Operating lease right-of-use assets	57,584	64,983
Investments	191,330	123,888
Other assets	89,481	94,810
Total assets	4,488,096	3,558,305
Current liabilities:
Accounts payable including amounts due to related parties of $— and $—, respectively	417,263	358,623
Accrued liabilities	256,914	232,147
Current portion of payable pursuant to tax receivable agreements	0	7,888
Current portion of long-term debt	11,906	5,097
Current portion of finance lease liabilities	83,046	94,202
Current portion of operating lease liabilities	19,613	22,396
Total current liabilities	788,742	720,353
Long-term debt, net of current portion and deferred financing costs of $35,410 and $73, respectively	1,279,941	241,510
Deferred tax liability	170,194	195,602
Payable pursuant to tax receivable agreements	66,870	66,870
Noncurrent portion of finance lease liabilities	181,168	213,296
Noncurrent portion of operating lease liabilities	37,427	41,785
Total liabilities	2,524,342	1,479,416
Commitments & contingencies (Note 14)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0
Common Stock:
Additional paid in capital	832,973	978,384
Retained earnings	1,148,516	1,112,747
Accumulated other comprehensive loss	(19,367)	(13,862)
Total stockholders’ equity	1,963,754	2,078,889
Total liabilities and equity	4,488,096	3,558,305
Class A, $0.01 par value, 400,000,000 shares authorized and 163,191,416 issued and outstanding as of June 30, 2026 and 161,979,222 issued and outstanding as of December 31, 2025
Common Stock:
Common stock	1,632	1,620
Class B, $0.01 par value, 400,000,000 shares authorized and none issued and outstanding
Common Stock:
Common stock	$ 0	$ 0