Liberty Energy Inc.

Listed Company

LBRTCIK 0001694028NYSELarge AcceleratedOil & Gas Field Services, NecFY ends Dec 31

Period

FY 2025

Revenue

$4.01B

Net Income

$147.87M

Total Assets

$3.56B

Equity

$2.08B

Shares Out

—

Op. Cash Flow

$609.60M

Business

Liberty Energy Inc. is an integrated energy services and technology company providing hydraulic fracturing and related completion services to onshore oil and natural gas exploration and production companies. It offers hydraulic fracturing fleets and crew services, wireline operations, proppant supply and last-mile delivery solutions, field gas processing, CNG delivery, data analytics, proprietary technologies, and related goods including sand from company-owned mines. Operations are organized into a single business segment comprising fracturing services, wireline, proppant delivery and goods, and natural gas compression and delivery (including Liberty Power Innovations). The company primarily serves North American shale basins (Permian, Williston, Haynesville, Eagle Ford, DJ, Western Canada, Powder River, Appalachian and other smaller basins) through local sales representatives, direct operational contracts with E&P customers, and hosted software services like PropConnect.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	4,006	4,315	4,748	4,149	2,471
Costs of services (exclusive of depreciation, depletion, and amortization shown separately below)	3,168	3,201	3,349	3,149	2,250
General and administrative	247	225	221	180	123
Transaction and other costs	840,000	0	2	6	—
Depreciation, depletion, and amortization	500	505	422	323	263
Loss (gain) on disposal of assets, net	17	−5	−7	−5	779,000
Total operating costs and expenses	3,933	3,926	3,987	3,653	2,652
Operating income	73	389	761	496	−181
(Gain) loss on remeasurement of liability under tax receivable agreements	−147,000	3	−2	76	−19
Gain on investments, net	−163	−49	0	−3	0
Interest incomerelated party	0	−478,000	−2	0	0
Interest expense, net	40	33	29	23	—
Total other (income) expense, net	−122	−14	26	96	—
Net income before income taxes	195	403	735	400	−178
Income tax expense	47	87	178	−793,000	9
Net income	148	316	556	400	−187
Less: Net income attributable to non-controlling interests	0	0	91,000	700,000	−8
Net income attributable to Liberty Energy Inc. stockholders	148	316	556	400	−179
Basic (in dollars per share)	0.91	1.91	3.24	2.17	−1.03
Diluted (in dollars per share)	0.89	1.87	3.15	2.11	−1.03
Basic (in shares)	162	165	172	184	174
Diluted (in shares)	165	169	176	189	174

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	28	20	37	44	20
Unbilled revenue	254	185	189	176	109
Inventories	188	203	206	214	135
Prepaid and other current assets	57	85	124	113	68
Total current assets	878	849	954	957	630
Property and equipment, net	2,054	1,891	1,645	1,362	1,199
Finance lease right-of-use assets	342	283	182	42	18
Operating lease right-of-use assets	65	73	93	97	110
Other assets	148	119	—	105	82
Total assets	3,558	3,296	3,034	2,576	2,041
Accounts payable (including amounts due to related parties of $0 and $582, respectively)	359	314	294	327	289
Accrued liabilities	232	207	261	281	235
Income taxes payable	0	10	12	2	—
Current portion of payable pursuant to tax receivable agreements	8	41	5	4	5
Current portion of long-term debt	5	0	0	1	1
Current portion of finance lease liabilities	94	67	40	11	9
Current portion of operating lease liabilities	22	29	28	27	31
Total current liabilities	720	667	639	649	569
Long-term debt, net of current portion and deferred financing costs of $73 and $0, respectively	242	191	140	217	121
Deferred tax liability	196	138	102	1	563,000
Payable pursuant to tax receivable agreements	67	75	112	119	38
Noncurrent portion of finance lease liabilities	213	204	134	22	4
Noncurrent portion of operating lease liabilities	42	44	64	69	77
Total liabilities	1,479	1,318	1,192	1,079	810
Commitments & contingencies (Note 15)	—	—	—	—	—
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0	0	0	0
Additional paid in capital	978	977	1,093	1,266	1,368
Retained earnings	1,113	1,020	752	235	−156
Accumulated other comprehensive loss	−14	−20	−6	−7	−306,000
Total stockholders equity	2,079	1,979	1,841	1,497	1,230
Total liabilities and equity	3,558	3,296	3,034	2,576	2,041

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion, and amortization	500	505	422	323	263
Stock-based compensation expense	42	32	33	23	20
Deferred income tax expense	55	34	120	−12	5
Cash return on equity method investment	5	4	0	0	—
(Gain) loss on remeasurement of liability under tax receivable agreements	−147,000	3	−2	76	−19
Other non-cash items, net	5	178,000	7	8	7
Accounts receivable and unbilled revenue	−70	18	20	−167	−90
Accounts receivable and unbilled revenuerelated party	4	41	−20	−26	0
Inventories	12	66,000	−114,000	−85	−25
Prepaid and other assets	−42	−28	−66	−56	−31
Accounts payable and accrued liabilities	98	−41	−45	57	164
Accounts payable and accrued liabilitiesrelated party	−582,000	582,000	0	−2	4
Initial payment of operating lease liability	−2	−1	−3	−3	−565,000
Net cash provided by operating activities	610	829	1,015	530	135
Purchases of property and equipment, construction in-progress, and deposits on equipment	−595	−651	−603	−452	−199
Investment in equity securities	0	−16	−20	−15	0
Acquisition of IMG Energy Solutions (2025) and Siren Energy (2023), net of cash received	−15	0	−76	0	0
Sale of equity securities	151	0	0	−7	−13
Proceeds from sales of assets	25	24	27	24	25
Net cash used in investing activities	−435	−643	−672	−451	−186
Proceeds from borrowings on line-of-credit	1,650	2,238	1,153	713	274
Repayments of borrowings on line-of-credit	−1,611	−2,188	−1,128	−616	−256
Proceeds from borrowings on term loan	17	0	0	—	—
Repayments of borrowings on term loan	0	0	−105	−2	−2
Payments on finance lease obligations	−81	−50	−17	−7	−7
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	−54	−48	−38	−9	−168,000
Share repurchases, including related excise tax	−25	−129	−203	−125	0
Tax withholding on restricted stock units	−17	−20	−10	−10	−4
Payments under TRA liability	−41	−5	0	0	—
Payment of equity issuance costs	0	0	−223,000	−79,000	−1
Payments of debt issuance costs	−6	0	−2	−708,000	−3
Net cash used in financing activities	−168	−203	−349	−56	2
Net increase (decrease) in cash and cash equivalents	7	−16	−7	24	−49
Translation effect on cash	554,000	−356,000	168,000	−260,000	−9,000
Net cash paid for income taxes	11	36	67	11	−9
Cash paid for interest	40	33	27	20	13
Capital expenditures included in accounts payable and accrued liabilities	59	102	99	108	57
Capital expenditures reclassified from prepaid and other current assets	50	58	50	15	0
Capital expenditures reclassified from finance lease right-of-use assets	907,000	7	0	0	—

Filings

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