Net Income per Share

Basic net income per share measures the performance of an entity over the reporting period. Diluted net income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding RSUs and PSUs.

The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding:


(In thousands, except per share data)	Year Ended December 31, 2025		Year Ended December 31, 2024
Basic Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	147,872	$	316,010
Denominator:
Basic weighted average common shares outstanding	161,932		165,026
Basic net income per share attributable to Liberty Energy Inc. stockholders	$	0.91	$	1.91
Diluted Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	147,872	$	316,010
Denominator:
Basic weighted average shares outstanding	161,932		165,026
Effect of dilutive securities:
Restricted stock units	3,433		4,372
Diluted weighted average shares outstanding	165,365		169,398
Diluted net income per share attributable to Liberty Energy Inc. stockholders	$	0.89	$	1.87

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Liberty Energy Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures