LBRT 8-K

Liberty Energy Inc. (LBRT)

8-K 2026-01-29 For: 2026-01-28

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Added on April 08, 2026

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Exhibit No.						Description

99.1						Earnings Press Release dated January 28, 2026


	Three Months Ended					Year Ended
		December 31,		September 30,		December 31,		December 31,
		2025		2025		2024		2025		2024
Statement of Operations Data:		(amounts in thousands, except for per share data)
Revenue		$	1,038,737	$	947,397	$	943,574	$	4,006,116	$	4,315,161
Costs of services, excluding depreciation, depletion, and amortization shown separately		824,625		769,761		741,754		3,168,109		3,200,506
General and administrative (1)		65,033		58,284		56,174		247,436		225,474
Transaction and other costs		29		—		—		840		—
Depreciation, depletion, and amortization		120,243		122,981		132,164		500,332		505,050
Loss (gain) on disposal of assets		8,925		(1,210)		(11,442)		16,691		(5,337)
Total operating expenses		1,018,855		949,816		918,650		3,933,408		3,925,693
Operating income		19,882		(2,419)		24,924		72,708		389,468
(Gain) loss on remeasurement of liability under tax receivable agreements		(147)		—		3,210		(147)		3,210
Gain on investments, net		(6,759)		(68,353)		(44,753)		(162,642)		(49,227)
Interest expense, net		9,699		10,902		8,499		40,306		32,214
Net income before taxes		17,089		55,032		57,968		195,191		403,271
Income tax expense		3,399		11,977		6,075		47,319		87,261
Net income		13,690		43,055		51,893		147,872		316,010
Net income attributable to Liberty Energy Inc. stockholders per common share:
Basic		$	0.08	$	0.27	$	0.32	$	0.91	$	1.91
Diluted		$	0.08	$	0.26	$	0.31	$	0.89	$	1.87
Weighted average common shares outstanding:
Basic		161,967		161,959		162,856		161,932		165,026
Diluted		166,027		165,066		167,163		165,365		169,398

Other Financial and Operational Data
Capital expenditures (2)		$	202,843	$	113,034	$	188,148	$	570,801	$	627,057
Adjusted EBITDA (3)		$	157,519	$	127,679	$	155,740	$	634,146	$	921,593


Liberty Energy Inc.
Condensed Consolidated Balance Sheets
(unaudited, amounts in thousands)
	December 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	27,554	$	19,984
Accounts receivable and unbilled revenue	605,370		539,856
Inventories	188,125		203,469
Prepaids and other current assets	56,921		85,214
Total current assets	877,970		848,523
Property and equipment, net	2,054,185		1,890,998
Operating and finance lease right-of-use assets	407,452		356,435
Investments in equity securities	70,840		81,036
Other assets	147,858		119,402
Total assets	$	3,558,305	$	3,296,394
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	598,658	$	571,305
Current portion of operating and finance lease liabilities	116,598		95,218
Current portion of long-term debt	5,097		—
Total current liabilities	720,353		666,523
Long-term debt, net of discount	241,510		190,500
Long-term operating and finance lease liabilities	255,081		247,888
Deferred tax liability	195,602		137,728
Payable pursuant to tax receivable agreements	66,870		74,886
Total liabilities	1,479,416		1,317,525

Stockholders’ equity:
Common stock	1,620		1,619
Additional paid in capital	978,384		977,484
Retained earnings	1,112,747		1,019,517
Accumulated other comprehensive loss	(13,862)		(19,751)
Total stockholders’ equity	2,078,889		1,978,869
Total liabilities and equity	$	3,558,305	$	3,296,394


Liberty Energy Inc.
Reconciliation and Calculation of Non-GAAP Financial and Operational Measures
(unaudited, amounts in thousands)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2025		2025		2024		2025		2024
Net income	$	13,690	$	43,055	$	51,893	$	147,872	$	316,010
Depreciation, depletion, and amortization	120,243		122,981		132,164		500,332		505,050
Interest expense, net	9,699		10,902		8,499		40,306		32,214
Income tax expense	3,399		11,977		6,075		47,319		87,261
EBITDA	$	147,031	$	188,915	$	198,631	$	735,829	$	940,535
Stock-based compensation expense	8,440		7,301		10,094		41,922		32,412
Gain on investments, net	(6,759)		(68,353)		(44,753)		(162,642)		(49,227)
Loss (gain) on disposal of assets	8,925		(1,210)		(11,442)		16,691		(5,337)
(Gain) loss on remeasurement of liability under tax receivable agreements	(147)		—		3,210		(147)		3,210

Transaction and other costs	29		—		—		840		—
Provision for credit losses	—		1,026		—		1,653		—
Adjusted EBITDA	$	157,519	$	127,679	$	155,740	$	634,146	$	921,593


Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share
	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2025		2025		2024		2025		2024
Net income	$	13,690	$	43,055	$	51,893	$	147,872	$	316,010
Adjustments:
Less: Gain on investments, net	(6,759)		(68,353)		(44,753)		(162,642)		(49,227)
Add back: Transaction and other costs	29		—		—		840		—
Total adjustments, before taxes	(6,730)		(68,353)		(44,753)		(161,802)		(49,227)
Income tax benefit of adjustments	(853)		(15,756)		(9,582)		(39,156)		(10,633)
Adjusted Net Income (Loss)	$	7,813	$	(9,542)	$	16,722	$	25,226	$	277,416

Diluted weighted average common shares outstanding	166,027		165,066		167,163		165,365		169,398
Net income per diluted share	$	0.08	$	0.26	$	0.31	$	0.89	$	1.87
Adjusted net income (loss) per diluted share	$	0.05	$	(0.06)	$	0.10	$	0.15	$	1.64


Calculation of Adjusted Pre-Tax Return on Capital Employed
	Twelve Months Ended
	December 31,
	2025			2024
Net income	$	147,872
Add back: Income tax expense	47,319
Less: Gain on remeasurement of liability under tax receivable agreements (1)	(147)
Less: Gain on investments, net	(162,642)
Add back: Transaction and other costs	840
Adjusted Pre-tax net income	$	33,242
Capital Employed
Total debt, net of discount	$	246,607		$	190,500
Total equity	2,078,889			1,978,869
Total Capital Employed	$	2,325,496		$	2,169,369

Average Capital Employed (2)	$	2,247,433
Adjusted Pre-Tax Return on Capital Employed (3)	1		%


Calculation of Cash Return on Capital Invested
	Twelve Months Ended
	December 31,
	2025			2024
Adjusted EBITDA (1)	$	634,146
Gross Capital Invested
Total assets	$	3,558,305		$	3,296,394
Add back: Accumulated depreciation, depletion, and amortization	1,968,065			1,917,551
Less: Accounts payable and accrued liabilities	598,658			571,305
Total Gross Capital Invested	$	4,927,712		$	4,642,640

Average Gross Capital Invested (2)	$	4,785,176
Cash Return on Capital Invested (3)	13		%


Reconciliation of Historical Net Income (Loss) to EBITDA and Adjusted EBITDA
	Year Ended December 31,
	2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Net income (loss)	$	556,408	$	400,302	$	(187,004)	$	(160,674)	$	74,864	$	249,033	$	168,501	$	(60,560)	$	(9,061)	$	34,519	$	8,881	$	25,807
Depreciation, depletion, and amortization	421,514		323,028		262,757		180,084		165,379		125,110		81,473		41,362		36,436		21,749		12,881		5,875
Interest expense, net	27,506		22,715		15,603		14,505		14,681		17,145		12,636		6,126		5,501		3,610		1,139		—
Income tax (benefit) expense	178,482		(793)		9,216		(30,857)		14,052		40,385		—		—		—		—		—		—
EBITDA	$	1,183,910	$	745,252	$	100,572	$	3,058	$	268,976	$	431,673	$	262,610	$	(13,072)	$	32,876	$	59,878	$	22,901	$	31,682
Stock-based compensation expense	33,026		23,108		19,946		17,139		13,592		5,450		—		—		—		—		—		—
Fleet start-up costs	2,082		17,007		2,751		12,175		4,519		10,069		13,955		4,280		1,044		4,502		2,711		—
Transaction and other costs	2,053		5,837		15,138		21,061		—		834		4,015		5,877		446		—		—		—
(Gain) loss on disposal of assets	(6,994)		(4,603)		779		(411)		2,601		(4,342)		148		(2,673)		423		494		—		—
Provision for credit losses	808		—		745		4,877		1,053		—		—		—		6,424		—		—		—
Loss (gain) on remeasurement of liability under tax receivable agreements	(1,817)		76,191		(19,039)		—		—		—		—		—		—		—		—		—
Gain on investments	—		(2,525)		—		—		—		—		—		—		—		—		—		—
Adjusted EBITDA	$	1,213,068	$	860,267	$	120,892	$	57,899	$	290,741	$	443,684	$	280,728	$	(5,588)	$	41,213	$	64,874	$	25,612	$	31,682


Calculation of Historical Cash Return on Capital Invested
				Year Ended December 31,
	2024			2023			2022			2021			2020			2019			2018			2017			2016			2015			2014			2013			2012			2011
Adjusted EBITDA (1)	$	921,593		$	1,213,068		$	860,267		$	120,892		$	57,899		$	290,741		$	443,684		$	280,728		$	(5,588)		$	41,213		$	64,874		$	25,612		$	31,682
Gross Capital Invested
Total assets	$	3,296,394		$	3,033,557		$	2,575,932		$	2,040,660		$	1,889,942		$	1,283,429		$	1,116,501		$	852,103		$	451,845		$	296,971		$	331,671		$	174,813		$	107,225		$	35,699
Add back: Accumulated depreciation, depletion, and amortization	1,917,551			1,501,685			1,141,656			863,194			622,530			455,687			307,277			198,453			117,779			77,057			40,715			19,082			6,196			321
Less: Accounts payable and accrued liabilities	571,305			572,029			609,790			528,468			311,721			226,567			219,351			220,494			118,949			52,688			99,005			26,600			13,275			1,718
Total Gross Capital Invested	$	4,642,640		$	3,963,213		$	3,107,798		$	2,375,386		$	2,200,751		$	1,512,549		$	1,204,427		$	830,062		$	450,675		$	321,340		$	273,381		$	167,295		$	100,146		$	34,302

Average Gross Capital Invested (2)	$	4,302,927		$	3,535,506		$	2,741,592		$	2,288,069		$	1,856,650		$	1,358,488		$	1,017,245		$	640,369		$	386,008		$	297,361		$	220,338		$	133,721		$	67,224
Cash Return on Capital Invested (3)	21		%	34		%	31		%	5		%	3		%	21		%	44		%	44		%	(1)		%	14		%	29		%	19		%	47		%