Fourth Quarter and Full Year 2025 Financial and Operational Results

DENVER–(BUSINESS WIRE)– Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today full year and fourth quarter 2025 financial and operational results.

Summary Results and Highlights

• Revenue of $4.0 billion for the year ended December 31, 2025
• Net income of $148 million, or $0.89 fully diluted earnings per share (“EPS”), for the year ended December 31, 2025
• Adjusted EBITDA¹ of $634 million for the year ended December 31, 2025
• Achieved 13% Cash Return on Capital Invested (“CROCI”)² for the year ended December 31, 2025
• Distributed $77 million to shareholders in 2025 through quarterly cash dividends and share repurchases
• Fourth quarter 2025 revenue of $1.0 billion and net incomeof $14 million, or $0.08 fully diluted earnings per share
• Fourth quarter 2025 Adjusted EBITDA¹ of $158 million
• Raised quarterly cash dividend by 13% to $0.09 per share beginning in the fourth quarter of 2025
• Announced a 1 GW power development agreement with Vantage Data Centers, anchored by a firm reservation contract for 400 MW
• Executed a 330 MW power reservation and preliminary energy services agreement (“ESA”) with a leading data center developer for a site expansion in Texas last week
• Accelerated deployment plan for distributed power projects to 3 GW by 2029

“Liberty’s strong fourth quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team’s focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI² of 13% during a volatile year,” commented Ron Gusek, chief executive officer. “During the year, we strengthened our customer relationships by expanding our simulfrac offering with strategic, dedicated customers and delivering meaningful efficiencies. Leveraging Liberty developed AI-driven asset optimization software and our digiTechnologies^SM transition, we reduced total maintenance costs per unit of work by approximately 14%. We built the Liberty Power Innovations (“LPI”) execution platform for earnings growth with strategic partnerships and targeted investments. We have gained strong commercial traction, capitalizing on the revolutionary transformation of power supply and delivery that is redefining the energy landscape.”

“Earlier this year, we announced an agreement with Vantage Data Centers to develop and deliver at least one gigawatt (“1 GW”) of utility scale, high efficiency power solutions, supporting the energization of Vantage data center projects for hyperscale end users. The agreement is anchored by a firm reservation of 400 megawatts (“MW”) delivered during 2027, with a contracted payment structure that aligns with the expected returns under an ESA with end users,” continued Mr. Gusek. “This agreement creates a collaborative framework to accelerate the deployment of power solutions for Vantage’s data centers, preserving flexible execution to meet customer needs across a broad portfolio of data center sites.”

“We also entered into a power reservation and preliminary ESA with another leading data center developer for a 330 MW data center expansion in Texas. The project is currently expected to begin operations in two phases, with the first half online in Q4 2027 and the second half in Q2 2028. The agreement defines the economic terms of the expected ESA as well as the construction schedule, cost recovery, and termination payment provisions in the event the final agreement is not executed,” continued Mr. Gusek. “Our projects will be developed using LPI’s Forte^SM modular, standardized construction approach designed to de-risk project execution and will include the Tempo^SM power quality system to manage the high-amplitude, cyclical load variations of AI workloads. These customers could also benefit from the Chorus^SM solution with a potential grid integration, optimizing power costs and providing access to grid attributes that they value.”

“We are at the forefront of a seismic shift in how data centers and other large loads are sourcing power. Onsite generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures. Our robust power execution platform is built upon 15 years of industry-leading experience in the design, manufacture, engineering, and operation of complex, industrial scale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AI-enhanced operations and maintenance systems. Our comprehensive power solution is designed to address our customers’ top priorities: rapid, scalable deployment with uninterrupted operations and predictable power costs. LPI’s power as a service offering, underpinned by the Forte generation platform, Tempo power quality management system, and our midstream services, delivers resilience, economic efficiency, and operational flexibility. Our Chorus solution could further unlock power cost advantages through grid integration, while also transforming our customers into active contributors to grid reliability for local communities,” continued Mr. Gusek. “LPI’s distributed power solutions are a strategic cornerstone of resilient, future-proof energy planning for our customers.”

“We are focused on driving value creation, prioritizing long-term returns with our industry-leading completions business and our power growth platform,” commented Mr. Gusek. “Our success is fueled by the combination of cutting-edge technology, a dedicated workforce, and strategic partners across the energy ecosystem, powering innovation today to shape the future of the industry.”

Outlook

As we enter the new year, Liberty’s premier completions business and rapidly scaling power infrastructure platform position the company to lead through market cycles and capitalize on power growth potential. During 2025, we strengthened our core oilfield service operations while aggressively expanding our reach into the growing power market.

U.S. power demand is rising at the fastest pace in decades. The convergence of AI-driven data center expansion, the onshoring of domestic manufacturing, and increased industrial electrification has created structural demand growth for power. Underinvestment in grid infrastructure, transmission constraints, and evolving commercial realities and utility reforms, driven in part by public concerns, have catalyzed broader market recognition of the inherent strategic value of distributed power solutions. Against this backdrop, data center demand for power is projected to grow threefold by 2030, and already long interconnection queues continue to lengthen, highlighting the urgent need for flexible, scalable capacity to meet rapidly evolving energy requirements. LPI is well positioned to support this call, providing power consumers with predictable, long-term power prices. Our platform is designed to be economically competitive with today’s grid prices at our targeted returns and is increasingly advantaged as grid power prices rise over time.

Within North American oil and gas markets, conditions have now stabilized after a protracted period of softening activity, as the industry has largely adjusted to last year’s OPEC+ supply concerns and tariff-related volatility. Fourth quarter completions activity defied normal seasonal declines, surpassing expectations. Completions demand is projected to hold firm in 2026. North American producers are responding to global oil and gas dynamics with flat oil production targets and modest growth in gas-directed activity. Global oil markets are currently balancing a structural oil surplus, elevated geopolitical risk, and an OPEC+ production pause, keeping oil prices largely rangebound. Natural gas markets are supported by significant expansion in LNG export capacity and multi-year growth in power consumption.

Industry fundamentals are expected to improve over time as supply-side dynamics gradually rebalance with completions demand. Recent pricing pressures on completions services, combined with the slowdown in activity, have driven an acceleration in equipment cannibalization and attrition, while underinvestment in next generation technology has limited the replacement of lost capacity. As the market recalibrated at the start of the year, fewer crews are available to meet any incremental completions demand.

E&Ps remain focused on harnessing efficiency gains and engineering solutions to lower the total cost per unit of energy, driving the bar higher for technologically superior services and operational success to achieve these results. Few service providers are positioned to meet the increasing demand for multi-frac jobs, 24-hour continuous operations, and AI-optimized automation and real-time operational transparency that enhances completions execution and data-driven decision-making. This ongoing “flight to quality” is fundamentally reinforcing Liberty’s market leadership, as producers rely on our total service platform, seamlessly aligning our integrated services to deliver a superior service and drive relative outperformance.

“Liberty has evolved from a premier North American completions company into a diversified energy technology and power infrastructure platform. We invested in our technology and culture, while growing our oilfield market share and developing LPI,” commented Mr. Gusek. “This proactive stance has left us well-positioned to capitalize on the dual tailwinds of a potential completions inflection and the generational surge in U.S. power demand.”

“Our differentiated power execution platform and a robust pipeline of power projects position us to capture structural growth in power demand. We now plan to deploy approximately 3 GW of power projects by 2029 to deliver sustained, long duration earnings and high returns for our investors,” continued Mr. Gusek.

“Our first quarter is expected to reflect the full realization of pricing headwinds and winter weather disruption to drive lower sequential revenue and Adjusted EBITDA. While the precise timing of a broader oil market recovery remains uncertain, we are anticipating stabilization in completions markets, significant demand for our digiTechnologies platform at improved economics, and a powerful growth engine with AI and cloud data center power demand.”

Cash Dividend

During the quarter ended December 31, 2025, Liberty paid a quarterly cash dividend of $0.09 per share of Class A common stock, or approximately $15 million in aggregate to shareholders. During the year ended December 31, 2025, Liberty paid cash dividends of $53 million in aggregate to shareholders.

On January 20, 2026, the Board declared a cash dividend of $0.09 per share of Class A common stock, to be paid on March 18, 2026, to holders of record as of March 4, 2026.

Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

Share Repurchase Program

During the year ended December 31, 2025, Liberty repurchased and retired 1,546,138 shares of Class A common stock at an average of $15.50 per share, representing 1% of shares outstanding, for approximately $24 million.

Liberty has cumulatively repurchased and retired 16% of shares outstanding at program commencement on July 25, 2022. Total remaining authorization for future common share repurchases is approximately $270 million.

The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.

2025 Full Year Results

For the year ended December 31, 2025, revenues of $4.0 billion decreased 7% from $4.3 billion for the year ended December 31, 2024.

Net income(after taxes) totaled $148 million for the year ended December 31, 2025 compared to $316 million for the year ended December 31, 2024.

Adjusted Net Income³ (after taxes) totaled $25 million for the year ended December 31, 2025 compared to $277 million for the year ended December 31, 2024.

Adjusted EBITDA¹ of $634 million for the year ended December 31, 2025, decreased 31% from $922 million for the year ended December 31, 2024. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted earnings per share was $0.89 for the year ended December 31, 2025 compared to $1.87 for the year ended December 31, 2024.

Adjusted Net Income per Diluted Share³ of $0.15 for the year ended December 31, 2025 compared to $1.64 for the year ended December 31, 2024.

Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.

Fourth Quarter Results

For the fourth quarter of 2025, revenue was $1 billion, an increase of 10% from $944 million in the fourth quarter of 2024 and 10% from $947 million in the third quarter of 2025.

Net income (after taxes) totaled $14 million for the fourth quarter of 2025 compared to $52 million in the fourth quarter of 2024 and $43 million in the third quarter of 2025.

Adjusted Net Income (Loss)³ totaled $8 million for the fourth quarter of 2025 compared to $17 million in the fourth quarter of 2024 and ($10 million) in the third quarter of 2025.

Adjusted EBITDA¹ of $158 million for the fourth quarter of 2025 increased 1% from $156 million in the fourth quarter of 2024 and 23% from $128 million in the third quarter of 2025. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted earnings per share was $0.08 for the fourth quarter of 2025 compared to $0.31 for the fourth quarter of 2024 and $0.26 for the third quarter of 2025.

Adjusted Net Income (Loss) per Diluted Share³ was $0.05 for the fourth quarter of 2025 compared to $0.10 for the fourth quarter of 2024 and $(0.06) for the third quarter of 2025.

Balance Sheet and Liquidity

As of December 31, 2025, Liberty had cash on hand of $28 million, an increase from third quarter levels, and total debt of $247 million drawn on the secured asset-based revolving credit facility (“ABL Facility”) and long-term note facility, a $6 million decrease from third quarter. Total liquidity, including availability under the ABL Facility, was $281 million as of December 31, 2025.

Conference Call

Liberty will host a conference call to discuss the results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 29, 2026. Presenting Liberty’s results will be Ron Gusek, chief executive officer, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 5460375. The replay will be available until February 5, 2026.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

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View the full press release on Liberty’s investor site.

 

¹“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.

²Cash Return on Capital Invested (“CROCI”) is a non-U.S. GAAP operational measure. Please see the supplemental financial information in the table under “Calculation of Cash Return on Capital Invested” at the end of this earnings release.

³“Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.