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Liberty Energy Inc.,an integrated energy services and technology company, provides hydraulic fracturing services and related technologies onshore oil, natural gas, and enhanced geothermal exploration and production companies in North America. It offers wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (CNG) delivery, data analytics, related goods comprising sand mine operations, and technologies; and proppant handling equipment and logistics software. As of as of December 31, 2025, the company owned and operated a fleet of approximately 40 active hydraulic fracturing; and two sand mines in the Permian Basin. It also provides services primarily in the Permian Basin, the Williston Basin, the Haynesville Shale, the Eagle Ford Shale, the Denver-Julesburg Basin, the Western Canadian Sedimentary Basin, the Powder River Basin, and the Appalachian Basin, as well as in the Anadarko Basin, the Uinta Basin, the San Juan Basin, and the Beetaloo Basin. The company was formerly known as Liberty Oilfield Services Inc. and changed its name to Liberty Energy Inc. in April 2022. Liberty Energy Inc. was founded in 2011 and is headquartered in Denver, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $736M | $148M | $14M | 7.1% | -7.2% | -53.2% |
| 2024 | $4.3B | $941M | $316M | $178M | 16.0% | -9.1% | -43.2% |
| 2023 | $4.7B | $1.2B | $556M | $411M | 30.2% | 14.4% | 39.2% |
| 2022 | $4.1B | $745M | $400M | $71M | 26.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,149.23 | 4,747.93 | 4,315.16 | 4,006.12 |
| Operating Revenue | - | 4,149.23 | 4,747.93 | 4,315.16 | 4,006.12 |
| Cost Of Revenue | - | 3,472.06 | 3,770.88 | 3,705.56 | 3,668.44 |
| Gross Profit | - | 677.16 | 977.04 | 609.60 | 337.68 |
| Operating Expense | - | 180.04 | 221.41 | 225.47 | 247.44 |
| Selling General And Administration | - | 180.04 | 221.41 | 225.47 | 247.44 |
| Total Expenses | - | 3,652.10 | 3,992.29 | 3,931.03 | 3,915.88 |
| Operating Income | - | 497.12 | 755.64 | 384.13 | 90.24 |
| Total Operating Income As Reported | - | 495.89 | 760.58 | 389.47 | 72.71 |
| EBITDA | - | 745.25 | 1,185.90 | 941.01 | 735.83 |
| Normalized EBITDA | - | 743.96 | 1,180.96 | 886.45 | 590.72 |
| EBIT | - | 422.22 | 764.38 | 435.96 | 235.50 |
| Interest Income | - | 0 | 1.99 | 0.48 | 0 |
| Interest Expense | - | 22.72 | 29.49 | 32.69 | 40.31 |
| Net Interest Income | - | -22.72 | -27.51 | -32.21 | -40.31 |
| Other Non Operating Income Expenses | - | -76.19 | 1.82 | -3.21 | 0.15 |
| Other Income Expense | - | -74.90 | 6.76 | 51.35 | 145.26 |
| Interest Income Non Operating | - | 0 | 1.99 | 0.48 | 0 |
| Interest Expense Non Operating | - | 22.72 | 29.49 | 32.69 | 40.31 |
| Net Non Operating Interest Income Expense | - | -22.72 | -27.51 | -32.21 | -40.31 |
| Pretax Income | - | 399.51 | 734.89 | 403.27 | 195.19 |
| Tax Provision | - | -0.79 | 178.48 | 87.26 | 47.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.27 | 1.20 | 11.79 | 35.12 |
| Net Income Continuous Operations | - | 400.30 | 556.41 | 316.01 | 147.87 |
| Net Income From Continuing And Discontinued Operation | - | 399.60 | 556.32 | 316.01 | 147.87 |
| Net Income From Continuing Operation Net Minority Interest | - | 399.60 | 556.32 | 316.01 | 147.87 |
| Net Income | - | 399.60 | 556.32 | 316.01 | 147.87 |
| Net Income Common Stockholders | - | 399.60 | 556.32 | 316.01 | 147.87 |
| Net Income Including Noncontrolling Interests | - | 400.30 | 556.41 | 316.01 | 147.87 |
| Normalized Income | - | 398.58 | 552.58 | 273.23 | 37.88 |
| Diluted NI Availto Com Stockholders | - | 399.60 | 556.32 | 316.01 | 147.87 |
| Basic Average Shares | - | 184.33 | 171.84 | 165.03 | 161.93 |
| Diluted Average Shares | - | 189.35 | 176.36 | 169.40 | 165.36 |
| Reconciled Depreciation | - | 323.03 | 421.51 | 505.05 | 500.33 |
| Reconciled Cost Of Revenue | - | 3,472.06 | 3,770.88 | 3,705.56 | 3,668.44 |
| Total Unusual Items | - | 1.29 | 4.94 | 54.56 | 145.11 |
| Total Unusual Items Excluding Goodwill | - | 1.29 | 4.94 | 54.56 | 145.11 |
| Minority Interests | - | -0.70 | -0.09 | 0 | 0 |
| Special Income Charges | - | -1.23 | 4.94 | 5.34 | -17.53 |
| Restructuring And Mergern Acquisition | - | 5.84 | 2.05 | 0 | 0.84 |
| Gain On Sale Of Security | - | 2.52 | - | 49.23 | 162.64 |
| General And Administrative Expense | - | 180.04 | 221.41 | 225.47 | 247.44 |
| Other Gand A | - | 180.04 | 221.41 | 225.47 | 247.44 |
| Gain On Sale Of Ppe | - | 4.60 | 6.99 | 5.34 | -16.69 |
| Average Dilution Earnings | 0 | 0.72 | 0.07 | 0 | - |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Liberty Energy Inc.this co. | LBRT | $5.2B | 34.83↑ premium | 2.48 | 7.1% | 7.80 |
| Archrock, Inc. | AROC | $6.1B | 18.91 | 4.09 | 21.6% | 10.01 |
| California Resources Corporation | CRC | $5.4B | 14.92 | 1.47 | 9.9% | 5.94 |
| Magnolia Oil & Gas Corporation | MGY | $5.4B | 16.51 | 2.77 | 16.8% | 6.29 |
| Core Natural Resources, Inc. | CNR | $5.0B |
| - |
| - |
| - |
| - |
| - |
| -32.54 |
| 1.36 |
| -4.2% |
| 11.71 |
| Patterson-UTI Energy, Inc. | PTEN | $4.7B | -49.75 | 1.45 | -2.9% | 6.08 |
| Cactus, Inc. | WHD | $4.1B | 24.62 | 3.33 | 13.5% | 12.23 |
| Comstock Resources, Inc. | CRK | $4.1B | 9.67 | 1.53 | 15.9% | 5.06 |
| Crescent Energy Company | CRGY | $4.0B | 30.32 | 0.78 | 2.6% | 5.84 |
| Peer Median | - | 15.72 | 1.50 | 11.7% | 6.19 | |