Liberty Energy Inc.
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 23, 2026
LBRT$12.49-3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $22,558 | $20,111 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion, and amortization | 114,059 | 127,742 |
| (Gain) loss on disposal of assets, net | (18,513) | 3,345 |
| Stock-based compensation expense | 8,026 | 18,080 |
| Deferred income tax expense | 9,305 | — |
| Gain on investments, net | (17,316) | (19,288) |
| Cash return on equity method investment | 1,566 | 1,039 |
| Other non-cash items, net | 1,698 | 1,660 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable and unbilled revenue | (124,914) | (8,417) |
| Accounts receivable and unbilled revenue—related party | — | 4,234 |
| Inventories | 2,799 | (682) |
| Prepaid and other assets | (9,659) | (15,969) |
| Accounts payable and accrued liabilities | 18,853 | 61,215 |
| Accounts payable and accrued liabilities—related party | 187 | (579) |
| Initial payment of operating lease liability | (249) | (373) |
| Net cash provided by operating activities | 8,400 | 192,118 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment and construction in-progress | (156,998) | (133,930) |
| Investment in equity securities | (3,917) | — |
| Acquisition of IMG Energy Solutions, net of cash received | — | (15,208) |
| Sales of equity securities | — | 29,911 |
| Proceeds from sale of assets | 23,572 | 13,052 |
| Net cash used in investing activities | (137,343) | (106,175) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of convertible senior notes | 1,295,000 | — |
| Purchase of capped calls related to convertible senior notes | (186,515) | — |
| Proceeds from borrowings on line-of-credit | 106,000 | 493,000 |
| Repayments of borrowings on line-of-credit | (336,000) | (473,500) |
| Borrowings on long-term debt | 4,750 | — |
| Repayments of long-term debt | (926) | — |
| Payments of debt issuance costs | (36,789) | — |
| Payments on finance lease obligations | (22,385) | (17,645) |
| Class A Common Stock dividends and dividend equivalents upon restricted stock vesting | (14,618) | (13,191) |
| Payments of payables pursuant to tax receivable agreements | (7,888) | (40,757) |
| Share repurchases | — | (23,958) |
| Tax withholding on restricted stock units | — | (5,798) |
| Net cash provided by (used in) financing activities | 800,629 | (81,849) |
| Net increase in cash and cash equivalents before translation effect | 671,686 | 4,094 |
| Translation effect on cash | (94) | 22 |
| Cash and cash equivalents—beginning of period | 27,554 | 19,984 |
| Cash and cash equivalents—end of period | $699,146 | $24,100 |
Condensed Consolidated Statements of Cash Flows (cont.)
(Dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Supplemental disclosure of cash flow information: | ||
| Net (refund received) cash paid for income taxes | $(10) | $825 |
| Cash paid for interest | $8,513 | $9,041 |
| Non-cash investing and financing activities: | ||
| Capital expenditures included in accounts payable and accrued liabilities | $90,675 | $111,987 |
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