Liberty Energy Inc.
For the period ended Oct 21, 2026. Filed Oct 21, 2026.
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Oct 21, 2026 · Filed Oct 21, 2026
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Contents
EX-99.1 · Selected Financial Data
Selected Financial Data
(unaudited)
| Three Months Ended · Nine Months Ended | |||||
|---|---|---|---|---|---|
| September 30, · June 30, · September 30, · September 30, | |||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |
| Statement of Operations Data: · (amounts in thousands, except for per share data) | |||||
| Revenue | $1,196,156 | $1,188,596 | $947,397 | $3,405,936 | $2,967,379 |
| Costs of services (exclusive of depreciation, depletion, and amortization shown separately below) | 995,049 | 980,255 | 769,761 | 2,819,121 | 2,343,484 |
| General and administrative (1) | 69,479 | 67,169 | 58,284 | 196,191 | 182,403 |
| Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 |
| Depreciation, depletion, and amortization | 113,704 | 114,213 | 122,981 | 341,976 | 380,089 |
| (Gain) loss on disposal of assets, net | (1,165) | 6,552 | (1,210) | (13,126) | 7,766 |
| Total operating costs and expenses | 1,176,852 | 1,175,880 | 949,816 | 3,351,638 | 2,914,553 |
| Operating income (loss) | 19,304 | 12,716 | (2,419) | 54,298 | 52,826 |
| Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) |
| Interest expense, net | 5,898 | 3,354 | 10,902 | 16,983 | 30,607 |
| Net (loss) income before income taxes | (49,486) | 52,275 | 55,032 | 34,652 | 178,102 |
| Income tax (benefit) expense | (10,423) | 9,154 | 11,977 | 8,036 | 43,920 |
| Net (loss) income | (39,063) | 43,121 | 43,055 | 26,616 | 134,182 |
| Net (loss) income per common share: | |||||
| Basic | $(0.24) | $0.26 | $0.27 | $0.16 | $0.83 |
| Diluted (2) | $(0.24) | $0.26 | $0.26 | $0.16 | $0.81 |
| Weighted average common shares outstanding: | |||||
| Basic | 163,191 | 163,016 | 161,959 | 162,755 | 161,921 |
| Diluted (2) | 163,191 | 167,663 | 165,066 | 166,855 | 165,126 |
| Other Financial and Operational Data | |||||
| Capital expenditures (3) | $621,933 | $221,484 | $113,034 | $976,843 | $367,958 |
| Adjusted EBITDA (4) | $141,630 | $151,145 | $127,679 | $418,625 | $476,627 |
(1)General and administrative costs for the nine months ended September 30, 2025 include $10.2 million of non-cash stock-based compensation expense related to the resignation of the Company’s former Chief Executive Officer upon confirmation as Secretary of Energy of the United States.
(2)For the three months ended September 30, 2026, the Company reported a net loss. Accordingly, approximately 3.8 million potential common shares related to outstanding restricted stock units and performance stock units were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.
(3)Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets.
(4)Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below.
| Liberty Energy Inc. | ||
|---|---|---|
| Condensed Consolidated Balance Sheets | ||
| (unaudited, amounts in thousands) | ||
| September 30, | December 31, | |
| 2026 | 2025 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $118,973 | $27,554 |
| Accounts receivable and unbilled revenue | 756,765 | 605,370 |
| Inventories | 181,071 | 188,125 |
| Prepaids and other current assets | 61,448 | 56,921 |
| Total current assets | 1,118,257 | 877,970 |
| Property and equipment, net | 2,775,804 | 2,054,185 |
| Operating and finance lease right-of-use assets | 379,020 | 407,452 |
| Investments | 127,300 | 123,888 |
| Other assets | 89,480 | 94,810 |
| Total assets | $4,489,861 | $3,558,305 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $739,148 | $598,658 |
| Current portion of operating and finance lease liabilities | 106,034 | 116,598 |
| Current portion of long-term debt | 11,906 | 5,097 |
| Total current liabilities | 857,088 | 720,353 |
| Long-term debt, net of current portion and deferred financing costs | 1,278,666 | 241,510 |
| Noncurrent portion of operating and finance lease liabilities | 206,928 | 255,081 |
| Deferred tax liability | 159,611 | 195,602 |
| Payable pursuant to tax receivable agreements | 66,870 | 66,870 |
| Total liabilities | 2,569,163 | 1,479,416 |
| Stockholders’ equity: | ||
| Common stock | 1,632 | 1,620 |
| Additional paid in capital | 842,975 | 978,384 |
| Retained earnings | 1,094,997 | 1,112,747 |
| Accumulated other comprehensive loss | (18,906) | (13,862) |
| Total stockholders’ equity | 1,920,698 | 2,078,889 |
| Total liabilities and equity | $4,489,861 | $3,558,305 |
| 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 · Nine Months Ended | |||||
| September 30, · June 30, · September 30, · September 30, | |||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |
| Net (loss) income | $(39,063) | $43,121 | $43,055 | $26,616 | $134,182 |
| Depreciation, depletion, and amortization | 113,704 | 114,213 | 122,981 | 341,976 | 380,089 |
| Interest expense, net | 5,898 | 3,354 | 10,902 | 16,983 | 30,607 |
| Income tax (benefit) expense | (10,423) | 9,154 | 11,977 | 8,036 | 43,920 |
| EBITDA | $70,116 | $169,842 | $188,915 | $393,611 | $588,798 |
| Stock-based compensation expense | 10,002 | 9,973 | 7,301 | 28,001 | 33,482 |
| Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) |
| (Gain) loss on disposal of assets, net | (1,165) | 6,552 | (1,210) | (13,126) | 7,766 |
| Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 |
| Provision for credit losses | — | — | 1,026 | — | 1,653 |
| Adjusted EBITDA | $141,630 | $151,145 | $127,679 | $418,625 | $476,627 |
| Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share | |||||
|---|---|---|---|---|---|
| Three Months Ended · Nine Months Ended | |||||
| September 30, · June 30, · September 30, · September 30, | |||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |
| Net (loss) income | $(39,063) | $43,121 | $43,055 | $26,616 | $134,182 |
| Adjustments: | |||||
| Less: Loss (gain) on investments, net | 62,892 | (42,913) | (68,353) | 2,663 | (155,883) |
| Add back: Transaction and other costs | (215) | 7,691 | — | 7,476 | 811 |
| Total adjustments, before income taxes | 62,677 | (35,222) | (68,353) | 10,139 | (155,072) |
| Income tax effect of adjustments | 13,858 | (6,450) | (15,756) | 2,352 | (38,303) |
| Adjusted Net Income | $9,756 | $14,349 | $(9,542) | $34,403 | $17,413 |
| Diluted weighted average common shares outstanding (1) | 166,967 | 167,663 | 165,066 | 166,855 | 165,126 |
| Net (loss) income per diluted share | $(0.24) | $0.26 | $0.26 | $0.16 | $0.81 |
| Adjusted Net Income per Diluted Share (1) | $0.06 | $0.09 | $(0.06) | $0.21 | $0.11 |
(1)For the three months ended September 30, 2026, the Company reported Adjusted Net Income. Accordingly, approximately 3.8 million common shares related to outstanding restricted stock units and performance stock units were included in the calculation of diluted loss per share.
| Calculation of Adjusted Pre-Tax Return on Capital Employed | ||
|---|---|---|
| Twelve Months Ended | ||
| September 30, | ||
| 2026 | 2025 | |
| Net income | $40,306 | |
| Add back: Income tax expense | 11,435 | |
| Less: Gain on remeasurement of liability under tax receivable agreements (1) | (147) | |
| Less: Gain on investments, net | (4,096) | |
| Add back: Transaction and other costs | 7,505 | |
| Adjusted Pre-tax net income | $55,003 | |
| Capital Employed | ||
| Total debt | $1,290,572 | $253,000 |
| Total equity | 1,920,698 | 2,069,665 |
| Total Capital Employed | $3,211,270 | $2,322,665 |
| Average Capital Employed (2) | $2,766,968 | |
| Adjusted Pre-Tax Return on Capital Employed (3) | 2% | |
(1)Gain on remeasurement of the liability under tax receivable agreements is a result of a change in the estimated future effective tax rate and should be excluded in the determination of adjusted pre-tax return on capital employed.
(2)Average Capital Employed is the simple average of Total Capital Employed as of September 30, 2026 and 2025.
(3)Adjusted Pre-tax Return on Capital Employed is the ratio of Adjusted pre-tax net income for the twelve months ended September 30, 2026 to Average Capital Employed.
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