Liberty Energy Inc.

For the period ended Sep 30, 2026. Filed Oct 22, 2026.

About this filing

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.

Sep 30, 2026 · Filed Oct 22, 2026

LBRT$12.49-3.4%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

	Nine Months Ended September 30,
2026 · 2025
Cash flows from operating activities:
Net income	$26,616		$134,182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	341,976		380,089
(Gain) loss on disposal of assets, net	(13,126)		7,766
Stock-based compensation expense	28,001		33,482
Deferred income tax expense	8,036		42,107
Loss (gain) on investments, net	2,663		(155,883)
Cash return on equity method investment	2,889		3,606
Other non-cash items, net	1,107		4,090
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(152,264)		(39,215)
Accounts receivable and unbilled revenue—related party		4,234
Inventories	7,802		16,882
Prepaid and other assets	(4,111)		(63,354)
Accounts payable and accrued liabilities	113,717		47,745
Accounts payable and accrued liabilities—related party	1,634		(334)
Initial payment of operating lease liability	(632)		(1,234)
Net cash provided by operating activities	364,308		414,163
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(1,006,818)		(390,106)
Investment in equity securities	(9,696)		—
Acquisition of IMG Energy Solutions, net of cash received	—		(15,208)
Sales of equity securities	—		80,839
Proceeds from sale of assets	29,975		22,148
Net cash used in investing activities	(986,539)		(302,327)
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	142,000		1,350,000
Repayments of borrowings on line-of-credit	(372,000)		(1,287,500)
Borrowings on long-term debt	19,037		—
Repayments of long-term debt	(6,492)		—
Payments of debt issuance costs	(36,825)		(4,660)
Payments on finance lease obligations	(68,382)		(54,054)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(45,007)		(39,900)
Payments of payables pursuant to tax receivable agreements	(7,888)		(40,757)
Share repurchases	—		(24,882)
Tax withholding on restricted stock units	(18,648)		(16,835)
Net cash provided by (used in) financing activities	714,280		(118,588)
Net increase (decrease) in cash and cash equivalents before translation effect	92,049		(6,752)
Translation effect on cash	(630)		222
Cash and cash equivalents—beginning of period	27,554		19,984
Cash and cash equivalents—end of period	$118,973		$13,454

Condensed Consolidated Statements of Cash Flows (cont.)

(Dollars in thousands)

	Nine Months Ended September 30,
	2026	2025
Supplemental disclosure of cash flow information:
Net (refund received) cash paid for income taxes	$(2,936)	$23,076
Cash paid for interest	$20,188	$30,261
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$91,339	$70,986
Capital expenditures reclassified from prepaid and other current assets	$—	$41,883
Capital expenditures reclassified from finance lease right-of-use assets	$—	$907

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