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Liberty Energy (LBRT) investor relations material

Liberty Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary17 Oct, 2025

Executive summary

  • Q3 2025 revenue was $947–$947.4 million, down 9% sequentially and 17% year-over-year, with net income of $43–$43.1 million, reflecting lower pricing and activity.

  • Adjusted EBITDA was $127.7–$128 million, down 29% sequentially and 48% year-over-year.

  • Achieved record operational efficiency and safety, leveraging technology innovation and service quality, including the launch of Forge and expanded AI-driven automation.

  • Power business pipeline more than doubled in 90 days, with strong demand from data centers and industrial customers; completed IMG Energy Solutions acquisition to expand distributed power.

  • Board strengthened with the appointment of Alice Yake to guide power services growth.

Financial highlights

  • Q3 revenue of $947–$947.4 million, down from $1B in Q2 and $1.1B in Q3 2024.

  • Net income of $43–$43.1 million, down from $71 million in Q2 and $74 million in Q3 2024.

  • Adjusted net loss of $10 million, excluding $53 million tax-affected investment gains.

  • Adjusted EBITDA of $127.7–$128 million, down from $181 million in Q2 and $248 million in Q3 2024.

  • Ended quarter with $13–$13.5 million cash, $240–$253 million net debt, and $146 million total liquidity.

  • Net capital expenditures of $113 million in Q3; full-year 2025 CapEx expected at $525M–$550M.

Outlook and guidance

  • Anticipates normal seasonal trends in Q4, with industry activity stabilizing and potential uptick in 2026 as frac fundamentals improve.

  • 2026 CapEx shifting toward power generation, targeting 500 MW delivered by 2026 and over 1 GW by 2027.

  • Quarterly cash dividend increased by 13% to $0.09 per share for Q4 2025.

  • Power business expected to drive long-term growth, with robust sales pipeline and urgency in customer demand.

  • Long-term gas demand projected to rise, driven by LNG export capacity and power markets.

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Frequently asked questions

Liberty Energy Inc is an oilfield services company that provides hydraulic fracturing and other completion services to onshore oil and natural gas exploration and production companies. Its offerings include pressure pumping, logistics, and engineering solutions aimed at enhancing reservoir productivity. The company primarily operates in major U.S. shale basins. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.

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