Liberty Energy Inc. (NYSE: LBRT), a leading provider of completion services and technologies in the North American energy sector, released its third-quarter 2025 financial and operational results on October 16, 2025. The company reported a challenging quarter marked by declining industry activity and pricing pressures, yet highlighted operational efficiencies, technological advancements, and growth in its power generation business. CEO Ron Gusek, who assumed the role in February 2025 following Chris Wright’s appointment as U.S. Secretary of Energy, emphasized the company’s resilience and strategic positioning during the earnings conference call on October 17, 2025. This article summarizes the key financials, operational highlights, conference call remarks, forward-looking statements, and key considerations for investors.

• Revenue: $947 million, representing a 9% decrease sequentially from $1.0 billion in Q2 2025 and a 17% decline year-over-year from $1.1 billion in Q3 2024 .
• Net Income: $43 million, down from $71 million in Q2 2025 and $74 million in Q3 2024.
• Fully Diluted Earnings Per Share (EPS): $0.26, compared to $0.43 in Q2 2025 and $0.44 in Q3 2024.
• Adjusted EBITDA: $128 million, a 29% sequential decrease from $181 million in Q2 2025 and a 48% drop from $248 million in Q3 2024
• Adjusted Net Loss: $(10) million, or $(0.06) per diluted share, reflecting adjustments for certain items such as non-cash expenses and one-time costs.
• Balance Sheet: Cash on hand stood at $13 million, with total debt of $253 million. Total liquidity was $146 million, bolstered by an expanded credit facility increased to $750 million in July 2025
• Shareholder Returns: The company distributed $13 million in cash dividends during the quarter and announced a 13% increase in its quarterly dividend to $0.09 per share, payable on December 18, 2025, to shareholders of record as of December 4, 2025

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These results reflect broader industry headwinds, including moderated completions activity among oil producers amid macroeconomic uncertainty. However, Liberty’s focus on cost efficiencies and high-performance fleets helped mitigate some impacts.

Despite market challenges, Liberty achieved several operational milestones:

• Record-high pumping efficiency and tons of sand sold from its mines.
• Strong performance from digiPrime fleets, which delivered record pumping hours, horsepower hours, and proppant volumes for key customers. Maintenance cost savings on digiPrime pumps exceeded 30% compared to conventional technologies.
• Deployment of AI-driven tools like StimCommander, which improved fluid injection rate delivery by 65% and hydraulic efficiency by 5-10%.
• Launch of Forge, a cloud-based large language model for intelligent asset orchestration and continuous optimization.
• Expansion in power generation via Liberty Power Innovations LLC, with total capacity expected to reach over one gigawatt by 2027, driven by engagements with customers needing flexible, on-site power solutions .
• Appointment of Alice Yake (Jackson) to the Board of Directors, adding expertise in energy infrastructure and power generation.

These advancements underscore Liberty’s emphasis on innovation, particularly in digital technologies and sustainable energy solutions, positioning the company as a leader in next-generation frac and power services.

The Q3 2025 earnings conference call featured prepared remarks from CEO Ron Gusek and CFO Michael Stock, moderated by Vice President of Investor Relations Anjali Voria.

Gusek also discussed the power business: “Our power opportunities continue to strengthen as sophisticated electricity consumers seeking dynamic, flexible solutions are recognizing the value of having an advantaged energy partner… We are in the process of securing additional power generation, bringing our total capacity to over one gigawatt to be delivered through 2027, and we expect further increases will be necessary to meet the growing demand for our services.”

In the Q&A portion, discussions focused on financing for power projects (expected to be 70% non-recourse debt, with the rest from cash flow and potential partners), handling transient power demands for data centers, and the market outlook.

In both the press release and conference call, Liberty provided guidance on near-term and long-term trends:

• Industry frac activity is expected to remain soft in the near term, with headwinds persisting into Q4 2025 due to moderated oil completions and pricing pressure on conventional fleets
• However, the company anticipates a transitory slowdown, with global oil oversupply peaking in early 2026 and potential activity improvements to sustain flat production. Natural gas demand remains positive, supported by LNG exports and rising power consumption.
• Liberty expects tightening frac capacity due to equipment attrition, which could lead to better pricing dynamics in 2026 if commodity prices hold.
• The power business is poised for significant growth, with over 1 GW of capacity by 2027 and potential for more based on customer pipeline
• Capital expenditures for 2025 are projected at $525-550 million, focused on power expansion and completion technologies

These statements are subject to risks including commodity price volatility, supply chain issues, competition, and regulatory changes.

Investors evaluating Liberty Energy should monitor several key areas for signs of resilience and growth potential:

• Market Recovery Indicators: Watch for stabilization in frac activity by Q4 2025 and improvements in 2026. Metrics like fleet utilization, pricing for next-gen fleets (e.g., digiPrime), and industry-wide equipment attrition will be critical
• Power Business Momentum: Progress in securing customer contracts, power plant deployments, and financing arrangements. The expansion to 1 GW+ capacity represents a diversification opportunity, but execution risks (e.g., demand fluctuations) should be assessed
• Technological Adoption: Uptake of AI and digital tools like Forge and StimCommander, which could drive efficiency gains and competitive advantages. Look for quantifiable impacts on maintenance costs and customer retention.
• Shareholder Returns and Financial Health: The dividend increase signals confidence, but sustainability amid soft markets is key. Monitor liquidity, debt levels, and ROCE for balance sheet strength.
• Risks and Macro Factors: Exposure to oil and gas volatility, potential grid power price increases benefiting on-site solutions, and broader electrification trends. Analysts have noted optimism in stock surges post-earnings, despite misses, reflecting faith in long-term strategy

Liberty Energy’s Q3 results demonstrate operational strength in a tough environment, with a clear focus on innovation and diversification. As the energy sector navigates uncertainty, the company’s power and tech initiatives could be pivotal differentiators. For more details, refer to the full earnings release and transcript available on the company’s investor relations website.