Liberty Energy Inc. (NYSE: LBRT), a leading provider of hydraulic fracturing and other oilfield services, reported its financial and operational results for the fourth quarter and full year of 2025 on January 28, 2026. Despite a challenging year marked by oil market volatility and reduced industry activity, the company demonstrated resilience through technological advancements and strategic expansions into power infrastructure. The results highlighted a sequential improvement in the fourth quarter, driven by strong operational execution and customer relationships.
Financial Highlights
For the full year 2025, Liberty Energy generated revenue of $4.0 billion, a 7% decrease from $4.3 billion in 2024. Net income totaled $148 million, or $0.89 per fully diluted share, compared to $316 million, or $1.87 per share, the previous year. Adjusted EBITDA stood at $634 million, down 31% from $922 million in 2024. The company achieved a 13% Cash Return on Capital Invested (CROCI), reflecting efficient capital management amid market pressures.
libertyenergy.com
In the fourth quarter, revenue reached $1.0 billion, up 10% sequentially from $947 million in Q3 2025 and 10% year-over-year from $944 million in Q4 2024. Net income was $14 million, or $0.08 per fully diluted share, down from $52 million ($0.31 per share) in Q4 2024 but lower than $43 million ($0.26 per share) in Q3 2025. Adjusted EBITDA for Q4 was $158 million, a 23% sequential increase from $128 million and a 1% rise from $156 million in the prior-year quarter. Adjusted net income was $8 million, or $0.05 per share.
The company also returned $77 million to shareholders in 2025 through dividends and share repurchases, including $53 million in cash dividends. Liberty raised its quarterly cash dividend by 13% to $0.09 per share starting in Q4 2025, signaling confidence in its financial position.
|
Metric
|
Q4 2025
|
Q4 2024
|
Change YoY
|
Q3 2025
|
Change QoQ
|
|---|---|---|---|---|---|
|
Revenue
|
$1.0B
|
$944M
|
+10%
|
$947M
|
+10%
|
|
Net Income
|
$14M
|
$52M
|
-73%
|
$43M
|
-67%
|
|
EPS (Diluted)
|
$0.08
|
$0.31
|
-74%
|
$0.26
|
-69%
|
|
Adjusted EBITDA
|
$158M
|
$156M
|
+1%
|
$128M
|
+23%
|
Key Statements from the Earnings Call and Release
CEO Ron Gusek emphasized the company’s operational strengths and diversification efforts. “Liberty’s strong fourth quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team’s focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI of 13% during a volatile year,” Gusek stated.
Gusek highlighted advancements in AI-driven asset optimization and the transition to digiTechnologies, which reduced maintenance costs per unit of work by approximately 14%. The company expanded its simulfrac offerings with key customers, enhancing efficiencies.
A significant focus was on Liberty Power Innovations (LPI), the company’s power infrastructure arm. Liberty announced a 1 GW power development agreement with Vantage Data Centers, including a firm 400 MW reservation for 2027, and a 330 MW power reservation with another data center developer in Texas, set to phase in during 2027-2028. These initiatives leverage Liberty’s expertise in modular power solutions, addressing surging demand from AI and data centers.
In the earnings call, Gusek noted, “We are at the forefront of a seismic shift in how data centers and other large loads are sourcing power.
On-site generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures.”
CFO Michael Stock discussed financial discipline, including share repurchases of 1.5 million shares for $24 million in 2025, bringing cumulative repurchases to 16% of outstanding shares since 2022. Remaining authorization stands at $270 million.
Stock PerformanceFollowing the earnings release on January 28, 2026, and the conference call on January 29, LBRT shares experienced significant volatility. On January 29, the stock surged 16.24% to close at $25.34, reflecting investor enthusiasm for the earnings beat and power sector growth narrative.
This marked an all-time high, with after-hours trading pushing it toward $27.21 intraday.
However, on January 30, shares pulled back 2.72% to close at $24.65, amid broader market fluctuations. As of February 1, 2026 (pre-market), the stock was trading around $24.94 in after-hours from the previous close.
Year-to-date through January 30, LBRT had risen 33.53% from its 2025 close, outperforming amid energy sector challenges.
Analysts noted the positive surprise, with Q4 adjusted EPS of $0.05 beating consensus estimates of a $0.16-0.20 loss, and revenue exceeding expectations by 18-20% in some reports.
Forward-Looking Statements
Looking ahead, Liberty anticipates stabilization in North American completions markets in 2026, with flat oil production and modest gas activity growth. The company expects Q1 2026 to see lower sequential revenue and Adjusted EBITDA due to pricing pressures and winter weather disruptions.
On the power side, Liberty accelerated its deployment plan to 3 GW by 2029, capitalizing on U.S. power demand growth from AI, data centers, and electrification. “Our differentiated power execution platform and a robust pipeline of power projects position us to capture structural growth in power demand,” Gusek said.
The company remains focused on high-return investments, technological leadership in completions, and expanding LPI to drive long-term value. However, forward-looking statements are subject to risks including oil price volatility, regulatory changes, and execution challenges in power projects.
Liberty Energy’s Q4 2025 results underscore its adaptability in a dynamic energy landscape, blending core oilfield strengths with emerging power opportunities. As the industry navigates global supply dynamics and electrification trends, Liberty is positioned for sustained growth.
We will have Ron on the Energy News Beat podcast soon, as we are working with his office to get him scheduled.
Sources: investors.libertyenergy.com, investing.com
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