LBRT Liberty Energy Inc.

Overview and Growth

Fiscal 2025 results for Liberty Energy Inc. combined $4.01B of revenue with net income of $147.87M and an operating cash inflow of $609.60M. Revenue of $4.01B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 7.2% from $4.32B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of $0.89, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $1.87 in fiscal 2024, the current result was 52.4% lower. The revenue-to-assets relationship was 1.13x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $838.01M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 20.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $72.71M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 1.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $147.87M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 3.7% margin after operating costs and the remaining recognized items. Pretax income was $195.19M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 4.9% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $47.32M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 24.2% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

Total assets were $3.56B, supported by $1.48B of liabilities and $2.08B of shareholder equity. At period end, current assets of $877.97M compared with current liabilities of $720.35M, defining the company’s short-term resource position. At 1.22x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $27.55M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 3.8%, excluding receivables and other current assets. The company carried $246.61M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.12x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 6.9%, comparing borrowing with the total asset balance. Liabilities represented 41.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 0.8%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

The company reported $609.60M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 4.12x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $595.49M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 97.7% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $14.11M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 0.4%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 0.4%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.