DENVER–(BUSINESS WIRE)– Liberty Energy Inc. (NYSE: LBRT; \u201cLiberty\u201d or the \u201cCompany\u201d) today reported second quarter 2025 financial and operational results.<\/p>\n
Summary Results and Highlights<\/b><\/p>\n \u201cLiberty delivered an exceptional second quarter amidst increased macroeconomic uncertainty and energy sector volatility. Revenue and Adjusted EBITDA1<\/sup>\u00a0increased 7% and 8% sequentially, respectively, against an industry backdrop of softening completions activity. This strong performance is a direct reflection of the outstanding contributions of our team, safely driving record efficiencies and increased utilization that more than offset industry pricing headwinds,\u201d commented Ron Gusek, Chief Executive Officer. \u201cWe are leveraging our full suite of completion services, including frac, wireline, sand, logistics, fueling services and top tier engineering and diagnostic tools, to drive increased engagement with our customers.\u201d<\/p>\n \u201cWe are excited to bolster our technology leadership with rapid progress on our cutting-edge digiPrime enhancement with the industry\u2019s first variable speed natural gas reciprocating engine. Our successful development and field testing during the second quarter reflect our commitment to continued innovation in high efficiency, low emission technologies,\u201d continued Mr. Gusek. \u201cWe also completed the successful field trial of the industry\u2019s first last-mile sand slurry system. By transporting sand slurry via pipe, our system is expected to reduce costs, improve delivery reliability, and decrease dust, emissions and road maintenance for our customers.\u201d<\/p>\n \u201cGrowing power demand from data centers and industrial users necessitates a collaborative approach to address power service requirements that increasingly surpass the traditional utility offering. During the second quarter, we announced two strategic alliances for the development of power facilities. In\u00a0Pennsylvania, we are collaborating with Range Resources and Imperial Land Corporation to provide power services at a strategically located industrial park tailored for scalable development with advantaged access to Marcellus natural gas. In\u00a0Colorado, our strategic alliance with AltitudeX Aviation Group will support a proposed development at the Colorado Air & Space Port powered by a Liberty microgrid,\u201d continued Mr. Gusek. \u201cThese partnerships address the barriers that commercial and industrial developers face, including access to suitable land, integrated power management solutions, and reliable fuel supply. Together, we offer a turnkey solution that combines on-site generation, market integration, and infrastructure readiness to meet the evolving needs of high demand users.\u201d<\/p>\n \u201cOur recently announced collaboration with Oklo represents an exciting path towards delivering integrated, next generation power solutions for sophisticated large load customers. This comprehensive approach combines the speed to market of Liberty\u2019s Forte\u2120 distributed natural gas power and high-performance load management solution to meet immediate demand, with a path to integrate grid power management and baseload small modular nuclear reactors,\u201d continued Mr. Gusek. \u201cAs energy systems evolve, our blended solution provides long-term, reliable power that utilizes breakthrough technology and energy management solutions.\u201d<\/p>\n \u201cAs we look ahead, the strategic investment we have made in completions through cycles enhances our ability to support customers in an evolving landscape. We are leveraging our integrated suite of completion services, cutting-edge technologies, industry leading partnerships and the dedication of our exceptional team to navigate market uncertainties. Within our power business, LPI delivers a robustly engineered, end-to-end energy solution uniquely integrating on-site generation and load management, ISO market participation, and advantaged retail supply, creating a comprehensive, flexible approach that redefines reliability and cost efficiency in deregulated regions,\u201d continued Mr. Gusek. \u201cWe\u2019re excited by LPI\u2019s future growth and its ability to contribute to our track record of delivering superior long-term returns, while balancing disciplined investment with a strong balance sheet through cycles.\u201d<\/p>\n Outlook<\/b><\/p>\n While oil markets continue to evolve in response to dynamic global economic and geopolitical developments, North American production has remained relatively stable. As the world\u2019s largest supplier of oil and natural gas,\u00a0U.S.\u00a0producers continue to play a vital role in delivering reliable energy to global markets, supporting domestic industrial activity and power demand, and providing strategic leverage in the geopolitical landscape.<\/p>\n Recent events, ranging from shifting tariff policies to rising regional hostilities and mixed economic signals affecting global oil demand, have not yet driven a meaningful North American production response. Larger, well-capitalized producers with strong balance sheets and highly efficient operations enjoy healthy well economics, enabling them to weather commodity price volatility. Intra-quarter price fluctuations created hedging opportunities, further tempering supply side reactions.<\/p>\n Producers are targeting a relatively flat production profile, sustaining a baseline of frac activity to offset the natural decline of producing wells. Completions activity is anticipated to gradually slow during the second half of the year, reflecting disciplined capital deployment and contributing to market pricing pressure on services. This slowdown in activity is expected to accelerate equipment cannibalization and attrition, which fundamentally improves the supply and demand dynamics within the services industry over the cycle.<\/p>\n Today\u2019s larger producers require a technically superior service offering to meet the rising demand for efficiencies and engineering support that few service companies are positioned to deliver. Liberty\u2019s unmatched portfolio breadth, integrated services, and technical innovation uniquely enable us to deliver greater value to our customers and drive outperformance.<\/p>\n \u201cAmidst market pressures and near-term reductions in customer activity, we are planning to modestly reduce our deployed fleet count and reposition this horsepower to support our expanded simulfrac offering for long-term partners,\u201d continued Mr. Gusek. \u201cWe have created a unique competitive position that allows us to stay agile in dynamic markets while maintaining strong long-term advantages, underpinned by our scale, technology leadership, vertical integration and a fortress-like balance sheet. We are excited by the road ahead and our emerging growth opportunities.\u201d<\/p>\n Cash Dividend<\/b><\/p>\n During the quarter ended June 30, 2025, the Company paid a quarterly cash dividend of\u00a0$0.08\u00a0per share of Class A common stock, or approximately\u00a0$13 million\u00a0in aggregate to shareholders.<\/p>\n On July 15, 2025, the Board declared a cash dividend of\u00a0$0.08\u00a0per share of Class A common stock, to be paid on September 18, 2025 to holders of record as of September 4, 2025.<\/p>\n Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board\u2019s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board\u2019s discretion based on market conditions and capital availability.<\/p>\n Second Quarter Results<\/b><\/p>\n For the second quarter of 2025, revenue was\u00a0$1.0 billion, a decrease of 10% from\u00a0$1.2 billion\u00a0in the second quarter of 2024 and an increase of 7% from\u00a0$977 million\u00a0in the first quarter of 2025.<\/p>\n Net income (after taxes) totaled\u00a0$71 million\u00a0for the second quarter of 2025 compared to\u00a0$108 million\u00a0in the second quarter of 2024 and\u00a0$20 million\u00a0in the first quarter of 2025.<\/p>\n Adjusted Net Income3<\/sup>\u00a0(after taxes) totaled\u00a0$20 million\u00a0for the second quarter of 2025 compared to\u00a0$103 million\u00a0in the second quarter of 2024 and\u00a0$7 million\u00a0in the first quarter of 2025.<\/p>\n Adjusted EBITDA1\u00a0<\/sup>of\u00a0$181 million\u00a0for the second quarter of 2025 decreased 34% from\u00a0$273 million\u00a0in the second quarter of 2024 and increased 8% from\u00a0$168 million\u00a0in the first quarter of 2025.<\/p>\n Fully diluted earnings per share of\u00a0$0.43\u00a0for the second quarter of 2025 compared to\u00a0$0.64\u00a0for the second quarter of 2024 and\u00a0$0.12\u00a0for the first quarter of 2025.<\/p>\n Adjusted Net Income per Diluted Share3<\/sup>\u00a0of\u00a0$0.12\u00a0for the second quarter of 2025 compared to\u00a0$0.61\u00a0for the second quarter of 2024 and\u00a0$0.04\u00a0for the first quarter of 2025.<\/p>\n Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.<\/p>\n Balance Sheet and Liquidity<\/b><\/p>\n As of June 30, 2025, Liberty had cash on hand of\u00a0$20 million\u00a0and total debt of\u00a0$160 million, drawn on the secured asset-based revolving credit facility. Total liquidity, including availability under the credit facility, was\u00a0$276 million\u00a0as of June 30, 2025.<\/p>\n In July 2025, Liberty expanded its credit facility to provide for a\u00a0$225 million\u00a0increase in aggregate commitments to\u00a0$750 million, subject to borrowing base limitations.<\/p>\n Conference Call<\/b><\/p>\n Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Friday, July 25, 2025. Presenting Liberty\u2019s results will be Ron Gusek, Chief Executive Officer, and Michael Stock, Chief Financial Officer.<\/p>\n Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at\u00a0http:\/\/investors.libertyenergy.com<\/a>. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 7843160. The replay will be available until August 1, 2025.<\/p>\n About Liberty<\/b><\/p>\n Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in\u00a0North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions for the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in\u00a0Denver, Colorado. For more information, please visit\u00a0www.libertyenergy.com<\/a>\u00a0and\u00a0www.libertypowerinnovations.com<\/a>, or contact Investor Relations at\u00a0IR@libertyenergy.com<\/a>.<\/p>\n\n
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