Liberty Energy Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Liberty Energy Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	375	1,490	2,155	1,990	966	2,471	4,149	4,748	4,315	4,006
Cost of revenue	355	1,147	1,629	1,621	858	2,250	3,149	3,349	3,201	3,168
Gross profit	20	343	526	369	108	221	1,000	1,399	1,115	838
General and administrative	35.8	80.1	98.4	97.6	84.1	123	180	221	225	247
Operating income	-54.4	181	307	104	-177	-181	496	761	389	72.7
Interest expense	6.13	12.6	17.1	14.7	14.5		22.7	29.5	32.7	40.3
Interest income		0.05	0.38	0.98	0.3	0	0	1.99	0.48	0
Other non-operating income				-14.7	-14.5	3.44	-96.4	-25.7	13.8	122
Pre-tax income				88.9	-192	-178	400	735	403	195
Income tax	0	0	40.4	14.1	-30.9	9.22	-0.79	178	87.3	47.3
Net income to minority interests	0	0	114	35.9	-45.1	-7.76	0.7	0.09	0	0
Net income	0	0	126	39	-116	-179	400	556	316	148
EBITDA	-13.1	263	432	269	3.06	81.5	819	1,182	895	573
EPS, basic			1.84	0.54	-1.36	-1.03	2.17	3.24	1.91	0.91
EPS, diluted			1.81	0.53	-1.36	-1.03	2.11	3.15	1.87	0.89
Shares, basic (weighted)			68.8	72.3	85.2	174	184	172	165	162
Shares, diluted (weighted)			118	105	85.2	174	189	176	169	165
Dividend per share				0.20	0.05		0.05	0.22	0.29	0.33

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.5	16.3	103	113	69	20	43.7	36.8	20	27.6
Receivables		196	154	204	244	299	410			352
Inventory		55.5	60	88.5	119	135	214	206	203	188
Other current assets		21.4	49.9	34.8	65.6	68.3	113	124	85.2	56.9
Total current assets		352	461	489	567	630	957	954	849	878
Property, plant and equipment		495	627	652	1,121	1,199	1,362	1,645	1,891	2,054
Lease right-of-use assets			0	53.1	75.9	110	97.2	92.6	73.3	65
Long-term investments										124
Other non-current assets		5.3	28.2	34.3	81.9	82.3	105		119	94.8
Total assets		852	1,117	1,283	1,890	2,041	2,576	3,034	3,296	3,558
Accounts payable		66.8	80.5	118	193	289	327	294	314	359
Accrued liabilities		25	22.8	39.4	118	235	281	261	207	232
Deferred revenue		9.23	0	0	0	4.55	3.86	5.17	40.8	7.89
Short-term debt		0.01	0.39	0.41	0.36	1.01	1.02	0	0	5.1
Total current liabilities		221	220	266	356	569	649	639	667	720
Long-term debt		196	106	106	105	121	217	140	191	242
Lease liabilities			0	36.7	50.4	77	69.3	64.3	44.4	41.8
Total liabilities		417	376	502	580	810	1,079	1,192	1,318	1,479
Total debt		196	107	106	106	122	218	140	191	247
Paid-in capital		0	313	411	1,126	1,368	1,266	1,093	977	978
Retained earnings		0	119	143	23.3	-156	235	752	1,020	1,113
Other comprehensive income					0	-0.31	-7.4	-6.08	-19.8	-13.9
Shareholders' equity		0	433	555	1,151	1,213	1,495	1,841	1,979	2,079
Minority interests		0	308	227	159	17.2	2.29	0
Total equity	229	393	741	781	1,310	1,230	1,497	1,841	1,979	2,079
Total liabilities and equity		852	1,117	1,283	1,890	2,041	2,576	3,034	3,296	3,558

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-60.6	169	249	74.9	-161	-187	400	556	316	148
Depreciation and amortization	41.4	81.5	125	165	180	263	323	422	505	500
Stock-based compensation		0	5.45	13.6	17.1	19.9	23.1	33	32.4	41.9
Deferred income tax		0	20.5	23.4	-25.5	5.08	-12.5	120	33.8	54.8
Change in receivables	-41	-134	23.1	-11.5	53.1	-90.1	-167	19.6	18.2	-69.8
Change in inventory	-11.7	-27.6	-4.61	-30.5	2.14	-24.6	-85	-0.11	0.07	12
Change in payables	38.6	111	-26.8	22.4	-15.3	164	57.2	-45.1	-41.3	98.1
Cash from operations	-40.7	195	351	261	85.4	135	530	1,015	829	610
Capital expenditures	-102	-312	-259	-195	-104	-199	-452	-603	-651	-595
Acquisitions						0	0	-75.7	0	-15.2
Purchases of investments							-15	-20.3	-16.1
Cash from investing	-96.4	-310	-255	-194	-100	-186	-451	-672	-643	-435
Stock issued	0	0	230	0	0
Share buybacks	0	0	-82.9	-18.4	0	0	-125	-203	-129	-24.9
Dividends paid	0	0	-6.91	-14.8	-4.43	-0.17	-9.16	-37.7	-48.3	-54.5
Cash from financing	149	120	-8.78	-57.4	-28.9	2.06	-55.8	-349	-203	-168
Exchange rate effect				0	0	-0.01	-0.26	0.17	-0.36	0.55
Net change in cash	11.5	4.84	87	9.38	-43.7	-49	23.9	-7.06	-16.4	7.02
Free cash flow	-143	-117	92.4	65.9	-18.2	-63.3	78.5	411	178	14.1
Interest paid	4.73	9.77	14	12.6	11.2	13.3	20.3	26.7	33.1	39.7
Income taxes paid	0	0	27.3	1.04	-9.65	-9.48	10.7	66.7	35.9	11.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.5%	Gross profit / revenue.
Operating margin	1.3%	Operating income / revenue.
EBITDA margin	12.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	2.9%	Net income / revenue.
FCF margin	-7.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Return on equity (ROE)	6.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	1.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.8%	Capital expenditures / revenue.
D&A / revenue	11.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-81.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-47.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-35.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	184.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-53.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-28.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-52.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	48.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-92.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-43.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	87.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	45.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.99x	Current assets / current liabilities.
Quick ratio	1.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.8%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	$736.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.41x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.66x	Operating income / interest expense.
Working capital	$777.9M	Current assets - current liabilities.
Tangible book value	$1.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	1.85x	Revenue / average property, plant and equipment.
Inventory turnover	18.4x	Cost of revenue / average inventory.
Days inventory	20 days	365 x average inventory / cost of revenue.
Receivables turnover	8.14x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	20 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-258.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	181.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.03	Revenue / diluted weighted shares.
FCF per share	-$1.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.32	Cash from operations / diluted weighted shares.
Book value per share	$11.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.71	Tangible book value / shares outstanding.
Cash per share	$3.31	(Cash + short-term investments) / shares outstanding.
Payout ratio	47.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.09B	Share price x shares outstanding.
Enterprise value	$3.83B	Market cap + total debt - cash - short-term investments.
P/E	25.2x	Market cap / net income. Only when net income is positive.
P/S	0.74x	Market cap / revenue.
P/B	1.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.57x	Market cap / tangible book value, when positive.
P/OCF	7.96x	Market cap / cash from operations, when positive.
EV/Sales	0.91x	Enterprise value / revenue.
EV/EBIT	73.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.30x	Enterprise value / EBITDA, when both are positive.
FCF yield	-10.2%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was Liberty Energy Inc.'s revenue in fiscal 2025?

Liberty Energy Inc. reported revenue of $4.01B for fiscal 2025, 7.2% lower than the year before.

Was Liberty Energy Inc. profitable in fiscal 2025?

Yes. Net income was $147.9M, a net margin of 3.7%.

How much free cash flow did Liberty Energy Inc. generate in fiscal 2025?

Cash from operations of $609.6M minus capital expenditures of $595.5M left free cash flow of $14.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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