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ProFrac vs Liberty Energy: revenue, profit, margins and growth compared

ProFrac brought in $1.9B of revenue in fiscal 2025, Liberty Energy $4B in fiscal 2025. Revenue changed by -11.4% at ProFrac and -7.2% at Liberty Energy on the year before, so Liberty Energy grew faster. ProFrac kept -19.0% of its revenue as net profit, Liberty Energy 3.7%. Free cash flow was $19.6M at ProFrac and $14.1M at Liberty Energy.

Side by side, latest fiscal year

ACDCLBRT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.9B$4B
Revenue growth-11.4%-7.2%
Net income-$369M$147.9M
Net margin-19.0%3.7%
Free cash flow$19.6M$14.1M
Free cash flow margin1.0%0.4%
Earnings per share (diluted)-$2.22$0.89
Cash$22.9M$27.6M
Debt$832.7M$246.6M
Price to earningsn/a21.3
Market value$838.7M$3.1B
Dividend yieldn/a1.74%
Rank by revenue in sector#59 of 129 · Energy#35 of 129 · Energy

Over the years

Revenue
ACDC FY2020: $547.7MACDC FY2022: $768.4MACDC FY2022: $2.4BACDC FY2023: $2.6BACDC FY2024: $2.2BACDC FY2025: $1.9BLBRT FY2018: $2.2BLBRT FY2019: $2BLBRT FY2020: $965.8MLBRT FY2021: $2.5BLBRT FY2022: $4.1BLBRT FY2023: $4.7BLBRT FY2024: $4.3BLBRT FY2025: $4BFY18FY19FY20FY21FY22FY23FY24FY25
ACDC $1.9BLBRT $4B
Net income
ACDC FY2020: -$118.5MACDC FY2022: -$42.4MACDC FY2022: $91.5MACDC FY2023: -$97.7MACDC FY2024: -$215.1MACDC FY2025: -$369MLBRT FY2018: $126.3MLBRT FY2019: $39MLBRT FY2020: -$115.6MLBRT FY2021: -$179.2MLBRT FY2022: $399.6MLBRT FY2023: $556.3MLBRT FY2024: $316MLBRT FY2025: $147.9MFY18FY19FY20FY21FY22FY23FY24FY25
ACDC -$369MLBRT $147.9M
Net margin
ACDC FY2020: -21.6%ACDC FY2022: -5.5%ACDC FY2022: 3.8%ACDC FY2023: -3.7%ACDC FY2024: -9.8%ACDC FY2025: -19.0%LBRT FY2018: 5.9%LBRT FY2019: 2.0%LBRT FY2020: -12.0%LBRT FY2021: -7.3%LBRT FY2022: 9.6%LBRT FY2023: 11.7%LBRT FY2024: 7.3%LBRT FY2025: 3.7%FY18FY19FY20FY21FY22FY23FY24FY25
ACDC -19.0%LBRT 3.7%
Revenue growth
ACDC FY2022: +40.3%ACDC FY2022: +215.7%ACDC FY2023: +8.4%ACDC FY2024: -16.7%ACDC FY2025: -11.4%LBRT FY2019: -7.6%LBRT FY2020: -51.5%LBRT FY2021: +155.8%LBRT FY2022: +67.9%LBRT FY2023: +14.4%LBRT FY2024: -9.1%LBRT FY2025: -7.2%FY19FY20FY21FY22FY23FY24FY25
ACDC -11.4%LBRT -7.2%
Free cash flow
ACDC FY2020: -$2.9MACDC FY2022: -$43.5MACDC FY2022: $59MACDC FY2023: $286.5MACDC FY2024: $112.3MACDC FY2025: $19.6MLBRT FY2018: $92.4MLBRT FY2019: $65.9MLBRT FY2020: -$18.2MLBRT FY2021: -$63.3MLBRT FY2022: $78.5MLBRT FY2023: $411.3MLBRT FY2024: $178.3MLBRT FY2025: $14.1MFY18FY19FY20FY21FY22FY23FY24FY25
ACDC $19.6MLBRT $14.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about ProFrac and Liberty Energy

Which is bigger by revenue, ProFrac or Liberty Energy?

Liberty Energy is bigger by revenue: $4B in fiscal 2025, against $1.9B for ProFrac in fiscal 2025.

Which keeps more of its revenue as profit, ProFrac or Liberty Energy?

ProFrac had a net margin of -19.0% in fiscal 2025; Liberty Energy had 3.7% in fiscal 2025.

Which grew revenue faster, ProFrac or Liberty Energy?

In their latest fiscal years revenue changed by -11.4% at ProFrac and -7.2% at Liberty Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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