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Liberty Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Delivered strong Q4 and full-year 2025 results amid oil market uncertainty and softer completions activity, with a focus on technology and operational execution driving superior performance and a resilient 13% CROCI.
Full-year 2025 revenue was $4 billion, net income $148 million, and adjusted EBITDA $634 million, reflecting a year-over-year decline.
Expanded Simul-Frac offering, reduced maintenance costs per unit by 14% via AI-driven asset optimization, and launched Atlas/Atlas IQ for real-time data insights.
Advanced LPI distributed power platform, securing major agreements with Vantage Data Centers (1 GW, 400 MW firm for 2027) and another developer (330 MW in Texas), targeting 3 GW of power projects by 2029.
Positioned to capitalize on surging U.S. power demand, especially from data centers, with a robust project pipeline and differentiated technology.
Financial highlights
2025 revenue was $4 billion, down from $4.3 billion in 2024; net income was $148 million, adjusted net income $25 million (excluding $123 million in tax-affected gains).
Adjusted EBITDA for 2025 was $634 million, down from $922 million in 2024.
Q4 2025 revenue was $1 billion, up 10% sequentially; Q4 net income was $14 million, adjusted net income $8 million, and adjusted EBITDA $158 million (up from $128 million in Q3).
Returned $77 million to shareholders in 2025 via dividends and share buybacks; ended year with $28 million cash and $219 million net debt.
Capital expenditures were $571 million for the year, including $203 million in Q4; monetized $151 million in investments.
Outlook and guidance
Expect 2026 revenue to be flat year-over-year, with higher fleet utilization offset by pricing headwinds; adjusted EBITDA projected to decline due to completions pricing and increased LPI development costs.
Completions capex to moderate to ~$250 million in 2026; anticipate delivery of 500 MW of power generation equipment.
Capital expenditures in 2026 expected to be $275–$350 million in deposits and $450–$550 million in project-related spend, largely funded by project financing.
Targeting 3 GW of deployed power plants by 2029, with project pipeline at various development stages.
Expecting lower sequential revenue and adjusted EBITDA in Q1 2026 due to pricing headwinds and winter weather.
LPI 3 GW deployment: expected earnings impact?
Reconcile dividend increase with 2025 net income decline.
Explain the difference between 13% CROCI and 1% ROCE.
LPI's competitive moat in power market?
LPI 3 GW deployment cost and returns?
What drives 2026 completions EBITDA decline?
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Next Liberty Energy earnings date
Q1 202616 Apr, 2026
Liberty Energy
Next Liberty Energy earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Liberty Energy Inc is an oilfield services company that provides hydraulic fracturing and other completion services to onshore oil and natural gas exploration and production companies. Its offerings include pressure pumping, logistics, and engineering solutions aimed at enhancing reservoir productivity. The company primarily operates in major U.S. shale basins. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.
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