LBRT earnings analysis
What we found in LBRT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Liberty Energy reported Q1 2026 revenue of $1,021,184,000, up $43,723,000 or 4% versus Q1 2025, with net income of $22,558,000 (up $2,447,000). Operating income rose to $22,278,000, but Adjusted EBITDA declined to $125,850,000 from $168,150,000 as cost of services increased. Cash and cash equivalents increased materially to $699,146,000 following convertible note financings, while operating cash flow fell to $8,400,000. Management provides qualitative forward commentary (industry tailwinds, plan to raise funds, share repurchase authorization) but no numeric guidance ranges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth year-over-year
- Revenue increased $43,723,000, or 4%, to $1,021,184,000 for the three months ended March 31, 2026 from $977,461,000 for the three months ended March 31, 2025.
- Net income up year-over-year
- Net income increased $2,447,000 to $22,558,000 for Q1 2026 compared to $20,111,000 in Q1 2025.
- Operating income improved
- Operating income rose by $4,106,000 to $22,278,000 in Q1 2026 from $18,172,000 in Q1 2025.
- Large cash balance after financings
- Cash and cash equivalents increased by $671,546,000 to $699,146,000 as of March 31, 2026 (from $27,600,000 as of December 31, 2025), driven by convertible note proceeds.
- Liquidity availability under credit facility
- Borrowing base was calculated to be $508,900,000 with $489,500,000 of remaining availability and letters of credit of $19,400,000 as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Adjusted EBITDA decline
- Adjusted EBITDA decreased by $42,300,000 to $125,850,000 for Q1 2026 from $168,150,000 in Q1 2025, primarily due to cost of services increases.
- Operating cash flow contraction
- Net cash provided by operating activities fell $183,718,000 to $8,400,000 for the three months ended March 31, 2026 from $192,118,000 for the three months ended March 31, 2025.
- Higher cost of services
- Cost of services (exclusive of DD&A) increased $82,201,000, or 11%, to $843,817,000 for Q1 2026 from $761,616,000 in Q1 2025, pressuring margins.
- Significant new convertible debt issued
- The company issued $770,000,000 aggregate principal of 0% convertible senior notes due 2031 (net proceeds $746,000,000) and $525,000,000 aggregate principal of 0% convertible senior notes due 2032 (net proceeds $511,300,000), and incurred capped call costs of approximately $109,300,000 and $77,200,000, respectively.
- Working capital use increased
- Working capital excluding cash and current liabilities under debt and lease arrangements increased $87,400,000 during the quarter, contributing to lower operating cash flow.
- No material change to disclosed risk factors
- The filing states: "No other risk factors were identified in addition to the risk factors set forth in the Annual Report. There have been no material changes to the risk factors in the Annual Report."
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.06
- Operating margin
- 2.18%
What they said about what is next.
Management provides qualitative forward commentary in MD&A: it "expects that E&P companies will continue to focus on technical innovation," notes potential structural tailwinds from higher oil prices and global supply dynamics, states it "plans to raise funds" (including project-specific financings) and maintains a share repurchase authorization of up to $750,000,000 through July 31, 2026. No numeric revenue or EPS guidance ranges were provided in the 10-Q.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 2, 2026
- Liberty Energy positions itself as a technology-led, integrated completions services provider with a growing distributed power arm (LPI). The filing emphasizes its technical moat (≈500 patents), ~40 active frac fleets…
- 10-Q · October 17, 2025
- Liberty Energy reported Q3 2025 revenue of $947,397 (in thousands) and diluted EPS of $0.26. Operationally the quarter weakened versus the prior-year quarter: operating (loss) income was $(2,419) (in thousands) versus…
- 10-Q · July 25, 2025
- Liberty Energy reported Q2 2025 revenue of $1,042,521,000, down versus Q2 2024 but up sequentially versus Q1 2025. Margins remain compressed year‑over‑year (gross ~22.1%, operating ~3.6%), though operating profit and…
- 10-Q · April 17, 2025
- Liberty Energy reported Q1 total revenue of $977,461,000 and diluted EPS of $0.12. Revenue and profitability declined materially year-over-year (revenue down from $1,073,125,000 and operating income down from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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