10-Q · April 23, 2026
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…
Earnings analysis · 10-Q
LBRT earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Third-quarter revenue was $1.196 billion, broadly stable sequentially but up materially from $947 million a year earlier. Profitability remained pressured: adjusted EBITDA was $141.630 million, down 6% sequentially,…
Read full summary
Third-quarter revenue was $1.196 billion, broadly stable sequentially but up materially from $947 million a year earlier. Profitability remained pressured: adjusted EBITDA was $141.630 million, down 6% sequentially, while GAAP net loss was $39.063 million and diluted EPS was $(0.24). The filing adds data-center regulatory risk and discloses a temporary increase in permitted leverage from 3.50x to 4.50x, while providing no formal quantitative revenue or EPS guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.24
What stood out
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Revenue recovered year over year
Third-quarter revenue was $1.196 billion, approximately in line with consensus and up from $947 million in the prior-year quarter.
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Adjusted EBITDA declined sequentially
Adjusted EBITDA was $141.630 million, down 6% sequentially; the filing nevertheless reflects positive operating earnings before interest, taxes, depreciation and amortization on an adjusted basis.
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Record natural gas substitution
Management reported record natural gas substitution activity, supporting demand for the company’s distributed power solutions.
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Controls remained effective
Disclosure controls were effective as of September 30, 2026, and the company reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Leverage covenant was temporarily relaxed
The Second Amendment temporarily raises the maximum permitted leverage ratio from 3.50 to 1.00 to 4.50 to 1.00 for the fiscal quarters ending September 30, 2026 through March 31, 2027. The ratio then steps down to 4.25 to 1.00, 4.00 to 1.00 and 3.75 to 1.00 before returning to 3.50 to 1.00 for quarters ending on or after March 31, 2028, indicating increased covenant pressure.
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Data-center regulatory risk added
The company added a risk that moratoria, permitting delays, environmental reviews and operating restrictions could reduce data-center infrastructure investment and adversely affect demand for distributed power solutions. This is material given the company’s stated record natural gas substitution and distributed-power expansion activity.
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Foreign-exchange translation turned negative
Foreign-exchange exposure remains material: the company recorded a $5.0 million foreign-currency translation loss in comprehensive income for the nine months ended September 30, 2026, versus a $3.7 million gain in the comparable 2025 period.
Management's outlook
No formal quantitative EPS or revenue guidance was provided. Management expects fourth-quarter weather and holiday seasonality to be partially offset by continued demand strength, including activity deferred from the third quarter.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.