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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Liberty Energy reported revenue of $4B in the fiscal year ended Dec 2025, down 7.2% from the year before. Operating income was $73M, an operating margin of 1.8%, and net income was $148M. Operating cash flow of $610M less capital expenditure of $595M left free cash flow of $14M. Net debt was $219M.
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,471 | 4,149 | 4,748 | 4,315 | 4,006 |
| Cost of revenue | 2,250 | 3,149 | 3,349 | 3,201 | 3,168 |
| Gross profit | 221 | 1,000 | 1,399 | 1,115 | 838 |
| Operating income | −181 | 496 | 761 | 389 | 72.7 |
| Interest expense | – | 22.7 | 29.5 | 32.7 | 40.3 |
| Pre-tax income | −178 | 400 | 735 | 403 | 195 |
| Income tax | 9.2 | −0.8 | 178 | 87.3 | 47.3 |
| Net income | −179 | 400 | 556 | 316 | 148 |
| Diluted EPS | −1.03 | 2.11 | 3.15 | 1.87 | 0.89 |
| Diluted shares | 174 | 189 | 176 | 169 | 165 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 20.0 | 43.7 | 36.8 | 20.0 | 27.6 |
| Receivables | 299 | 410 | – | – | 352 |
| Inventory | 135 | 214 | 206 | 203 | 188 |
| Current assets | 630 | 957 | 954 | 849 | 878 |
| Net PP&E | 1,199 | 1,362 | 1,645 | 1,891 | 2,054 |
| Total assets | 2,041 | 2,576 | 3,034 | 3,296 | 3,558 |
| Payables | 289 | 327 | 294 | 314 | 359 |
| Deferred revenue | 4.6 | 3.9 | 5.2 | 40.8 | 7.9 |
| Current liabilities | 569 | 649 | 639 | 667 | 720 |
| Short-term debt | 1.0 | 1.0 | 0.0 | 0.0 | 5.1 |
| Long-term debt | 121 | 217 | 140 | 191 | 242 |
| Total liabilities | 810 | 1,079 | 1,192 | 1,318 | 1,479 |
| Shareholders' equity | 1,213 | 1,495 | 1,841 | 1,979 | 2,079 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 135 | 530 | 1,015 | 829 | 610 |
| Capital expenditure | 199 | 452 | 603 | 651 | 595 |
| Free cash flow | −63.3 | 78.5 | 411 | 178 | 14.1 |
| Depreciation & amortisation | 263 | 323 | 422 | 505 | 500 |
| Stock-based compensation | 19.9 | 23.1 | 33.0 | 32.4 | 41.9 |
| Acquisitions | 0.0 | 0.0 | 75.7 | 0.0 | 15.2 |
| Share buybacks | 0.0 | 125 | 203 | 129 | 24.9 |
| Dividends paid | 0.2 | 9.2 | 37.7 | 48.3 | 54.5 |
| Dividend per share | – | 0.05 | 0.22 | 0.29 | 0.33 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 67.9% | 14.4% | −9.1% | −7.2% |
| Operating income growth (YoY) | – | – | 53.4% | −48.8% | −81.3% |
| EPS growth (YoY) | – | – | 49.3% | −40.6% | −52.4% |
| Gross margin | 8.9% | 24.1% | 29.5% | 25.8% | 20.9% |
| Operating margin | −7.3% | 12.0% | 16.0% | 9.0% | 1.8% |
| Net margin | −7.3% | 9.6% | 11.7% | 7.3% | 3.7% |
| Return on equityBlank when equity is negative | −14.8% | 26.7% | 30.2% | 16.0% | 7.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.3% | 25.7% | 31.8% | 14.8% | 2.6% |
| Free cash flow margin | −2.6% | 1.9% | 8.7% | 4.1% | 0.4% |
| Cash conversion (CFO ÷ net income) | −0.76x | 1.33x | 1.82x | 2.62x | 4.12x |
| Receivable days | 44 | 36 | – | – | 32 |
| Inventory days | 22 | 25 | 22 | 23 | 22 |
| Payable days | 47 | 38 | 32 | 36 | 41 |
| Interest cover | – | 21.8x | 25.8x | 11.9x | 1.80x |
| Debt ÷ equity | 0.10x | 0.15x | 0.08x | 0.10x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 102 | 175 | 103 | 171 | 219 |
| Current ratio | 1.11x | 1.47x | 1.49x | 1.27x | 1.22x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.