Form 8-K

8-K — Liberty Energy Inc.

Accession: 0001694028-26-000055

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0001694028

SIC: 1389 (OIL, GAS FIELD SERVICES, NBC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lbrt-20261021.htm (Primary)

EX-99.1 (q32026-earningsrelease.htm)

GRAPHIC (lib_libertyxstacka.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lbrt-20261021.htm · Sequence: 1

lbrt-20261021

October 21, 2026FALSE000169402800016940282026-10-212026-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 21, 2026

Liberty Energy Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-38081 81-4891595

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

950 17th Street, Suite 2400

Denver, Colorado 80202

(Address and Zip Code of Principal Executive Offices)

(303) 515-2800

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of each class Trading symbol(s) Name of each exchange on which registered

Class A Common Stock, par value $0.01 LBRT New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On October 21, 2026, Liberty Energy Inc., a Delaware corporation (the “Company”), issued a press release announcing its results for the third quarter ended September 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits.

Exhibit

No. Description

99.1

Earnings Press Release dated October 21, 2026

104 Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LIBERTY ENERGY INC.

Dated: October 21, 2026

By: /s/ R. Sean Elliott

R. Sean Elliott

Chief Legal Officer and Corporate Secretary

EX-99.1

Filename: q32026-earningsrelease.htm · Sequence: 2

Document

Liberty Energy Inc. Announces Third Quarter 2026 Financial and Operational Results

October 21, 2026

Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) today reported third quarter 2026 financial and operational results.

Summary Results and Highlights

•Revenue of $1.2 billion, a 26% year-over-year increase

•Net loss of $39 million, or $(0.24) fully diluted earnings per share (“EPS”) and Adjusted Net Income1 of $10 million, or $0.06 Adjusted Net Income per Diluted Share1

•Adjusted EBITDA2 of $142 million

•Distributed $15 million to shareholders through cash dividends

•Increased quarterly cash dividend by 11% to $0.10 per share beginning fourth quarter of 2026

•Executed a strategic development agreement with a leading frontier AI lab and a dedicated infrastructure platform to deliver 1.2 GW of integrated power services at data center campuses

•Collaborated with the U.S. Department of Energy’s National Laboratory of the Rockies at its advanced grid simulation testbed, successfully validating Liberty’s power technologies under real-world grid conditions

•Achieved record natural gas substitution across our frac fleets, driven by continued investment in natural gas fueled equipment and optimization through Liberty’s digital intelligence layer

“Liberty's completions trajectory has improved meaningfully from early year cyclical lows. Strong customer engagement and strengthening market fundamentals provide a more constructive outlook as we close out the year. Third quarter revenue of $1.2 billion and Adjusted EBITDA of $142 million reflected strong operational execution and modest price increases, partially offset by drilling-related delays and cost inflation headwinds,” commented Ron Gusek, Chief Executive Officer. “During the quarter, we delivered significantly lower fuel costs for our customers. Record natural gas substitution of over 60% of the total fuel consumed by our fleets provided annualized fuel savings of over $1 billion for our customers. This achievement reflects continued investment in natural gas fueled equipment and a concerted focus on the digital intelligence layer that drives meaningful operational optimization of equipment and widens the performance gap amongst industry frac fleets.”

“In power, we are excited to share that Liberty Power Innovations (“LPI”) entered into a strategic development agreement with a leading frontier AI lab and a dedicated infrastructure platform for 1.2 GW of integrated power services at data center campuses. The agreement includes a significant prepayment of capacity fees and targeted execution of the first energy service agreement (“ESA”) contract for approximately 500 megawatts ("MW") by December 2026. The agreement also establishes a phased energization schedule from Q4 2027 through Q1 2029 and includes the substantive commercial terms for the additional long-term ESAs. This is the culmination of months of work on engineering and design between our teams, defining the integrated power architecture tailored to the generation, power quality, reliability and dynamic AI load requirements,” commented Mr. Gusek. “We see significant opportunity to expand this relationship and are already working together to advance additional projects across other sites, including gas supply, interconnection, permitting and construction planning.”

“We are building a durable portfolio across completions and power, anchored by the principles that have long defined Liberty: a relentless focus on our customers, continuous technology innovation, and disciplined execution.

1 “Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.

2 “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.

In completions, these capabilities have helped our customers improve performance and economics year after year, and we are applying that same approach in power as we develop differentiated solutions to meet the increasingly complex objectives of technology customers,” continued Mr. Gusek. “These dual investments are strengthening our competitive advantage and expanding our market opportunities, positioning us to generate strong returns through cycles. Earlier this week we announced an 11% increase in our quarterly cash dividend, reflecting confidence in our strategy and a continued commitment to delivering long-term shareholder value.”

Outlook

Global oil and refined product prices strengthened during the third quarter, as the ongoing conflicts in the Middle East and Ukraine continue to impact markets. While flows through the Strait of Hormuz partially recovered, Gulf exports remain vulnerable to operational disruption, sustaining a risk premium in crude oil prices. Renewed attacks on energy infrastructure have exacerbated refined product shortages, with low diesel inventories emerging as a critical constraint. Elevated maritime freight costs and longer trade routes have further compounded these pressures, increasing delivered crude and product costs. Expectations for a prolonged supply disruption and an eventual replenishment of strategic petroleum reserves have sustained the oil risk premium and lifted forward prices.

North American natural gas fundamentals remain more balanced, as strong summer power demand was outpaced by record production and ample inventories. Disruptions to Qatari gas supply have also increased reliance on U.S. LNG, including replacement cargoes required to fulfill existing customer commitments. Longer term, LNG exports and growing power consumption from AI and data center development are expected to drive significant demand growth.

Against this backdrop, producer well economics have strengthened meaningfully, with a more constructive forward curve providing attractive 2027 oil hedging opportunities and enhancing E&P revenue visibility. These improving fundamentals further reinforce already tight frac market dynamics, where modestly higher completions activity has absorbed much of the industry’s available capacity. Ongoing fleet attrition, equipment cannibalization and industry underinvestment have constrained supply, particularly in next generation equipment with compelling gas arbitrage economics. Increasing completion intensity and complexity also favor scaled providers with integrated services and advanced digital technologies. Together, these dynamics are supporting more durable frac markets and continued improvement in service pricing.

As AI accelerates demand for compute capacity, infrastructure developers are increasingly leveraging co-located integrated power solutions for data center campuses and other large load sites to address growing community considerations around power costs, availability, and other concerns. Beyond accelerating energization timelines and enabling tailored energy configurations, co-location can reduce pressure on existing grid infrastructure and limit the need for costly transmission investment, helping mitigate impacts on local ratepayers and communities. Liberty’s partnerships broaden the capabilities we can bring to these projects, combining our power services with complementary technologies and infrastructure solutions, including hybrid power systems, advanced energy management and waste-heat recovery. Over time, this integrated approach creates opportunities to address overall energy efficiency while providing customers greater flexibility to address environmental and community priorities specific to each site.

“Today’s announcement with a frontier AI lab underscores the strength of our integrated power platform and its ability to advance our customers’ broader strategic objectives. Our relationship has been built on trust, collaboration, and a shared commitment to advancing AI infrastructure at scale,” commented Mr. Gusek. “Over the past year, we have built a strong foundation spanning power design and architecture, power quality and load management, testing and validation, and long-term operations needed to support this project and others like it. We are excited to support a growing base of customers seeking reliable, high-performance power infrastructure for data centers and other industrial applications.”

“North American oil and gas markets are increasingly constructive as global energy consumers place greater emphasis on secure, reliable energy supplies. Our disciplined investment in leading edge digital and equipment technologies through cycles expands our competitive advantage and increases our market opportunities over the coming years,” commented Mr. Gusek. “Looking forward, we expect fourth quarter weather and holiday seasonality to be partially offset by continued strength in demand, including activity deferred from the third quarter. We’re proud of the Liberty team’s continued focus on ingenuity, innovation, and execution. We are well positioned today to serve the demand for energy services in the years ahead.”

Cash Dividend

During the quarter ended September 30, 2026, the Company paid a quarterly cash dividend of $0.09 per share of Class A common stock, or approximately $15 million in aggregate to shareholders.

On October 20, 2026, the Board declared a cash dividend of $0.10 per share of Class A common stock, to be paid on December 18, 2026 to holders of record as of December 4, 2026.

Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

Third Quarter Results

For the third quarter of 2026, revenue was $1.2 billion, an increase of 26% from $0.9 billion in the third quarter of 2025 and an increase of 1% from $1.2 billion in the second quarter of 2026.

Net loss (after taxes) totaled $39 million for the third quarter of 2026 compared to net income of $43 million in the third quarter of 2025 and net income of $43 million in the second quarter of 2026.

Adjusted Net Income1 totaled $10 million for the third quarter of 2026 compared to an adjusted net loss of $10 million in the third quarter of 2025 and an adjusted net income of $14 million in the second quarter of 2026.

Adjusted EBITDA2of $142 million for the third quarter of 2026 increased 11% from $128 million in the third quarter of 2025 and decreased 6% from $151 million in the second quarter of 2026.

Fully diluted earnings per share of $(0.24) for the third quarter of 2026 compared to $0.26 for the third quarter of 2025 and $0.26 for the second quarter of 2026.

Adjusted Net Income per Diluted Share1 of $0.06 for the third quarter of 2026 compared to $(0.06) for the third quarter of 2025 and $0.09 for the second quarter of 2026.

Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.

Balance Sheet and Liquidity

As of September 30, 2026, Liberty had cash on hand of $119 million and total debt of approximately $1.3 billion, primarily consisting of the senior convertible notes issued during the first quarter of 2026. As of September 30, 2026, the Company had no balance drawn on the secured asset-based revolving credit facility, except for $30.2 million in letters of credit outstanding. Total liquidity, including availability under the credit facility, was approximately $669 million as of September 30, 2026.

Conference Call

Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, October 22, 2026. Presenting Liberty’s results will be Ron Gusek, President and Chief Executive Officer, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 3483884. The replay will be available until October 29, 2026.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, and Adjusted Pre-Tax Return on Capital Employed (“ROCE”). We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, gain or loss on investments, net, bad debt reserves, transaction and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements, and other expenses that management does not consider in assessing ongoing performance.

Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under U.S. GAAP.

We present Adjusted Net (Loss) Income and Adjusted Net (Loss) Income per Diluted Share because we believe such measures provide useful information to investors regarding our operating performance by excluding the after-tax impacts of unusual or one-time benefits or costs, including items such as gain or loss on investments, net and transaction and other costs, primarily because management views the excluded items to be outside of our normal operating results. We define Adjusted Net (Loss) Income as net income after eliminating the effects of such excluded items and Adjusted Net (Loss) Income per Diluted Share as Adjusted Net (Loss) Income divided by the number of weighted average diluted shares outstanding. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in our business.

We define ROCE as the ratio of adjusted pre-tax net income (adding back income tax and certain adjustments that include tax receivable agreement impacts, gain or loss on investments, net, and transaction and other costs, when applicable) for the twelve months ended September 30, 2026 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of September 30, 2026 and September 30, 2025. ROCE is presented based on our management’s belief that this non-GAAP measure is useful information to investors when evaluating our profitability and

the efficiency with which management has employed capital over time. Our management uses ROCE for that purpose. ROCE is not a measure of financial performance under U.S. GAAP and should not be considered an alternative to net income, as defined by U.S. GAAP.

Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP financial measure.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, among others, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words “estimate,” “outlook,” “project,” “forecast,” “position,” “potential,” “likely,” “believe,” “anticipate,” “assume,” “plan,” “expect,” “intend,” “achievable,” “may,” “will,” “continue,” “should,” “could” and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, (the “Annual Report”), and other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new information, future events or otherwise and readers should not rely on the forward-looking statements as representing the Company’s views as of any date subsequent to the date of this release. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

All forward-looking statements, expressed or implied, included in this release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Contact:

Michael Stock

Chief Financial Officer

Anjali Voria, CFA

Vice President of Investor Relations

303-515-2851

IR@libertyenergy.com

Liberty Energy Inc.

Selected Financial Data

(unaudited)

Three Months Ended Nine Months Ended

September 30, June 30, September 30, September 30,

2026 2026 2025 2026 2025

Statement of Operations Data: (amounts in thousands, except for per share data)

Revenue $ 1,196,156 $ 1,188,596 $ 947,397 $ 3,405,936 $ 2,967,379

Costs of services (exclusive of depreciation, depletion, and amortization shown separately below) 995,049 980,255 769,761 2,819,121 2,343,484

General and administrative (1) 69,479 67,169 58,284 196,191 182,403

Transaction and other costs (215) 7,691 — 7,476 811

Depreciation, depletion, and amortization 113,704 114,213 122,981 341,976 380,089

(Gain) loss on disposal of assets, net (1,165) 6,552 (1,210) (13,126) 7,766

Total operating costs and expenses 1,176,852 1,175,880 949,816 3,351,638 2,914,553

Operating income (loss) 19,304 12,716 (2,419) 54,298 52,826

Loss (gain) on investments, net 62,892 (42,913) (68,353) 2,663 (155,883)

Interest expense, net 5,898 3,354 10,902 16,983 30,607

Net (loss) income before income taxes (49,486) 52,275 55,032 34,652 178,102

Income tax (benefit) expense (10,423) 9,154 11,977 8,036 43,920

Net (loss) income (39,063) 43,121 43,055 26,616 134,182

Net (loss) income per common share:

Basic $ (0.24) $ 0.26 $ 0.27 $ 0.16 $ 0.83

Diluted (2) $ (0.24) $ 0.26 $ 0.26 $ 0.16 $ 0.81

Weighted average common shares outstanding:

Basic 163,191 163,016 161,959 162,755 161,921

Diluted (2) 163,191 167,663 165,066 166,855 165,126

Other Financial and Operational Data

Capital expenditures (3) $ 621,933 $ 221,484 $ 113,034 $ 976,843 $ 367,958

Adjusted EBITDA (4) $ 141,630 $ 151,145 $ 127,679 $ 418,625 $ 476,627

(1)General and administrative costs for the nine months ended September 30, 2025 include $10.2 million of non-cash stock-based compensation expense related to the resignation of the Company’s former Chief Executive Officer upon confirmation as Secretary of Energy of the United States.

(2)For the three months ended September 30, 2026, the Company reported a net loss. Accordingly, approximately 3.8 million potential common shares related to outstanding restricted stock units and performance stock units were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive.

(3)Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets.

(4)Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below.

Liberty Energy Inc.

Condensed Consolidated Balance Sheets

(unaudited, amounts in thousands)

September 30, December 31,

2026 2025

Assets

Current assets:

Cash and cash equivalents $ 118,973 $ 27,554

Accounts receivable and unbilled revenue 756,765 605,370

Inventories 181,071 188,125

Prepaids and other current assets 61,448 56,921

Total current assets 1,118,257 877,970

Property and equipment, net 2,775,804 2,054,185

Operating and finance lease right-of-use assets 379,020 407,452

Investments 127,300 123,888

Other assets 89,480 94,810

Total assets $ 4,489,861 $ 3,558,305

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities $ 739,148 $ 598,658

Current portion of operating and finance lease liabilities 106,034 116,598

Current portion of long-term debt 11,906 5,097

Total current liabilities 857,088 720,353

Long-term debt, net of current portion and deferred financing costs 1,278,666 241,510

Noncurrent portion of operating and finance lease liabilities 206,928 255,081

Deferred tax liability 159,611 195,602

Payable pursuant to tax receivable agreements 66,870 66,870

Total liabilities 2,569,163 1,479,416

Stockholders’ equity:

Common stock 1,632 1,620

Additional paid in capital 842,975 978,384

Retained earnings 1,094,997 1,112,747

Accumulated other comprehensive loss (18,906) (13,862)

Total stockholders’ equity

1,920,698 2,078,889

Total liabilities and equity $ 4,489,861 $ 3,558,305

Liberty Energy Inc.

Reconciliation and Calculation of Non-GAAP Financial and Operational Measures

(unaudited, amounts in thousands)

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended Nine Months Ended

September 30, June 30, September 30, September 30,

2026 2026 2025 2026 2025

Net (loss) income $ (39,063) $ 43,121 $ 43,055 $ 26,616 $ 134,182

Depreciation, depletion, and amortization 113,704 114,213 122,981 341,976 380,089

Interest expense, net 5,898 3,354 10,902 16,983 30,607

Income tax (benefit) expense (10,423) 9,154 11,977 8,036 43,920

EBITDA $ 70,116 $ 169,842 $ 188,915 $ 393,611 $ 588,798

Stock-based compensation expense 10,002 9,973 7,301 28,001 33,482

Loss (gain) on investments, net 62,892 (42,913) (68,353) 2,663 (155,883)

(Gain) loss on disposal of assets, net (1,165) 6,552 (1,210) (13,126) 7,766

Transaction and other costs (215) 7,691 — 7,476 811

Provision for credit losses — — 1,026 — 1,653

Adjusted EBITDA $ 141,630 $ 151,145 $ 127,679 $ 418,625 $ 476,627

Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share

Three Months Ended Nine Months Ended

September 30, June 30, September 30, September 30,

2026 2026 2025 2026 2025

Net (loss) income $ (39,063) $ 43,121 $ 43,055 $ 26,616 $ 134,182

Adjustments:

Less: Loss (gain) on investments, net 62,892 (42,913) (68,353) 2,663 (155,883)

Add back: Transaction and other costs (215) 7,691 — 7,476 811

Total adjustments, before income taxes 62,677 (35,222) (68,353) 10,139 (155,072)

Income tax effect of adjustments 13,858 (6,450) (15,756) 2,352 (38,303)

Adjusted Net Income $ 9,756 $ 14,349 $ (9,542) $ 34,403 $ 17,413

Diluted weighted average common shares outstanding (1) 166,967 167,663 165,066 166,855 165,126

Net (loss) income per diluted share $ (0.24) $ 0.26 $ 0.26 $ 0.16 $ 0.81

Adjusted Net Income per Diluted Share (1) $ 0.06 $ 0.09 $ (0.06) $ 0.21 $ 0.11

(1)For the three months ended September 30, 2026, the Company reported Adjusted Net Income. Accordingly, approximately 3.8 million common shares related to outstanding restricted stock units and performance stock units were included in the calculation of diluted loss per share.

Calculation of Adjusted Pre-Tax Return on Capital Employed

Twelve Months Ended

September 30,

2026 2025

Net income $ 40,306

Add back: Income tax expense 11,435

Less: Gain on remeasurement of liability under tax receivable agreements (1) (147)

Less: Gain on investments, net (4,096)

Add back: Transaction and other costs 7,505

Adjusted Pre-tax net income $ 55,003

Capital Employed

Total debt $ 1,290,572 $ 253,000

Total equity 1,920,698 2,069,665

Total Capital Employed $ 3,211,270 $ 2,322,665

Average Capital Employed (2) $ 2,766,968

Adjusted Pre-Tax Return on Capital Employed (3) 2 %

(1)Gain on remeasurement of the liability under tax receivable agreements is a result of a change in the estimated future effective tax rate and should be excluded in the determination of adjusted pre-tax return on capital employed.

(2)Average Capital Employed is the simple average of Total Capital Employed as of September 30, 2026 and 2025.

(3)Adjusted Pre-tax Return on Capital Employed is the ratio of Adjusted pre-tax net income for the twelve months ended September 30, 2026 to Average Capital Employed.

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Cover

Oct. 21, 2026

Cover [Abstract]

Document Type

8-K

Entity Registrant Name

Liberty Energy Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-38081

Entity Tax Identification Number

81-4891595

Entity Address, Address Line One

950 17th Street

Entity Address, Address Line Two

Suite 2400

Entity Address, City or Town

Denver

Entity Address, State or Province

Entity Address, Postal Zip Code

80202

City Area Code

303

Local Phone Number

515-2800

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Class A Common Stock, par value $0.01

Trading Symbol

LBRT

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0001694028

Document Period End Date

Oct. 21, 2026

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration