LBRT on NYSE

Liberty Energy

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons4

American oilfield services company

Liberty Energy Inc. is an American onshore oilfield services company based in Denver, Colorado.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

$4.0BRevenue, fiscal 20255
$147.9MNet income, fiscal 20255

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  • TickerLBRT on NYSE1
  • IndustryOil & Gas Field Services, NEC1
  • Websitelibertyenergy.com
  • Business address950 17Th Street, Suite 2400, Denver, Co 802026
  • Filer categoryLarge accelerated filer6

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Liberty Energy Inc. is an American onshore oilfield services company based in Denver, Colorado. Liberty Energy was founded by Chris Wright in 2011, who later became 17th United States secretary of energy. Under Wright's leadership, the company participated in the United States fracking boom of the 2010s.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.8%Operating margin5
3.7%Net margin5
-7.2%Revenue growth, 20255
7.1%Return on equity5
0.12×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue79¢$3.2B
  • Other costs16¢$642.8M
  • Income tax1¢$47.3M
  • Profit4¢$147.9M

Out of $4.0B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid9¢$54.5M
  • Share buybacks4¢$24.9M
  • Kept or used elsewhere87¢$530.2M

Out of $609.6M of cash from operations.5

Financial statements

Revenue891011125$4.0B in 2025+86% since 2018
0$2.0B$4.0B$6.0B2018: $2.2B$2.2B20182019: $2.0B$2.0B2019−8%2020: $965.8M$965.8M2020−51%2021: $2.5B$2.5B2021+156%2022: $4.1B$4.1B2022+68%2023: $4.7B$4.7B2023+14%2024: $4.3B$4.3B2024−9%2025: $4.0B$4.0B2025−7%
Operating income891011125$72.7M in 2025−76% since 2018
-$250.0M0$250.0M$500.0M$750.0M$1.0B2018: $306.6M$306.6M20182019: $103.6M$103.6M2019−66%2020: -$177.0M-$177.0M20202021: -$181.2M-$181.2M2021+2%2022: $495.9M$495.9M20222023: $760.6M$760.6M2023+53%2024: $389.5M$389.5M2024−49%2025: $72.7M$72.7M2025−81%
Net income891011125$147.9M in 2025+17% since 2018
-$200.0M0$200.0M$400.0M$600.0M2018: $126.3M$126.3M20182019: $39.0M$39.0M2019−69%2020: -$115.6M-$115.6M20202021: -$179.2M-$179.2M2021+55%2022: $399.6M$399.6M20222023: $556.3M$556.3M2023+39%2024: $316.0M$316.0M2024−43%2025: $147.9M$147.9M2025−53%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenue$4.0B$4.3B$4.7B
Costs of services (exclusive of depreciation, depletion, and amortization shown separately below)$3.2B$3.2B$3.3B
General and administrative$247.4M$225.5M$221.4M
Transaction and other costs$840.0K$0$2.1M
Depreciation, depletion, and amortization$500.3M$505.1M$421.5M
Loss (gain) on disposal of assets, net$16.7M-$5.3M-$7.0M
Total operating costs and expenses$3.9B$3.9B$4.0B
Operating income$72.7M$389.5M$760.6M
(Gain) loss on remeasurement of liability under tax receivable agreements-$147.0K$3.2M-$1.8M
Gain on investments, net-$162.6M-$49.2M$0
Interest incomerelated party$0-$478.0K-$2.0M
Interest expense, net$40.3M$32.7M$29.5M
Total other (income) expense, net-$122.5M-$13.8M$25.7M
Net income before income taxes$195.2M$403.3M$734.9M
Income tax expense$47.3M$87.3M$178.5M
Net income$147.9M$316.0M$556.4M
Less: Net income attributable to non-controlling interests$0$0$91.0K
Net income attributable to Liberty Energy Inc. stockholders$147.9M$316.0M$556.3M
Basic (in dollars per share)$0.91$1.91$3.24
Diluted (in dollars per share)$0.89$1.87$3.15
Basic (in shares)161.9M shares165.0M shares171.8M shares
Diluted (in shares)165.4M shares169.4M shares176.4M shares

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The story

In 2020, Schlumberger sold their fracking division to Liberty Energy. In 2023, Liberty Energy bought Siren Energy for $78 million.

In 2023, the company paid for a media campaign against The North Face criticizing their environmental positions, while creating products made of petroleum-based plastics.

In 2024, the company settled a blatant racial discrimination case with the Equal Employment Opportunity Commission for long-term toleration of racial slurs at a Texas oil field.

During the Biden administration, Liberty Energy sued the federal government over rules related to Environmental, social, and governance reporting and the United States Securities and Exchange Commission's requirements for reporting climate risk.

From Wikipedia’s article on Liberty Energy, shared under CC BY-SA 4.0.7

Leadership

Who has led Liberty Energy, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ron Gusek2025–now

Chair

  1. William F. Kimble2025–now

President

  1. Ron Gusek2018–now
20202025
Board members and other officers (18)

Former names

  • Liberty Oilfield Services Inc.Jan 9, 2017 to Apr 21, 20226

Timeline

  1. Feb 5, 2025New chief executive Ron Gusek becomes CEO18

Filings

405 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 220 insider forms, 32 large holders, 89 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 6, 2026144 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 1, 2026144 EDGAR
  5. Sep 18, 20268-K EDGAR
  6. Sep 1, 2026144 EDGAR
  7. Sep 1, 20264 EDGAR
  8. Aug 4, 2026144 EDGAR
  9. Aug 4, 20264 EDGAR
  10. Aug 3, 2026144 EDGAR
  11. Jul 30, 20264 EDGAR
  12. Jul 23, 202610-Q EDGAR
  13. Jul 23, 20268-K EDGAR
  14. Jul 1, 2026144 EDGAR
  15. Jul 1, 20264 EDGAR
  16. Jun 25, 20268-K EDGAR
  17. Jun 23, 202611-K EDGAR
  18. Jun 2, 2026144 EDGAR
  19. Jun 2, 20264 EDGAR
  20. Jun 1, 2026144 EDGAR

The 405 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 32 such filings since October 2021, the latest 10:

  1. Apr 30, 2026SCHEDULE 13G
  2. Apr 29, 2026SCHEDULE 13G
  3. Mar 27, 2026SCHEDULE 13G/A
  4. Jul 8, 2025SCHEDULE 13G/A
  5. Feb 12, 2025SCHEDULE 13G/A
  6. Nov 14, 2024SC 13G/A
  7. Nov 12, 2024SC 13G/A
  8. Oct 18, 2024SC 13G/A
  9. Aug 12, 2024SC 13G/A
  10. Feb 14, 2024SC 13G

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.27,552,623$721.6M0.0%+1,843,116
Vanguard Portfolio Management LLC11,155,633$292.2M0.0%+633,765
Dimensional Fund Advisors LP9,422,892$246.8M0.0%+189,224
State Street Corp7,074,089$185.3M0.0%+197,282
Vanguard Capital Management LLC7,071,270$185.2M0.0%+78,468
American Century Companies Inc6,927,445$181.4M0.1%−771,887
Geode Capital Management, LLC4,598,972$120.5M0.0%+686,527
Franklin Resources Inc4,234,025$110.9M0.0%+267,003
Frontier Capital Management Co LLC3,720,666$97.4M0.9%+1,226,444
Nomura Asset Management International Inc.3,648,861$95.6M0.1%+245,550
UBS Group AG3,457,265$90.5M0.0%+2,237,641
Van Eck Associates Corp3,159,074$82.7M0.1%−143,772
Millennium Management LLC2,613,776$68.5M0.0%+1,136,561
Fuller & Thaler Asset Management, Inc.2,564,227$67.2M0.2%+86,209
Charles Schwab Investment Management Inc2,548,436$66.7M0.0%−479,653
Deutsche Bank Ag\2,432,588$63.7M0.0%+676,292
Invesco Ltd.2,422,323$63.4M0.0%+1,296,225
Bank of New York Mellon Corp2,336,206$61.2M0.0%+568,719
Jpmorgan Chase & Co2,303,700$60.7M0.0%−174,339
Eventide Asset Management, LLC2,314,729$60.6M0.8%−88,369
Morgan Stanley2,238,514$58.6M0.0%+269,886
Ameriprise Financial Inc2,181,667$57.1M0.0%+556,951
Ensign Peak Advisors, Inc2,133,689$55.9M0.1%−572,387
D. E. Shaw & Co., Inc.2,108,368$55.2M0.0%−149,169
Wells Fargo & Company/mn1,927,892$50.5M0.0%+872,195

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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