Liberty Energy Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong operational execution, record revenue of $1.2B, and robust growth in both completions and power segments. Strategic JVs and technology investments position the company for long-term growth, despite ongoing market volatility and inflationary pressures.
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Q1 2026 delivered strong operational and financial results, with $1B revenue and $126M Adjusted EBITDA, despite pricing and weather headwinds. Strategic investments and technology advances position the company for growth as energy security and distributed power demand rise.
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The meeting covered director elections, executive compensation, and auditor ratification, with all proposals passing by majority vote. Voting procedures were transparent, and final results will be filed with the SEC.
Fiscal Year 2025
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Q4 and full-year 2025 results showed strong operational execution, with $4B revenue and $634M adjusted EBITDA, despite industry headwinds. Major power project contracts and a robust pipeline position the company for long-term growth, especially in data center power demand.
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Q3 2025 saw revenue of $947M and adjusted EBITDA of $128M, with sequential declines due to softer completions activity and pricing pressure. The power business pipeline doubled, with over 1 GW capacity targeted by 2027 and most incremental capacity already ordered. Dividend was raised 13% amid strong long-term outlook.
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Celebrating 15 years, the company has grown through innovation, vertical integration, and strategic acquisitions, achieving industry-leading returns and expanding into power generation. Focused on efficiency, technology, and social impact, it aims to drive global energy access and sustainability.
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Q2 2025 saw revenue and adjusted EBITDA rise 7% and 8% sequentially, driven by operational efficiencies and technology leadership, despite industry headwinds. Guidance was withdrawn due to macro uncertainty, with Q3 expected to soften, but strategic power partnerships and reduced CapEx position the company for long-term growth.
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Q1 2025 saw 4% sequential revenue growth to $977M and 8% higher adjusted EBITDA, with strong fleet utilization and efficiency gains. Guidance for full-year EBITDA of $700M–$750M remains, supported by robust demand, flexible CapEx, and a strong balance sheet.
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The meeting covered director elections, nine governance and compensation proposals, and voting procedures. All director nominees and most proposals were approved, except for the Section 203 waiver. Final results will be filed with the SEC.
Fiscal Year 2024
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Revenue declined 9% to $4.3B in 2024, with adjusted EBITDA of $922M and strong capital returns. Power generation business is expanding rapidly, targeting 400 MW by 2026, while completion services maintain margin leadership despite industry softness. Guidance calls for modest growth and continued shareholder returns.
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Q3 2024 saw $1.1B in revenue and $248M adjusted EBITDA, with strong free cash flow supporting increased shareholder returns. Despite near-term pricing pressure and a forecasted Q4 activity dip, efficiency gains and technology investments position the company for improved 2025 performance.
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Q2 2024 saw strong sequential growth in revenue and EBITDA, record operational efficiencies, and continued capital returns, despite industry softness. Technology and vertical integration drove performance, with guidance for stable results in H2 and ongoing investment in innovation.