Companies /Energy

Liberty Energy Inc - Class A

NYSE: LBRT Oil & Gas Equipment & Services
$19.03
▼ $0.23 (−1.20%) today
Markets open · 11:45am ET

Q1 2026 Earnings

Reported Apr 22, 2026, 5:49pm ET · SEC source
$0.14
Beat +203.32%
EPS · est. $-0.14
$1.0B
Beat +6.51%
Revenue · est. $958.8M
−7.1%
Trailing market
LBRT vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Apr 22Apr 23report 5:49pm ETearnings−0.4%+9.9%
−6%0+6%Apr 22Apr 23earnings−0.4%+9.9%
LBRT +9.9%S&P 500 −0.4%
0+5%+10%Apr 22Apr 23report 5:49pm ETearnings−0.6%+13.6%
0+5%+10%Apr 22Apr 23earnings−0.6%+13.6%
LBRT +13.6%NASDAQ −0.6%
0+7%+14%+21%Apr 22Apr 30report 5:49pm ETearnings+1.3%+18.8%
0+7%+14%+21%Apr 22Apr 30earnings+1.3%+18.8%
LBRT +18.8%S&P 500 +1.3%
0+7%+14%+21%Apr 22Apr 30report 5:49pm ETearnings+2.0%+18.8%
0+7%+14%+21%Apr 22Apr 30earnings+2.0%+18.8%
LBRT +18.8%NASDAQ +2.0%
+9.86%
Day of report
+1.30%
Next session
+4.55%
One week
−1.14%
30 days

S&P 500 over the same 30 days: +5.95%.

Did LBRT Beat Earnings? Q1 2026 Results

Liberty Energy Inc. delivered a decisive earnings beat in Q1 2026, posting revenue of $1.02 billion, up 4.5% year over year and ahead of the $958.79 million consensus estimate by 6.51%, while GAAP earnings of $0.14 per diluted share cleared the analyst estimate of negative $0.14 by 203.32%. The headline driver of the quarter, however, was a balance sheet transformation rather than operational outperformance alone; Liberty completed two zero-coupon convertible note offerings totaling approximately $1.30 billion, vaulting cash on hand to $699.15 million from just $27.55 million at year-end and pushing total liquidity to roughly $1.20 billion. Adjusted EBITDA did slip 25% year over year to $125.85 million, reflecting pricing headwinds and winter weather disruptions, though record pumping efficiencies partially cushioned the decline. Looking ahead, management guided for sequential revenue growth and improved profitability in Q2 2026, citing earlier-than-expected frac pricing recovery and geopolitical disruptions in the Middle East that have lifted oil prices well above early-year forecasts. The board also declared a quarterly dividend of $0.09 per share, payable June 18, 2026.

Key Takeaways
  • Outsized demand for premium completions service offering
  • Record pumping efficiencies and high fleet utilization
  • Technology-driven efficiency gains
  • Pricing headwinds absorbed during the quarter
  • Winter weather disruptions impacted operations

“Our first quarter results were driven by outsized demand for Liberty's premium completions service offering, outstanding operational execution, and technology-driven efficiency gains. Revenue of $1.0 billion and Adjusted EBITDA of $126 million reflected record pumping efficiencies and high fleet utilization while absorbing the full realization of pricing headwinds and winter weather disruptions.”

Liberty Energy CEO, on the earnings call

Forward Guidance & Outlook

Management expects sequential revenue growth and improved profitability in Q2 2026 on increased utilization. Geopolitical disruptions in the Middle East, including attacks on regional energy infrastructure and the effective closure of the Strait of Hormuz, have driven oil prices well above early-year expectations, substantially improving E&P economics and free cash flow generation potential. Frac market pricing is recovering earlier than anticipated from cyclical lows, supported by more price-responsive private E&Ps and accelerated DUC activity. U.S. power demand estimates continue to accelerate, with ERCOT projecting Texas grid demand could quadruple by 2032. Hyperscalers are increasingly relying on distributed power providers like LPI to bypass grid constraints. Liberty views North American energy as gaining greater recognition as a cornerstone of global energy security.

LBRT YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$300.0M$600.0M$900.0M$977.5M$1.0BRevenue$22.3M$22.3MOperating Income$20.1M$22.6MNet Income
$0$300.0M$600.0M$900.0MRevenueOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.