Q1 26 EPS
$0.14
BEAT +203.32%
Est. $-0.14
Q1 26 Revenue
$1.02B
BEAT +6.51%
Est. $958.8M
vs S&P Since Q1 26
-25.2%
TRAILING MARKET
LBRT -19.1% vs S&P +6.0%
Market Reaction
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 analy… Read more 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
LBRT 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, source: SEC Filings
“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.”
— Ron Gusek, Q1 2026 Earnings Press Release
LBRT Earnings Trends
LBRT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LBRT EPS Trend
Earnings per share: estimate vs actual
LBRT Revenue Trend
Quarterly revenue: estimate vs actual
LBRT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.14 | $0.14 | +203.32% | $1.02B | +6.51% |
| Q4 25 BEAT FY | $-0.17 | $0.08 | +145.90% | $1.04B | +17.79% |
| FY Full Year | — | $0.89 | — | $4.01B | — |
| Q3 25 BEAT | $-0.06 | $0.26 | +506.25% | $947.4M | -1.92% |
| Q2 25 BEAT | $0.14 | $0.43 | +218.52% | $1.04B | +3.87% |
| Q1 25 BEAT | $0.03 | $0.12 | +301.34% | $977.5M | +3.06% |