Liberty Energy Inc. (NYSE: LBRT; 锟絃iberty锟�) announced full year and fourth quarter 2025 financial and operational results.
Summary Results and Highlights
- Revenue of $4.0 billion for the year ended December 31, 2025
- Net income of $148 million, or $0.89 fully diluted earnings per share (锟紼PS锟�), for the year ended December 31, 2025
- Adjusted EBITDA1 of $634 million for the year ended December 31, 2025
- Achieved 13% Cash Return on Capital Invested (锟紺ROCI锟�)2 for the year ended December 31, 2025
- Distributed $77 million to shareholders in 2025 through quarterly cash dividends and share repurchases
- Fourth quarter 2025 revenue of $1.0 billion and net income of $14 million, or $0.08 fully diluted earnings per share
- Fourth quarter 2025 Adjusted EBITDA1 of $158 million
- Raised quarterly cash dividend by 13% to $0.09 per share beginning in the fourth quarter of 2025
- Announced a 1 GW power development agreement with Vantage Data Centers, anchored by a firm reservation contract for 400 MW
- Executed a 330 MW power reservation and preliminary energy services agreement (锟紼SA锟�) with a leading data center developer for a site expansion in Texas last week
- Accelerated deployment plan for distributed power projects to 3 GW by 2029
锟絃iberty锟絪 strong fourth quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team锟絪 focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI2 of 13% during a volatile year,锟� commented Ron Gusek, chief executive officer. 锟紻uring the year, we strengthened our customer relationships by expanding our simulfrac offering with strategic, dedicated customers and delivering meaningful efficiencies. Leveraging Liberty developed AI-driven asset optimization software and our digiTechnologiesSM transition, we reduced total maintenance costs per unit of work by approximately 14%. We built the Liberty Power Innovations (锟絃PI锟�) execution platform for earnings growth with strategic partnerships and targeted investments. We have gained strong commercial traction, capitalizing on the revolutionary transformation of power supply and delivery that is redefining the energy landscape.锟�
锟紼arlier this year, we announced an agreement with Vantage Data Centers to develop and deliver at least one gigawatt (锟�1 GW锟�) of utility scale, high efficiency power solutions, supporting the energization of Vantage data center projects for hyperscale end users. The agreement is anchored by a firm reservation of 400 megawatts (锟組W锟�) delivered during 2027, with a contracted payment structure that aligns with the expected returns under an ESA with end users,锟� continued Mr. Gusek. 锟絋his agreement creates a collaborative framework to accelerate the deployment of power solutions for Vantage锟絪 data centers, preserving flexible execution to meet customer needs across a broad portfolio of data center sites.锟�
锟絎e also entered into a power reservation and preliminary ESA with another leading data center developer for a 330 MW data center expansion in Texas. The project is currently expected to begin operations in two phases, with the first half online in Q4 2027 and the second half in Q2 2028. The agreement defines the economic terms of the expected ESA as well as the construction schedule, cost recovery, and termination payment provisions in the event the final agreement is not executed,锟� continued Mr. Gusek. 锟絆ur projects will be developed using LPI锟絪 ForteSM modular, standardized construction approach designed to de-risk project execution and will include the TempoSM power quality system to manage the high-amplitude, cyclical load variations of AI workloads. These customers could also benefit from the ChorusSM solution with a potential grid integration, optimizing power costs and providing access to grid attributes that they value.锟�
锟絎e are at the forefront of a seismic shift in how data centers and other large loads are sourcing power. Onsite generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures. Our robust power execution platform is built upon 15 years of industry-leading experience in the design, manufacture, engineering, and operation of complex, industrial scale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AI-enhanced operations and maintenance systems. Our comprehensive power solution is designed to address our customers锟� top priorities: rapid, scalable deployment with uninterrupted operations and predictable power costs. LPI锟絪 power as a service offering, underpinned by the Forte generation platform, Tempo power quality management system, and our midstream services, delivers resilience, economic efficiency, and operational flexibility. Our Chorus solution could further unlock power cost advantages through grid integration, while also transforming our customers into active contributors to grid reliability for local communities,锟� continued Mr. Gusek. 锟絃PI锟絪 distributed power solutions are a strategic cornerstone of resilient, future-proof energy planning for our customers.锟�
锟絎e are focused on driving value creation, prioritizing long-term returns with our industry-leading completions business and our power growth platform,锟� commented Mr. Gusek. 锟絆ur success is fueled by the combination of cutting-edge technology, a dedicated workforce, and strategic partners across the energy ecosystem, powering innovation today to shape the future of the industry.锟�