Liberty Energy Inc. (LBRT) Earnings
Liberty Energy Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.04. LBRT has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +138.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $-0.13 | $0.06 | +146.2% | $1.0B | +6.5% |
| Jan 28, 2026 | $-0.16 | $0.05 | +131.3% | $1.0B | +17.2% |
| Oct 16, 2025 | $-0.06 | $-0.06 | -3.6% | $947M | -1.5% |
| Jul 24, 2025 | $0.16 | $0.61 | +281.2% | $1.0B | +7.5% |
| Apr 16, 2025 | $0.03 | $0.04 | +33.3% | $977M | +3.1% |
| Jan 29, 2025 | $0.09 | $0.10 | +11.1% | $944M | -3.6% |
| Oct 16, 2024 | $0.58 | $0.45 | -22.4% | $1.1B | +0.6% |
| Jul 17, 2024 | $0.59 | $0.61 | +3.4% | $1.2B | -0.3% |
| Apr 17, 2024 | $0.54 | $0.47 | -13.0% | $1.1B | -5.1% |
| Jan 24, 2024 | $0.58 | $0.54 | -6.9% | $1.1B | -1.1% |
| Oct 18, 2023 | $0.75 | $0.84 | +12.0% | $1.2B | +14.9% |
| Jul 19, 2023 | $0.90 | $0.85 | -5.6% | $1.2B | -4.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Completions: Driven by outsized demand for premium completion service offering, record pumping efficiencies and high fleet utilization. Reached commercial deployment of DigiPrime technology, with plan to upgrade engine control software for variable speed on early DigiPrime fleet. StimCommander and Forge software platforms improve frac efficiencies. - Power generation: Distributed power generation demand continues to build. LPI is uniquely positioned as an enabling infrastructure provider. Has a comprehensive execution solution for on-site power, including a microgrid testing facility for validation. Working closely with hyperscalers and other large-load customers, moving towards more direct interaction and fully integrated solutions. - Financial: Executed $1.3 billion in convertible debt offerings to strengthen financial flexibility and position for long-term growth. Entered capped call transactions to preserve shareholder upside. - Geopolitical: Middle East conflict has catalyzed shift in global supply side dynamics, supporting higher baseline for energy security and potential tailwinds for North America in oil and gas supply.
Guidance
- Second quarter expected to see sequential growth in revenue on increased utilization and improvement in profitability. - 2026 completions CapEx investment moderates from prior years but includes ongoing investment in DigiFleets. - Power segment has planned contract milestone payments of approximately $300 million in second quarter or early third quarter to secure generation capacity for 2029 three gigawatt goal. - Expect tax expense for remainder of 2026 to be approximately 25% of pre-tax income and no material cash taxes in the year.
Segment performance
In the first quarter of 2026, revenue was $1 billion. Adjusted EBITDA was $126 million. Net income was $23 million, and adjusted net income was $10 million. First quarter fully diluted net income per share was $0.14, and adjusted net income per diluted share was $0.06. Revenue contribution details for product segments: The completions segment was driven by outsized demand for premium completion service offering, with revenue related to pumping efficiencies and fleet utilization. The power generation segment (LPI) saw increasing demand as distributed power generation builds due to grid issues and hyperscaler investment, with planned contract milestone payments in the second quarter or early third quarter to secure generation capacity for the 2029 three gigawatt goal.
Risks & headwinds
- Geopolitical developments introduce volatility and uncertainty, such as Middle East conflict affecting oil and gas supply and prices. - Power projects face variables beyond control, like delays in data center campus expansions or changes in developer plans. - Market dynamics can shift quickly, affecting equipment availability, pricing, and demand for completions and power generation services.
Analyst Q&A
Q: Unpack completion fundamentals, activity uplift, and pricing outlook.
A: Market is tight from utilization standpoint, customers accelerating activity, privates committing to increase drilling, sales team engaging in price conversations, starting to see some price and utilization improvement in second quarter with bigger impact in back half.
Q: Power business marketing efforts, focus on data centers vs broader approach.
A: Marketing efforts remain broad-based, focus on long-term contracts, largest share of sales pipeline is data centers but also working on commercial and industrial opportunities.
Q: Disintermediation of developers and direct interaction with hyperscalers.
A: Moving towards more direct conversation with hyperscalers, helping them evaluate land opportunities, being involved with multiple stakeholders.
Q: Completions digifleets in 2026, incremental vs replacement units, pricing on dedicated agreements.
A: Anticipated DigiPrime as replacement equipment, retain flexibility to add fleet if right opportunity presents, open conversation with customers on pricing both ways.
Q: Arb between diesel and gas-burning assets, supply-demand for non-diesel assets, pricing impact on income statement.
A: Gas-fired equipment in high demand, pricing impact expected to show meaningfully in Q3 with modest impact in Q2.
Q: PowerGen arrangement with Vantage, impact on power contracts, reservation fee.
A: Committed 400 megawatts to Vantage starting in 2027, payment stream mirrors ESA over five-year period, long-term development partnership.
Q: Power side, deployment of capacity for Vantage 400 megawatts, milestones.
A: Taking delivery of power generation equipment, allocated to other opportunities in sales pipeline.
Q: Frac equipment outside US, discussions with national oil companies.
A: Getting inbound calls to be presence elsewhere, evaluated on case-by-case basis, interested in enhanced geothermal.
Q: Frac fundamentals tightening, equipment availability, supply-demand in future.
A: Market could tighten rapidly, limited spare equipment, long lead time for industry to react to additional equipment demand.
Q: Power side, pipeline of opportunities, acceleration, finish line of incremental capacity.
A: Sales pipeline accelerating, larger than deployable, not all in data center space, some in commercial and industrial space close to finish line.
Q: FRAC technology, variable speed DigiPrime pump advantage.
A: Removes need for dual-fuel equipment, allows 100% natural gas operation, offers economic and emissions benefits.
Q: Power side, risk from timing of contracts, variables beyond control.
A: Variables at play on sites, not all factors in control, sales pipeline larger than deployable, confident in 2029 three gigawatt goal.
Q: Second quarter EBITDA guide, incremental margins.
A: High single digit revenue increase, normal incrementals through activity.
Q: Convertible notes offerings strategy, timing.
A: Opportunistic, cost-effective way of raising capital, first and second offerings oversubscribed, 0% coupon, using proceeds for power growth.
Q: CapEx guide, components, chance of being above or below.
A: CAPEX guide still on target, about quarter of a billion, $250 million on completion side, no change to guidance currently.
Q: Dedicated fleet pricing, formulaic nature.
A: Pricing not necessarily formulaic, part of conversation but formulas not great answer, sales team having conversations on technology value.
Q: Three gigawatt target by 2029, orders to date, remaining orders, timing.
A: Vast majority ordered or in contractual negotiations, all going to be in flight this year