LBRT
Liberty Energy Inc.17.97
-1.16-6.06%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Power pipeline firms; pricing slips
Q&A deepened confidence in Liberty's 3GW power deployment by 2029, citing firmer pipeline from customer urgency to lock behind-the-meter recips, supply chain secured through year-end, and expanding existing deals plus new partners. Completions pricing slips low-to-mid single digits versus H2 2025 amid RFP resets, with Q4 strength deemed anomalous and early weather disrupting two-thirds of capacity. Integrated LPI moat—midstream, Tempo quality, grid options—defends against supply floods. Data centers eclipse prior C&I focus. EBITDA dips in 2026 from oilfield until power hits 2027. Supply chain locked solid.
Key Stats
Market Cap
2.91BP/E (TTM)
15.90Basic EPS (TTM)
1.13Dividend Yield
0.02%Recent Filings
8-K
Closed $525M zero-coupon notes
Liberty Energy closed its upsized $525M 0.00% convertible senior notes offering due 2032 on March 30, 2026, after initial purchasers exercised their $50M option. Net proceeds hit $511.3M; $77.2M funded capped calls to curb dilution above $72/share, rest for general corporate purposes. Notes convert at $37.44/share, 30% stock premium. Capped calls limit hedging upside.
8-K
Distributed power update released
8-K
Closes $700M zero-coupon notes
Liberty Energy closed its upsized $700M 0.00% convertible senior notes offering due 2031 on February 6, 2026, after initial purchasers exercised their $70M option. Net proceeds of $746M fund $109.3M capped calls to curb dilution, repay 2025 credit agreement debt, and general purposes. Zero-coupon structure cuts cash interest. Notes convertible at $34.50/share, 32.5% premium to $26.04 closing price.
8-K
Credit amendment enables bridge debt
Liberty Energy amended its $750M revolving credit facility on February 3, 2026, to permit up to $600M in bridge loans by June 30, 2026, maturing within 365 days, while hiking the convertible debt basket to $600M. Bridge debt triggers revolver maturity acceleration 91 days early if outstanding. Flexibility gained, but with strings attached.
10-K
FY2025 results
Liberty Energy posted FY2025 revenue of $4.0B, down 7% y/y from $4.3B, as service pricing softened despite steady activity; Q4 completions defied seasonal dips, exceeding expectations with firm demand into 2026. Adjusted EBITDA fell to $634M from $922M, reflecting lower pricing yet cost discipline trimmed materials and maintenance outlays. Cash from operations topped $610M, funding $435M capex and $24M buybacks; revolver drew $230M against $750M facility, with $254M availability. LPI inked 1GW+ data center power deals targeting 3GW by 2029. Hydraulic fracturing regs threaten quarterly momentum.
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