Liberty Energy (US:LBRT)2026-01-28 23:03Financial Performance - Revenue for the year ended December 31, 2025, was $4.0 billion, a decrease of 7% from $4.3 billion in 2024[17] - Net income for 2025 was $148 million, or $0.89 fully diluted earnings per share, down from $316 million and $1.87 in 2024[17] - Adjusted EBITDA for 2025 was $634 million, a 31% decrease from $922 million in 2024[17] - Fourth quarter 2025 revenue was $1.0 billion, an increase of 10% from $944 million in Q4 2024[19] - Fourth quarter 2025 net income was $14 million, compared to $52 million in Q4 2024[19] - Net income for the three months ended September 30, 2025, was $13,690, a decrease of 68.3% compared to $43,055 in the same period of 2024[37] - Adjusted net income for the three months ended December 31, 2025, was $7,813 million, a significant decrease from $16,722 million in the same period of 2024[43] - Net income for the year ended December 31, 2025, was $147,872 million, a decrease from $316,010 million in 2024[42] - The company reported a diluted net income per share of $0.08 for the three months ended September 30, 2025, compared to $0.26 for the same period in 2024[37] - The company reported a net income per diluted share of $0.89 for the year ended December 31, 2025, down from $1.87 in 2024[43] Cash Flow and Dividends - Cash dividends paid in 2025 totaled $53 million, with a quarterly cash dividend of $0.09 per share declared for Q4 2025[12][13] - Liberty repurchased 1,546,138 shares of Class A common stock in 2025, representing 1% of shares outstanding, for approximately $24 million[15] Assets and Liabilities - Total assets as of December 31, 2025, were $3,558,305, an increase of 7.9% from $3,296,394 as of December 31, 2024[40] - Total liabilities as of December 31, 2025, were $1,479,416, an increase of 12.3% from $1,317,525 as of December 31, 2024[40] - Cash and cash equivalents as of December 31, 2025, were $27,554, an increase of 38.5% from $19,984 as of December 31, 2024[40] - Total capital employed as of December 31, 2025, was $2,325,496 million, up from $2,169,369 million in 2024[44] Capital Expenditures - Capital expenditures for the three months ended September 30, 2025, were $202,843, an increase of 79.6% from $113,034 in the prior year[37] Future Outlook - Liberty plans to deploy approximately 3 GW of power projects by 2029 to support long-term earnings growth[11] - The company expects growth from recent acquisitions and improvements in operating procedures and technology, indicating a positive outlook for future performance[34] Performance Metrics - The average capital employed for the twelve months ended December 31, 2025, is used to calculate ROCE and CROCI, which are important non-GAAP measures for assessing profitability[31] - Cash return on capital invested for the twelve months ended December 31, 2025, was 13%, indicating a stable performance compared to previous periods[46] - The adjusted pre-tax return on capital employed for the year ended December 31, 2025, was 1%[44] - Cash Return on Capital Invested for 2024 is 21%, down from 34% in 2023[49] Historical Performance - The company has shown a consistent increase in total assets over the past eight years, from $35,699 in 2011 to $3,296,394 in 2024[49] - The cash return on capital invested has fluctuated significantly over the years, peaking at 47% in 2012[50] - The company has maintained a positive cash return on capital invested in recent years, despite a decline in 2024[49]