Liberty Oilfield Services (LBRT) financial statements
Liberty Oilfield Services reported revenue of $4.0B in fiscal 2025, up 30.8% a year over 9 years.
Net income was $148M and the operating margin 1.8%, against -15.3% in 2016.
Free cash flow was $14M, and the company returned $54M in dividends and $25M in net buybacks.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Liberty Oilfield Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357M | $1.5B | $2.1B | $2.0B | $966M | $2.4B | $4.0B | $4.7B | $4.3B | $4.0B |
| Cost of revenue | $355M | $1.1B | $1.6B | $1.6B | $858M | $2.2B | $3.1B | $3.3B | $3.2B | $3.2B |
| Gross profit | $2M | $318M | $503M | $351M | $108M | $197M | $852M | $1.4B | $1.1B | $838M |
| Selling, general and admin | $36M | $80M | $98M | $98M | $84M | $123M | $180M | $221M | $225M | $247M |
| Operating income | -$54M | $181M | $307M | $104M | -$177M | -$181M | $496M | $761M | $389M | $73M |
| Interest expense | $6M | $13M | $17M | $15M | $15M | — | $23M | $29M | $33M | $40M |
| Pre-tax income | — | — | — | $89M | -$192M | -$178M | $400M | $735M | $403M | $195M |
| Income tax | $0 | $0 | $40M | $14M | -$31M | $9M | -$793,000 | $178M | $87M | $47M |
| Net income | $0 | $0 | $126M | $39M | -$116M | -$179M | $400M | $556M | $316M | $148M |
| EPS (diluted) | — | — | $1.81 | $0.53 | -$1.36 | -$1.03 | $2.11 | $3.15 | $1.87 | $0.89 |
| Diluted shares | — | — | 118M | 105M | 85M | 174M | 189M | 176M | 169M | 165M |
| Gross margin | 0.6% | 21.7% | 23.6% | 17.8% | 11.2% | 8.1% | 21.3% | 29.5% | 25.8% | 20.9% |
| Operating margin | -15.3% | 12.4% | 14.4% | 5.3% | -18.3% | -7.4% | 12.4% | 16.0% | 9.0% | 1.8% |
| Net margin | 0.0% | 0.0% | 5.9% | 2.0% | -12.0% | -7.3% | 10.0% | 11.7% | 7.3% | 3.7% |
Balance sheet
Fiscal years, from Liberty Oilfield Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $16M | $103M | $113M | $69M | $20M | $44M | $37M | $20M | $28M |
| Receivables | — | $196M | $154M | $204M | $244M | $299M | $410M | — | — | $352M |
| Inventory | — | $56M | $60M | $89M | $119M | $135M | $214M | $206M | $203M | $188M |
| Total current assets | — | $352M | $461M | $489M | $567M | $630M | $957M | $954M | $849M | $878M |
| Property, plant and equipment | — | $495M | $627M | $652M | $1.1B | $1.2B | $1.4B | $1.6B | $1.9B | $2.1B |
| Total assets | — | $852M | $1.1B | $1.3B | $1.9B | $2.0B | $2.6B | $3.0B | $3.3B | $3.6B |
| Total current liabilities | — | $221M | $220M | $266M | $356M | $569M | $649M | $639M | $667M | $720M |
| Long-term debt | — | $196M | $106M | $106M | $105M | $121M | $217M | $140M | $190M | $242M |
| Total liabilities | — | $417M | $376M | $502M | $580M | $810M | $1.1B | $1.2B | $1.3B | $1.5B |
| Shareholders' equity | $229M | $0 | $433M | $555M | $1.2B | $1.2B | $1.5B | $1.8B | $2.0B | $2.1B |
| Net debt | -$11M | $180M | $3M | -$7M | $37M | $102M | $175M | $103M | $171M | $219M |
Cash flow
Fiscal years, from Liberty Oilfield Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$41M | $195M | $351M | $261M | $85M | $135M | $530M | $1.0B | $829M | $610M |
| Capital spending | $102M | $312M | $259M | $195M | $104M | $199M | $452M | $603M | $651M | $595M |
| Free cash flow | -$143M | -$117M | $92M | $66M | -$18M | -$63M | $78M | $411M | $178M | $14M |
| Stock-based compensation | — | $0 | $5M | $14M | $17M | $20M | $23M | $33M | $32M | $42M |
| Dividends paid | $0 | $0 | $7M | $15M | $4M | $168,000 | $9M | $38M | $48M | $54M |
| Share buybacks (net) | $0 | $0 | -$83M | -$18M | $0 | $0 | -$125M | -$203M | -$129M | -$25M |
| Free cash flow margin | -40.1% | -8.0% | 4.3% | 3.3% | -1.9% | -2.6% | 2.0% | 8.7% | 4.1% | 0.4% |
| Dividends per share | — | — | $0.06 | $0.14 | $0.05 | $0.00 | $0.05 | $0.21 | $0.29 | $0.33 |
Questions
What was Liberty Oilfield Services's revenue in 2025?
$4.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Liberty Oilfield Services generate?
$14M in fiscal 2025 (operating cash flow minus capital spending).
From Liberty Oilfield Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.