Liberty Energy delivered $4.0 billion in revenue for the year ended December 31, 2025, driving net income of $148 million, or $0.89 fully diluted EPS. Adjusted EBITDA reached $634 million, underpinned by a 13% cash return on capital invested (CROCI). In Q4 2025, the company reported $1.0 billion in revenue and net income of $14 million (EPS $0.08), while generating Adjusted EBITDA of $158 million. During 2025, Liberty returned $77 million to shareholders through quarterly dividends and share repurchases, and increased its quarterly cash dividend by 13% to $0.09 per share beginning in Q4.

Liberty Energy’s power infrastructure unit secured two headline partnerships totaling 1.33 GW of capacity. A 1 GW development agreement with Vantage Data Centers includes a firm reservation for 400 MW of high–efficiency generation to be delivered by 2027. Separately, the company executed a 330 MW reservation and preliminary energy services agreement for a Texas data center expansion, with phased commissioning in late 2027 and mid-2028. These contracts employ Liberty’s modular Forte™ construction approach and Tempo™ power quality system to support high-amplitude AI workloads, positioning the company to realize long-duration, contracted revenue streams as grid pressures intensify.

CEO Ron Gusek highlighted delivery of advanced completions and power offerings as key drivers of resilience in a volatile environment. Liberty expanded its simulfrac completions service to strategic customers, leveraged AI–driven asset optimization to reduce maintenance costs per unit of work by approximately 14%, and launched the Liberty Power Innovations (LPI) platform. Investments in digiTechnologies™ and Chorus™ grid integration solutions further aim to optimize operating and capital efficiencies, reinforcing the company’s competitive edge in both oilfield services and distributed power deployment.

With U.S. power demand projected to rise at the fastest pace in decades—driven by AI-centered data center growth, domestic manufacturing onshoring and industrial electrification—Liberty’s pipeline targets 3 GW of distributed power projects by 2029. In oilfield services, fourth quarter completions activity outperformed seasonality, and producers maintain flat oil production plans with modest gas growth. This balanced market backdrop supports stable pricing and utilization. Liberty expects to leverage its integrated service model, technology investments and expanding power footprint to deliver sustained, high-return growth through market cycles.