Liberty Energy (LBRT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $1.2 billion, up 16% sequentially and 14% year-over-year, driven by record operational metrics, technology adoption, and higher utilization.

• Net income was $43 million, down from $71 million in Q2 2025 but up from $23 million in Q1 2026; fully diluted EPS was $0.26.

• Adjusted EBITDA was $151 million, down year-over-year but up 20% sequentially.

• Expanded AI-driven technology platforms, launched new innovations, and completed the acquisition of IMG Energy Solutions.

• Formed strategic partnerships, including a JV with PowerBridge for digital infrastructure and an alliance with SLB for scalable power solutions.

Financial highlights

• Q2 2026 revenue: $1.2 billion, up from $1 billion in Q1 2026 and $1.0 billion in Q2 2025.

• Net income: $43 million (Q2 2026), down from $71 million (Q2 2025), up from $23 million (Q1 2026); adjusted net income: $14 million.

• Adjusted EBITDA: $151 million in Q2 2026, down from $181 million in Q2 2025, up from $126 million in Q1 2026.

• Cash and cash equivalents: $555 million as of June 30, 2026; total liquidity: ~$1 billion.

• Cash dividend of $0.09 per share paid, totaling $15 million.

Outlook and guidance

• Anticipates ~$1.5 billion in capital expenditures for 2026, mainly for long lead power generation equipment.

• Expects tax expense rate of ~25% for the remainder of 2026, with no material cash taxes.

• Power generation business to show meaningful income statement impact starting in 2028, scaling through 2029.

• Management expects continued demand for completions and distributed power services, supported by energy security concerns and AI/data center growth.

• Cautious outlook persists due to commodity price volatility and macroeconomic uncertainty.