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Liberty Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$403M in Q3 2026 · −$652M over twelve months

Operating cash flow$223M
Capital spending−$626M
Free cash flow−$403M
Cash conversion cycle13 days

Analysis

In Q3 2026, Liberty Energy generated $223M of operating cash flow and spent $626M on capital projects, leaving free cash flow of −$403M. That is $336M less than in Q3 2025 (−$67.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $560M; the largest uses were capital spending ($1.2B), net borrowing (+) / repaid (−) ($253M), dividends ($59.6M); besides operations, cash came from other financing ($978M), other investing ($60.4M); the cash balance rose by $106M.

Operating cash flow was $223M against net income of −$39.1M. The largest differences: depreciation & amortization +$114M, payables +$72.9M, gains on investments +$62.9M.

Its cash conversion cycle was 13 days (receivables 36 + inventory 17 − payables 40).

Free cash flow

Liberty Energy: free cash flow by quarterLiberty Energy: free cash flow by quarter−$26.2MQ4 2024$58.2MQ1 2025$33.1MQ2 2025−$67.2MQ3 2025−$10.0MQ4 2025−$149MQ1 2026−$90.8MQ2 2026−$403MQ3 2026
Operating cash flow less capital spending.
Liberty Energy: operating cash flow against capital spendingLiberty Energy: operating cash flow against capital spendingOperating cash flowCapital spending$177M$203MQ4 2024$192M$134MQ1 2025$171M$138MQ2 2025$51.5M$119MQ3 2025$195M$205MQ4 2025$8.4M$157MQ1 2026$133M$224MQ2 2026$223M$626MQ3 2026
Latest (Q3 2026): Operating cash flow $223M, Capital spending $626M.

Capital allocation, year by year

Liberty Energy: where the cash came from (up) and went (down), by fiscal yearLiberty Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $135MFY2021: Net borrowing $9.4MFY2021: Asset sales $1.3MFY2021: Capital spending −$199MFY2021: Dividends −$168K$146MFY2021FY2022: Operating cash flow $530MFY2022: Net borrowing $86.1MFY2022: Asset sales $100KFY2022: Capital spending −$452MFY2022: Buybacks −$125MFY2022: Dividends −$9.2M$617MFY2022FY2023: Operating cash flow $1.0BFY2023: Net borrowing $1.5MFY2023: Asset sales $100KFY2023: Capital spending −$603MFY2023: Acquisitions −$75.7MFY2023: Buybacks −$203MFY2023: Dividends −$37.7M$1.0BFY2023FY2024: Operating cash flow $829MFY2024: Net borrowing −$16.7MFY2024: Asset sales $24.0MFY2024: Capital spending −$651MFY2024: Buybacks −$129MFY2024: Dividends −$48.3M$853MFY2024FY2025: Operating cash flow $610MFY2025: Net borrowing $39.5MFY2025: Asset sales $24.7MFY2025: Capital spending −$595MFY2025: Acquisitions −$15.2MFY2025: Buybacks −$24.9MFY2025: Dividends −$54.5M$674MFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were capital spending ($2.5B) and buybacks ($483M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$119M
Debt$1.3B
Net debt$1.2B
Due within a year$5.1M

Liberty Energy's operations bring cash in ($560M over twelve months), and it spends more than that on capital projects: a gap of $652M funded from its $119M of cash and investments and from borrowing ($1.3B of debt, $5.1M due within a year). That is a choice to invest, not a cash runway running down.

Liberty Energy: debt maturities by year (FY2025)Liberty Energy: debt maturities by year (FY2025)$5.1MYear 1$5.6MYear 2$5.6MYear 3$463KYear 4$230MYear 5
Principal due in each year as disclosed in the annual report, against $119M of cash and investments now.

Where the cash came from and went

Liberty Energy: sources (+) and uses (−) of cash, Q3 2026Liberty Energy: sources (+) and uses (−) of cash, Q3 2026Capital spending−$626MCash drawn (+) / kept (−)$436MOperating cash flow$223MOther financing−$20.0MDividends−$14.7MAsset & business sales$4.0MNet borrowing (+) / repaid (−)−$3.0MExchange rates$448K
Liberty Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Liberty Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.2BOther financing$978MOperating cash flow$560MNet borrowing (+) / repaid (−)−$253MCash drawn (+) / kept (−)−$106MOther investing$60.4MDividends−$59.6MAsset & business sales$32.5MExchange rates−$298K

From profit to cash

Liberty Energy: net income to operating cash flow, Q3 2026Liberty Energy: net income to operating cash flow, Q3 2026Net income−$39.1MDepreciation & amortization$114MStock-based pay$10.0MDeferred taxes−$9.5MGains on investments$62.9MGains on disposals−$1.2MOther non-cash−$1.7MReceivables$13.2MInventory$5.3MPayables$72.9MPrepaid and other assets−$6.6MOperating cash flow$223M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636174013
Q2 202637173718
Q1 202636203916

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$223M−$626M——−$14.7M−$3.0M$436M−$403M
Q2 2026$133M−$224M——−$15.7M−$2.5M$144M−$90.8M
Q1 2026$8.4M−$157M——−$14.6M−$231M−$672M−$149M
Q4 2025$195M−$205M——−$14.6M−$23.0M−$14.1M−$10.0M
Q3 2025$51.5M−$119M——−$13.0M$93.0M$6.1M−$67.2M
Q2 2025$171M−$138M—−$924K−$13.8M−$50.0M$4.5M$33.1M
Q1 2025$192M−$134M−$15.2M−$24.0M−$13.2M−$3.2M−$4.1M$58.2M
Q4 2024$177M−$203M—−$30.2M−$13.0M$34.8M$3.0M−$26.2M

Liberty Energy: income statement and cash flow

Liberty Energy, Q3 2026: revenue $1.2B (+26% year over year), operating margin 1.6%. The chart follows the revenue to costs, profit and cash.

Liberty Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.