Filing Flows › Liberty Energy (LBRT) › Q1 2025
Liberty Energy (LBRT) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 17, 2025
Liberty Energy (LBRT) reported revenue of $977M for the first quarter 2025 (Q1 2025), -9% from a year earlier and +4% from the quarter before. Operating margin was 1.9%, net earnings $20.1M (2.1% of revenue).
Liberty Energy, Q1 2025: revenue $977M (-9% year over year), operating margin 1.9%, net earnings $20.1M, operating cash flow $192M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $977M | +4% | -9% |
| Operating profit | $18.2M | -27% | -84% |
| Net earnings | $20.1M | -61% | -75% |
| Operating cash flow | $192M | +8% | +21% |
| Free cash flow | $58.2M | — | +304% |
What changed
Revenue was $977.5M in Q1 2025, down 9% year over year and up 4% from the previous quarter.
Operating profit was $18.2M, a 1.9% margin (down 8.9 points year over year). Total costs grew 0% against a revenue fall of 9%. The fastest-growing cost line was General & admin (+24%). Net earnings were $20.1M, down 75% year over year. The effective tax rate was 28.0%. Non-operating items added $9.7M, 35% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $192.1M (up 21% year over year), 955% of net earnings. Non-cash charges added back $127.7M of depreciation and amortization and $18.1M of share-based compensation. Working capital and other items added $26.2M. Capital expenditures of $133.9M left free cash flow of $58.2M.
Questions
What was Liberty Energy's revenue in the first quarter 2025?
Liberty Energy (LBRT) reported revenue of $977M for the first quarter 2025 (Q1 2025), -9% from a year earlier and +4% from the quarter before.
Was Liberty Energy profitable in the first quarter 2025?
Operating profit was $18.2M (1.9% of revenue) and net earnings $20.1M.
Source: Liberty Energy 10-Q on SEC EDGAR.