Filing Flows › Liberty Energy (LBRT) › Q3 2025
Liberty Energy (LBRT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 17, 2025
Liberty Energy (LBRT) reported revenue of $947M for the third quarter 2025 (Q3 2025), -17% from a year earlier and -9% from the quarter before. Operating margin was -0.3%, net earnings $43.1M (4.5% of revenue).
Liberty Energy, Q3 2025: revenue $947M (-17% year over year), operating margin -0.3%, net earnings $43.1M, operating cash flow $51.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $947M | -9% | -17% |
| Operating profit | −$2.4M | -107% | — |
| Net earnings | $43.1M | -39% | — |
| Operating cash flow | $51.5M | -70% | -79% |
What changed
Revenue was $947.4M in Q3 2025, down 17% year over year and down 9% from the previous quarter.
Operating costs exceeded revenue by $2.4M, an operating margin of -0.3%. Total costs fell 8% while revenue fell 17%. Net earnings were $43.1M, down 42% year over year. The effective tax rate was 21.8%. Non-operating items added $57.5M, 104% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $51.5M (down 79% year over year), 120% of net earnings. Non-cash charges added back $123.0M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items used $121.9M. Capital expenditures of $118.7M exceeded it, leaving free cash flow of −$67.2M.
Questions
What was Liberty Energy's revenue in the third quarter 2025?
Liberty Energy (LBRT) reported revenue of $947M for the third quarter 2025 (Q3 2025), -17% from a year earlier and -9% from the quarter before.
Was Liberty Energy profitable in the third quarter 2025?
Operating loss was $2.4M (-0.3% of revenue) and net earnings $43.1M.
Source: Liberty Energy 10-Q on SEC EDGAR.