Liberty Energy Inc. reported a decline in financial performance for the third quarter of 2025, with total revenue of $947.4 million, a decrease of 17% from $1.1 billion in the same period last year. The company's net income also fell to $43.1 million, down from $73.8 million in the prior year, reflecting a 42% drop. The decrease in revenue was attributed to lower service and materials pricing, as well as reduced activity levels in the oil and gas sector. For the nine months ended September 30, 2025, revenue totaled $2.97 billion, down 12% from $3.37 billion in the same period of 2024, with net income decreasing to $134.2 million from $264.1 million.
Operationally, Liberty Energy's cost of services decreased by 8% to $769.8 million for the third quarter, primarily due to lower material volumes and personnel costs. General and administrative expenses remained relatively stable, while depreciation, depletion, and amortization expenses decreased slightly. The company recorded a gain on the disposal of assets in the latest quarter, contrasting with a loss in the previous year, indicating improved asset management. Additionally, the company recognized significant gains from investments, contributing to a net other income of $57.5 million for the quarter.
Strategically, Liberty Energy completed the acquisition of IMG Energy Solutions in March 2025 for approximately $19.6 million, enhancing its capabilities in distributed power systems. This acquisition is expected to bolster the company's Liberty Power Innovations LLC, which focuses on alternative fuel and power solutions. The company has also expanded its fleet from one hydraulic fracturing unit in 2011 to approximately 40 active fleets as of September 30, 2025, indicating significant growth in operational capacity.
As of September 30, 2025, Liberty Energy's total assets increased to $3.5 billion from $3.3 billion at the end of 2024, driven by higher accounts receivable and investments in equity securities. The company reported a total debt of $253 million, up from $190.5 million, reflecting its ongoing investments and operational financing needs. The company maintained compliance with its debt covenants and had $132.1 million of remaining availability under its revolving credit facility.
Looking ahead, Liberty Energy anticipates a gradual recovery in the oil and gas market, with expectations of increased demand for hydraulic fracturing services as production levels stabilize. The company is focused on leveraging its technological innovations and expanding its service offerings to meet evolving market demands. However, it remains cautious about macroeconomic uncertainties and pricing pressures that could impact future performance.
About Liberty Energy Inc.
Liberty Energy Inc. provides integrated energy services focused on hydraulic fracturing, wireline operations, proppant delivery, and natural gas compression in North American shale basins. The company offers innovative, environmentally friendly technologies, including electric and hybrid frac pumps, and owns sand mines for supply chain control. Its core value lies in technological innovation, safety, and long-term customer partnerships within the oil and gas exploration and production industry.
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