Liberty Energy Reports 10% Revenue Decline in Q2 2025

Liberty Energy Inc. reported a decline in financial performance for the second quarter of 2025, with total revenue of $1.04 billion, down 10% from $1.16 billion in the same period last year. For the first half of 2025, revenue also decreased by 10% to $2.02 billion compared to $2.23 billion in the first half of 2024. The decrease in revenue was attributed to lower service and materials pricing, alongside reduced activity levels. The company’s net income for the second quarter was $71.0 million, a decrease from $108.4 million in the prior year, while net income for the first half of 2025 was $91.1 million, down from $190.3 million in 2024.

Operating income for the second quarter fell significantly to $37.1 million from $141.8 million a year earlier, reflecting a decrease in revenue and an increase in operating costs. The cost of services decreased slightly to $812.1 million, down from $835.8 million, primarily due to lower materials costs, although personnel costs increased. General and administrative expenses remained relatively stable, increasing marginally to $58.3 million. The company also recorded a loss on asset disposals of $5.6 million, compared to $1.2 million in the previous year.

In terms of strategic developments, Liberty Energy completed the acquisition of IMG Energy Solutions on March 3, 2025, for approximately $19.6 million. This acquisition is expected to enhance the company’s capabilities in distributed power systems and strengthen its Liberty Power Innovations LLC division. The company has also expanded its fleet count to approximately 40 active hydraulic fracturing fleets, up from one in 2011, and continues to focus on technological innovations to improve efficiency and reduce emissions.

Operationally, Liberty Energy reported a slight increase in its employee headcount, reflecting ongoing investments in its workforce to support growth initiatives. The company’s cash and cash equivalents stood at $19.6 million as of June 30, 2025, a slight decrease from $20.0 million at the end of 2024. The company has also been active in managing its debt, with a revolving line of credit of $525 million, of which $160 million was outstanding as of the end of the second quarter. Looking ahead, Liberty Energy anticipates a gradual slowdown in completions activity in the latter half of 2025, which may lead to adjustments in its operational strategy and fleet deployment.