For the year ending 2025-12-31, LBRT had $7,016K increase in cash & cash equivalents over the period. $14,105K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 147,872 | 316,010 | 556,408 | 400,302 |
| Depreciation, depletion, and amortization | 500,332 | 505,050 | 421,514 | 323,028 |
| Loss (gain) on disposal of assets, net | -16,691 | 5,337 | 6,994 | 4,603 |
| Inventory write-down | - | - | - | 1,724 |
| Non-cash lease expense | - | - | - | 3,733 |
| Stock-based compensation expense | 41,922 | 32,412 | 33,026 | 23,108 |
| Deferred income tax expense | 54,784 | 33,844 | 120,312 | -12,472 |
| Unrealized gain on investments, net | - | 49,227 | - | - |
| Gain on investments, net | 162,642 | - | - | - |
| Cash return on equity method investment | 5,203 | 3,967 | - | - |
| (gain) loss on remeasurement of liability under tax receivable agreements | 147 | -3,210 | 1,817 | -76,191 |
| Other non-cash items, net | -5,440 | -178 | -7,111 | -4 |
| Provision for credit losses | - | - | - | 0 |
| Accounts receivable and unbilled revenue | 69,838 | -18,187 | -19,612 | 166,605 |
| Accounts receivable and unbilled revenuerelated party | -4,234 | -41,275 | 19,855 | 25,522 |
| Inventories | -12,022 | -66 | 114 | 84,989 |
| Prepaid and other assets | 41,608 | 28,196 | 66,182 | 56,161 |
| Prepaid and other current assetsrelated party | - | - | - | 0 |
| Deferred revenue | - | - | - | -593 |
| Prepaid and other current assetsrelated party | - | - | 0 | - |
| Accounts payable and accrued liabilities | 98,128 | -41,319 | -45,133 | 57,796 |
| Accounts payable and accrued liabilitiesrelated party | -582 | 582 | 0 | -1,864 |
| Initial payment of operating lease liability | 2,213 | 1,328 | 3,305 | 2,713 |
| Net cash provided by operating activities | 609,598 | 829,374 | 1,014,583 | 530,364 |
| Purchases of property and equipment, construction in-progress, and deposits on equipment | 595,493 | 651,034 | 603,298 | 451,905 |
| Investment in equity securities | 0 | 16,056 | 20,283 | 15,000 |
| Acquisition of img energy solutions (2025) and siren energy (2023), net of cash received | 15,208 | 0 | 75,656 | - |
| Sale of equity securities | -150,972 | 0 | 0 | 7,415 |
| Proceeds from sales of assets | 24,692 | 23,977 | 26,909 | 23,664 |
| Net cash used in investing activities | -435,037 | -643,113 | -672,328 | -450,656 |
| Proceeds from borrowings on line-of-credit | 1,650,000 | 2,238,000 | 1,153,000 | 713,000 |
| Repayments of borrowings on line-of-credit | 1,610,500 | 2,187,500 | 1,128,000 | 616,000 |
| Proceeds from borrowings on term loan | 16,680 | - | - | - |
| Repayments of borrowings on term loan | 0 | 0 | 104,716 | 1,750 |
| Payments on finance lease obligations | 80,886 | 50,302 | 17,392 | 6,947 |
| Class a common stock dividends and dividend equivalents upon restricted stock vesting | 54,478 | 48,310 | 37,684 | 9,164 |
| Per unit distributions to non-controlling interest unitholders | - | 0 | 0 | 13 |
| Other distributions and advance payments to non-controlling interest unitholders | - | 0 | 0 | -920 |
| Share repurchases, including related excise tax | 24,882 | 129,250 | 203,100 | 125,313 |
| Tax withholding on restricted stock units | 17,034 | 20,154 | 9,634 | 9,716 |
| Payments under tra liability | 40,757 | 5,189 | - | - |
| Payment of equity issuance costs | 0 | 0 | 223 | 79 |
| Payments of debt issuance costs | 5,688 | 0 | 1,566 | 708 |
| Net cash used in financing activities | -167,545 | -202,705 | -349,315 | -55,770 |
| Net increase (decrease) in cash and cash equivalents | 7,016 | -16,444 | -7,060 | 23,938 |
| Effect of exchange rate changes on cash | 554 | -356 | 168 | -260 |
| Cash and cash equivalents at beginning of period | 19,984 | 36,784 | 43,676 | 19,998 |
| Cash and cash equivalents at end of period | 27,554 | 19,984 | 36,784 | 43,676 |
Liberty Energy Inc. (LBRT)
Liberty Energy Inc. (LBRT)