Liberty Energy (LBRT) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Liberty Energy published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Liberty Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Net Income per Diluted Share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Liberty Energy reports in thousands of dollars; figures here are converted to millions. It manages the business as a single reportable segment, so no segment table is shown.
• The Q3 2026 net loss includes a $62.9 million pre-tax loss on equity investments carried at fair value, mostly a $56.1 million loss on its stake in Fervo Energy. Q3 2025 net income included a $68.4 million gain on investments.

Source: Liberty Energy Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

From the earnings release

Liberty Energy gives no numeric revenue or earnings guidance in its release. Its CEO describes the expected direction of fourth-quarter activity.

In its Q3 2026 release, Liberty Energy said:

“Looking forward, we expect fourth quarter weather and holiday seasonality to be partially offset by continued strength in demand, including activity deferred from the third quarter.”

Source: Liberty Energy Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LBRT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release, converted from thousands to millions.

Liberty Energy's next report is expected around January 27, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Liberty Energy's revenue comes mostly from completions services for onshore oil, natural gas and enhanced geothermal producers: hydraulic fracturing with wireline, proppant delivery, field gas processing, compressed natural gas delivery and sand from its own mines. It ran approximately 40 active frac fleets at the end of 2025. Through Liberty Power Innovations it also sells distributed power and energy storage to commercial and industrial, data center, energy and mining customers. (Liberty Energy Form 10-K, 2025, Feb 2, 2026)

Q3 2026 revenue was $1,196.2 million, up 26% from $947.4 million a year earlier and up 1% from $1,188.6 million in Q2 2026. Liberty's 10-Q says the year-over-year increase was predominantly driven by higher activity levels and the corresponding improvement in utilization and product sales. CEO Ron Gusek pointed to modest price increases, partially offset by drilling-related delays and cost inflation. (Liberty Energy Q3 2026 release, Oct 21, 2026; Liberty Energy Form 10-Q, Q3 2026, Oct 22, 2026)

Liberty Energy's customers are concentrated. Its top five customers accounted for approximately 39% of revenues in 2025, and Occidental Petroleum and XTO Energy each accounted for more than 10%. It operates in the major North American shale basins and in the Northern Territory of Australia. (Liberty Energy Form 10-K, 2025, Feb 2, 2026)

In power, Liberty Power Innovations signed a strategic development agreement with a frontier AI lab and an infrastructure platform for 1.2 GW of integrated power services at data center campuses. Liberty said it targets the first energy service agreement, for approximately 500 megawatts, by December 2026, with energization phased from Q4 2027 through Q1 2029. (Liberty Energy Q3 2026 release, Oct 21, 2026)

Liberty Energy reported a GAAP net loss of $39.1 million, or $0.24 per diluted share, in Q3 2026, against Adjusted Net Income of $9.8 million, or $0.06 per diluted share. Adjusted Net Income excludes a $62.9 million loss on investments carried at fair value, made up of $56.1 million on Fervo Energy and $8.2 million on Oklo, partly offset by small gains on Tamboran and other holdings. A year earlier the same line was a $68.4 million gain, so GAAP EPS of $0.26 then sat above adjusted EPS of $(0.06). (Liberty Energy Q3 2026 release, Oct 21, 2026; Liberty Energy Form 10-Q, Q3 2026, Oct 22, 2026)

Because Liberty reported a net loss, approximately 3.8 million restricted and performance stock units were left out of diluted GAAP shares (163,191 thousand) but included in the adjusted share count of 166,967 thousand. The quarter's income tax benefit was $10.4 million, and the effective tax rate for the first nine months was 23.2%. (Liberty Energy Q3 2026 release, Oct 21, 2026; Liberty Energy Form 10-Q, Q3 2026, Oct 22, 2026)

Liberty Energy's capital expenditures were $621.9 million in Q3 2026, against $113.0 million a year earlier, and total debt was approximately $1.3 billion at September 30, 2026, mainly the convertible notes issued in the first quarter. It paid a $0.09 quarterly dividend and raised it 11% to $0.10 starting in the fourth quarter. (Liberty Energy Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Liberty Energy does not publish numeric revenue or EPS guidance in its release. For Q4 2026 its CEO said Liberty expects weather and holiday seasonality to be partially offset by continued strength in demand, including activity deferred from Q3, and the release describes frac markets as tight, with modestly higher completions activity absorbing much of the industry's available capacity. (Liberty Energy Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Liberty Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Liberty Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LBRT is on is LBRT a buy or a sell?, what analysts expect next is on the LBRT forecast, and what the company does is on the Liberty Energy (LBRT) stock page.

Every number on this page can be traced to a document Liberty Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.