The 1.2 GW power development agreement with a frontier AI lab represents a significant strategic pivot toward data center power services, with first ESA targeted by December 2026 and phased energization from Q4 2027. Monitor execution milestones and any additional project announcements that could validate the power platform's revenue potential.
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Executive Summary
Liberty Energy reported Q3 2026 revenue of $1.2B, up 26% YoY, but a GAAP net loss of $39M (-$0.24 diluted EPS) due to a $62.9M loss on investments. Adjusted net income was $10M ($0.06 adjusted EPS), in line with consensus. The company signed a strategic 1.2 GW power development agreement with a frontier AI lab and raised its quarterly dividend 11% to $0.10/share.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $1.196B, +26% YoY from $947M in Q3 2025
- GAAP net loss of $39M (-$0.24 diluted EPS) vs net income of $43M in Q3 2025
- Adjusted net income of $10M ($0.06 adjusted EPS), in line with consensus of $0.06
- Adjusted EBITDA of $142M, +11% YoY from $128M in Q3 2025
- Executed strategic development agreement for 1.2 GW of integrated power services with a frontier AI lab and infrastructure platform
- Quarterly cash dividend increased 11% to $0.10 per share beginning Q4 2026
- Total debt of ~$1.3B, primarily from senior convertible notes issued in Q1 2026
- Cash on hand of $119M and total liquidity of ~$669M as of September 30, 2026
Financial Impact
Revenue grew 26% YoY to $1.196B; GAAP net loss of $39M driven by $62.9M investment loss; adjusted net income of $10M in line with consensus
Risk Factors
- GAAP net loss of $39M due to $62.9M loss on investments, a volatile non-operating item
- Total debt increased to ~$1.3B from $247M at year-end 2025, primarily from convertible notes issued in Q1 2026
- Adjusted EBITDA declined 6% sequentially from Q2 2026 ($151M to $142M)
- Power development agreements are subject to execution risk and may not materialize as expected
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001694028-26-000055 |
| Document: lbrt-20261021.htm | 0001694028-26-000055 |
| Document: 0001694028-26-000055-index-headers.html | 0001694028-26-000055 |
| Document: 0001694028-26-000055-index.html | 0001694028-26-000055 |
| Document: 0001694028-26-000055.txt | 0001694028-26-000055 |
| 8-K Data (Synthetic) | 0001694028-26-000055 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $15.38 | awaiting T+20 | — | $16.07 (+4.49%) |
Oct 6, 2026 21d ago | 144 | $19.41 | awaiting T+20 | — | $16.07 (−17.21%) |
Sep 10, 2026 6w ago | Institutional Cluster | $20.76 $18.85 | ▼ −9.20% | ▼ −11.32% | $16.07 (−22.59%) |
Aug 4, 2026 12w ago | Insider Cluster | $19.40 $20.11 | ▲ +3.66% | ▲ +4.26% | $16.07 (−17.16%) |
Jun 25, 2026 17w ago | 8-K | $26.86 $19.62 | ▼ −26.95% | ▼ −28.22% | $16.07 (−40.17%) |
May 5, 2026 25w ago | 144 | $32.47 $31.06 | ▼ −4.34% | ▼ −7.12% | $16.07 (−50.51%) |
Mar 23, 2026 31w ago | 8-K | $29.11 $28.33 | ▼ −2.68% | ▼ −10.10% | $16.07 (−44.80%) |
US Market Status
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