Liberty Energy Q2 2026收入增14%至11.9億美元 淨利跌28% 發債集資近13億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended June 30, 2026 
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
Commission File No. 001-38081
Liberty Energy Inc.

(Exact Name of Registrant as Specified in its Charter)
Delaware
81-4891595

(State or Other Jurisdiction of 
Incorporation or Organization)(I.R.S. Employer 
Identification No.)
950 17th Street, Suite 2400
Denver, Colorado
80202

(Address of Principal Executive Offices)(Zip Code)
(303) 515-2800
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Class A Common Stock, par value $0.01LBRTNew York Stock Exchange
NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐Non-accelerated filer ☐Smaller reporting company ☐

Emerging growth company ☐     (Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): ☐ Yes ☒ No
As of July 20, 2026, the registrant had 163,191,416 shares of Class A Common Stock and 0 shares of Class B Common Stock outstanding. 

Table of Contents    

TABLE OF CONTENTS
Page No.
PART I
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)
1

Condensed Consolidated Balance Sheets
1

Condensed Consolidated Statements of Operations
2

Condensed Consolidated Statements of Comprehensive Income
3

Condensed Consolidated Statements of Changes in Equity
4

Condensed Consolidated Statements of Cash Flows
5

Notes to Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26

Item 3.
Quantitative and Qualitative Disclosure about Market Risk
36

Item 4.
Controls and Procedures
36

PART II
OTHER INFORMATION
37

Item 1.
Legal Proceedings
37

Item 1A.
Risk Factors
37

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
37

Item 3.
Defaults Upon Senior Securities
37

Item 4.
Mine Safety Disclosures
37

Item 5.
Other Information
37

Item 6.
Exhibits
39

SIGNATURES
40

i

Table of Contents    

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Quarterly Report”) and certain other communications made by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, among others, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words “estimate,” “outlook,” “project,” “forecast,” “position,” “potential,” “likely,” “believe,” “anticipate,” “assume,” “plan,” “expect,” “intend,” “achievable,” “may,” “will,” “continue,” “should,” “could” and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, (the “Annual Report”), this Quarterly Report, and other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new information, future events or otherwise and readers should not rely on the forward-looking statements as representing the Company’s views as of any date subsequent to the date of the filing of this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.
All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

LIBERTY ENERGY INC.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)
June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$555,359 $27,554 
Accounts receivable—trade, net of allowances for credit losses of $886 and $886, respectively
515,688 351,717 

Unbilled revenue253,779 253,653 
Inventories185,368 188,125 
Prepaid and other current assets56,482 56,921 
Total current assets1,566,676 877,970 
Property and equipment, net2,263,112 2,054,185 
Finance lease right-of-use assets319,913 342,469 

Operating lease right-of-use assets57,584 64,983 
Investments191,330 123,888 
Other assets89,481 94,810 
Total assets$4,488,096 $3,558,305 
Liabilities and Equity
Current liabilities:
Accounts payable including amounts due to related parties of $— and $—, respectively
$417,263 $358,623 
Accrued liabilities256,914 232,147 

Current portion of payable pursuant to tax receivable agreements— 7,888 
Current portion of long-term debt11,906 5,097 
Current portion of finance lease liabilities83,046 94,202 
Current portion of operating lease liabilities19,613 22,396 
Total current liabilities788,742 720,353 
Long-term debt, net of current portion and deferred financing costs of $35,410 and $73, respectively
1,279,941 241,510 
Deferred tax liability170,194 195,602 
Payable pursuant to tax receivable agreements66,870 66,870 
Noncurrent portion of finance lease liabilities181,168 213,296 
Noncurrent portion of operating lease liabilities37,427 41,785 
Total liabilities2,524,342 1,479,416 
Commitments & contingencies (Note 14)

Stockholders’ equity:

Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding
— — 
Common Stock:
Class A, $0.01 par value, 400,000,000 shares authorized and 163,191,416 issued and outstanding as of June 30, 2026 and 161,979,222 issued and outstanding as of December 31, 2025
1,632 1,620 
Class B, $0.01 par value, 400,000,000 shares authorized and none issued and outstanding
— — 
Additional paid in capital832,973 978,384 
Retained earnings1,148,516 1,112,747 
Accumulated other comprehensive loss(19,367)(13,862)

Total stockholders’ equity
1,963,754 2,078,889 
Total liabilities and equity$4,488,096 $3,558,305 

See Notes to Condensed Consolidated Financial Statements.
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LIBERTY ENERGY INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Revenue$1,188,596 $1,042,521 $2,209,780 $2,014,135 
Revenue—related parties— — — 5,847 
Total revenue1,188,596 1,042,521 2,209,780 2,019,982 
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)980,255 812,107 1,824,072 1,573,723 
General and administrative67,169 58,344 126,712 124,119 
Transaction and other costs7,691 — 7,691 811 
Depreciation, depletion, and amortization114,213 129,366 228,272 257,108 
(Gain) loss on disposal of assets, net6,552 5,631 (11,961)8,976 
Total operating costs and expenses1,175,880 1,005,448 2,174,786 1,964,737 
Operating income12,716 37,073 34,994 55,245 
Other (income) expense:

Gain on investments, net(42,913)(68,242)(60,229)(87,530)

Interest expense, net3,354 10,162 11,085 19,705 
Total other income, net(39,559)(58,080)(49,144)(67,825)
Net income before income taxes52,275 95,153 84,138 123,070 
Income tax expense9,154 24,137 18,459 31,943 
Net income$43,121 $71,016 $65,679 $91,127 

Net income per common share:
Basic$0.26 $0.44 $0.40 $0.56 
Diluted$0.26 $0.43 $0.40 $0.55 
Weighted average common shares outstanding:
Basic163,016 161,865 162,534 161,901 
Diluted167,663 164,243 165,802 165,041 

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$43,121 $71,016 $65,679 $91,127 
Other comprehensive (loss) income
Foreign currency translation(3,677)6,011 (5,505)6,082 
Comprehensive income$39,444 $77,027 $60,174 $97,209 

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.
Condensed Consolidated Statements of Changes in Equity
(In thousands, except per unit and per share data)
(Unaudited)

Shares of Class A Common StockShares of Class B Common StockClass A Common Stock, Par ValueClass B Common Stock, Par ValueAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders’ Equity

Balance—December 31, 2025161,979 — $1,620 $— $978,384 $1,112,747 $(13,862)$2,078,889 

$0.18/share of Class A Common Stock dividend
— — — — — (29,910)— (29,910)

Excise tax on share repurchases— — — — — — — — 
Purchase of capped calls related to convertible senior notes, net of deferred tax impact— — — — (144,060)— — (144,060)

Stock-based compensation expense— — — — 17,999 — — 17,999 
Vesting of restricted stock units, net1,212 — 12 — (19,350)— — (19,338)

Currency translation adjustment— — — — — — (5,505)(5,505)
Net income— — — — — 65,679 — 65,679 
Balance—June 30, 2026163,191 — $1,632 $— $832,973 $1,148,516 $(19,367)$1,963,754 

Shares of Class A Common StockShares of Class B Common StockClass A Common Stock, Par ValueClass B Common Stock, Par ValueAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders’ Equity

Balance—December 31, 2024161,859 — $1,619 $— $977,484 $1,019,517 $(19,751)$1,978,869 

$0.16/share of Class A Common Stock dividend
— — — — — (26,452)— (26,452)

Share repurchases(1,546)— (16)— (23,942)— — (23,958)
Excise tax on share repurchases— — — — (31)— — (31)
Stock-based compensation expense— — — — 26,181 — — 26,181 
Vesting of restricted stock units, net1,643 — 17 — (16,852)— — (16,835)

Currency translation adjustment— — — — — — 6,082 6,082 
Net income— — — — — 91,127 — 91,127 
Balance—June 30, 2025161,956 — $1,620 $— $962,840 $1,084,192 $(13,669)$2,034,983 

See Notes to Condensed Consolidated Financial Statements.
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LIBERTY ENERGY INC.
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income$65,679 $91,127 
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion, and amortization228,272 257,108 
(Gain) loss on disposal of assets, net(11,961)8,976 
Stock-based compensation expense17,999 26,181 
Deferred income tax expense17,558 — 

Gain on investments, net(60,229)(87,530)
Cash return on equity method investment1,566 2,234 
Other non-cash items, net2,795 3,869 
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue(165,420)(69,395)
Accounts receivable and unbilled revenue—related party— 4,234 
Inventories2,526 1,033 
Prepaid and other assets2,488 (26,678)
Accounts payable and accrued liabilities40,801 153,122 
Accounts payable and accrued liabilities—related party— (582)
Initial payment of operating lease liability(632)(992)
Net cash provided by operating activities
141,442 362,707 
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress(380,861)(271,441)
Investment in equity securities(9,696)— 
Acquisition of IMG Energy Solutions, net of cash received— (15,208)
Sales of equity securities— 80,839 
Proceeds from sale of assets25,951 16,517 
Net cash used in investing activities
(364,606)(189,293)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes1,295,000 — 
Purchase of capped calls related to convertible senior notes(186,515)— 
Proceeds from borrowings on line-of-credit106,000 695,000 
Repayments of borrowings on line-of-credit(336,000)(725,500)
Borrowings on long-term debt19,037 — 
Repayments of long-term debt(3,460)— 
Payments of debt issuance costs(36,825)— 
Payments on finance lease obligations(48,335)(34,165)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting(30,319)(26,944)

Payments of payables pursuant to tax receivable agreements(7,888)(40,757)
Share repurchases— (24,882)
Tax withholding on restricted stock units(18,648)(16,835)

Net cash provided by (used in) financing activities
752,047 (174,083)
Net increase in cash and cash equivalents before translation effect528,883 (669)
Translation effect on cash(1,078)248 
Cash and cash equivalents—beginning of period27,554 19,984 
Cash and cash equivalents—end of period$555,359 $19,563 

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LIBERTY ENERGY INC.
Condensed Consolidated Statements of Cash Flows (cont.)
(Dollars in thousands)
(Unaudited)
Six Months Ended June 30,
20262025
Supplemental disclosure of cash flow information:
Net (refund received) cash paid for income taxes$(2,936)$20,573 
Cash paid for interest$14,414 $19,845 
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities$101,486 $90,364 

See Notes to Condensed Consolidated Financial Statements.
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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1—Organization and Basis of Presentation
Organization
Liberty Energy Inc. (the “Company”), together with its consolidated subsidiaries, is a leading integrated energy services and technology company focused on providing innovative completions services and related technologies to onshore oil and natural gas and enhanced geothermal exploration and production (“E&P”) companies. We offer customers completions services, including hydraulic fracturing, wireline services, proppant delivery solutions, field gas processing, compressed natural gas (“CNG”) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report.
The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income included in the accompanying unaudited condensed consolidated statements of comprehensive income.
The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of June 30, 2026 and December 31, 2025, the results of operations and equity of the Company as of and for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2026. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations, and cash flows.
All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying unaudited condensed consolidated statements of operations, and total assets at the consolidated level, as included in the accompanying unaudited condensed consolidated balance sheets herein, to manage the Company’s operations.
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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 2—Significant Accounting Policies
Recently Issued Accounting Standards
Financial Instruments: Credit Losses - Measurement of Credit Losses for Accounts Receivable
In July 2025, the FASB issued ASU No. 2025-05—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual periods beginning after December 15, 2025 and is not expected to have a material impact on the Company’s financial statements.
Intangibles: Internal-Use Software
In September 2025, the FASB issued ASU No. 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removed the language around project stages that was previously used to assess when costs could be capitalized for an internal-use software. The update also requires internal-use software to be disclosed under the ASC 360 Property, Plant, and Equipment guidance. The guidance is effective for annual periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s accounting policies and the financial statements.
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements. 
Environmental Credits and Environmental Credit Obligations
In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes an accounting framework for the recognition, measurement, presentation, and disclosure of environmental credits and related obligations. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this ASU on the Company’s financial statements. 
Reclassifications
Certain amounts in the prior period financial statements have been reclassified to conform to current period financial statement presentation. In the accompanying condensed consolidated balance sheets $38.5 million, $24.3 million, and $8.1 million were reclassified from investment in Oklo Inc., investment in Tamboran Resources Corporation, and investment in Nomad Proppant Services LLC, respectively, to investments. Similarly, $53.0 million was reclassified from other assets to investments. 
In the accompanying Note 8—Fair Value Measurements and Financial Instruments, we have added a table and other accompanying disclosure to provide the investment detail, some of which was previously on the face of the consolidated balance sheets.
IMG Acquisition
On March 3, 2025, the Company completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received (the “IMG Acquisition”). The IMG Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the IMG Acquisition, the Company recorded goodwill and intangible assets of $12.6 million, property and equipment of $5.1 million, other long-term assets of $1.8 million, and net working capital of $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed.
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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 3—Inventories
Inventories consist of the following:
June 30,December 31,
($ in thousands)20262025
Proppants$15,778 $11,676 
Chemicals14,734 16,302 
Maintenance parts154,856 160,147 
$185,368 $188,125 

Note 4—Property and Equipment 
Property and equipment consist of the following:
Estimated
useful lives
(in years)June 30,December 31,
($ in thousands)20262025
LandN/A$26,924 $26,466 
Field services equipment2-10
3,252,109 3,203,330 
Vehicles4-7
56,516 56,679 
Lease equipment10158,268 158,716 
Buildings and facilities5-30
234,540 188,817 
Mineral reserves>25
80,437 80,339 
Office equipment, furniture, and software2-7
15,758 13,081 
3,824,552 3,727,428 
Less accumulated depreciation and depletion(2,028,656)(1,968,065)
1,795,896 1,759,363 
Capital depositsN/A247,973 116,021 
Construction in-progressN/A219,243 178,801 
Property and equipment, net$2,263,112 $2,054,185 

During the three months ended June 30, 2026 and 2025, the Company recognized depreciation expense of $99.7 million and $111.8 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized depreciation expense of $199.2 million and $222.7 million, respectively. Depletion expense for each of the three months ended June 30, 2026 and 2025 was $0.3 million. Depletion expense for each of the six months ended June 30, 2026 and 2025 was $0.6 million.
As of June 30, 2026 and December 31, 2025, the Company concluded that no triggering events that could indicate possible impairment of property and equipment had occurred, other than related to the assets held for sale as discussed below.
As of June 30, 2026 and December 31, 2025, the Company classified $4.0 million of land and $12.7 million of buildings, net of accumulated depreciation, of three properties that it intends to sell within the next year, and that meet the held for sale criteria, to assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheets. The Company estimates that the carrying values of the assets are less than the fair values less the estimated costs to sell and therefore no loss was recorded during the six months ended June 30, 2026.

Note 5—Leases
The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.
Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred.
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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The components of lease expense for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Finance lease cost:
Amortization of right-of-use assets$13,496 $13,814 $27,057 $27,405 
Interest on lease liabilities4,714 5,054 9,756 10,090 
Operating lease cost6,467 9,011 15,848 17,734 
Variable lease cost1,665 1,485 3,798 3,045 
Short-term lease cost755 770 1,507 1,780 
Total lease cost, net$27,097 $30,134 $57,966 $60,054 

Supplemental cash flow and other information related to leases for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Cash paid for amounts included in measurement of liabilities:
Operating leases$7,592 $8,446 $16,607 $17,263 
Finance leases28,097 21,596 55,232 44,286 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases5,788 6,042 8,298 14,306 
Finance leases6,961 22,968 7,778 50,624 

Lease terms and discount rates as of June 30, 2026 and December 31, 2025 were as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term:
Operating leases4.04.1
Finance leases2.52.9
Weighted-average discount rate:
Operating leases8.0 %7.6 %
Finance leases6.8 %6.9 %

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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Future minimum lease commitments as of June 30, 2026 are as follows:
($ in thousands)FinanceOperating
Remainder of 2026$79,705 $11,583 
202787,432 20,208 
202887,624 12,272 
202948,974 8,725 
20304,508 4,455 
Thereafter— 7,972 
Total lease payments308,243 65,215 
Less imputed interest44,028 8,175 
Total$264,215 $57,040 

The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of June 30, 2026 is $13.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability.
Lessor Arrangements
The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. The majority of the lease agreements are short-term in nature and contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items.
The carrying amount of lease equipment, included in property, plant and equipment, that are leased to others under an operating lease or are available to lease as of June 30, 2026 and December 31, 2025 were as follows:

($ in thousands)June 30, 2026December 31, 2025
Equipment leased to others - at original cost$158,268 $158,716 
Less: Accumulated depreciation(67,497)(59,299)
Equipment leased to others - net$90,771 $99,417 

Future payments receivable for long-term non-cancelable operating leases as of June 30, 2026 are as follows:

($ in thousands)
Remainder of 2026$520 
2027— 
2028— 
2029— 
2030— 
Thereafter— 
Total$520 

Revenues from operating leases for the three and six months ended June 30, 2026 were $3.8 million and $9.3 million, respectively. Revenues from operating leases for the three and six months ended June 30, 2025 were $14.6 million and $28.1 million, respectively.
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LIBERTY ENERGY INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 6—Accrued Liabilities
Accrued liabilities consist of the following:
($ in thousands)June 30, 2026December 31, 2025
Accrued vendor invoices$95,806 $86,952 
Operations accruals47,922 57,483 
Accrued benefits and other113,186 87,712 
$256,914 $232,147 

Note 7—Debt
Debt consists of the following:
June 30,December 31,
($ in thousands)20262025
Convertible Senior Notes Outstanding$1,295,000 $— 
Term Loan outstanding32,257 16,680 
Revolving Line of Credit— 230,000 
Deferred financing costs(35,410)(73)
Total debt, net of deferred financing costs$1,291,847 $246,607 
Current portion of long-term debt$11,906 $5,097 
Long-term debt, net of deferred financing cost and current portion1,279,941 241,510 
Total debt, net of deferred financing costs$1,291,847 $246,607 

For the three months ended June 30, 2026 and June 30, 2025 the Company had amortization expense on the deferred financing costs of $2.2 million and $0.2 million, respectively. For the six months ended June 30, 2026 and June 30, 2025 the Company had am