Liberty Energy Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $4.4 billion, up 13.6% on the year before. That growth rate increased by 11.4 percentage points from a quarter earlier.
What stands out
Capital spending rose 104.2% while operating cash flow fell 5.4%, leaving less of the generated cash as surplus.
Profitability
The business is profitable, with a trailing gross margin of 18.0%. The trailing operating margin was 1.7%, down 0.3 percentage points from a year earlier. Meanwhile, the trailing net margin stood at 0.9%. Net income over the twelve months was $40.3 million, falling 78.3% on the year before.
Where the cash went
Investment is rising faster than operating cash flow, squeezing what remains for shareholders. Operating cash flow over the twelve months was $559.7 million, down 5.4% on the year before. Capital spending reached $1.2 billion, or 27.3% of revenue. Consequently, free cash flow, defined as operating cash flow less capital spending, was −$652.5 million. This represented a free-cash-flow margin of −14.7%, down 14.6 percentage points from a year earlier.
The share base
The average diluted share count rose 0.1% over the year.
In context
Measured against its own history, today’s free-cash-flow margin of −14.7% is below every one of the company’s past quarterly readings, which have ranged from −7.8% to 8.7%. Today’s operating margin of 1.7% is higher than 29% of past readings (−21.6% to 17.1%). Additionally, today’s twelve-month revenue growth rate of 13.6% exceeds 61% of past readings (−51.5% to 159.4%).
What to watch
The next filing will show whether the trends above continue, slow or reverse.
