On this page of StockholderLetter.com we present the latest annual shareholder letter from Liberty Energy Inc. — ticker symbol LBRT. Reading current and past LBRT letters to shareholders can bring important insights into the investment thesis.
20 25 ANNUAL REPORT

04 30 INTRODUCTION COMMUNIT Y REL ATIONS 4 A Letter From the CEO 30 Community Investment 6 Annual Highlights 31 Indigenous Relations 8 Integrated Completions Portfolio 32 Community Partner Highlights 10 34 PO RT F OL I O BHL FOU NDATION 10 Fleet Overview 34 About BHLF 14 Digital Ecosystem 35 Partnership Spotlight 16 Liberty Advanced Equipment Technologies 17 Technology Team 18 PropX 19 Freedom Proppant International Expansion 20 Liberty Power Innovations 22 S A F E T Y & SE C U R IT Y 22 Safety & Training 24 IT & Cybersecurity 26 PEOPLE & CULT URE 26 Company Highlights 27 &IRI XW Mental Health Campaign 28 Leading Liberty 29 Liberty Connect Annual Highlights 36 B U S I N E S S S T R AT E G Y 36 Business Strategy 38 Growth Strategy 38 FIN A NCI A L 40 Financial Reconciliations 42 Cautionary Note
innovations and advance our development of the power business. Our company s strength begins with our people. At the heart of this progress are those who make it possible: our employees, whose expertise powers our execution; our customers, whose trust drives our purpose; and our partners, whose collaboration expands our impact. The Liberty team saw the incredible opportunities in front of us and delivered at the highest level over the past year. Our efforts in developing our (MKMXEP )GSW]WXIQ EVI FIRI XMRK SYV GYWXSQIVW ERH HVMZMRK QIEWYVEFPI RERGMEP SYXGSQIW EGVSWW PSKMWXMGW TVIZIRXMZI QEMRXIRERGI ERH I GMIRX IPH STIVEXMSRW Our power platform, built on 14 years of hard work growing a preeminent North American service business, supported by leading technical innovation and digital enhancements, is off to a tremendous start. With our complete offering that combines our ForteSM primary power generation service with ChorusSM, our power and grid optimization platform, and TempoSM, our intelligent load management solution, Liberty Power Innovations (LPI) is excited to be working with some of the leading names in data center development. These efforts have not only driven exceptional execution this year but also positioned us for durable growth in the years ahead. A LETTER FROM THE CEO )RIVK] MW XLI IRKMRI SJ LYQER TVSWTIVMX] %VXM GMEP intelligence is a meaningful catalyst of human progress. Together, these forces are unlocking unprecedented opportunities for Liberty as we continue our mission to better human lives through access to abundant, affordable, and reliable energy and the technologies that it enables. One year ago, I assumed the role of CEO at a pivotal moment in our company s journey. We entered this moment with a strong foundation, well-positioned to accelerate our technology We are at the forefront of a seismic shift in how data centers and other large loads are sourcing power. With forecasts of up to 150GW of incremental demand by 20301, onsite generation has emerged as the preferred long-term energy strategy for large power consumers due to evolving grid dynamics and market pressures. Our robust power execution platform is built on Liberty s industry-leading experience in the design, manufacturing, engineering, and operation of complex, industrialscale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AIenhanced operations and maintenance systems. Our comprehensive power solution is designed to address our customers top priorities: rapid, scalable deployment, uninterrupted operations, and predictable power costs. LPI s power-as-a-service offering is a strategic cornerstone of resilient, future-proof energy planning for our customers. Innovation remains at the heart of Liberty s identity. Over the year, we expanded our next-generation technology deployments, including the latest in our digiPrimeSM TPEXJSVQ JIEXYVMRK XLI MRHYWXV] W VWX ZEVMEFPI WTIIH natural gas reciprocating engine. We augmented our premier equipment offering with new AI-enhanced digital
I NT R O D U CT IO N tools. Atlas, our cloud-based completions data platform, and AtlasIQ, an AI-powered assistant that enables natural-language queries across operational data and technical knowledge, have enhanced data visualization and improved decision-making for both Liberty and our GYWXSQIVW 7XMQ'SQQERHIV SYV EHZERGIH IIX GSRXVSP WSJX[EVI HIPMZIVW WMKRM GERX FIRI XW JEWXIV ERH QSVI consistent stage execution, reduced time on location, fuel savings, lower emissions, and improved safety. Liberty s cloud-based platform, Forge, further empowers StimCommander with intelligent asset orchestration through continuous AI optimization. By analyzing billions of data points and leveraging years of Liberty s best-in-class operational execution, Forge enhances StimCommander s performance and precision. Alongside operational innovation, we strengthened our customer relationships by focusing on responsiveness, technical collaboration, and predictable delivery. Strong relationships are built over time and through performance. I am proud of how our teams show up for SYV GYWXSQIVW HE] MR ERH HE] SYX 3YV [SVO MR XLI IPH executed by teams that are second to none, ensures that Liberty remains a trusted partner to producers seeking to I\IGYXI WEJIP] ERH I GMIRXP] MR E H]REQMG QEVOIX 3ZIV the course of the year, we delivered solid performance even as macroeconomic conditions evolved, further validating the strength of our business model and the VIWMPMIRGI SJ SYV XIEQ 3YV JSGYW SR IIX QSHIVRM^EXMSR technology deployment, and cost optimization enabled us to navigate heightened oil market uncertainty and softer industry completions activity without losing sight of our long-term objectives. At the center of everything we do are our people. In 2025, we invested in our teams through expanded training, professional development, and safety programs that reinforce our culture of accountability and care. Safety is not simply a metric for us; it is a value that is central to every decision we make. Alongside our business growth, we advanced our environmental and social commitments through thoughtful stewardship and community engagement. Our Bettering Human Lives Foundation (BHLF) and supporting initiatives continue to champion energy access as a fundamental enabler of opportunity, health, and prosperity. Access to affordable, reliable energy is a prerequisite for economic growth, and we are proud to contribute to that mission and strengthen communities at home and abroad. BHLF has grown from an idea into a presence in Kenya, Ghana, and Zambia, 5 and, through our support of local businesses, has helped transition more than 1,000 homes and 19 schools to clean-burning LPG, impacting tens of thousands of lives. As articulated in our 2024 &IXXIVMRK ,YQER 0MZIW report, energy access is essential to modern life and human SYVMWLMRK ERH [I [MPP GSRXMRYI XS EHZERGI XLMW QMWWMSR in 2026 and beyond. Looking ahead, we see a landscape of opportunity shaped by evolving customer needs, technological advancements, and broader growth in energy demand. We are proud to work alongside North America s premier oil and gas companies in the responsible development of these critical resources and have now positioned ourselves to serve the premier North American technology companies. None of this would be possible without the dedication of our employees and their families, the loyalty of our customers, and the support of our shareholders. Together, we have navigated a year of complexity with courage, clarity, and conviction. The alignment of our team around a common mission has never been WXVSRKIV ERH - EQ GSR HIRX XLEX XLI FIWX GLETXIVW SJ Liberty s story lie ahead. Thank you for your continued trust and partnership. As we embark on Liberty s 15th year as a company, we remain committed to advancing Liberty s mission and staying true to our vision to be the Best Damn Energy Company, period. I am proud to carry on the legacy that was established by our founder, Chris Wright, and am incredibly excited to see what we will accomplish in the next 15 years. Liberty forever! Warm Regards, Ron Gusek 'LMIJ )\IGYXMZI 3 GIV 1 1SVKER 7XERPI] (IGIQFIV 3YXPSSO 0IERMRK -RXS 7XVSRKIV (IQERH ?6IWIEVGL 6ITSVXA
 • shareholder letter icon 3/5/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/7/2023 LBRT Stockholder Letter
 • stockholder letter icon 3/7/2024 LBRT Stockholder Letter
 • stockholder letter icon 3/6/2025 LBRT Stockholder Letter
 • stockholder letter icon More "Oil & Gas Equipment & Services" Category Stockholder Letters
 • Benford's Law Stocks icon LBRT Benford's Law Stock Score = 81


LBRT Shareholder/Stockholder Letter Transcript:

20
25
ANNUAL
REPORT


04
30
INTRODUCTION
COMMUNIT Y REL ATIONS
4
A Letter From the CEO
30
Community Investment
6
Annual Highlights
31
Indigenous Relations
8
Integrated Completions Portfolio
32
Community Partner Highlights
10
34
PO RT F OL I O
BHL FOU NDATION
10
Fleet Overview
34
About BHLF
14
Digital Ecosystem
35
Partnership Spotlight
16
Liberty Advanced Equipment Technologies
17
Technology Team
18
PropX
19
Freedom Proppant
International Expansion
20
Liberty Power Innovations
22
S A F E T Y & SE C U R IT Y
22
Safety & Training
24
IT & Cybersecurity
26
PEOPLE & CULT URE
26
Company Highlights
27
&IRI   XW
Mental Health Campaign
28
Leading Liberty
29
Liberty Connect
Annual Highlights
36
B U S I N E S S S T R AT E G Y
36
Business Strategy
38
Growth Strategy
38
FIN A NCI A L
40
Financial Reconciliations
42
Cautionary Note

innovations and advance our development of the
power business. Our company   s strength begins with
our people. At the heart of this progress are those
who make it possible: our employees, whose expertise
powers our execution; our customers, whose trust drives
our purpose; and our partners, whose collaboration
expands our impact. The Liberty team saw the incredible
opportunities in front of us and delivered at the highest
level over the past year. Our efforts in developing our
(MKMXEP  )GSW]WXIQ  EVI  FIRI   XMRK  SYV  GYWXSQIVW  ERH 
HVMZMRK QIEWYVEFPI    RERGMEP SYXGSQIW EGVSWW PSKMWXMGW  
TVIZIRXMZI  QEMRXIRERGI   ERH  I  
  GMIRX     IPH  STIVEXMSRW  
Our power platform, built on 14 years of hard work
growing a preeminent North American service business,
supported by leading technical innovation and digital
enhancements, is off to a tremendous start. With our
complete offering that combines our ForteSM primary
power generation service with ChorusSM, our power and
grid optimization platform, and TempoSM, our intelligent
load management solution, Liberty Power Innovations
(LPI) is excited to be working with some of the leading
names in data center development. These efforts have
not only driven exceptional execution this year but also
positioned us for durable growth in the years ahead.
A LETTER
FROM THE CEO
)RIVK] MW XLI IRKMRI SJ LYQER TVSWTIVMX]  %VXM   GMEP 
intelligence is a meaningful catalyst of human
progress. Together, these forces are unlocking
unprecedented opportunities for Liberty as
we continue our mission to better human lives
through access to abundant, affordable, and
reliable energy and the technologies that it
enables.
One year ago, I assumed the role of CEO at a
pivotal moment in our company   s journey. We
entered this moment with a strong foundation,
well-positioned to accelerate our technology
We are at the forefront of a seismic shift in how data
centers and other large loads are sourcing power. With
forecasts of up to 150GW of incremental demand by
20301, onsite generation has emerged as the preferred
long-term energy strategy for large power consumers
due to evolving grid dynamics and market pressures.
Our robust power execution platform is built on Liberty   s
industry-leading experience in the design, manufacturing,
engineering, and operation of complex, industrialscale assets, leveraging our broad North American
geographic footprint, expansive supply chain, and AIenhanced operations and maintenance systems. Our
comprehensive power solution is designed to address
our customers    top priorities: rapid, scalable deployment,
uninterrupted operations, and predictable power
costs. LPI   s power-as-a-service offering is a strategic
cornerstone of resilient, future-proof energy planning for
our customers.
Innovation remains at the heart of Liberty   s identity. Over
the year, we expanded our next-generation technology
deployments, including the latest in our digiPrimeSM
TPEXJSVQ   JIEXYVMRK  XLI  MRHYWXV]  W     VWX  ZEVMEFPI WTIIH 
natural gas reciprocating engine. We augmented our
premier equipment offering with new AI-enhanced digital

I NT R O D U CT IO N
tools. Atlas, our cloud-based completions data platform,
and AtlasIQ, an AI-powered assistant that enables
natural-language queries across operational data and
technical knowledge, have enhanced data visualization
and improved decision-making for both Liberty and our
GYWXSQIVW  7XMQ'SQQERHIV  SYV EHZERGIH    IIX GSRXVSP 
WSJX[EVI   HIPMZIVW  WMKRM   GERX  FIRI   XW   JEWXIV  ERH  QSVI 
consistent stage execution, reduced time on location,
fuel savings, lower emissions, and improved safety.
Liberty   s cloud-based platform, Forge, further empowers
StimCommander with intelligent asset orchestration
through continuous AI optimization. By analyzing
billions of data points and leveraging years of Liberty   s
best-in-class operational execution, Forge enhances
StimCommander   s performance and precision.
Alongside operational innovation, we strengthened our
customer relationships by focusing on responsiveness,
technical collaboration, and predictable delivery.
Strong relationships are built over time and through
performance. I am proud of how our teams show up for
SYV GYWXSQIVW  HE] MR ERH HE] SYX  3YV [SVO MR XLI    IPH  
executed by teams that are second to none, ensures that
Liberty remains a trusted partner to producers seeking to
I\IGYXI WEJIP] ERH I  
  GMIRXP] MR E H]REQMG QEVOIX  3ZIV 
the course of the year, we delivered solid performance
even as macroeconomic conditions evolved, further
validating the strength of our business model and the
VIWMPMIRGI SJ SYV XIEQ  3YV JSGYW SR    IIX QSHIVRM^EXMSR  
technology deployment, and cost optimization enabled
us to navigate heightened oil market uncertainty and
softer industry completions activity without losing sight
of our long-term objectives.
At the center of everything we do are our people. In 2025,
we invested in our teams through expanded training,
professional development, and safety programs that
reinforce our culture of accountability and care. Safety
is not simply a metric for us; it is a value that is central
to every decision we make. Alongside our business
growth, we advanced our environmental and social
commitments through thoughtful stewardship and
community engagement. Our Bettering Human Lives
Foundation (BHLF) and supporting initiatives continue
to champion energy access as a fundamental enabler of
opportunity, health, and prosperity. Access to affordable,
reliable energy is a prerequisite for economic growth, and
we are proud to contribute to that mission and strengthen
communities at home and abroad. BHLF has grown from
an idea into a presence in Kenya, Ghana, and Zambia,
5
and, through our support of local businesses, has helped
transition more than 1,000 homes and 19 schools to
clean-burning LPG, impacting tens of thousands of lives.
As articulated in our 2024 &IXXIVMRK ,YQER 0MZIW report,
energy access is essential to modern life and human
   SYVMWLMRK  ERH [I [MPP GSRXMRYI XS EHZERGI XLMW QMWWMSR 
in 2026 and beyond.
Looking ahead, we see a landscape of opportunity
shaped by evolving customer needs, technological
advancements, and broader growth in energy demand.
We are proud to work alongside North America   s premier
oil and gas companies in the responsible development
of these critical resources and have now positioned
ourselves to serve the premier North American
technology companies.
None of this would be possible without the dedication
of our employees and their families, the loyalty of
our customers, and the support of our shareholders.
Together, we have navigated a year of complexity
with courage, clarity, and conviction. The alignment of
our team around a common mission has never been
WXVSRKIV   ERH  -  EQ  GSR   HIRX  XLEX  XLI  FIWX  GLETXIVW  SJ 
Liberty   s story lie ahead.
Thank you for your continued trust and partnership. As
we embark on Liberty   s 15th year as a company, we
remain committed to advancing Liberty   s mission and
staying true to our vision to be the Best Damn Energy
Company, period. I am proud to carry on the legacy that
was established by our founder, Chris Wright, and am
incredibly excited to see what we will accomplish in the
next 15 years. Liberty forever!
Warm Regards,
Ron Gusek
'LMIJ )\IGYXMZI 3  
  GIV
1
1SVKER 7XERPI]   (IGIQFIV              3YXPSSO  0IERMRK -RXS 7XVSRKIV 
(IQERH ?6IWIEVGL 6ITSVXA


shareholder letter icon 3/5/2026 Letter Continued (Full PDF)
 

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