Liberty Energy Inc "2Q26 Earnings Preview - Frac Utilization Moves Higher" (Buy)

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Liberty Energy Inc "2Q26 Earnings Preview - Frac Utilization Moves Higher" (Buy)

Global Research

25 June 2026ab

Liberty Energy Inc Equities

United States2Q26 Earnings Preview - Frac Utilization Moves

Higher Oil Drilling, Equipment & Services

12-month rating Buy *

12m price target US$40.00Strong Frac Utilization Drives 2Q26 Upside

We see LBRT's frac unit benefiting from strong utilization during 2Q26, driving 8% Q/Q

top-line growth and EBITDA $2mm ahead of Street. While the long-term frac outlook Price (25 Jun 2026) US$26.98

has drawn concerns amidst recent oil price volatility, we still see pricing improvements RIC: LBRT.N BBG: LBRT US

for 2H26+ vs. trough levels in 1Q26. For LPI, we look for an update across its planned

power offtake agreements, along with the pace of capacity received from its suppliers. Trading data and key metrics

We look for a 2H26 offtake agreement, combined with frac pricing improvements, to 52-wk range US$33.93-10.02

serve as a key catalyst to drive the stock higher. We reiterate our Buy Rating and $40 PT. Market cap. US$4.37b

Shares o/s 162m (COM)

Key Highlights for LBRT's 2Q26 Update Free float 95%

1Q26 Estimates. We forecast 2Q26 revenue of $1,103mm vs. Street $1,089mm. Avg. daily volume ('000) 997

We forecast 2Q26 Adj. EBITDA of $150mm vs. Street's $148mm. Avg. daily value (m) US$29.8

Common s/h equity (12/26E) US$1.96b

Frac. We see LBRT benefiting from higher frac utilization in 2Q26. LBRT squeezed

P/BV (12/26E) 2.2x

out what it could from the calendar while even having to turn away some requests

Net debt to EBITDA (12/26E) 2.7x

for immediate completion, signaling a tight market. We see this result in 8% Q/Q

revenue gains. Recent improvements in pricing are expected to meaningfully show EPS (UBS, diluted) (USD)

up in 2H26.