v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity Equity
Restricted Stock Units
Restricted stock units (“RSUs”) granted pursuant to the Liberty Energy Inc. Amended and Restated Long Term Incentive Plan (“LTIP”), if they vest, will be settled in shares of the Company’s Class A Common Stock. RSUs were granted with vesting terms up to three years. Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2026 were as follows:
Number of UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20252,874,601 $15.94 
Granted1,770,344 25.77 
Vested(1,407,656)16.21 
Forfeited(69,998)20.02 
Outstanding as of September 30, 2026
3,167,291 $21.22 
Performance Restricted Stock Units
Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three-year cliff vesting and performance period, with the vesting percentage of the target award dependent on the satisfaction of the performance goals set forth in the applicable award agreement. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2026 were as follows:
Number of UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2025938,711 $16.40 
Granted335,286 20.71 
Vested(227,140)15.64 
Forfeited— — 
Outstanding as of September 30, 2026
1,046,857 $17.95 
Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s accompanying unaudited condensed consolidated statements of operations. The Company recognized stock-based compensation expense of $10.0 million and $28.0 million for the three and nine months ended September 30, 2026, respectively. The Company recognized stock-based compensation expense of $7.3 million and $33.5 million for the three and nine months ended September 30, 2025, respectively. There was approximately $65.4 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of September 30, 2026. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years.
Dividends
The Company paid cash dividends of $0.09 per share of Class A Common Stock on March 18, 2026, June 18, 2026, and September 18, 2026 to stockholders of record as of March 4, 2026, June 4, 2026, and September 4, 2026, respectively. During the three and nine months ended September 30, 2026, dividend payments totaled $14.7 million and $44.0 million, respectively.
The Company paid cash dividends of $0.08 per share of Class A Common Stock on March 20, 2025, June 20, 2025, and September 18, 2025 to stockholders of record as of March 6, 2025, June 6, 2025, and September 4, 2025, respectively. During the three and nine months ended September 30, 2025, dividend payments totaled $13.0 million and $38.8 million, respectively.
Additionally, the Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2026 vesting date, which totaled $1.0 million for the nine months ended September 30, 2026. The Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2025 vesting date, which totaled $1.1 million for the nine months ended September 30, 2025.
As of September 30, 2026 and December 31, 2025, the Company had $2.0 million and $1.7 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividend equivalents related to forfeited RSUs or PSUs will be forfeited.
Share Repurchase Program
On July 25, 2022, the Company’s board of directors (the “Board”) authorized and the Company announced a share repurchase program that allowed the Company to repurchase the Company’s Class A Common Stock. The share repurchase program expired on July 31, 2026.
During the three and nine months ended September 30, 2026 and 2025, the Company repurchased shares of its Class A Common Stock as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands, except share count and per share data)2026202520262025
Shares of Class A Common Stock— — — 1,546,138 
Value of shares repurchased$— $— $— $23,958 
Average price per share including commissions$— $— $— $15.50 
The Company accounts for the purchase price of repurchased common shares in excess of par value ($0.01 per share of Class A Common Stock) as a reduction of additional paid-in capital, and will continue to do so until additional paid-in capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction to retained earnings.