Liberty Energy Inc. · NYSE:LBRT
Liberty Energy — Q2 2026 Earnings Presentation
26 slides from Liberty Energy's earnings presentation, Jul 23, 2026
Slide 1: Q2 2026 Earnings
Q2 2026 Earnings July 23, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials include forward-looking statements including, but not limited to, statements about management’s plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this presentation that ar
Slide 3: Every day, businesses manage payments and workflows
Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical Our technology is deeply embedded into customers’ operations to simplify payments, enrich data, and ensure compliance – at scale We transform data into intelligence to deliver tailored control over
Slide 4: Key Messages For Q2 2026
Key Messages For Q2 2026 • Revenue and adjusted net income per diluted share1 exceeded guidance ranges • Excluding fuel prices and FX, we delivered on expectations with strong execution across the organization • Strong value proposition delivering new sales growth across our segments • Deleveraged b
Slide 5: Performance Snapshot
Performance Snapshot Revenue Adj. Operating Income Margin2 $753.5M 39.6% +14.2% YOY +~280 basis points YOY Adj. Net Income Per Diluted Share1 TTM Adj. Free Cash Flow3 $5.35 $696.0M +35.4% YOY +22.2% YOY 1 See appendix for a reconciliation of GAAP net income per diluted share to non-GAAP adjusted net
Slide 6: Customer-Centric Strategy To Deliver Sustainable, Profitable Growth
We Are Executing A Customer-Centric Strategy To Deliver Sustainable, Profitable Growth STRATEGIC PILLARS 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation We leverage our deep customer We extend into new markets where AI enables us to deliver better and channel relationships, we have a c
Slide 7: Progressing Against Our Strategic Pillars
Progressing Against Our Strategic Pillars 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation • In Mobility, a focus on • In Corporate Payments, • Across WEX, AI is helping fundamentals including expanding outside of travel in process claims faster, power pricing, customer retention, Direc
Slide 8: Embedding AI Across The Enterprise
Embedding AI Across the Enterprise Our Focus Early Wins & Initiatives Technology & Improving developer productivity • 40% of coding generated by AI to accelerate product Product development • Developing next-gen agents that will span the product lifecycle Empowering credit and fraud • Faster & smart
Slide 9: Disciplined Capital Allocation
Disciplined Capital Allocation Capital Allocation Priorities General Approach Near-Term Priority Key Statistic Target leverage ratio of Continue to operate below Leverage ratio of 2.9x at Strong Balance Sheet 2.5-3.0x 3.0x leverage ratio quarter end Prioritize disciplined Continue to invest organica
Slide 10: Q2 2026 Financial Results
Q2 2026 Financial Results Wwex .
Slide 11: Consolidated Results
Consolidated Results ($M except per share data) Q2 26 Q2 25 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $753.5 $659.6 $93.9 14.2 % GAAP Net Income $108.5 $68.1 $40.4 59.4 % GAAP Net Income per Diluted Share $3.11 $1.98 $1.13 57.1 % Adjusted Net Income1 $186.5 $136.2 $50.3 37.0 % Adjusted Net Income per Dilute
Slide 12: Segment Results ($M)
Segment Results1 ($M) Mobility Benefits Corporate Payments WEX Consolidated ~50% of annual revenue ~30% of annual revenue ~20% of annual revenue 22.0% $422.4 14.2% $753.5 $659.6 $346.2 5.6% $206.0 $195.1 5.8% $118.3 $125.1 38.7% 43.2% 43.5% 40.5% 41.9% 46.7% 36.8% 39.6% Q2 25 Q2 26 Q2 25 Q2 26 Q2 25
Slide 13: Mobility
Mobility Q2 2026 By the Numbers • Revenue increased 22.0%, or 3.1% excluding FX and PPG $422M • Payment processing transactions were flat Revenue year-over-year and increased 6.8% sequentially 43.2% • BP portfolio fully online in Q2 Adj. Operating Income • Accelerating pricing actions with $15M of M
Slide 14: Benefits
Benefits Q2 2026 By the Numbers • Revenue increased 5.6% • HSA accounts grew 7% $206M • Average SaaS accounts grew 2.2%, in line Revenue with expectations • Average custodial cash assets grew 11.1% 40.5% Adj. Operating • Custodial investment revenue grew 11.4% Income Margin1 21.7M Average SaaS Accou
Slide 15: Corporate Payments
Corporate Payments Q2 2026 By the Numbers • Revenue increased 5.8%, at the high end of expectations $125M • Net interchange rate expanded 5 basis Revenue points • Total travel volume increased 6.4% 46.7% Adj. Operating • Direct AP volume grew 20% Income Margin1 $38.6B Total Volume 1 See appendix for
Slide 16: Balance Sheet and Adjusted Free Cash Flow
Balance Sheet and Adjusted Free Cash Flow Trailing 12 Months Adjusted Free Cash Flow1 ($M) Leverage Ratio by Quarter Q2 2026 adjusted free cash flow1 of $219 million $671.3 $696.0 3.4x $638.0 3.25x 3.1x 3.1x $569.5 $546.2 2.9x 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 9/30/25 12/31/25 3/31/26
Slide 17: Financial Guidance and Assumptions
Financial Guidance and Assumptions Q3'26 Full Year 2026 Guidance also includes the following Financial assumptions: Guidance Current Current Changes from Prior Guide Guidance Guidance at Midpoint • U.S. retail fuel prices estimated at $3.90 per gallon Low High Low High $ % Fuel Price for Q3 and $3.9
Slide 18: Appendix
Appendix Wwex .
Slide 19: Financial Guidance and Assumptions (Addl.)
Financial Guidance and Assumptions (Addl.) The following tables include estimated revenue and ANI per diluted share sensitivities to changes in PPG and interest rates as of the date of this presentation. As a reminder, the impacts of these macro factors can and will change based upon various factors
Slide 20: Our Strategy Has Driven Long-Term Growth
Our Strategy Has Driven Long-Term Growth Total Revenue ($B) Adjusted Net Income per Diluted Share1 11% CAGR 17% CAGR Q2'26 1 See appendix for a reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share. 20
Slide 21: Key Performance Indicators
Key Performance Indicators ($M unless otherwise noted) Q2 26 Q2 25 $ Δ Yr/Yr % Δ Yr/Yr Mobility Segment Total Volume ($)* 26,700 18,833 7,867 41.8 % Payment Processing Transactions 139.3 139.2 0.1 0.1 % Payment Processing $ of Fuel 17,191 12,216 4,975 40.7 % Net Payment Processing Rate (%) 1.23 % 1.
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income Three Months Ended June 30, ($M) 2026 (margin)1 2025 (margin)1 Operating income $ 203.2 27.0 % $ 156.8 23.8 % Unallocated corporate expenses 26.0 25.4 Acq
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income and Net Income per Share to Non-GAAP Adjusted Net Income and Adjusted Net Income per Share Three Months Ended June 30, 2026 2025 ($M except per share data) per diluted share per diluted share Net income attributable to shareholders $ 108.5 $
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow Adjusted free cash flow is calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, changes in WEX
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share (Unaudited) Year Ended December 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income (loss) attributable to share