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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $614.5M, roughly 1.7× Cloudflare, Inc.). Liberty Energy Inc. runs the higher net margin — 2.2% vs -2.0%, a 4.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 4.5%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
LBRT vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $614.5M |
| Net Profit | $22.6M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 2.2% | -8.0% |
| Net Margin | 2.2% | -2.0% |
| Revenue YoY | 4.5% | 33.6% |
| Net Profit YoY | 64.8% | 6.0% |
| EPS (diluted) | $0.14 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $614.5M | ||
| Q3 25 | $947.4M | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $977.5M | $479.1M | ||
| Q4 24 | $943.6M | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.2B | $401.0M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $-12.1M | ||
| Q3 25 | $43.1M | $-1.3M | ||
| Q2 25 | $71.0M | $-50.4M | ||
| Q1 25 | $20.1M | $-38.5M | ||
| Q4 24 | $51.9M | $-12.8M | ||
| Q3 24 | $73.8M | $-15.3M | ||
| Q2 24 | $108.4M | $-15.1M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 73.6% | ||
| Q3 25 | 18.7% | 74.0% | ||
| Q2 25 | 22.1% | 74.9% | ||
| Q1 25 | 22.1% | 75.9% | ||
| Q4 24 | 21.4% | 76.4% | ||
| Q3 24 | 26.2% | 77.7% | ||
| Q2 24 | 27.9% | 77.8% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | -8.0% | ||
| Q3 25 | -0.3% | -6.7% | ||
| Q2 25 | 3.6% | -13.1% | ||
| Q1 25 | 1.9% | -11.1% | ||
| Q4 24 | 2.6% | -7.5% | ||
| Q3 24 | 9.4% | -7.2% | ||
| Q2 24 | 12.2% | -8.7% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | -2.0% | ||
| Q3 25 | 4.5% | -0.2% | ||
| Q2 25 | 6.8% | -9.8% | ||
| Q1 25 | 2.1% | -8.0% | ||
| Q4 24 | 5.5% | -2.8% | ||
| Q3 24 | 6.5% | -3.6% | ||
| Q2 24 | 9.3% | -3.8% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $-0.03 | ||
| Q3 25 | $0.26 | $0.00 | ||
| Q2 25 | $0.43 | $-0.15 | ||
| Q1 25 | $0.12 | $-0.11 | ||
| Q4 24 | $0.31 | $-0.05 | ||
| Q3 24 | $0.44 | $-0.04 | ||
| Q2 24 | $0.64 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $699.1M | $943.5M |
| Total DebtLower is stronger | $7.1M | — |
| Stockholders' EquityBook value | $1.9B | $1.5B |
| Total Assets | $4.4B | $6.0B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $943.5M | ||
| Q3 25 | $13.5M | $1.1B | ||
| Q2 25 | $19.6M | $1.5B | ||
| Q1 25 | $24.1M | $204.5M | ||
| Q4 24 | $20.0M | $147.7M | ||
| Q3 24 | $23.0M | $182.9M | ||
| Q2 24 | $30.0M | $157.0M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $190.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $2.0B | $973.1M | ||
| Q2 24 | $1.9B | $881.5M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $6.0B | ||
| Q3 25 | $3.5B | $5.8B | ||
| Q2 25 | $3.4B | $5.6B | ||
| Q1 25 | $3.4B | $3.7B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | 13.1% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $190.4M | ||
| Q3 25 | $51.5M | $167.1M | ||
| Q2 25 | $170.6M | $99.8M | ||
| Q1 25 | $192.1M | $145.8M | ||
| Q4 24 | $177.3M | $127.3M | ||
| Q3 24 | $244.5M | $104.7M | ||
| Q2 24 | $248.2M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $105.2M | ||
| Q3 25 | $-67.2M | $82.5M | ||
| Q2 25 | $33.1M | $39.9M | ||
| Q1 25 | $58.2M | $59.9M | ||
| Q4 24 | $-26.2M | $54.2M | ||
| Q3 24 | $77.9M | $54.5M | ||
| Q2 24 | $112.2M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 17.1% | ||
| Q3 25 | -7.1% | 14.7% | ||
| Q2 25 | 3.2% | 7.8% | ||
| Q1 25 | 6.0% | 12.5% | ||
| Q4 24 | -2.8% | 11.8% | ||
| Q3 24 | 6.8% | 12.7% | ||
| Q2 24 | 9.7% | 11.3% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 13.9% | ||
| Q3 25 | 12.5% | 15.1% | ||
| Q2 25 | 13.2% | 11.7% | ||
| Q1 25 | 13.7% | 17.9% | ||
| Q4 24 | 21.6% | 15.9% | ||
| Q3 24 | 14.6% | 11.7% | ||
| Q2 24 | 11.7% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 9.55× | — | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 2.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
