Diamondback Energy Inc. (FANG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$5.98	$6.48	+8.4%	—	$5.5B	—
Q1 26	$3.75	$4.23	+12.8%	—	$4.2B	—
Q4 25	$2	$1.74	-13.0%	—	$3.3B	—
Q3 25	$2.94	$3.08	+4.8%	—	$3.9B	—
Q2 25	$2.72	$2.67	-1.8%	—	—	—
Q1 25	$4.2	$4.54	+8.1%	—	—	—
Q4 24	$3.38	$3.64	+7.7%	—	—	—
Q3 24	$3.92	$3.38	-13.8%	—	—	—
Q2 24	$4.5	$4.52	+0.4%	—	$2.5B	—
Q1 24	$4.41	$4.5	+2.0%	—	$2.2B	—
Q4 23	$4.65	$4.74	+1.9%	—	$2.2B	—
Q3 23	$5.01	$5.49	+9.6%	—	$2.3B	—
Q2 23	$3.9	$3.68	-5.6%	—	$1.9B	—
Q1 23	$4.33	$4.1	-5.3%	—	$1.9B	—
Q4 22	$5.22	$5.29	+1.3%	—	$2B	—
Q3 22	$6.33	$6.48	+2.4%	—	$2.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.73	—	—	$14.9B	—
FY24	—	$15.5	—	—	$11B	—
FY23	—	$17.3	—	—	$8.4B	—
FY22	—	$24.6	—	—	$9.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$527.1M	$1.2B	$2.2B	$4B	$2.8B	$6.8B	$9.6B	$8.4B	$11B	$14.9B
YoY change	+18%	+128.6%	+80.6%	+82.2%	-29%	+141.6%	+41.9%	-12.8%	+31%	+35.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	527.1M	1.2B	2.2B	4B	2.8B	6.8B	9.6B	8.4B	11B	14.9B
Cost of revenue	306.5M	551M	1.1B	2.4B	2.2B	2.5B	2.9B	3.5B	6.1B	9.7B
Gross profit	220.6M	654M	1.1B	1.6B	637M	4.3B	6.8B	4.9B	5B	5.2B
Gross margin	41.9%	54.3%	51.3%	40.2%	22.6%	63.6%	70.3%	57.9%	45.1%	35%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	42.6M	48M	65M	104M	88M	146M	144M	150M	213M	288M
Operating expenses	43.7M	49M	70M	108M	92M	241M	256M	290M	273M	303M
Operating income	176.9M	605M	1B	1.5B	545M	4.1B	6.5B	4.6B	4.7B	4.9B
Operating margin	33.6%	50.2%	48.1%	37.5%	19.4%	60%	67.6%	54.5%	42.6%	32.9%
Non-operating income, net	-301M	-67M	153M	-951M	-6.1B	-973M	-627M	-158M	-63M	-2.8B
Pretax income	-164.7M	497M	1.1B	362M	-5.8B	2.9B	5.7B	4.2B	4.5B	1.9B
Income tax	192K	-20M	168M	47M	-1.1B	631M	1.2B	912M	800M	327M
Net income	-164.9M	517M	945M	315M	-4.7B	2.3B	4.6B	3.3B	3.7B	1.5B
Net margin	-31.3%	42.9%	43.4%	7.95%	-166.1%	33.5%	47.3%	39.7%	33.6%	10.4%
EBITDA	358M	943M	1.8B	2.9B	1.8B	5.4B	7.8B	6.4B	7.8B	10.4B
EPS	-2.2	4.95	8.09	1.47	-28.6	12.3	24.6	17.3	15.5	5.73
Diluted EPS	-2.2	4.94	8.06	1.47	-28.6	12.3	24.6	17.3	15.5	5.73

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.2B	2.2B	2.5B	—	—	—	—	3.9B	3.3B	4.2B	5.5B
Cost of revenue	918M	970M	1B	1.3B	—	—	—	—	2.6B	2.5B	2.6B	3B
Gross profit	1.4B	1.3B	1.2B	1.2B	—	—	—	—	1.3B	793M	1.6B	2.6B
Gross margin	60.8%	56.5%	53.4%	49.3%	—	—	—	—	34.3%	23.7%	37.9%	46.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	34M	39M	46M	46M	—	—	—	—	70M	78M	79M	72M
Operating expenses	81M	53M	53M	61M	—	—	—	—	88M	17M	81M	52M
Operating income	1.3B	1.2B	1.1B	1.2B	—	—	—	—	1.3B	776M	1.5B	2.5B
Operating margin	57.3%	54.1%	51%	46.8%	—	—	—	—	32.1%	23.2%	36%	45.5%
Non-operating income, net	-35M	107M	-52M	31M	—	—	—	—	187M	-3B	-1.3B	179M
Pretax income	1.3B	1.3B	1B	1.1B	—	—	—	—	1.4B	-2.3B	176M	2.6B
Income tax	276M	264M	223M	252M	210M	115M	403M	204M	287M	-567M	32M	580M
Net income	993M	1B	809M	894M	—	—	—	—	1.1B	-1.8B	144M	2.1B
Net margin	42.4%	45.4%	36.5%	36.2%	—	—	—	—	27.7%	-52.9%	3.42%	37.2%
EBITDA	1.8B	1.7B	1.6B	1.6B	—	—	—	—	2.6B	2.5B	2.8B	3.8B
EPS	5.07	5.34	4.28	4.66	3.19	3.67	4.83	2.38	3.51	-5.11	0.08	6.65
Diluted EPS	5.07	5.34	4.28	4.66	3.19	3.67	4.83	2.38	3.51	-5.11	0.08	6.65

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	9.7B	—	7.6B	—	24.1B	27.9B	—	—	52.1B
Enterprise value	—	—	14B	—	13.5B	—	30.4B	34.1B	—	—	70.5B
Shares outstanding	75.1M	97.5M	104.6M	163.5M	158M	176.6M	176.5M	180M	213.5M	289.1M	289.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	10.3	—	—	—	5.29	8.37	—	—	35.6
P/S	—	—	4.46	—	2.72	—	2.5	3.32	—	—	3.23
P/B	—	—	0.68	—	0.78	—	1.54	1.6	—	—	1.38
EV/EBITDA	—	—	8	—	7.29	—	3.87	5.34	—	—	5.99
EV/Sales	—	—	6.44	—	4.79	—	3.15	4.06	—	—	4.34
Earnings yield	—	—	9.74%	—	—	—	18.9%	12%	—	—	2.81%
FCF yield	—	—	-19.7%	—	0.97%	—	11.2%	4.32%	—	—	9.66%
PEG	—	—	—	—	—	—	—	—	—	—	0.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.9%	54.3%	51.3%	40.2%	22.6%	63.6%	70.3%	57.9%	45.1%	35%	46.4%
Operating margin	33.6%	50.2%	48.1%	37.5%	19.4%	60%	67.6%	54.5%	42.6%	32.9%	48.5%
Net margin	-31.3%	42.9%	43.4%	7.95%	-166.1%	33.5%	47.3%	39.7%	33.6%	10.4%	9.03%
ROE	-4.1%	9.26%	6.67%	2.11%	-47.7%	17.2%	29.1%	19.1%	9.28%	3.6%	3.49%
ROA	-3.08%	6.65%	4.38%	1.34%	-26.5%	9.94%	17.4%	11.5%	5.5%	2.18%	1.31%
ROIC	5.1%	8.67%	4.81%	6.37%	3.49%	16.5%	23.7%	15.2%	7.29%	7.03%	8.85%
Return on tangible assets	-3.08%	6.65%	4.38%	1.34%	-26.5%	9.94%	17.4%	11.5%	5.5%	2.18%	2.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	8.56	0.62	0.91	0.69	0.49	1.01	0.81	0.77	0.44	0.42	0.47
Quick ratio	8.55	0.61	0.87	0.66	0.46	0.96	0.77	0.74	0.41	0.4	0.45
Debt / equity	0.28	0.27	0.32	0.37	0.6	0.51	0.41	0.39	0.33	0.35	0.29
Debt / assets	0.21	0.19	0.21	0.23	0.34	0.3	0.24	0.23	0.2	0.21	0.18
Net debt / EBITDA	-1.53	1.48	2.46	1.82	3.15	1.14	0.79	0.97	1.69	1.42	1.03
Interest coverage	-3.05	13.1	15.3	3.14	-28.6	16.4	39.8	25.3	16.6	8.07	7.42
Effective tax rate	0%	0%	15.1%	13%	0%	21.7%	20.5%	21.5%	17.8%	17.4%	18%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.02	12.4	20.8	24.2	17.8	38.5	54.6	46.7	51.6	51.6	57.1
EPS (basic)	-2.2	4.95	8.09	1.47	-28.6	12.3	24.6	17.3	15.5	5.73	5.73
EPS (diluted)	-2.2	4.94	8.06	1.47	-28.6	12.3	24.6	17.3	15.5	5.73	5.25
Book value per share	53.5	57.3	135.4	91.2	62.1	75	88.9	96.8	186.7	148.6	135.1
FCF per share	-11.4	-24.8	-18.3	-5.86	0.47	9.45	15.4	6.7	-25.2	-2.43	13.1
Cash per share	22.2	1.15	2.06	0.75	0.66	3.7	0.89	3.23	0.75	0.36	1.65
Capex per share	15.9	33.9	33.2	22.6	12.9	12.9	20.5	26.2	55.2	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	226%	274%	159.7%	93.3%	72.7%	33.5%	37.5%	56%	106.9%	—	—
Capex / operating cash flow	4.8K%	416.1%	200.3%	241.5%	-48.7%	55.3%	56.7%	81.5%	186.7%	—	—
Payout ratio	0%	0%	3.92%	35.6%	-5.05%	13.7%	34.5%	43.3%	42.6%	74.7%	79.1%
Dividend yield	—	—	0.38%	—	3.09%	—	6.51%	5.17%	—	—	2.37%

Yield

2.37%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.10

ex-dividend Aug 13, 2026

Payout ratio

79%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$1.10
May 14, 2026	$1.10
Mar 5, 2026	$1.05
Nov 13, 2025	$1.00
Aug 14, 2025	$1.00
May 15, 2025	$1.00
Mar 6, 2025	$1.00
Nov 14, 2024	$0.90

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.2B	$2.2B	$2.5B	—	—	—	—	$3.9B	$3.3B	$4.2B	$5.5B
YoY change	-3.98%	+9.75%	+15.2%	+28.9%	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.7B	112.4M	215M	123M	104M	654M	157M	582M	161M	104M
Receivables	120.1M	231.6M	392M	615M	337M	670M	722M	846M	1.6B	1.4B
Inventory	2M	9.1M	37M	37M	33M	62M	67M	63M	116M	86M
Total current assets	1.8B	358.6M	925M	869M	602M	1.4B	1.4B	1.6B	2.1B	1.9B
Property, plant & equipment	-1.8B	-2.1B	-2.6B	-4.9B	-12.2B	-13.5B	-14.8B	-16.4B	-19.2B	-27.8B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	5.3B	7.8B	21.6B	23.5B	17.6B	22.9B	26.2B	29B	67.3B	71.1B
Accounts payable	47.6M	94.6M	128M	179M	71M	36M	127M	261M	253M	1.2B
Short-term debt	13.9M	27.9M	59M	119M	306M	131M	141M	160M	1.3B	1.2B
Total current liabilities	209.3M	577.4M	1B	1.3B	1.2B	1.4B	1.7B	2.1B	4.8B	4.6B
Long-term debt	1.1B	1.5B	4.5B	5.4B	5.6B	6.6B	6.2B	6.6B	12.1B	13.7B
Total liabilities	1.3B	2.2B	7.4B	8.6B	7.8B	9.7B	10.5B	11.6B	27.4B	28.1B
Shareholders' equity	4B	5.6B	14.2B	14.9B	9.8B	13.2B	15.7B	17.4B	39.9B	43B
Total debt	1.1B	1.5B	4.5B	5.5B	5.9B	6.8B	6.4B	6.8B	13.3B	14.9B
Net debt	-546.8M	1.4B	4.3B	5.4B	5.8B	6.1B	6.2B	6.2B	13.2B	14.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	827M	582M	896M	6.9B	370M	161M	1.8B	219M	159M	104M	174M	462M
Receivables	980M	846M	942M	830M	1.4B	1.6B	1.6B	1.5B	1.6B	1.4B	2.2B	1.9B
Inventory	70M	63M	57M	55M	126M	116M	117M	115M	86M	86M	79M	67M
Total current assets	1.9B	1.6B	1.9B	7.8B	2B	2.1B	4.1B	2.1B	2.6B	1.9B	2.7B	2.6B
Property, plant & equipment	-15.3B	-16.4B	-16.9B	-16.7B	-16.7B	-19.2B	-18.8B	-20.1B	-21.8B	-27.8B	-29.6B	-29.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	28B	29B	29.7B	35.6B	65.7B	67.3B	70.1B	71.9B	76.2B	71.1B	70.1B	70.2B
Accounts payable	358M	261M	243M	331M	198M	253M	124M	210M	426M	1.2B	1.2B	1.3B
Short-term debt	—	160M	—	—	1B	1.3B	914M	14M	394M	1.2B	749M	1.5B
Total current liabilities	2.1B	2.1B	2.1B	2.1B	4.5B	4.8B	4.8B	3.8B	4.1B	4.6B	4.8B	5.7B
Long-term debt	6.2B	6.6B	6.6B	12B	11.9B	12.1B	13B	15.1B	15.8B	13.7B	13.1B	11.1B
Total liabilities	11.1B	11.6B	11.7B	17.1B	26.9B	27.4B	28.3B	29.1B	30.6B	28.1B	27.4B	26.2B
Shareholders' equity	17B	17.4B	18B	18.5B	38.8B	39.9B	41.7B	42.8B	45.6B	43B	42.6B	44B
Total debt	6.2B	6.8B	6.6B	12B	12.9B	13.3B	13.9B	15.1B	16.2B	14.9B	13.9B	12.6B
Net debt	5.4B	6.2B	5.7B	5.1B	12.6B	13.2B	12.1B	14.9B	16.1B	14.8B	13.7B	12.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-164.9M	517M	945M	315M	-4.7B	2.3B	4.6B	3.3B	3.7B	1.5B
Depreciation & amortization	178M	327M	623M	1.5B	1.3B	1.3B	1.3B	1.7B	2.9B	5B
Stock-based compensation	26.5M	26M	27M	48M	37M	51M	55M	54M	65M	—
Change in working capital	-18.3M	-61.5M	-45.8M	-341M	136M	-132M	-393M	267M	-405M	70M
Operating cash flow	25.1M	793.5M	1.7B	1.5B	-4.2B	4.1B	6.4B	5.8B	6.3B	8.8B
Capital expenditure	-1.2B	-3.3B	-3.5B	-3.7B	-2B	-2.3B	-3.6B	-4.7B	-11.8B	—
Investing cash flow	-1.3B	-3.1B	-3.4B	-3.9B	-2.1B	-1.7B	-3.3B	-3.3B	-11.2B	1.7B
Dividends paid	0	0	-37M	-112M	-236M	-312M	-1.6B	-1.4B	-1.6B	-1.2B
Share repurchases	0	0	0	-593M	-137M	-525M	-1.3B	-935M	-959M	-2B
Financing cash flow	2.5B	305M	799M	-2.7B	-1.5B	-2.8B	-9.1B	-6.8B	4.4B	-1B
Net change in cash	1.2B	-2B	-857.8M	-5B	-7.9B	-379M	-6B	-4.4B	-519M	9.4B
Free cash flow	-859.1M	-2.4B	-1.9B	-958M	74M	1.7B	2.7B	1.2B	-5.4B	-703M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	993M	1B	809M	894M	708M	1.3B	1.5B	739M	1.1B	-1.8B	144M	2.1B
Depreciation & amortization	438M	469M	469M	475M	736M	1.2B	1.1B	1.3B	1.3B	1.4B	1.3B	1.3B
Stock-based compensation	13M	14M	14M	19M	16M	16M	18M	21M	22M	—	—	—
Change in working capital	-214M	184M	-190M	112M	-235M	-92M	-357M	145M	62M	230M	-1.2B	296M
Operating cash flow	1.2B	1.9B	1.2B	1.6B	1.3B	2.2B	2.3B	1.7B	2.4B	2.3B	1.8B	3.6B
Capital expenditure	-852M	-1.5B	-762M	-687M	-8.5B	-1.9B	-1.7B	—	—	—	—	—
Investing cash flow	15M	-1.5B	-751M	-449M	-8.2B	-1.9B	-1.7B	10M	251M	1.4B	589M	39M
Dividends paid	-149M	-603M	-548M	-352M	-416M	-262M	-290M	-291M	-289M	-286M	-295M	-310M
Share repurchases	-66M	-159M	-42M	0	-515M	-402M	-575M	-398M	-603M	-434M	-548M	-141M
Financing cash flow	-1.9B	-705M	-269M	4.8B	-654M	490M	1.2B	-5.4B	-8.8B	5.6B	-1.1B	-1.9B
Net change in cash	-634M	-270M	150M	5.9B	-7.5B	852M	1.8B	-3.8B	-6.2B	9.2B	1.3B	1.7B
Free cash flow	506M	155M	572M	842M	-7.3B	482M	663M	-2.3B	73M	873M	581M	2.2B

Diamondback Energy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement