Diamondback Energy, Inc. (FANG) financials
NASDAQ · Energy · Oil & Gas Exploration & Production · 1,762 employees · CEO Matthew Kaes Van't Hof
- Price
- $178.96 -0.35%
- Market cap
- $50.1B
- Enterprise value
- $62.8B
- Last report
- Q3 '26 filed 2026-11-04
- Next report
- 2027-02-22 EPS est. $6.75
Revenue (TTM)$18.6B+21.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)32.2%-3.4 pp vs a year agoOperating income $6B
Net income (TTM)$2.17B-48.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$6.46B+1,361.8% vs a year agoCapex $3.9B
Diluted EPS (TTM)$7.31-49.2% vs a year agoSum of the last 4 quarters
Net cash-$12.7B+21.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $50.1B EV $62.8B
- Revenue
- $18.6B Trailing 12 months
- Revenue growth
- +29% FY2026 consensus
- Profit margin
- 11.7% Net income / revenue, TTM
- P/E
- 24.5× Forward 7.7× (FY2026)
- P/S
- 2.7× Price / sales, TTM
- EV / EBITDA
- 7.8× TTM
- Free cash flow
- $6.46B Trailing 12 months
- Net income
- $2.17B Trailing 12 months
- Revenue estimate
- $19.4B FY2026 consensus
- Earnings
- 2027-02-22 Revenue est. $5.31B
- Dividend
- $4.25 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-11-02): revenue beat by 18.0%, EPS beat by 2.4%Revenue $5.43B vs $4.6B expected (+18.0%); EPS $5.86 vs $5.72 (+2.4%).
- Revenue growth accelerating: 38.4% year on yearQ3 '26 revenue $5.43B, against an average of 24.4% over the four quarters before.
- Operating margin 32.2% (TTM), -3.4 pp on a year agoOperating income grew 9.9% while revenue grew 21.6%.
- 118.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.75B vs operating income $6B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 20.9% of revenue (a year ago 54.3%)$3.9B invested in the last 4 quarters (-53.1% on a year earlier). Free cash flow $6.46B = 297.6% of net income.
- Returned $2.8B to shareholders = 43.4% of free cash flowBuybacks $1.6B (a year earlier $1.98B), dividends $1.2B, stock-based pay $0 (TTM).
- Diluted share count down 3.5% in a year280M diluted shares in Q3 '26, 290M a year earlier.
- Net debt $12.7BCash + short-term investments $558M, debt incl. leases $13.2B; a year ago net debt $16.1B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.43B | $3.92B | +38.4% |
| Gross margin | 46.0% | 34.6% | +11.4 pp |
| Operating income | $2.5B | $1.24B | +102.3% |
| Operating margin | 46.0% | 31.5% | +14.5 pp |
| Net income | $1.6B | $1.02B | +57.5% |
| Diluted EPS | $5.69 | $3.50 | +62.6% |
| Operating cash flow | $2.6B | $2.38B | +9.1% |
| Capex | $1.03B | $774M | +32.6% |
| Free cash flow | $1.57B | $1.61B | -2.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $22M | -100.0% |
Reported vs consensus
2026-11-02| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.43B | $4.6B | +18.0% |
| EPS (as estimated) | $5.86 | $5.72 | +2.4% |
From the report of 2026-11-02 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Oil sales | $4.63B | – | 83.2% | – | – | |
| Sales of purchased oil | $739M | – | 13.3% | – | – | |
| Natural gas liquid sales | $435M | – | 7.8% | – | – | |
| Natural gas sales | -$276M | – | -5.0% | – | – | |
| Other service revenues | $37M | – | 0.7% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| All other segments | $48M | – | -$1M | – | -2.1% | – | – |
| Upstream Services Segment | – | – | $709M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.4B
- Capex
- -$3.9B
- Buybacks
- -$1.6B
- Dividends
- -$1.2B
- Acquisitions
- -$1.91B
- Net debt issued
- -$1.77B
- Stock-based compensation
- $0
- Free cash flow
- $6.46B
- Returned to shareholders / FCF
- 43.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 24.5× | 12.0× | 5.6× – 26.2× |
| EV / EBITDA | 7.8× | 6.0× | 4.2× – 8.1× |
| EV / Sales | 3.4× | 3.8× | 3.2× – 4.3× |
| Price / FCF | 7.8× | 12.9× 4 of 5 years | 8.3× – 23.1× |
| Price / Book | 1.3× | 1.4× | 0.9× – 1.7× |
| FCF yield | 12.9% | 4.2% | -15.4% – 12.0% |
| Return on invested capital | 7.1% | 12.1% | 5.8% – 21.0% |
| Return on equity | 5.8% | 15.9% | 4.5% – 29.2% |
Analysts
Consensus target $235.87 (+31.8%)
range $206.00 – $259.00 · rating Buy
Strong buy1
Buy46
Hold6
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $19.4B | +28.8% | $23.25 | +305.7% | 7.7× | 14 |
| FY2027 | $18.4B | -4.7% | $21.40 | -7.9% | 8.4× | 18 |
| FY2028 | $17.5B | -4.9% | $19.24 | -10.1% | 9.3× | 13 |
| FY2029 | $17.1B | -2.3% | $19.70 | +2.4% | 9.1× | 10 |
| FY2030 | $17.3B | +1.2% | $20.29 | +3.0% | 8.8× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 277 figures Diamondback Energy, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $426M2025-09-30 | $198M | +115.2% | $253M2024-12-31 | $261M | -3.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.12B | $1.28B | +65.5% | $1.13B | $1.39B | -18.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $33B | $22.8B | +44.8% | $27.8B | $19.2B | +44.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7M | -$7M | 0.0% | -$7M | -$6M | -16.7% |
| Acquisition Costs, Cumulative | $22.8B2025-12-31 | – | – | $22.8B | – | – |
| Additional Paid in Capital, Common Stock | $31.6B | $32.6B | -3.0% | $32.2B | $33.5B | -3.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $34M | $29M | +17.2% | $107M | $91M | +17.6% |
| Asset Retirement Obligation | $589M | $604M | -2.5% | $542M | $592M | -8.4% |
| Asset Retirement Obligation, Accretion Expense | $10M | $10M | 0.0% | $35M | $22M | +59.1% |
| Asset Retirement Obligation, Current | $46M | $20M | +130.0% | $31M | $19M | +63.2% |
| Asset Retirement Obligation, Liabilities Incurred | $2M | $3M | -33.3% | $50M | $8M | +525.0% |
| Asset Retirement Obligation, Liabilities Settled | $7M | $31M | -77.4% | $153M | $37M | +313.5% |
| Asset Retirement Obligation, Revision of Estimate | $37M | -$17M | +317.6% | $3M | $76M | -96.1% |
| Asset Retirement Obligations, Noncurrent | $543M | $584M | -7.0% | $511M | $573M | -10.8% |
| Assets | $72.1B | $76.2B | -5.4% | $71.1B | $67.3B | +5.6% |
| Assets, Current | $3.15B | $2.58B | +21.9% | $1.92B | $2.11B | -9.2% |
| Business Acquisition, Pro Forma Earnings Per Share, Basic | – | – | – | $11.192024-12-31 | $18.95 | -40.9% |
| Business Acquisition, Pro Forma Earnings Per Share, Diluted | – | – | – | $11.192024-12-31 | $18.95 | -40.9% |
| Business Acquisition, Pro Forma Net Income (Loss) | – | – | – | $3.32B2024-12-31 | $5.67B | -41.5% |
| Business Acquisition, Pro Forma Revenue | – | – | – | $15.7B2024-12-31 | $14.6B | +7.4% |
| Capital Expenditures Incurred but Not yet Paid | $98M | $193M | -49.2% | $966M | $787M | +22.7% |
| Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $23B | $24.5B | -6.2% | $23.9B | $22.7B | +5.6% |
| Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance Relating to Oil and Gas Producing Activities | $16B2025-12-31 | $11.1B | +44.1% | $16B | $11.1B | +44.1% |
| Capitalized Costs, Oil and Gas Producing Activities, Gross | $95.5B2025-12-31 | $82.2B | +16.2% | $95.5B | $82.2B | +16.2% |
| Capitalized Costs, Oil and Gas Producing Activities, Net | $67.9B2025-12-31 | $63.2B | +7.5% | $67.9B | $63.2B | +7.5% |
| Capitalized Costs, Proved Properties | $77.1B | – | – | $71.6B | $59.6B | +20.2% |
| Capitalized Costs, Unproved Properties | $23.9B2025-12-31 | $22.7B | +5.6% | $23.9B | $22.7B | +5.6% |
| Cash and Cash Equivalents, at Carrying Value | $558M | $159M | +250.9% | $104M | $161M | -35.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $560M | $552M | +1.4% | $106M | $164M | -35.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $96M | $331M | -71.0% | -$58M | -$421M | +86.2% |
| Changes in Estimated Future Development Costs | – | – | – | $1.08B | $1.07B | +1.7% |
| Changes in Future Income Tax Expense Estimates on Future Cash Flows Related to Proved Oil and Gas Reserves | – | – | – | $1.7B | -$3.16B | +153.9% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.10 | $1.00 | +10.0% | $4.00 | $8.29 | -51.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 800M | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Issued | 279M | 287M | -2.7% | 285M | 291M | -2.2% |
| Common Stock, Shares, Outstanding | 279M | 287M | -2.7% | 285M | 291M | -2.2% |
| Common Stock, Value, Outstanding | $3M | $3M | 0.0% | $3M | $3M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | – | – | – | $1.66B | $3.34B | -50.2% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | $0 | $7M | -100.0% | $0 | -$22M | +100.0% |
| Contract with Customer, Liability, Current | $1.65B | $1.43B | +14.8% | $1.4B | $1.49B | -6.3% |
| Costs and Expenses | $2.93B | $2.69B | +9.0% | $13.8B | $6.67B | +106.3% |
| Costs Incurred, Acquisition of Oil and Gas Properties | – | – | – | $13.7B | $40B | -65.9% |
| Costs Incurred, Acquisition of Oil and Gas Properties with Proved Reserves | – | – | – | $4.61B | $21.3B | -78.3% |
| Costs Incurred, Acquisition of Unproved Oil and Gas Properties | – | – | – | $5.23B | $15.6B | -66.4% |
| Costs Incurred, Development Costs | – | – | – | $3.61B | $2.99B | +20.8% |
| Costs Incurred, Exploration Costs | – | – | – | $212M | $194M | +9.3% |
| Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities | – | – | – | $102M | $90M | +13.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $820M | $752M | +9.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $846M | $785M | +7.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $26M | $33M | -21.2% |
| Debt Instrument, Unamortized Discount | $18M | $25M | -28.0% | $22M | $25M | -12.0% |
| Debt Instrument, Unamortized Premium | $1M | $2M | -50.0% | $2M | $3M | -33.3% |
| Debt Issuance Costs, Net | $79M | $105M | -24.8% | $46M2023-12-31 | $43M | +7.0% |
| Debt, Current | $1.55B | $394M | +292.9% | $763M | $900M | -15.2% |
| Debt, Long-term and Short-term, Combined Amount | $13.2B | $16.2B | -18.5% | $14.5B | $13B | +11.7% |
| Decrease Due to Sales of Minerals in Place | – | – | – | $632M | $1.32B | -52.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$486M | $10M | -4,960.0% |
| Deferred Income Tax Assets, Net | $02025-09-30 | $62M | -100.0% | $173M2024-12-31 | $45M | +284.4% |
| Deferred Income Tax Expense (Benefit) | -$7M | $253M | -102.8% | -$519M | $15M | -3,560.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-09