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Diamondback Energy (FANG) stock

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NASDAQ: FANG Nasdaq Oil & Gas Exploration & Production

C+ Fundamentals grade

Diamondback Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Diamondback Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Diamondback Energy files

Where Diamondback Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17.1bn, up 21.4% on a year earlier, faster than 18.1% a quarter earlier. Free-cash-flow margin rose to 42.8% from -35.6% a year earlier. Operating margin narrowed to 6.3% from 35.0%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks.

Our model value for Diamondback Energy is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Diamondback Energy's trailing-twelve-month revenue grew 21.4% year on year, with a free-cash-flow margin of 42.8%. Where it stands out: free-cash-flow margin of 42.8% ranks 10 of 51 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$310 per share in the base case (~$220–$430 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to 6.3%, down 28.7pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 21.4% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • Growth speeding up. The growth rate is 3.4 points higher than a quarter earlier.
  • Strong cash generation. 42.8% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 20.6% over 90 days.

Things to watch

  • Margins narrowing. Operating margin is down 28.7 points on a year ago.
  • Share dilution. Diluted shares rose 3.0% in a year.
  • Insiders selling. 12 insiders sold $9,496M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Earnings expected to fall. The consensus expects earnings per share to fall 7% next year.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$6.48 against an average estimate of $5.98: beat by 8.3%
Revenue
$5.56bn, up 51.2% on a year earlier
Share reaction
+4.2% in the first session after the results on October 8, 2026, against +0.2% for the S&P 500
Guidance given
oil production guidance (MBO/d) 522 (full year 2026); total BOE production guidance (MBOE/d) 1000 (full year 2026)
Next report
November 2, 2026; average EPS estimate $5.60

Diamondback Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.8%
  • 1 week-3.6%
  • 1 month+8.1%
  • This year+35.1%
  • 1 year+42.9%
  • 5 years+120.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.1B
Operating margin
6.3%
Net margin
8.6%
EPS (TTM, diluted)
$5.15

Growth

Revenue growth
+21.4%
Change in growth rate
+3.4 pts

Cash

Free cash flow (TTM)
$7.3B
FCF margin
42.8%
Stock pay % of revenue
0.8%

Earnings

Last results
November 2, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Insider trade
  4. Leadership
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Results
  12. Insider trade
  13. Guidance
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Diamondback Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

Our value per share comes from a discounted-cash-flow model of Diamondback Energy's free cash flow after stock-based pay ( $2.8B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Diamondback Energy as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.63 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$67 Left out: far from the other models (more than 3x away from their median)
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$310 ~$220–$430 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$120–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$400 ~$290–$580 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$440 ~$370–$560 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Diamondback Energy with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$76.84$95.99$70.70$71.34$38.53$87.65$118.62$141.95$156.63$147.81$199.74
Market value$5.8bn$9.4bn$7.4bn$11.7bn$6.1bn$15.5bn$20.9bn$25.5bn$33.4bn$42.7bn$56.9bn
+ Net debt (− = net cash)−$561m$1.4bn$4.2bn$5.2bn$5.7bn$6.0bn$6.1bn$6.1bn$12.8bn$14.4bn$12.2bn
Enterprise value$5.2bn$10.7bn$11.7bn$16.9bn$11.8bn$21.5bn$27.0bn$31.6bn$46.3bn$57.1bn$69.0bn
Multiples
Price / sales 10.9x7.8x3.4x2.9x2.2x2.3x2.2x3.0x3.0x2.8x3.3x
Price / earnings —19.5x8.8x48.7x—7.1x4.8x8.1x10.0x25.7x38.8x
Price / free cash flow ——38.2x6.0x3.2x4.9x4.5x6.5x—15.2x7.8x
EV / EBITDA 47.6x11.5x7.1x7.9x—4.1x3.4x5.0x6.4x9.1x10.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard Diamondback Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 39.1%; its worst year was -103.1%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 8 of 9 years, at a median 47.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 77.5% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $22.51 +68% $19.9bn +32%
Next $21.02 −7% $18.8bn −5%

Next year's EPS estimate has moved +20.6% in 90 days, across 29 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +13.4% on 90 days ago. In the last 30 days, 7 analysts raised Diamondback Energy's forecast and 3 cut it.

Consensus EPS forecast Diamondback Energy, last 90 days
$16.00 $18.00 $20.00 $22.00 $24.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.85 Current fiscal year, 60 days ago: $20.46 Current fiscal year, 30 days ago: $20.91 Current fiscal year, 7 days ago: $22.26 Current fiscal year, Now: $22.51 $22.51 Next fiscal year, 90 days ago: $17.42 Next fiscal year, 60 days ago: $18.33 Next fiscal year, 30 days ago: $18.94 Next fiscal year, 7 days ago: $20.92 Next fiscal year, Now: $21.02 $21.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.85$17.42
60 days ago $20.46$18.33
30 days ago $20.91$18.94
7 days ago $22.26$20.92
Now $22.51$21.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.98 $6.48 +8.3%
Mar 2026 $3.75 $4.23 +12.8%
Dec 2025 $2.00 $1.74 −13.2%
Sept 2025 $2.94 $3.08 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Oil production guidance (MBO/d) full year 2026 about 522 Raised
    “Increasing annual oil production guidance to 522+ (from 520+) MBO/d and total BOE production to 1,000+ (from 972+) MBOE/d with full year cash capital expenditures unchanged at ~$3.9 billion” source
  • Total BOE production guidance (MBOE/d) full year 2026 about 1,000 Raised
    “Increasing annual oil production guidance to 522+ (from 520+) MBO/d and total BOE production to 1,000+ (from 972+) MBOE/d with full year cash capital expenditures unchanged at ~$3.9 billion” source
  • Lease operating expenses, including workovers ($/BOE) full year 2026 $5.9 to $6.4
    “Lease operating expenses, including workovers $5.90 - $6.40” source
  • Cash G&A ($/BOE) full year 2026 $0.55 to $0.65 Lowered
    “Cash G&A $0.55 - $0.65 (from $0.55 - $0.70)” source
  • Non-cash equity-based compensation ($/BOE) full year 2026 $0.2 to $0.3
    “Non-cash equity-based compensation $0.20 - $0.30” source
  • DD&A ($/BOE) full year 2026 $13.5 to $14.5 Lowered
    “DD&A $13.50 - $14.50 (from $14.00 - $15.00)” source
Show 11 more items
  • Interest expense (net of interest income) ($/BOE) full year 2026 $0.5 to $0.7
    “Interest expense (net of interest income) $0.50 - $0.70” source
  • Gathering, processing and transportation ($/BOE) full year 2026 $1.4 to $1.6 Lowered
    “Gathering, processing and transportation $1.40 - $1.60 (from $1.50 - $1.70)” source
  • Production and ad valorem taxes (% of revenue) full year 2026 about 7%
    “Production and ad valorem taxes (% of revenue) ~7%” source
  • Corporate tax rate (% of pre-tax income) full year 2026 about 23%
    “Corporate tax rate (% of pre-tax income) 23%” source
  • Cash tax rate (% of pre-tax income) full year 2026 19% to 22% Non-GAAP Raised
    “Cash tax rate (% of pre-tax income) (1) 19% - 22% (from 18% - 21%)” source
  • Average lateral length (Ft.) full year 2026 about 12,900
    “Average lateral length (Ft.) ~12,900'” source
  • Net lateral footage completed (1,000's of Ft.) full year 2026 6,100 to 6,500
    “Net lateral footage completed (1,000's of Ft.) 6,100' - 6,500'” source
  • Q3 2026 Oil production guidance (MBO/d) Q3 2026 517 to 527 New
    “Q3 2026 oil production guidance of 517 - 527 MBO/d (995 - 1,015 MBOE/d)” source
  • Q3 2026 total BOE production guidance (MBOE/d) Q3 2026 995 to 1,015 New
    “Q3 2026 oil production guidance of 517 - 527 MBO/d (995 - 1,015 MBOE/d)” source
  • Q3 2026 cash capital expenditures guidance Q3 2026 $950m to $1,050m New
    “Q3 2026 cash capital expenditures guidance of $950 - $1,050 million” source
  • Q3 2026 Cash taxes Q3 2026 $400m to $460m
    “Q3 2026 Cash taxes ($ - million) $400 - $460” source

How earlier guidance turned out

  • Cash capital expenditures, Q2 2026 guided $925m to $1,025m Below range: $438m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Diamondback Energy's revenue by +15.0% next year and +10.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.9%, weight 70%) and the company's own record (+20.0%, weight 30%) . How the weights are set.

Analyst recommendations

32 analysts, Nov 2026
Buy2784%
Hold516%
Sell00%

Monthly trend

  1. Nov 2026621532
  2. Oct 2026521531
  3. Sep 2026420529

Counts of recommendations published by analysts covering Diamondback Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
2.07
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
23.9%
of shares
Employees
1,762
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +42.9%

$139.82 on October 31, 2025 to $199.74

ThenNowEffect
Revenue (last 12 months) $14.1bn $17.1bn +21.4%
Net margin 27.2% 8.6% −68.5%
P/E multiple 8.8x 38.8x +340.9%
Share count 241m 285m −15.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FANG+128%+35%+20%+10%−6%+35%
Industry peers (median)+86%+55%−8%+1%−15%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FANG83%50%67%67%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FANG−32%−34%−17%−26%−33%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from October 3, 2018 to March 18, 2020. Getting back needed a 786% gain, reached on February 4, 2022, 688 days after the low.

Price behaviour

52-week range
$134.06 – $212.08
From 52-week high
−5.8%
vs 50-day average
+1.3%
vs 200-day average
+5.9%
Volatility (1 year)
33%
Beta vs S&P 500
-0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±2.8%
After a week
5 up, 6 down
typical move ±3.6%
After a month
7 up, 3 down
typical move ±6.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 8, 2026 +4.2% +0.2% +6.1% —
August 3, 2026 −5.5% +3.3% −2.0% +0.7%
July 13, 2026 +4.0% −0.4% +6.5% +10.0%
May 4, 2026 −0.7% +0.4% −5.5% +2.0%
April 13, 2026 −0.9% +2.2% −2.5% +5.3%
February 23, 2026 −2.0% −0.3% +1.7% +12.6%
January 12, 2026 +2.6% 0.0% +0.9% +14.7%
November 3, 2025 −2.6% −1.0% +1.1% +11.4%
October 9, 2025 −6.2% −3.0% −6.5% −3.6%
August 4, 2025 −0.3% +1.0% −6.4% −1.9%
July 10, 2025 +1.6% −0.1% −0.8% −0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Diamondback Energy in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Diamondback Energy
$5B $10B $15B $20B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.2B Revenue (TTM), FY23 Q4: $8.4B Revenue (TTM), FY24 Q1: $8.7B Revenue (TTM), FY24 Q2: $9.3B Revenue (TTM), FY24 Q3: $9.6B Revenue (TTM), FY24 Q4: $11.1B Revenue (TTM), FY25 Q1: $12.9B Revenue (TTM), FY25 Q2: $14.1B Revenue (TTM), FY25 Q3: $15.4B Revenue (TTM), FY25 Q4: $15B Revenue (TTM), FY26 Q1: $15.2B Revenue (TTM), FY26 Q2: $17.1B $17.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.2B
FY23 Q4 $8.4B
FY24 Q1 $8.7B
FY24 Q2 $9.3B
FY24 Q3 $9.6B
FY24 Q4 $11.1B
FY25 Q1 $12.9B
FY25 Q2 $14.1B
FY25 Q3 $15.4B
FY25 Q4 $15B
FY26 Q1 $15.2B
FY26 Q2 $17.1B
Revenue growth, TTM YoY Diamondback Energy
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -14.7% Revenue growth, TTM YoY, FY23 Q4: -12.8% Revenue growth, TTM YoY, FY24 Q1: -4.9% Revenue growth, TTM YoY, FY24 Q2: 11.6% Revenue growth, TTM YoY, FY24 Q3: 16.7% Revenue growth, TTM YoY, FY24 Q4: 31.6% Revenue growth, TTM YoY, FY25 Q1: 47.9% Revenue growth, TTM YoY, FY25 Q2: 51.8% Revenue growth, TTM YoY, FY25 Q3: 60.3% Revenue growth, TTM YoY, FY25 Q4: 35.8% Revenue growth, TTM YoY, FY26 Q1: 18.1% Revenue growth, TTM YoY, FY26 Q2: 21.4% 21.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -14.7%
FY23 Q4 -12.8%
FY24 Q1 -4.9%
FY24 Q2 11.6%
FY24 Q3 16.7%
FY24 Q4 31.6%
FY25 Q1 47.9%
FY25 Q2 51.8%
FY25 Q3 60.3%
FY25 Q4 35.8%
FY26 Q1 18.1%
FY26 Q2 21.4%
Operating margin (TTM) Diamondback Energy
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 56.3% Operating margin (TTM), FY23 Q4: 54.3% Operating margin (TTM), FY24 Q1: 53.5% Operating margin (TTM), FY24 Q2: 51.9% Operating margin (TTM), FY24 Q3: 43.7% Operating margin (TTM), FY24 Q4: 39.7% Operating margin (TTM), FY25 Q1: 38.4% Operating margin (TTM), FY25 Q2: 35.0% Operating margin (TTM), FY25 Q3: 35.5% Operating margin (TTM), FY25 Q4: 8.4% Operating margin (TTM), FY26 Q1: -1.9% Operating margin (TTM), FY26 Q2: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 56.3%
FY23 Q4 54.3%
FY24 Q1 53.5%
FY24 Q2 51.9%
FY24 Q3 43.7%
FY24 Q4 39.7%
FY25 Q1 38.4%
FY25 Q2 35.0%
FY25 Q3 35.5%
FY25 Q4 8.4%
FY26 Q1 -1.9%
FY26 Q2 6.3%
FCF margin (TTM) Diamondback Energy
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 42.5% FCF margin (TTM), FY23 Q4: 46.4% FCF margin (TTM), FY24 Q1: 52.1% FCF margin (TTM), FY24 Q2: 50.2% FCF margin (TTM), FY24 Q3: -32.5% FCF margin (TTM), FY24 Q4: -22.7% FCF margin (TTM), FY25 Q1: -16.2% FCF margin (TTM), FY25 Q2: -35.6% FCF margin (TTM), FY25 Q3: 15.7% FCF margin (TTM), FY25 Q4: 18.8% FCF margin (TTM), FY26 Q1: 17.9% FCF margin (TTM), FY26 Q2: 42.8% 42.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 42.5%
FY23 Q4 46.4%
FY24 Q1 52.1%
FY24 Q2 50.2%
FY24 Q3 -32.5%
FY24 Q4 -22.7%
FY25 Q1 -16.2%
FY25 Q2 -35.6%
FY25 Q3 15.7%
FY25 Q4 18.8%
FY26 Q1 17.9%
FY26 Q2 42.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Diamondback Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15B
  2. Other income $725M · 4.8%
  3. Selling, general and admin $288M · 1.9%
  4. Other operating costs $13.5B · 89.7%
  5. Operating income $1.3B · 8.4%
  6. Income tax $327M · 2.2%
  7. Net income $1.7B · 11.1%

Shares of revenue. Source: Diamondback Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.5 1.2 2.2 4.0 2.8 6.8 9.6 8.4 11.1 15.0 17.1
EBITDA 0.1 0.9 1.6 2.1 −4.2 5.3 7.9 6.3 7.2 6.3 6.3
Operating income −0.1 0.6 1.0 0.7 −5.5 4.0 6.5 4.6 4.4 1.3 1.1
Net income −0.2 0.5 0.8 0.2 −4.5 2.2 4.4 3.1 3.3 1.7 1.5
Diluted EPS −$2.20 $4.94 $8.06 $1.47 −$28.61 $12.24 $24.61 $17.34 $15.53 $5.73 $5.15
Growth (year on year)
Revenue — +128.6% +80.6% +82.2% −29.0% +141.6% +41.9% −12.8% +31.6% +35.8% +21.4%
EBITDA — +751.9% +75.3% +31.5% −293.8% — +48.8% −19.6% +14.7% −13.0% −31.2%
Operating income — — +67.1% −31.3% −887.9% — +62.7% −29.8% −3.8% −71.2% −78.1%
Net income — — +75.5% −71.6% <−999% — +101.0% −28.3% +6.2% −50.1% −61.8%
Diluted EPS — — +63.2% −81.8% <−999% — +101.1% −29.5% −10.4% −63.1% —
Margins
EBITDA margin 20.8% 77.3% 75.1% 54.2% −148.1% 77.6% 81.4% 75.1% 65.5% 42.0% 37.0%
Operating margin −13.0% 50.2% 46.5% 17.5% −194.7% 58.9% 67.5% 54.3% 39.7% 8.4% 6.3%
Net margin −31.3% 40.0% 38.9% 6.1% −160.6% 32.1% 45.5% 37.4% 30.2% 11.1% 8.6%
Free-cash-flow margin −53.0% −89.0% 8.9% 49.5% 68.3% 46.4% 48.2% 46.4% −22.7% 18.8% 42.8%
Cash flow
Cash from operations 0.3 0.9 1.6 2.7 2.1 3.9 6.3 5.9 6.4 8.8 10.1
Capital spending 0.6 2.0 1.4 0.8 0.2 0.8 1.7 2.0 8.9 5.9 2.8
Free cash flow −0.3 −1.1 0.2 2.0 1.9 3.2 4.7 3.9 −2.5 2.8 7.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.3 −1.1 0.2 1.9 1.9 3.1 4.6 3.9 −2.6 2.7 7.2
Balance sheet
Cash 1.7 0.1 0.2 0.1 0.1 0.7 0.2 0.6 0.2 0.1 0.5
Total debt 1.1 1.5 4.5 5.4 5.8 6.7 6.2 6.6 13.0 14.5 12.6
Net debt (negative = net cash) −0.6 1.4 4.2 5.2 5.7 6.0 6.1 6.1 12.8 14.4 12.2
Diluted shares 75m 98m 105m 164m 158m 177m 177m 180m 214m 289m 285m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.1 0.2 0.3 1.6 1.4 1.6 1.2 1.2
Buybacks — 0.0 0.0 0.6 0.1 0.4 1.1 0.8 1.0 — —
Total returned 0.0 0.0 0.0 0.7 0.3 0.7 2.7 2.3 2.5 1.2 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $70.2bn
Short-term assets $2.6bnLonger-term assets $67.6bn
What it owes, and who funded it · $64.1bn
Short-term liabilities $5.7bnLonger-term liabilities $20.6bnShareholders' equity $37.9bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $5.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $20.6bn of longer-dated liabilities.
  • More cash than debt $462m of cash against $12.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 33% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 33% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.1bn of operating cash flow against $12.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Diamondback Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q3 TTM
Buybacks (TTM)
$2B
Dividends (TTM)
$1.2B
Returned to shareholders
129%
of free cash flow
Total shareholder yield
5.6%
dividends 2.1% + buybacks 3.5% of market value
Dividend payout ratio
80%
of net income paid out
Sales & admin spending
1.7%
of revenue
Days sales outstanding
36 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated FANG DVN EXE EOG CNQ OVV Median
Revenue, last 12 months $17.1bn $19.7bn $13.9bn $27.0bn $27.8bn $9.8bn $1.4bn
Revenue growth, last 12 months 21.4% 14.6% 28.2% 19.1% 6.6% 6.0% 10.6%
Revenue growth, 3-year average 27.2% 5.0% 8.5% 1.4% — −6.2% 1.4%
Revenue growth, latest quarter 51.2% 73.1% 10.8% 57.4% — 30.0% 31.5%
Gross margin — 63.5% 25.1% — — — 75.2%
Operating margin 6.3% 22.5% 25.7% 32.9% — 9.7% 21.1%
Operating margin, 3-year average 31.1% −48.4% 15.1% 34.4% — 15.3% 16.5%
Net margin 8.6% 16.7% 19.8% 25.4% 27.9% 9.4% 10.1%
Cash from operations / revenue 59.3% 43.5% 40.5% 49.4% 39.0% 45.6% 42.4%
Free-cash-flow margin 42.8% 23.9% 18.6% 26.6% 14.8% 23.2% 19.3%
Free-cash-flow margin, 3-year average 19.1% 20.7% 12.7% 24.5% 19.8% 17.8% 19.1%
Stock pay / revenue 0.8% 0.7% 0.4% 0.9% 0.5% 0.6% 1.5%
Change in share count 3.0% 9.9% −8.5% −3.5% −2.0% 1.8% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 21.4% 10.6% 14 of 57
Change in growth rate Growth +3.4pp +4.9pp 35 of 57
Operating margin Profitability 6.3% 19.9% 28 of 42
Net margin Profitability 8.6% 10.1% 32 of 57
Free-cash-flow margin Cash generation 42.8% 23.2% 10 of 51
Stock pay as % of revenue Cash generation 0.8% 1.2% 11 of 47
Long-term debt as % of assets Balance sheet 15.8% 17.6% 19 of 43
Days sales outstanding Balance sheet 36 days 41 days 16 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Aggregate Revenues $15B 100.0% ▲ 35.7%
Oil Natural Gas and Natural Gas Liquid $13.5B 89.7% ▲ 33.2%
Oil Purchased $1.5B 9.8% ▲ 59.9%

From Diamondback Energy's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$35.5B
Institutions reporting
1,183
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
122 / 127

Top buyers and sellers, Q2 2026: 586 institutions bought and 524 sold ; the biggest buyer was Capital World Investors (+5.1M shares) and the biggest seller Jpmorgan Chase & Co (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.3B 18.8M 9.3% ▲ 1.5%
Wellington Management Group LLP $2.9B 16.4M 8.1% ▲ 31.3%
Vanguard Capital Management LLC $2.2B 12.8M 6.3% ▲ 0.3%
State Street Corp $2.2B 12.6M 6.2% ▲ 4.2%
Invesco Ltd. $2B 11.2M 5.5% ▲ 6.3%
Vanguard Portfolio Management LLC $1.7B 9.7M 4.8% ▼ 0.1%
Capital World Investors $1.6B 8.9M 4.4% ▲ 135.6%
Boston Partners $1B 5.9M 2.9% ▲ 1.4%
Geode Capital Management, LLC $943M 5.4M 2.7% ▲ 1.2%
Bank Of New York Mellon Corp $853M 4.9M 2.4% ▲ 23.1%
FMR LLC $808M 4.6M 2.3% ▼ 5.8%
Morgan Stanley $685M 3.9M 1.9% ▲ 3.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Diamondback Energy's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.5B 97 trades by 12 insiders · 1% under pre-set plans
Net ▼ $9.5B net selling
Insider Date Trade Shares Price Value
Meloy Charles Alvin Director October 5, 2026 Sell pre-set plan 6,354 $184.99 $1.2M
Meloy Charles Alvin Director October 5, 2026 Sell pre-set plan 6,476 $184.31 $1.2M
Meloy Charles Alvin Director October 5, 2026 Sell pre-set plan 20,503 $183.17 $3.8M
Sgf Fang Holdings, Lp 10% owner September 16, 2026 Sell 9,079,675 $205.26 $1.9B
Sgf Fang Holdings, Lp 10% owner September 16, 2026 Sell 9,079,675 $205.26 $1.9B
Dick Teresa L. EVP Accounting, Assist. Sec. September 15, 2026 Sell 5,000 $210.00 $1.1M
Zmigrosky Matt EVP, Chief Legal and Admin Off September 15, 2026 Sell 1,326 $212.56 $281,848
Stice Travis D. Director September 11, 2026 Sell 75,000 $204.31 $15.3M
Plaumann Mark Lawrence Director August 21, 2026 Sell 1,000 $210.58 $210,577
Wesson Daniel N Exec. VP & COO August 20, 2026 Sell 7,500 $215.21 $1.6M
Van'T Hof Matthew Kaes Chief Executive Officer August 20, 2026 Sell 500 $215.06 $107,528
Van'T Hof Matthew Kaes Chief Executive Officer August 20, 2026 Sell 9,500 $214.64 $2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 23 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Diamondback Energy shares.

  • Roger Williams(R-TX 25):Sale (partial), $1,001 - $15,000, traded December 22, 2025, filed January 15, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • November 2, 2026
  • October 8, 2026
  • August 3, 2026
  • July 13, 2026
  • May 4, 2026
  • April 13, 2026

Recent SEC filings

Data status

When each part of this page on Diamondback Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Diamondback Energy in brief

What does Diamondback Energy do?
Diamondback Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Diamondback Energy's stock ticker?
Diamondback Energy trades under the ticker FANG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Diamondback Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Diamondback Energy reported revenue of $17.1B, 21.4% higher than a year earlier, according to its SEC filings.
What is Diamondback Energy's free cash flow?
Diamondback Energy's free-cash-flow margin is 42.8% of revenue over the trailing twelve months, ranking 10 of the 51 oil & gas exploration & production companies we cover.
Who are Diamondback Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Diamondback Energy's market cap?
On November 2, 2026, Diamondback Energy's market capitalisation was about $56.9B, with a price-to-earnings ratio of 38.8 and net debt of $12.2B. Market figures come from third-party market data and may be delayed.
Does Diamondback Energy pay a dividend?
Yes: Diamondback Energy paid $1.2B in dividends over the trailing twelve months, a dividend yield of 2.11% and a payout ratio of 80.4%.
How much debt does Diamondback Energy have?
Diamondback Energy's debt-to-equity ratio is 33.3%, from its latest balance sheet (54.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Diamondback Energy's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Diamondback Energy are Devon Energy, Expand Energy, EOG Resources, Canadian Natural Resources Ltd and Ovintiv Inc. The side-by-side comparison below sets their revenue, margins and growth against Diamondback Energy's.
Are insiders buying or selling Diamondback Energy stock?
Over the last 12 months, Diamondback Energy's directors and officers reported 0 open-market purchases and 97 sales on Form 4. The insider trading page charts every trade.