How Diamondback Energy (FANG) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 51.2% y/y to $5.56B, operating margin 45.2% vs 31.0%, net income $1.88B (+169.2% y/y).
Key growth driver: Oil, natural gas and natural gas liquid sales — the fastest-growing revenue line: $4,786, +44% y/y. · by the Q2 2026 report
Net income attributable to Diamondback Energy
$1,882M
up 169% y/y
Total revenues
$5,562M
up 51.2% y/y
Income from operations
$2,512M
up 121% y/y
Next report
not announced yet
How does Diamondback Energy make money?
Diamondback Energy brought in $5.56 billion of revenue in Q2 2026, up 51.2% year over year. The largest source was Oil, natural gas and natural gas liquid sales: $4.79 billion, or 86% of the total, followed by Sales of purchased oil ($739M, 13%); other lines add the remaining 0.7%. Net income for the quarter was $1.88 billion, up 169% year over year.
Revenue by source, Q2 2026
- Oil, natural gas and natural gas liquid sales$4.79B · 86% · +44.3%
- Sales of purchased oil$739M · 13% · +121%
- Other operating income$37.0M · 0.7% · +37.0%
Shares of $5.56B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Oil, natural gas and natural gas liquid sales | $4,786 · +44.3% |
| Sales of purchased oil | $739 · +121% |
| Other operating income | $37 · +37.0% |
| Total revenues | $5,562 · +51.2% |
| Depreciation, depletion, amortization and accretion | $1,272 · +0.5% |
| Purchased oil expense | $730 · +121% |
| Lease operating expenses | $552 · +25.5% |
| Production and ad valorem taxes | $302 · +41.1% |
| Gathering, processing and transportation | $113 · −22.1% |
| General and administrative expenses | $72 · +7.5% |
| Other operating expenses, net | $9 · −88.2% |
| Income from operations | $2,512 · +121% · 45.2% margin |
| Derivative gains, debt extinguishment gains and other (calculated) | $179 · vs −$140 |
| Interest expense, net | $56 · +0.0% |
| Income before income taxes | $2,635 · +179% |
| Provision for income taxes | $580 · +184% · 22.0% effective rate |
| Net income attributable to non-controlling interest | $173 · +333% |
| Net income attributable to Diamondback Energy | $1,882 · +169% · $6.65/sh · 33.8% margin |
Verdict: revenue grew 51.2% y/y to $5.56B, operating margin 45.2% vs 31.0%, net income $1.88B (+169.2% y/y).
Diluted EPS $6.65 vs $2.38 a year earlier; production of 1,018 MBOE/d; free cash flow $2.3 billion (non-GAAP); base cash dividend $1.10 per share; buyback authorization doubled to $16.0 billion.
Source and notation
Source: Diamondback Energy earnings release and its exhibits, 8-K EX-99 of 08/03/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Production surpassed the 1.0 million barrels of oil equivalent per day milestone, and oil, natural gas and NGL sales rose to $4,786M from $3,316M.
- Below operating income, a $134M gain on extinguishment of debt and a $49M gain on derivatives (vs a $197M loss a year earlier) added to pre-tax income.
- Total debt was reduced by about $1.3 billion quarter over quarter to $12.8 billion; 756,385 shares were repurchased for approximately $141 million.
- Operating income was $2.51B, a 45.2% margin vs 31.0% a year earlier.
- The effective tax rate was 22.0% vs 21.6% a year earlier.
- Diluted EPS was $6.65 vs $2.38 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-08-05 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-08-05 · SEC EDGAR · 10/20/2026
Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin. · Text: Wikipedia, CC BY-SA 4.0, abridged
FANG earnings history: past report dates
| Jul 13, 2026 Mon | 4:03 pmafter market close | Jun 30, 2026 | $5.6B+51% y/y | $6.65+179% y/y |
| Apr 13, 2026 Mon | 4:40 pmafter market close | Mar 31, 2026 | $4.2B+5% y/y | $0.08−98% y/y |
| Jan 12, 2026 Mon | 4:02 pmafter market close | Dec 31, 2025 | ≈$3.4B−9% y/y | ≈−$4.99 |
| Oct 9, 2025 Thu | 4:03 pmafter market close | Sep 30, 2025 | $3.9B+48% y/y | $3.51+10% y/y |
| Jul 10, 2025 Thu | 4:13 pmafter market close | Jun 30, 2025 | $3.7B+48% y/y | $2.38−49% y/y |
| Apr 16, 2025 Wed | 4:04 pmafter market close | Mar 31, 2025 | $4.0B+82% y/y | $4.83+13% y/y |
| Jan 13, 2025 Mon | 4:01 pmafter market close | Dec 31, 2024 | ≈$3.7B+67% y/y | ≈$3.40−36% y/y |
| Oct 10, 2024 Thu | 4:12 pmafter market close | Sep 30, 2024 | $2.6B+13% y/y | $3.19−37% y/y |
| Jul 11, 2024 Thu | 4:01 pmafter market close | Jun 30, 2024 | $2.5B+29% y/y | $4.66+53% y/y |
| Apr 10, 2024 Wed | 4:50 pmafter market close | Mar 31, 2024 | $2.2B+16% y/y | $4.28+10% y/y |
| Jan 10, 2024 Wed | 4:00 pmafter market close | Dec 31, 2023 | ≈$2.2B+10% y/y | ≈$5.34−5% y/y |
| Oct 10, 2023 Tue | 4:07 pmafter market close | Sep 30, 2023 | $2.3B−4% y/y | $5.07−25% y/y |
| Jul 11, 2023 Tue | 8:30 ambefore market open | Jun 30, 2023 | $1.9B−31% y/y | $3.05−62% y/y |
| Apr 20, 2023 Thu | 4:22 pmafter market close | Mar 31, 2023 | $1.9B−20% y/y | $3.88−11% y/y |
| Feb 21, 2023 Tue | 4:17 pmafter market close | Dec 31, 2022 | ≈$2.0B+0% y/y | ≈$5.62+1% y/y |
| Nov 7, 2022 Mon | 4:13 pmafter market close | Sep 30, 2022 | $2.4B+28% y/y | $6.72+89% y/y |
| Aug 1, 2022 Mon | 4:17 pmafter market close | Jun 30, 2022 | $2.8B+65% y/y | $7.93+366% y/y |
| Apr 7, 2022 Thu | 4:10 pmafter market close | Mar 31, 2022 | $2.4B+103% y/y | $4.35+227% y/y |
| Feb 22, 2022 Tue | 4:47 pmafter market close | Dec 31, 2021 | ≈$2.0B+163% y/y | ≈$5.58 |
| Nov 1, 2021 Mon | 4:18 pmafter market close | Sep 30, 2021 | $1.9B+165% y/y | $3.55 |
| Aug 2, 2021 Mon | 4:15 pmafter market close | Jun 30, 2021 | $1.7B+296% y/y | $1.70 |
| Apr 16, 2021 Fri | 4:19 pmafter market close | Mar 31, 2021 | $1.2B+32% y/y | $1.33 |
| Feb 22, 2021 Mon | 4:48 pmafter market close | Dec 31, 2020 | ≈$769M−29% y/y | ≈−$4.70−55% y/y |
| Nov 2, 2020 Mon | 4:50 pmafter market close | Sep 30, 2020 | $720M−26% y/y | −$7.05 |
| Aug 3, 2020 Mon | 4:37 pmafter market close | Jun 30, 2020 | $425M−58% y/y | −$15.16 |
| May 4, 2020 Mon | 5:13 pmafter market close | Mar 31, 2020 | $899M+4% y/y | −$1.72 |
| Feb 18, 2020 Tue | 4:55 pmafter market close | Dec 31, 2019 | ≈$1.1B+72% y/y | ≈−$3.04 |
| Nov 5, 2019 Tue | 5:02 pmafter market close | Sep 30, 2019 | $975M+82% y/y | $2.26+42% y/y |
| Aug 6, 2019 Tue | 4:42 pmafter market close | Jun 30, 2019 | $1.0B+94% y/y | $2.11−5% y/y |
| May 7, 2019 Tue | 5:08 pmafter market close | Mar 31, 2019 | $864M+80% y/y | $0.06−96% y/y |
| Feb 19, 2019 Tue | 4:11 pmafter market close | Dec 31, 2018 | $633M+59% y/y | $2.50+116% y/y |
| Nov 6, 2018 Tue | 5:02 pmafter market close | Sep 30, 2018 | $537M+78% y/y | $1.59+115% y/y |
| Aug 8, 2018 Wed | 4:43 pmafter market close | Jun 30, 2018 | $527M+96% y/y | $2.22+38% y/y |
| May 8, 2018 Tue | 4:52 pmafter market close | Mar 31, 2018 | $479M+104% y/y | $1.65+13% y/y |
| Feb 13, 2018 Tue | 5:03 pmafter market close | Dec 31, 2017 | $399M | $1.16+262% y/y |
| Nov 6, 2017 Mon | 5:28 pmafter market close | Sep 30, 2017 | $301M | $0.74 |
| Aug 1, 2017 Tue | 6:09 pmafter market close | Jun 30, 2017 | $269M | $1.61 |
| May 2, 2017 Tue | 4:44 pmafter market close | Mar 31, 2017 | $235M | $1.46 |
| Feb 14, 2017 Tue | 5:40 pmafter market close | Dec 31, 2016 | — | $0.32 |
| Nov 7, 2016 Mon | 5:02 pmafter market close | Sep 30, 2016 | — | −$0.03+99% y/y |
| Aug 2, 2016 Tue | 4:44 pmafter market close | Jun 30, 2016 | — | −$2.17+37% y/y |
| May 3, 2016 Tue | 4:48 pmafter market close | Mar 31, 2016 | — | −$0.46 |
| Jan 19, 2016 Tue | 4:09 pmafter market close | Dec 31, 2015 | — | −$2.80 |
| Nov 3, 2015 Tue | 5:00 pmafter market close | Sep 30, 2015 | — | −$2.40 |
Show all 44 reports since 2015Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Diamondback Energy: 15-year financials
| 2025 | 15,026 | 1,266 | 1,664 | 1,156 |
| 2024 | 11,066 | 4,396 | 3,338 | 1,578 |
| 2023 | 8,412 | 4,570 | 3,143 | 1,444 |
| 2022 | 9,643 | 6,508 | 4,386 | 1,572 |
| 2021 | 6,797 | 4,001 | 2,182 | 312 |
| 2020 | 2,813 | −5,476 | −4,517 | 236 |
| 2019 | 3,964 | 695 | 240 | 112 |
| 2018 | 2,176 | 1,011 | 846 | 37 |
| 2017 | 1,205 | 605 | 482 | — |
| 2016 | 527 | −68.6 | −165 | — |
| 2015 | — | −740 | −551 | — |
| 2014 | — | 213 | 194 | — |
| 2013 | — | 95.2 | 54.6 | — |
| 2012 | — | 17.3 | −36.5 | — |
| 2011 | — | 15.1 | −0.4 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $37.9B (54% of total assets). Compare with other S&P 500 companies →
Diamondback Energy (FANG) earnings: FAQ
How does Diamondback Energy make money?
Diamondback Energy brought in $5.56 billion of revenue in Q2 2026, up 51.2% year over year. The largest source was Oil, natural gas and natural gas liquid sales: $4.79 billion, or 86% of the total, followed by Sales of purchased oil ($739M, 13%); other lines add the remaining 0.7%. Net income for the quarter was $1.88 billion, up 169% year over year.
When is FANG's next earnings date?
We have not yet seen an announcement of the next earnings date from Diamondback Energy (FANG).
What time does FANG report earnings?
Diamondback Energy usually reports after market close: its latest results release was filed with the SEC at 4:06 pm ET on Aug 3, 2026.
When did FANG last report earnings?
Diamondback Energy reported Q2 2026 results on Aug 3, 2026.
Where can I find Diamondback Energy's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to FANG's filings; this page breaks the latest report down in a Sankey chart.
What was FANG's net income in Q2 2026?
Diamondback Energy reported net income of $1,882M for Q2 2026 (+169% year over year), under US GAAP.
Does Diamondback Energy pay dividends?
Yes. In 2025, Diamondback Energy paid $1,156M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Diamondback Energy's revenue changed since 2016?
Per its 10-K filings, revenue grew 28.5x: $527M in 2016 and $15,026M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
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