FANG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
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
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 as an image: FANG, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “FANG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/fang/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/fang/q2-2026"><img src="https://whoreportstoday.com/t/fang/q2-2026/sankey.png" alt="FANG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/fang/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/fang/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/fang/q2-2026">FANG Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- 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.
FANG — Diamondback Energy is an independent oil and natural gas company focused on the Permian Basin in West Texas; it also controls the mineral and royalty company Viper Energy.
Headquarters: Midland, Texas.
More reports: HAL · Q3 2026 · KMI · Q3 2026 · MPC · Q2 2026 · OKE · Q3 2026 · OXY · Q2 2026 · PSX · Q2 2026 · SLB · Q3 2026 · TPL · Q2 2026 · TRGP · Q2 2026 · VLO · Q3 2026 · all reports