Company file · FANG
Diamondback Energy
Diamondback Energy's revenue rose 35.8% in FY2025, to $15.0B, and net income fell 50.1% to $1.7B
Revenue rose 35.8% to $15.0B in FY2025, from $11.1B in FY2024. Net income fell 50.1% to $1.7B.
Key facts
Diamondback Energy (Nasdaq: FANG) closed fiscal 2025 on Dec 31, 2025 with revenue of $15.0B, up 35.8% from a year before; net income came to $1.7B, down 50.1%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $5.4B, up 38.4% on the same stretch of the prior year, and net income of $1.6B. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026
How it makes money
Diamondback Energy reported revenue of $15.0B for FY2025, and net income of $1.7B.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Diamondback Energy 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
The bull case and the bear case
The bull case
- Revenue rose 35.8% in FY2025 to $15.0B, from $11.1B a year earlier. 10-K, FY2025
- Operating cash flow rose 36.6% in FY2025 to $8.8B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $5.4B, up 38.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $1.6B, up 57.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 50.1% in FY2025 to $1.7B, from $3.3B. 10-K, FY2025
- Diluted shares rose 35.4% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 11.7% in FY2025 to $14.5B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Diamondback Energy is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.
The full description of Diamondback Energy's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of Diamondback Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesOil, gas and refined-product prices drive revenue and spending.
- Operations and safetyAccidents, outages and weather can halt production or shipping.
- Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
- DemandEconomic activity and changes in fuel use affect volumes.
- Capital spendingProjects need large investment that may not earn what was planned.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $8.4B | $11.1B | $15.0B |
| Net income | $3.1B | $3.3B | $1.7B |
| Operating cash flow | $5.9B | $6.4B | $8.8B |
| Cash & equivalents (year end) | $582M | $161M | $104M |
| Total debt (year end) | $6.6B | $13.0B | $14.5B |
| Diluted shares | 180M | 214M | 289M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt due within one year plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Segment reporting
- Regulation FD
- Current portion of long-term debt
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 4, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 9, 2026 | May 20, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Diamondback Energy
How does Diamondback Energy make money?
Fiscal 2025 revenue: $15.0B. Diamondback Energy reported revenue of $15.0B for FY2025, and net income of $1.7B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Diamondback Energy's revenue in fiscal 2025?
$15.0B, up 35.8% from fiscal 2024 ($11.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $8.4B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Diamondback Energy profitable?
Net income was $1.7B in fiscal 2025 (down 50.1%; fiscal 2024 was $3.3B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $1.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Diamondback Energy report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $5.4B (up 38.4% from $3.9B) and net income $1.6B (up 57.5% from $1.0B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.
How much cash and debt does Diamondback Energy have?
As of Sep 30, 2026: $558M of cash and cash equivalents, $13.2B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 4, 2026.
What are the main risks Diamondback Energy faces?
Diamondback Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.
Where do these Diamondback Energy numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Nov 4, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Diamondback Energy
- GQG Partners: 587,036 shares, reported value $103.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 12, 2026.
- Renaissance Technologies: 331,500 shares, reported value $58.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Citadel Advisors: 102,425 shares, reported value $18.0M at Jun 30, 2026 (−41.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 75,337 shares, reported value $13.2M at Jun 30, 2026 (−7.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 66,273 shares, reported value $11.6M at Jun 30, 2026 (+122.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in FANG
- The editor holds no position in Diamondback Energy (FANG). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell FANG from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 5, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold FANG, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Diamondback EnergyFANG | FY2025 | $15.0B | +35.8% | $1.7B |
| ConocoPhillipsCOP | FY2025 | $58.9B | +7.7% | $8.0B |
| EOG ResourcesEOG | FY2025 | $22.6B | −4.5% | $5.0B |
| Occidental PetroleumOXY | FY2025 | $21.6B | −1.9% | $2.4B |
| Devon EnergyDVN | FY2025 | $17.2B | +7.8% | $2.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.