Friday 6 November 2026 Export FANG’s income statement to Excel — free account

Diamondback Energy, Inc.

Diamondback Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.0 billion, up 35.8% from fiscal 2024.

Revenue: +38.4%
EPS: +80.2%
Free cash flow: −12.2%
Total debt: −18.5%

Quarter to September 2026, against a year earlier

180.12 2.76 −1.51%

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Market cap: $50.2B
P/E: 22.7×
Fwd P/E: 11.1×
Dividend yield: 2.36%
F-score: 4/9
Altman Z: 1.25
Beneish M: −3.13
Dividend safety: 37/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Diamondback Energy, Inc. (FANG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2024: revenue by products and services, and margins
Oil sales	9,067	81.94%
Natural gas liquid sales	944	8.53%
Sales of purchased oil	923	8.34%
Natural gas sales	89	0.80%
Gross margin		85.16%
Operating margin		39.73%
Pre-tax margin		40.67%

Revenue by product or service $m

Line	FY2024	FY2020	FY2016
Sales of purchased oil	923 8.34%	—	—
Oil Income	—	2,410 87.45%	—
Natural Gas Liquids Income	—	239 8.67%	—
Natural Gas Income	—	107 3.88%	—
Natural Gas, Midstream	—	—	0 0.00%
Royalty	—	—	0 0.00%
Also reported: a second breakdown of the same revenue
Oil sales	9,067 81.94%	2,410 87.45%	471 89.27%
Natural gas liquid sales	944 8.53%	239 8.67%	34 6.46%
Natural gas sales	89 0.80%	107 3.88%	23 4.27%
Aggregate Revenues	11,052	—	—
Total oil, natural gas and natural gas liquid revenues	10,100	—	—
Revenue	11,066	2,756	527

Gross profit by product or service $m, and margin

	FY2024	FY2020	FY2016
Sales of purchased oil	‡	‡	‡
Gathering, processing and transportation	‡	‡	‡
Natural Gas, Midstream	‡	‡	‡
Gathering and Transportation	‡	‡	‡
Gross profit	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡

Revenue by segment $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Upstream	8,344 99.19%	9,572 99.26%	6,747 99.26%	2,756 100.00%	3,891 100.10%	2,132 100.09%	1,198 99.42%
All Other	397 4.72%	440 4.56%	421 6.19%	424 15.38%	448 11.53%	184 8.64%	7 0.58%
Eliminations	(329) (3.91%)	(369) (3.83%)	(371) (5.46%)	(424) (15.38%)	(452) (11.63%)	(186) (8.73%)	—
Revenue	8,412	9,643	6,797	2,756	3,887	2,130	1,205

Operating income by segment $m, and margin

	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Upstream	‡	‡	‡	‡	‡	‡	‡
All Other	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2022	FY2021	FY2020	FY2019
Midland Basin	6,823 70.76%	4,288 63.09%	1,587 57.58%	2,325 59.81%
Delaware Basin	2,726 28.27%	2,127 31.29%	1,161 42.13%	1,494 38.44%
Other	17 0.18%	332 4.88%	8 0.29%	68 1.75%
Other, not broken out	77 0.80%	50 0.74%	—	—
Revenue	9,643	6,797	2,756	3,887

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average lateral length	Q3 FY2026	13.6K	11.0K	+23.27%
Combined	Q3 FY2026	$51.03	$39.73	+28.44%
Combined volumes	Q3 FY2026	95.1M	—	—
Daily combined volumes	Q3 FY2026	1.0M	942.9K	+9.65%
Daily oil volumes	Q3 FY2026	524.9K	503.8K	+4.21%
Natural gas	Q3 FY2026	$1.12	$0.75	+49.33%
Natural gas liquids	Q3 FY2026	24.3M	—	—
Natural gas liquids	Q3 FY2026	$20.02	$17.28	+15.86%
Number of wells completed	Q3 FY2026	135.00	137.00	−1.46%
Number of wells completed	Q3 FY2026	133.00	127.00	+4.72%
Number of wells drilled	Q3 FY2026	100.00	98.00	+2.04%
Number of wells drilled	Q3 FY2026	105.00	108.00	−2.78%
Oil	Q3 FY2026	$87.30	$64.60	+35.14%
Oil	Q3 FY2026	48.3M	—	—
Remaining performance obligations	Q4 FY2025	$0.00	$0.00	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q4 FY2023	Q4 FY2022	Q4 FY2021
Average lateral length	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combined	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combined volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Daily combined volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Daily oil volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas liquids	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas liquids	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of wells completed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of wells completed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of wells drilled	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of wells drilled	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.