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Diamondback Energy (FANG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Diamondback Energy (FANG) Q3 2026 earnings results →
Q3 2026 Revenue up 38% year over year to $5.4B · 30¢ of every $1 of revenue kept as net profit · operating margin 46.0%
Diamondback Energy made $5.4B in Q3 2026 (+38% Y/Y). Operating margin 46.0%, net earnings $1.6B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $5.4B in Q3 2026, up 38% year over year and down 2% from the previous quarter.
Operating profit was $2.5B, a 46.0% margin (up 14.5 points year over year). Of the extra revenue versus Q3 2025, 84% reached operating profit, above the 31% margin then. Total costs grew 9% against revenue growth of 38%. The fastest-growing cost line was SG&A (+19%). Net earnings were $1.6B, up 57% year over year. The effective tax rate was 22.1%.
Operating cash flow was $2.6B (up 9% year over year), 147% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization. Working capital and other items used $0.49B. Capital expenditures of $1.2B left free cash flow of $1.4B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $5.4B | +38% | 46.0% | $1.6B | $2.6B |
| Q2 2026 | 10-Q | Aug 5, 2026 | $5.6B | +51% | 45.2% | $1.9B | $3.6B |
| Q1 2026 | 10-Q | May 6, 2026 | $4.2B | +5% | 2.7% | $25.0M | $1.8B |
| Q4 2025 | 10-K | Feb 25, 2026 | $3.4B | -9% | -82.4% | −$1.8B | $2.3B |
| Q3 2025 | 10-Q | Nov 5, 2025 | $3.9B | +48% | 31.5% | $1.0B | $2.4B |
| Q2 2025 | 10-Q | Aug 6, 2025 | $3.7B | +48% | 31.0% | $699M | $1.7B |
| Q1 2025 | 10-Q | May 7, 2025 | $4.0B | +82% | 41.3% | $1.4B | $2.4B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Enterprise Crude Oil LLC — 12% of its revenue · Stated in 10-K (XBRL) · source
- Vitol Inc — 11% of its revenue · Stated in 10-K (XBRL) · source
Buys from
About Diamondback Energy
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.
In its own words, from its 8-K, filed Aug 3, 2026.
Diamondback Energy against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +38% against the peers' median +48%. Operating margin: 46.0% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
| PR Permian Resources | Q3 2026 | $2.0B | +48% | 45.4% |
Source: Diamondback Energy 10-Q on SEC EDGAR · CIK 1539838 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns FANG and who is buying
More on FANG
- How Diamondback Energy makes money: revenue by segment
- Diamondback Energy next earnings date and what analysts expect
- Diamondback Energy stock forecast, price target and fair value
- Who owns Diamondback Energy stock: holders, funds and Congress trades
- Diamondback Energy guidance and outlook
- Is Diamondback Energy a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results