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Diamondback Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 2026 · $6.5B over twelve months

Operating cash flow$2.6B
Capital spending−$1.2B
Free cash flow+$1.4B
Cash / net income1.5×

Analysis

In Q3 2026, Diamondback Energy generated $2.6B of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of $1.4B. That is $595M more than in Q3 2025 ($847M).

Over the twelve months to Sep 30, 2026, operating cash flow was $10.4B; the largest uses were capital spending ($3.9B), other financing ($3.0B), net borrowing (+) / repaid (−) ($2.9B); besides operations, cash came from asset & business sales ($2.1B); the cash balance rose by $8.0M.

Operating cash flow was $2.6B against net income of $1.8B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.3B, receivables −$476M, income taxes payable −$138M.

Free cash flow

Diamondback Energy: free cash flow by quarterDiamondback Energy: free cash flow by quarter$1.4BQ4 2024$1.4BQ1 2025−$1.4BQ2 2025$847MQ3 2025$1.4BQ4 2025$895MQ1 2026$2.6BQ2 2026$1.4BQ3 2026
Operating cash flow less capital spending.
Diamondback Energy: operating cash flow against capital spendingDiamondback Energy: operating cash flow against capital spendingOperating cash flowCapital spending$2.3B$933MQ4 2024$2.4B$942MQ1 2025$1.7B$3.1BQ2 2025$2.4B$1.5BQ3 2025$2.3B$943MQ4 2025$1.8B$933MQ1 2026$3.6B$996MQ2 2026$2.6B$1.2BQ3 2026
Latest (Q3 2026): Operating cash flow $2.6B, Capital spending $1.2B.

Capital allocation, year by year

Diamondback Energy: where the cash came from (up) and went (down), by fiscal yearDiamondback Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $3.9BFY2021: Net borrowing −$680MFY2021: Asset sales $820MFY2021: Capital spending −$1.5BFY2021: Buybacks −$431MFY2021: Dividends −$312M$4.8BFY2021FY2022: Operating cash flow $6.3BFY2022: Net borrowing −$257MFY2022: Asset sales $327MFY2022: Capital spending −$1.9BFY2022: Buybacks −$1.1BFY2022: Dividends −$1.6B$6.7BFY2022FY2023: Operating cash flow $5.9BFY2023: Net borrowing $377MFY2023: Asset sales $1.4BFY2023: Capital spending −$2.7BFY2023: Buybacks −$840MFY2023: Dividends −$1.4B$7.7BFY2023FY2024: Operating cash flow $6.4BFY2024: Net borrowing $7.3BFY2024: Shares issued $476MFY2024: Asset sales $467MFY2024: Capital spending −$8.9BFY2024: Buybacks −$959MFY2024: Dividends −$1.6B$14.6BFY2024FY2025: Operating cash flow $8.8BFY2025: Net borrowing $1.6BFY2025: Shares issued $1.2BFY2025: Asset sales $1.7BFY2025: Capital spending −$5.9BFY2025: Dividends −$1.2B$13.2BFY2025
Over these 5 years operating cash flow totalled $31.4B; the largest uses were capital spending ($21.0B) and dividends ($6.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$558M
Debt$11.7B
Net debt$11.1B
Due within a year$763M

Diamondback Energy funds itself: free cash flow was $6.5B over the last twelve months, and $558M of cash and investments stands against $11.7B of debt ($763M due within a year, 0.7× covered by cash).

Diamondback Energy: debt maturities by year (FY2025)Diamondback Energy: debt maturities by year (FY2025)$763MYear 1$1.9BYear 2$73.0MYear 3$915MYear 4$1.5BYear 5$9.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $558M of cash and investments now.

Where the cash came from and went

Diamondback Energy: sources (+) and uses (−) of cash, Q3 2026Diamondback Energy: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.6BOther investing−$1.2BCapital spending−$1.2BOther financing−$650MNet borrowing (+) / repaid (−)$615MPartners−$158MCash drawn (+) / kept (−)−$96.0MAsset & business sales$66.0M
Diamondback Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Diamondback Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$10.4BCapital spending−$3.9BOther financing−$3.0BNet borrowing (+) / repaid (−)−$2.9BOther investing−$2.7BAsset & business sales$2.1BCash drawn (+) / kept (−)−$8.0M

From profit to cash

Diamondback Energy: net income to operating cash flow, Q3 2026Diamondback Energy: net income to operating cash flow, Q3 2026Net income$1.8BDepreciation & amortization$1.3BDeferred taxes−$7.0MReceivables−$476MPayables$71.0MDeferred revenue−$54.0MIncome taxes payable−$138MOther operating capital$22.0MOperating cash flow$2.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.6B−$1.2B——$615M—−$96.0M$1.4B
Q2 2026$3.6B−$996M—−$310M−$1.2B—−$288M$2.6B
Q1 2026$1.8B−$933M—−$295M−$599M—−$70.0M$895M
Q4 2025$2.3B−$943M—−$286M−$1.7B—$446M$1.4B
Q3 2025$2.4B−$1.5B−$603M−$289M$502M—−$331M$847M
Q2 2025$1.7B−$3.1B−$398M−$291M$2.2B—$1.8B−$1.4B
Q1 2025$2.4B−$942M−$575M−$290M$678M$1.2B−$1.9B$1.4B
Q4 2024$2.3B−$933M−$402M−$262M$5.5B—$209M$1.4B

Diamondback Energy: income statement and cash flow

Diamondback Energy, Q3 2026: revenue $5.4B (+38% year over year), operating margin 46.0%. The chart follows the revenue to costs, profit and cash.

Diamondback Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.