Filing Flows › Diamondback Energy (FANG) › Q1 2026
Diamondback Energy (FANG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Diamondback Energy (FANG) reported revenue of $4.2B for the first quarter 2026 (Q1 2026), +5% from a year earlier and +26% from the quarter before. Operating margin was 2.7%, net earnings $25.0M (0.6% of revenue).
Diamondback Energy, Q1 2026: revenue $4.2B (+5% year over year), operating margin 2.7%, net earnings $25.0M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +26% | +5% |
| Operating profit | $116M | — | -93% |
| Net earnings | $25.0M | — | -98% |
| Operating cash flow | $1.8B | -22% | -22% |
| Free cash flow | $895M | -36% | -37% |
What changed
Revenue was $4.2B in Q1 2026, up 5% year over year and up 26% from the previous quarter. Total oil, natural gas and natural gas liquid revenues was the largest line at 90% of revenue. Total oil, natural gas and natural gas liquid revenues added $0.17B year over year (up 5%), 88% of the total change. Natural gas sales declined 90%.
Operating profit was $0.12B, a 2.7% margin (down 38.6 points year over year). Operating profit fell $1.6B even though revenue rose $0.19B versus Q1 2025, so costs grew faster than sales. Total costs grew 74% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+76%). Net earnings were $0.03B, down 98% year over year. The effective tax rate was 18.2%. Non-operating items added $0.06B, 34% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.8B (down 22% year over year), 1269% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization. Working capital and other items added $0.39B. Capital expenditures of $0.93B left free cash flow of $0.90B.
Questions
What was Diamondback Energy's revenue in the first quarter 2026?
Diamondback Energy (FANG) reported revenue of $4.2B for the first quarter 2026 (Q1 2026), +5% from a year earlier and +26% from the quarter before.
Was Diamondback Energy profitable in the first quarter 2026?
Operating profit was $116M (2.7% of revenue) and net earnings $25.0M.
Source: Diamondback Energy 10-Q on SEC EDGAR.