Filing Flows › Diamondback Energy (FANG) › Q2 2025
Diamondback Energy (FANG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Diamondback Energy (FANG) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +48% from a year earlier and -9% from the quarter before. Operating margin was 31.0%, net earnings $699M (19.0% of revenue).
Diamondback Energy, Q2 2025: revenue $3.7B (+48% year over year), operating margin 31.0%, net earnings $699M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -9% | +48% |
| Operating profit | $1.1B | -32% | -1% |
| Net earnings | $699M | -50% | -16% |
| Operating cash flow | $1.7B | -29% | +10% |
What changed
Revenue was $3.7B in Q2 2025, up 48% year over year and down 9% 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 $1.1B year over year (up 53%), 96% of the total change.
Operating profit was $1.1B, a 31.0% margin (down 15.6 points year over year). Operating profit fell $0.02B even though revenue rose $1.2B versus a year earlier, so costs grew faster than sales. Total costs grew 91% against revenue growth of 48%. The fastest-growing cost line was Other operating costs (+93%). Net earnings were $0.70B, down 16% year over year. The effective tax rate was 21.6%.
Operating cash flow was $1.7B (up 10% year over year), 227% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.35B. Capital expenditures of $3.1B exceeded it, leaving free cash flow of −$1.4B.
Questions
What was Diamondback Energy's revenue in the second quarter 2025?
Diamondback Energy (FANG) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +48% from a year earlier and -9% from the quarter before.
Was Diamondback Energy profitable in the second quarter 2025?
Operating profit was $1.1B (31.0% of revenue) and net earnings $699M.
Source: Diamondback Energy 10-Q on SEC EDGAR.