Filing Flows › Diamondback Energy (FANG) › Q2 2026
Diamondback Energy (FANG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Diamondback Energy (FANG) reported revenue of $5.6B for the second quarter 2026 (Q2 2026), +51% from a year earlier and +31% from the quarter before. Operating margin was 45.2%, net earnings $1.9B (33.8% of revenue).
Diamondback Energy, Q2 2026: revenue $5.6B (+51% year over year), operating margin 45.2%, net earnings $1.9B, operating cash flow $3.6B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | +31% | +51% |
| Operating profit | $2.5B | 22× | +121% |
| Net earnings | $1.9B | 75× | +169% |
| Operating cash flow | $3.6B | +96% | +114% |
| Free cash flow | $2.6B | +190% | — |
What changed
Revenue was $5.6B in Q2 2026, up 51% year over year and up 31% from the previous quarter.
Operating profit was $2.5B, a 45.2% margin (up 14.2 points year over year). Of the extra revenue versus Q2 2025, 73% reached operating profit, above the 31% margin then. Total costs grew 20% against revenue growth of 51%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $1.9B, up 169% year over year. The effective tax rate was 22.0%.
Operating cash flow was $3.6B (up 114% year over year), 175% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization. Working capital and other items added $0.26B. Capital expenditures of $1.0B left free cash flow of $2.6B.
Questions
What was Diamondback Energy's revenue in the second quarter 2026?
Diamondback Energy (FANG) reported revenue of $5.6B for the second quarter 2026 (Q2 2026), +51% from a year earlier and +31% from the quarter before.
Was Diamondback Energy profitable in the second quarter 2026?
Operating profit was $2.5B (45.2% of revenue) and net earnings $1.9B.
Source: Diamondback Energy 10-Q on SEC EDGAR.