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How Diamondback Energy (FANG) makes money
Diamondback Energy (FANG) made $5.4B of revenue in the third quarter 2026 (Q3 2026), +38% from a year earlier. Of every dollar of revenue, 46¢ was left as operating profit, 30¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $5.4B | 100.0% |
| Operating profit | $2.5B | 46.0% |
| Income tax | $501M | 9.2% |
| Net earnings | $1.6B | 29.5% |
| Operating cash flow | $2.6B | 47.9% |
| Free cash flow | $1.4B | 26.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $5.4B | +38% |
| Q2 2026 | $5.6B | +51% |
| Q1 2026 | $4.2B | +5% |
| Q4 2025 | $3.4B | -9% |
| Q3 2025 | $3.9B | +48% |
| Q2 2025 | $3.7B | +48% |
| Q1 2025 | $4.0B | +82% |
From Diamondback Energy's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Diamondback Energy make money?
Diamondback Energy (FANG) made $5.4B of revenue in the third quarter 2026 (Q3 2026), +38% from a year earlier. Of every dollar of revenue, 46¢ was left as operating profit, 30¢ was left as net earnings.
What is Diamondback Energy's profit margin?
Net earnings were $1.6B, 29.5% of revenue, in the third quarter 2026; the operating margin was 46.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.