Diamondback Energy Inc.
FANGFinancial Snapshot
ticker: FANG step: 04 generated: 2026-05-13 source: quick-research
Diamondback Energy, Inc. (FANG) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$8.1B | ~$8.4B | ~$11.1B | +32% |
| Gross Margin | ~65% | ~60% | ~63% | |
| Operating Margin | ~45% | ~40% | ~35%* | |
| Net Income | ~$3.7B | ~$3.1B | ~$1.7B* | |
| EPS (diluted) | ~$20.00 | ~$17.00 | ~$15.53 |
FY2024 net income and operating margin depressed by large non-cash impairment charges ($3.65B in Q4 2025 related to Endeavor assets marked at $64 realized oil vs. $80 acquisition assumption). Adjusted/cash earnings substantially higher. FY2024 revenue surged due to Endeavor consolidation (closed late 2024).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$8.8B (FY2025 record) |
| Free Cash Flow | ~$4.0B (FY2024); ~$5.9B Adjusted FCF FY2025 |
| Capital Expenditures | ~$3.6–$3.9B (FY2026 guidance) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$14.6B (post-Endeavor; down from $18B peak) |
Key Ratios (approximate)
- P/E: ~10–12x (adjusted) | EV/EBITDA: ~6–7x | FCF Yield: ~10–12%
- Revenue Growth (FY2024): +32% (largely acquisition-driven) | FCF Margin: ~35–40%
- Base Dividend: $4.20/share annually (+5% raise, February 2026); plus variable dividends + buybacks
- Shareholder Return Policy: ≥50% of FCF returned to shareholders
Growth Profile
Diamondback's financial profile was transformed by the $26B Endeavor acquisition (closed late 2024), which added 500,000 net acres and roughly doubled production. FY2025 was a record year — $8.8B in net operating cash flow and $5.9B in adjusted FCF — even as commodity prices softened. The company carried significant non-cash impairment charges in Q4 2025 ($3.65B) as Endeavor assets were marked to lower oil price assumptions ($64/bbl realized vs. $80 acquisition model). Post-Endeavor integration, management targets $10B in net debt by year-end 2026 (down from $18B peak), using FCF to rapidly delever.
Forward Estimates
- FY2026 Oil Production Guidance: 500–510 MBO/d (essentially flat vs. FY2025)
- FY2026 Capex Guidance: $3.6–$3.9B (disciplined — prioritizing FCF over growth)
- Oil Price Sensitivity: Each $5/bbl move in WTI = ~$500M in annual FCF impact
- Analyst consensus: 22/26 analysts Buy/Strong Buy; price targets generally $160–$200+
Deeper Financial Analysis
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