Diamondback Energy
FANG · NasdaqCrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Diamondback Energy reported revenue of $15B in the fiscal year ended Dec 2025, up 35.8% from the year before. Operating income was $1.3B, an operating margin of 8.4%, and net income was $1.7B. Net debt was $14.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.7B | $9.6B | $8.4B | $11.1B | $15B |
| Selling, general & admin | $146M | $144M | $150M | $213M | $288M |
| Operating income | $4B | $6.5B | $4.6B | $4.4B | $1.3B |
| Interest expense | $199M | $154M | $159M | $135M | $244M |
| Pre-tax income | $2.9B | $5.7B | $4.2B | $4.5B | $1.9B |
| Income tax | $631M | $1.2B | $912M | $800M | $327M |
| Net income | $2.2B | $4.4B | $3.1B | $3.3B | $1.7B |
| Diluted EPS | 12.24 | 24.61 | 17.34 | 15.53 | 5.73 |
| Diluted shares | 177M | 177M | 180M | 214M | 289M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $654M | $157M | $582M | $161M | $104M |
| Receivables | $598M | $618M | $654M | $1.4B | $1.1B |
| Inventory | $62M | $67M | $63M | $116M | $86M |
| Current assets | $1.4B | $1.4B | $1.6B | $2.1B | $1.9B |
| Net PP&E | $20.6B | $23.8B | $26.7B | $64.5B | $68.6B |
| Total assets | $22.9B | $26.2B | $29B | $67.3B | $71.1B |
| Deferred revenue | $452M | $619M | $764M | $1.5B | $1.4B |
| Current liabilities | $1.4B | $1.7B | $2.1B | $4.8B | $4.6B |
| Short-term debt | $45M | $10M | $0 | $900M | $763M |
| Long-term debt | $6.6B | $6.2B | $6.6B | $12.1B | $13.7B |
| Total liabilities | $9.7B | $10.5B | $11.6B | $27.4B | $28.1B |
| Shareholders' equity | $12.1B | $15B | $16.6B | $37.7B | $37B |
| Backlog (remaining obligations) | $0 | $0 | $0 | $0 | $0 |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.9B | $6.3B | $5.9B | $6.4B | $8.8B |
| Depreciation & amortisation | $1.3B | $1.3B | $1.7B | $2.9B | $5B |
| Stock-based compensation | $51M | $55M | $54M | $65M | – |
| Share buybacks | $431M | $1.1B | $840M | $959M | – |
| Dividends paid | $312M | $1.6B | $1.4B | $1.6B | $1.2B |
| Dividend per share | 1.95 | 11.31 | 7.99 | 8.29 | 4.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 41.8% | −12.1% | 31.6% | 35.8% |
| Operating income growth (YoY) | – | 62.7% | −29.8% | −3.8% | −71.2% |
| EPS growth (YoY) | – | 101.1% | −29.5% | −10.4% | −63.1% |
| Operating margin | 59.3% | 68.0% | 54.3% | 39.7% | 8.4% |
| Net margin | 32.3% | 45.8% | 37.4% | 30.2% | 11.1% |
| Return on equityBlank when equity is negative | 18.1% | 29.2% | 18.9% | 8.8% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.6% | 26.6% | 17.0% | 7.0% | 1.9% |
| Cash conversion (CFO ÷ net income) | 1.81x | 1.44x | 1.88x | 1.92x | 5.26x |
| Receivable days | 32 | 24 | 28 | 46 | 27 |
| Interest cover | 20.1x | 42.3x | 28.7x | 32.6x | 5.19x |
| Debt ÷ equity | 0.55x | 0.42x | 0.40x | 0.34x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6B | $6.1B | $6.1B | $12.8B | $14.4B |
| Current ratio | 1.01x | 0.81x | 0.77x | 0.44x | 0.42x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.