Revenue reached roughly $5.4B in 2026Q3 with a 46.0% operating margin, but a net margin of 29.5% and a $1.5B net loss in 2025Q4 show that bottom-line results remain highly volatile.
Diamondback Energy, Inc. (FANG) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 18.61B | 15.03B | 11.02B | 8.34B | 9.57B | 6.75B | 2.81B | 3.96B | 2.18B | 1.21B | 527.11M | 446.73M | 495.72M | 208M | 74.96M | 49.37M | 27.25M | 12.72M |
| Revenue Growth % | 21.61% | 36.31% | 32.19% | -12.83% | 41.78% | 139.85% | -29.04% | 82.17% | 80.58% | 128.61% | 17.99% | -9.88% | 138.32% | 177.48% | 51.85% | 81.14% | 114.32% | - |
| Cost of Goods Sold | 9.87B | 9.74B | 6.05B | 3.54B | 2.87B | 2.48B | 2.18B | 2.37B | 1.06B | 551M | 306.5M | 339.4M | 261.31M | 101.57M | 47.18M | 30.5M | 15M | 705.16K |
| COGS % of Revenue | - | 64.84% | 54.89% | 42.46% | 29.95% | 36.71% | 77.36% | 59.81% | 48.67% | 45.73% | 58.15% | 75.97% | 52.71% | 48.83% | 62.94% | 61.78% | 55.03% | 5.55% |
| Gross Profit | 8.74B | 5.28B | 4.97B | 4.8B | 6.7B | 4.27B | 637M | 1.59B | 1.12B | 654M | 220.6M | 107.33M | 234.4M | 106.43M | 27.78M | 18.87M | 12.26M | 12.01M |
| Gross Margin % | 46.99% | 35.16% | 45.11% | 57.54% | 70.05% | 63.29% | 22.64% | 40.19% | 51.33% | 54.27% | 41.85% | 24.03% | 47.29% | 51.17% | 37.06% | 38.22% | 44.97% | 94.45% |
| Gross Profit Growth % | - | 6.25% | 3.63% | -28.4% | 56.93% | 570.33% | -60.01% | 42.61% | 70.8% | 196.46% | 105.54% | -54.21% | 120.24% | 283.11% | 47.25% | 53.95% | 2.03% | - |
| Operating Expenses | 2.75B | 365M | 576M | 228M | 193M | 269M | 6.11B | 898M | 106M | 49M | 289.22M | 847.6M | 21.73M | 11.24M | 10.47M | 3.72M | 3.07M | 10.67M |
| OpEx % of Revenue | - | 2.43% | 5.23% | 2.73% | 2.02% | 3.99% | 217.31% | 22.65% | 4.87% | 4.07% | 54.87% | 189.73% | 4.38% | 5.4% | 13.97% | 7.54% | 11.28% | 83.93% |
| Selling, General & Admin | 312M | 288M | 213M | 150M | 144M | 146M | 88M | 104M | 64.55M | 48.67M | 42.62M | 31.97M | 21.27M | 11.04M | 10.38M | 3.6M | 3.05M | 5.06M |
| SG&A % of Revenue | - | 1.92% | 1.93% | 1.8% | 1.51% | 2.16% | 3.13% | 2.62% | 2.97% | 4.04% | 8.09% | 7.16% | 4.29% | 5.31% | 13.84% | 7.3% | 11.2% | 39.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 77M | 363M | 78M | 49M | 123M | 6.03B | 794M | 41M | 1M | 246.6M | 815.63M | 467K | 201K | 98K | 65K | 38K | 5.61M |
| Operating Income | 6B | 4.92B | 4.4B | 4.57B | 6.51B | 4B | -5.48B | 695M | 1.01B | 605M | -68.62M | -740.27M | 212.67M | 95.19M | 17.31M | 15.15M | 9.18M | 1.34M |
| Operating Margin % | 32.23% | 32.73% | 39.88% | 54.8% | 68.03% | 59.3% | -194.67% | 17.53% | 46.46% | 50.21% | -13.02% | -165.71% | 42.9% | 45.77% | 23.09% | 30.68% | 33.69% | 10.52% |
| Operating Income Growth % | - | 11.87% | -3.81% | -29.78% | 62.66% | 173.06% | -887.91% | -31.26% | 67.11% | 981.71% | 90.73% | -448.08% | 123.41% | 450.03% | 14.26% | 64.98% | 586.28% | - |
| EBITDA | 11.27B | 9.96B | 7.25B | 6.32B | 7.85B | 5.28B | -4.17B | 2.15B | 1.63B | 932M | 109.4M | -522.57M | 382.68M | 161.79M | 43.58M | 31.25M | 17.33M | 4.55M |
| EBITDA Margin % | 60.57% | 66.26% | 65.74% | 75.74% | 82.08% | 78.2% | -148.06% | 54.21% | 75.09% | 77.34% | 20.75% | -116.98% | 77.2% | 77.78% | 58.14% | 63.3% | 63.57% | 35.81% |
| EBITDA Growth % | 9.66% | 37.4% | 14.72% | -19.56% | 48.82% | 226.67% | -293.81% | 31.52% | 75.32% | 751.94% | 120.93% | -236.56% | 136.52% | 271.25% | 39.45% | 80.37% | 280.48% | - |
| D&A (Non-Cash Add-back) | 5.27B | 5.04B | 2.85B | 1.75B | 1.34B | 1.27B | 1.31B | 1.45B | 623M | 327M | 178.01M | 217.7M | 170M | 66.6M | 26.27M | 16.1M | 8.14M | 3.22M |
| EBIT | 2.76B | 2.12B | 4.79B | 4.42B | 5.88B | 3.1B | -5.58B | 531M | 1.19B | 538M | -124.03M | -707.59M | 339.47M | 92.71M | 21.39M | 1.89M | 9.07M | 1.34M |
| Net Interest Income | -252M | -244M | -135M | -175M | -159M | -199M | -197M | -172M | -87M | -41M | -40.68M | -41.51M | -34.51M | -8.06M | -3.61M | -2.52M | -802K | 24.14K |
| Interest Income | 0 | 0 | 156M | 0 | 1M | 1M | 4M | 1M | 1M | 0 | 0 | 0 | 0 | 1K | 3K | 11K | 34K | 35.08K |
| Interest Expense | 252M | 244M | 291M | 175M | 160M | 200M | 201M | 173M | 87.84M | 41M | 40.68M | 41.51M | 34.51M | 8.06M | 3.61M | 2.53M | 836K | 10.94K |
| Other Income/Expense | -3.25B | -3.04B | 105M | -322M | -772M | -1.09B | -300M | -333M | 102M | -108M | -96.1M | -8.83M | 92.29M | -8.85M | 1.07M | -15.53M | -950K | -1.34M |
| Pretax Income | 2.75B | 1.87B | 4.5B | 4.25B | 5.74B | 2.91B | -5.78B | 362M | 1.11B | 497.19M | -164.72M | -749.1M | 304.96M | 86.34M | 18.38M | 1.97M | 9.02M | -2.73M |
| Pretax Margin % | 14.78% | 12.47% | 40.83% | 50.94% | 59.96% | 43.09% | -205.33% | 9.13% | 51.16% | 41.26% | -31.25% | -167.68% | 61.52% | 41.51% | 24.52% | 3.99% | 33.09% | -21.47% |
| Income Tax | 546M | 327M | 800M | 912M | 1.17B | 631M | -1.1B | 47M | 168.36M | -19.57M | 192K | -201.31M | 108.98M | 31.75M | 6.55M | 15.53M | 949.77K | 4.04M |
| Effective Tax Rate % | 19.85% | 17.45% | 17.77% | 21.47% | 20.47% | 21.71% | 19.11% | 12.98% | 15.12% | -3.94% | -0.12% | 26.87% | 35.74% | 36.78% | 35.65% | 787.41% | 10.53% | -148.12% |
| Net Income | 2.17B | 1.66B | 3.34B | 3.14B | 4.39B | 2.18B | -4.52B | 240M | 846M | 482M | -165.03M | -550.63M | 193.75M | 54.59M | -36.52M | -386K | 8.23M | -2.71M |
| Net Margin % | 11.67% | 11.07% | 30.28% | 37.69% | 45.85% | 32.34% | -160.58% | 6.05% | 38.88% | 40% | -31.31% | -123.26% | 39.09% | 26.24% | -48.72% | -0.78% | 30.2% | -21.28% |
| Net Income Growth % | -48.26% | -50.15% | 6.2% | -28.34% | 101.01% | 148.31% | -1982.08% | -71.63% | 75.52% | 392.06% | 70.03% | -384.19% | 254.95% | 249.47% | -9361.4% | -104.69% | 404.17% | - |
| Net Income (Continuing) | 2.2B | 1.55B | 3.7B | 3.34B | 4.56B | 2.28B | -4.67B | 315M | 944.89M | 516.76M | -164.91M | -547.79M | 195.97M | 54.59M | -36.52M | -386K | 8.23M | -2.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.17B | 6B | 2.13B | 805M | 681M | 1.16B | 1.01B | 1.66B | 467M | 326.88M | 320.83M | 233M | 234.2M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.75 | 5.73 | 15.53 | 17.34 | 24.61 | 12.30 | -28.59 | 1.46 | 8.06 | 4.94 | -2.20 | -8.74 | 3.64 | 1.29 | -0.99 | -0.02 | 0.36 | -0.12 |
| EPS Growth % | -49.17% | -63.1% | -10.44% | -29.54% | 100.08% | 143.02% | -2058.22% | -81.89% | 63.16% | 324.55% | 74.83% | -340.11% | 182.17% | 230.3% | -4007.88% | -106.69% | 400% | - |
| EPS (Basic) | - | 5.73 | 15.53 | 17.34 | 24.61 | 12.35 | -28.59 | 1.47 | 8.08 | 4.95 | -2.20 | -8.74 | 3.67 | 1.30 | -0.99 | -0.02 | 0.36 | -0.12 |
| Diluted Shares Outstanding | 279.96M | 289.08M | 213.54M | 180M | 176.54M | 177.36M | 157.98M | 163.84M | 104.93M | 97.69M | 75.08M | 63.02M | 53.3M | 42.26M | 36.99M | 22.61M | 22.61M | 22.61M |
| Basic Shares Outstanding | 279.96M | 289.08M | 213.54M | 180M | 176.54M | 176.64M | 157.98M | 163.49M | 104.62M | 97.46M | 75.08M | 63.02M | 52.83M | 42.02M | 36.99M | 36.99M | 36.99M | 35.11M |
| Dividend Payout Ratio | - | 69.47% | 47.27% | 45.94% | 35.84% | 14.3% | - | 46.67% | 4.37% | - | - | - | - | - | - | - | 67.78% | - |
Quick answers to the most common questions about buying FANG stock.
For fiscal year 2025, Diamondback Energy, Inc. (FANG) reported total revenue of $15.03B. This represents a 118066.0% increase compared to $12.7M in 2009.
Diamondback Energy, Inc. (FANG) is profitable, generating $1.66B in net income for the fiscal year ending 2025 with a net profit margin of 11.1%.
Diamondback Energy, Inc. (FANG) reported an operating income of $4.92B, resulting in an operating profit margin of 32.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Diamondback Energy, Inc. (FANG) generated $5.28B in gross profit for the year, representing a gross profit margin of 35.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Acquisition integration and commodity exposure
Metrics are mathematically derived from official filings.
Growth Driven by Acquisition-Enhanced Scale
According to reported figures, FANG's revenue grew 38.4% year-over-year in 2026Q3 to roughly $5.4B, following a 52.3% gain in 2026Q2, though the trajectory reflects both commodity price tailwinds and scale additions rather than purely organic volume expansion.
The sequential revenue plateau between 2026Q2 and 2026Q3 suggests growth may be leveling off after a rapid step-up. Because the period includes acquisition-driven scale, the reported top-line gains may overstate the underlying organic production growth investors should expect going forward. Investors should monitor whether volume growth can sustain the current pace without further acquisitions.
Operating Margins Hold Near Peak Levels
As reported in financial statements, FANG's gross margin of 46.0% and operating margin of 46.0% in 2026Q3 sit above the 32.0% to 41.5% range shown by the Permian-focused peer set, suggesting unusually strong unit economics for the period.
The near-identical gross and operating margins imply minimal overhead burden relative to production costs, consistent with a lean operating structure. Margins of this magnitude are sensitive to realized crude pricing, so a commodity downturn could compress them quickly. This warrants further investigation into how much of the spread reflects durable cost advantages versus favorable pricing in the quarter.
Net Margin Gap Warrants Scrutiny
Based on the reported figures, FANG's net margin of 29.5% in 2026Q3 trails its 46.0% operating margin by roughly 16.5 points, and the 2025Q4 net loss of $1.5B on $3.4B revenue illustrates how volatile bottom-line results can be.
The wide gap between operating and net income likely reflects interest, taxes, and non-operating items, though the data does not itemize these components. The 2025Q4 loss points to large non-cash or one-time charges that can overwhelm operating performance. Investors should examine impairment and derivative accounting before treating reported EPS as a clean measure of earnings power.
Operating Leverage Visible in Recent Quarters
As reported in financial statements, FANG's operating income climbed to roughly $2.5B in 2026Q2 and 2026Q3 from $1.2B in 2025Q3, indicating operating income scaling faster than the SG&A base of roughly $70M to $83M per quarter.
SG&A has remained nearly flat in absolute terms while revenue expanded substantially, which suggests strong overhead efficiency and high operating leverage. This dynamic amplifies earnings in an upcycle but would equally magnify losses if prices fall. The leverage profile implies that the earnings trajectory is more tightly tied to commodity pricing than to management action.
Bear Case Hinges on Commodity Reversal
Based on reported figures, the bull narrative depends on sustaining a 46.0% operating margin, yet the 2025Q4 swing to a $1.5B net loss on $3.4B revenue shows how quickly earnings can reverse when pricing or non-operating charges turn unfavorable.
Short-sellers would likely argue that the 2026Q2 and 2026Q3 margin peak reflects a favorable commodity price window rather than structural cost advantage, and that the 179.4% EPS jump in 2026Q2 overstates normalized earnings power. The 2026Q1 operating margin of just 2.7% against a 68.7% gross margin also raises questions about how reliably the reported gross profit converts into operating income. Investors should weigh whether the current run-rate can persist through a price downcycle without impairments or integration costs eroding reported results.