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Diamondback Energy, Inc.FANG

Sector
Energy
Industry
Crude Petroleum & Natural Gas
Exchange
Nasdaq

Stock Price $FANG

Latest filings

You are here#20 of 25 in Energy by market cap

Filing record · 2016–202610-K1210-Q328-K174

FANG filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · May ’17May ’17
  2. Leadership change8-K · Feb ’19Feb ’19
  3. Material agreement8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Jun ’25Jun ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $15.03B
YoY changeLargest recent move+141.6%in FY21Latest +35.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All FANG Financial Metrics54 metrics

Income Statement13

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

Diamondback Energy, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Diamondback Energy fundamentally altered its operational scale by closing the massive $8.0 billiona acquisition of Endeavor Energy, a move that helped swell its proved reserves to 3,617,856 MBOE by the end of FY2025. This debt- and equity-funded spree—followed by the $3.0 billion Double Eagle buyout—cements the company's strategy of prioritizing Permian Basin scale and sustained shareholder distributions over organic production growth.

Integrating these mega-mergers required a steep increase in development spending, with cash capital expenditures expanding from $1.5 billion in FY2021 to $3.5 billionb in FY2025. While the acquired assets fueled a 79% year-over-year surge in production volumes during the first nine months of FY2025, this growth altered the balance sheet. Long-term debt reached $15.85 billion by Q3 2025. As the company absorbed higher interest burdens, merger expenses, and a diluted share count, earnings per share contracted from $12.24 in FY2021 to $5.73 in FY2025. Despite this financial friction and commodity price headwinds, management executed its mandate to return at least 50% of adjusted free cash flow to shareholders, retiring $2.0 billion in common stock during FY2025.

At the close of FY2025, the market valued the expanded enterprise at a $42.8 billionc market capitalization. The stock finished the period at $150.33 per share, trading at 26.2x earnings as investors weighed the scaled Permian inventory against a leveraged capital structure.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Diamondback Energy reported a net income decline to $25 milliond, down from $1.405 billion the prior year, driven by a $1.4 billion non-cash impairment charge on oil and natural gas properties. Despite this write-down, operating cash flow held at $1.828 billion, supported by a 13.3% year-over-year increase in oil sales. Management capitalized on this strength by raising 2026 production guidance by 3% to 972 MBOE/d and increasing the capital budget by 4% to $3.90 billion. Concurrently, the company streamlined operations by executing a $610 million divestiture of non-Permian assets and upsizing its credit facility to $3.0 billion.

Bulls highlight the upwardly revised production targets and debt reduction maneuvers, including tender offers for senior notes maturing in 2051 and 2052. Bears warn the impairment underscores commodity price vulnerability, particularly with the stock trading at 34.0x earnings as of the May 6, 2026 reporting date.

What to watch: cash flows generated from elevated production targets; progress on ongoing deleveraging initiatives

03—Filings

Recent SEC Filings

  1. 8-KDiamondback Energy, Inc. 8-K Report, Financial Results (Oct 8, 2026)Diamondback Energy, Inc. (FANG) has reported its third quarter 2026 operational and financial data through an 8-K filing. The company disclosed realized commodity prices for oil, natural gas, and NGLs, differentiating between hedged and unhedged rates. Notably, average realized prices for oil were $87.30 per barrel unhedged and $85.89 per barrel hedged, indicating some impact from derivative strategies. Natural gas prices were reported at $1.12 per Mcf unhedged and $0.90 per Mcf hedged, while NGLs held steady at $20.02 per barrel for both categories. Furthermore, the filing outlines anticipated financial impacts from derivative instruments for the quarter, projecting a net loss of $97 million on cash settlements and an $85 million non-cash loss. The weighted average basic and diluted shares outstanding remained consistent at 279,959 thousand for the period. Investors should note the forward-looking statements section, which details various risks and uncertainties, including market conditions, geopolitical events, and regulatory changes, that could materially affect future performance.
  2. 8-KDiamondback Energy, Inc. 8-K Report, Material Agreement (Sep 30, 2026)Diamondback Energy, Inc. (FANG) has filed a Form 8-K detailing a material amendment to its Stockholders Agreement with SGF FANG Holdings, LP. The primary impact of this amendment, effective September 29, 2026, concerns the board representation rights of the Stephens Majority. Specifically, the Stephens Majority will now be entitled to designate two directors to FANG's Board if the Stephens Stockholders collectively hold between 10% and 25% of the outstanding shares. This representation will be reduced to zero directors if their beneficial ownership falls below 10%. In conjunction with this amendment and a "Board Stepdown," two directors, Darin Holderness and Lance Robertson, have resigned from the Board on September 29 and September 30, 2026, respectively. These departures are noted as unrelated to any disagreements with the Company's operations or policies. Investors should monitor the Stephens Stockholders' ownership levels as they will directly influence board composition moving forward.
  3. 8-KDiamondback Energy, Inc. 8-K Report, Financial Results (Aug 3, 2026)Diamondback Energy (FANG) reported second quarter 2026 results that were strong on production and cash generation, though GAAP earnings were muddied by a $1.4 billion impairment in the first half and a large quarter-over-quarter swing in gas realizations. Total production averaged 1,018 MBOE/d, surpassing 1.0 million BOE/d for the first time, with oil at 525 MBO/d. Net cash from operating activities was $3.6 billion, producing $2.3 billion of Free Cash Flow and Adjusted Free Cash Flow on $996 million of cash capex. Reported GAAP diluted EPS was $6.65 and adjusted diluted EPS was $6.48. The quarter's realized oil price of $96.82/Bbl reflected the supply shock tied to disruption of flows through the Strait of Hormuz, while the company's natural gas realizations were negative at -$2.15/Mcf due to Waha takeaway constraints. Management used the cash flow to accelerate deleveraging. Consolidated total debt fell about $1.3 billion quarter over quarter to $12.8 billion, and net debt fell about $1.6 billion to $12.3 billion. The base dividend was set at $1.10 per share, payable August 20, 2026. The board doubled the share repurchase authorization to $16.0 billion in July, with about $9.9 billion remaining. Management removed its prior formulaic return-of-capital framework in favor of flexible allocation, which it says allows opportunistic buybacks and debt reduction, and it signaled its priority on debt reduction. Full-year 2026 oil guidance was raised slightly to 522+ MBO/d and total production guidance to 1,000+ MBOE/d, with capex unchanged at about $3.9 billion. Investors should weigh the strong near-term cash generation against the commodity-price-driven nature of the quarter, the negative gas pricing exposure, the first-half impairment, and the company's stated view that oil volatility will persist.
  4. 8-KDiamondback Energy, Inc. 8-K Report, Financial Results (Jul 13, 2026)Diamondback Energy, Inc. (FANG) has filed an 8-K report detailing its financial and operational highlights for the second quarter ended June 30, 2026. The report primarily focuses on realized commodity prices, derivative activity, and weighted average shares outstanding. Investors should note the realized prices for oil, natural gas, and NGLs, observing both hedged and unhedged figures to understand the impact of hedging strategies. The company also reported a net gain on derivative instruments, indicating a positive impact from its hedging contracts during the quarter. The filing also provides information on the weighted average basic and diluted shares outstanding, which is crucial for earnings per share calculations. While specific financial results beyond these metrics are not detailed in this particular 8-K filing, the provided data offers insight into the company's revenue drivers and risk management practices. Investors are encouraged to review the company's full financial statements and accompanying management discussion and analysis for a comprehensive understanding of Diamondback's performance.
  5. 8-KDiamondback Energy, Inc. 8-K Report, Material Agreement (Jun 15, 2026)Diamondback Energy, Inc. (FANG) has filed a 8-K report detailing a significant amendment to its credit facility. The seventeenth amendment to the Second Amended and Restated Credit Agreement, effective June 12, 2026, enhances the company's financial flexibility. Key changes include an extension of the maturity date by one year to June 12, 2031, and an increase in the total credit commitments from $2.5 billion to $3.0 billion. Furthermore, the amendment has resulted in a decrease in the applicable interest rate and certain fees, which should positively impact the company's borrowing costs. This move signals confidence from lenders and provides Diamondback Energy with increased capital resources and a longer runway for its operations and strategic initiatives. Investors should view this as a positive development that strengthens the company's balance sheet and operational capacity.
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04—See also

Related Companies

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