Diamondback Energy, Inc. (FANG) stock — is it a good business?

Diamondback Energy, Inc. (FANG) stock — is it a good business? — InspectStocks

Just reported

Q3 2026 results

From Diamondback Energy's results release of November 2, 2026; its quarterly report has since been filed.

Revenue
Actual
$5.43B
+38% y/y
-2.4% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$5.69
+62% y/y
-14% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$2.5B
+102% y/y
-0.5% q/q
Guided
—
No guide given

Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.

The full earnings report →

How it makes money

Oil produced from its wells41%
Oil bought and resold5%
Natural gas liquids produced from its wells4%
Natural gas produced from its wells0%

Shares of revenue are estimates for quarter ended March 31, 2026, low confidence, not figures from a filing.

Competes with

What it sells4

Crude oil
Oil produced from Diamondback's wells and sold to energy buyers.
Natural gas
Gas produced alongside oil and sold to buyers; its sale price can be affected by limited pipeline capacity out of the Permian Basin.
Natural gas liquids
Liquid hydrocarbons produced with oil and natural gas and sold as a separate product.
Mineral and royalty interests
Rights held by Viper Energy that generate royalty payments from oil and natural gas production, as well as lease payments.

Who buys it1

Oil, natural gas and natural gas liquids buyers, including third parties that purchase Diamondback's production under sales arrangements.

What it stands on, and what could break it

What the business leans on

1Its revenue and cash flow depend heavily on market prices for oil, natural gas and natural gas liquids; hedging contracts may not fully offset price changes.
2Its producing properties are concentrated in the Permian Basin of West Texas, and its ability to sell production depends on pipelines and other facilities, some of which it does not control.
3Its operations require water and access to produced-water disposal; restrictions on water supply or disposal can raise costs or disrupt operations.
4It needs substantial ongoing capital, equipment, oilfield services and qualified workers to drill wells and develop reserves.

What could go wrong

1Changes in oil and natural gas prices can materially change revenue and cash flow; derivatives may fail to protect against price declines and can limit gains when prices rise.
2Concentrating producing properties in the Permian Basin exposes Diamondback to local disruptions, including weather, pipeline constraints, water shortages and tighter rules for disposing of produced water.
3Production depends on successfully finding and developing reserves through capital-intensive drilling; drilling results, reserve estimates, equipment access and financing may not meet expectations.

Full financial statements →

About Diamondback Energy, Inc.

Diamondback acquires land and develops oil and natural gas deposits in the Permian Basin, mainly by drilling horizontal wells. It sells the oil, natural gas and natural gas liquids those wells produce. Its subsidiary Viper Energy owns mineral and royalty interests in oil and natural gas properties and receives royalties and lease payments. In the quarter ended June 30, 2026, Diamondback's average production was 1,017,659 barrels of oil equivalent per day (Q2 2026, high confidence).

Head office: Midland, Texas
Founded: 2007
Listed on: NASDAQ
Financial year ends: December 31

Built from Diamondback Energy, Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.

Just reported

Q3 2026 results

From Diamondback Energy's results release of November 2, 2026; its quarterly report has since been filed.

Revenue
Actual
$5.43B
+38% y/y
-2.4% q/q
Guided
—
No guide given
EPS, GAAP
Actual
$5.69
+62% y/y
-14% q/q
Guided
—
No guide given
Operating income, GAAP
Actual
$2.5B
+102% y/y
-0.5% q/q
Guided
—
No guide given

The full earnings report →

Keep exploring

The themes Diamondback Energy is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.

The theme it is part of

Highest-graded in Oil Gas E and P

Graded A or B and worth $2B or more: A first, then the largest.

All 68 graded companies in its industry

Grade rose recently in Energy

Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.

All grade rises

How it makes money

Oil produced from its wells41%
Oil bought and resold5%
Natural gas liquids produced from its wells4%
Natural gas produced from its wells0%

Shares of revenue are estimates for quarter ended March 31, 2026, low confidence, not figures from a filing.

Competes with

What it sells4

Crude oil
Oil produced from Diamondback's wells and sold to energy buyers.
Natural gas
Gas produced alongside oil and sold to buyers; its sale price can be affected by limited pipeline capacity out of the Permian Basin.
Natural gas liquids
Liquid hydrocarbons produced with oil and natural gas and sold as a separate product.
Mineral and royalty interests
Rights held by Viper Energy that generate royalty payments from oil and natural gas production, as well as lease payments.

Who buys it1

Oil, natural gas and natural gas liquids buyers, including third parties that purchase Diamondback's production under sales arrangements.