Diamondback Energy, Inc. (FANG) Earnings
Diamondback Energy, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $6.10. FANG has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +0.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $3.74 | $4.23 | +13.1% | $4.2B | +10.6% |
| Feb 23, 2026 | $2.00 | $1.74 | -13.0% | $3.4B | +2.9% |
| Apr 30, 2024 | $4.42 | $4.50 | +1.8% | $2.2B | +5.5% |
| Feb 20, 2024 | $4.66 | $4.74 | +1.7% | $2.2B | +2.2% |
| May 1, 2023 | $4.33 | $4.10 | -5.3% | $1.9B | -2.5% |
| Feb 21, 2023 | $5.22 | $5.29 | +1.3% | $2.0B | -2.4% |
| Aug 1, 2022 | $6.58 | $7.07 | +7.4% | $2.8B | +11.4% |
| May 2, 2022 | $4.52 | $5.20 | +15.0% | $2.4B | +23.4% |
| Feb 22, 2022 | $3.38 | $3.63 | +7.4% | $2.0B | +28.7% |
| Nov 1, 2021 | $2.77 | $2.94 | +6.1% | $1.9B | +30.5% |
| May 3, 2021 | $1.73 | $2.30 | +32.9% | $1.2B | +37.0% |
| Feb 22, 2021 | $0.80 | $0.82 | +2.5% | $767M | +1.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Management discussed capital allocation considerations, strong production performance due to improved completion design and efficiency, less downtime and automation in production, acceleration of Barnett development, and consensus with shareholders on appropriate growth with capital efficiency
Guidance
Management indicated oil production expected to be greater than 520 thousand barrels per day, flexible response based on macro environment, and prioritizing debt repayment during high oil prices
Segment performance
No detailed product segment financial performance and revenue contribution% provided in the transcript
Risks & headwinds
Discussed risks such as market volatility, negative Waha prices, and oil service price inflation
Analyst Q&A
Q: Talk about thought process behind moving to green light framework, adding rigs and completion cruise.
A: Macro elements like oil supply disruption and global inventory decline, micro elements like best inventory quality and cost structure in Permian. Second question from Neil about return of capital framework.
Q: Talk about return of capital framework and view on large shareholder.
A: Allocating capital is key, flexibility in buyback, good track record of buyback, relationship with large shareholder. Next question from Scott Hanold about production performance.
Q: Walk through specifics of strong production performance.
A: Better wells and lower downtime due to completion design efficiency and production side optimizations. Follow-up on oil production growth.
Q: Talk about oil production growth potential.
A: Fluid situation, ready to react with efficiencies, 520+ thousand barrels a day as new baseline. Next question from Neil Dingman about Waha prices and oil service prices.
Q: Impact of negative Waha prices and oil service prices.
A: Well protected with hedges, service capacity still available, minimal impact on consumables so far. Follow-up on capital allocation.
Q: How does capital for M&A stack up.
A: Organic growth hit, M&A quiet due to volatility, bigger use of free cash for debt repayment. Next question from Arun Jairam about development approach.
Q: Think about approach to development in stronger oil price.
A: Hold to spacing assumptions, drill best stuff first, Barnett getting more attention. Follow-up on debt reduction.
Q: Highlight debt reduction targets.
A: Aim to hit 10 billion net debt in 12 - 18 months, reduce gross debt and build cash. Next question from John Freeman about reinvestment rate.
Q: Reinvestment rate consideration.
A: Growth with capital efficiency, original plan had reinvestment rate drop, stay capital efficient. Follow-up on duck draws.
Q: Rough idea of duck draws with new plan.
A: Draw down in Q2 and backfill with rig activity, maintain high duck balance. Next question from Betty Jang about crude oil marketing.
Q: Crude oil marketing strategy.
A: Exposed to water - based pricing, invested in pipelines for crude transport. Follow-up on acquisitions.
Q: Talk about acquisitions.
A: Small acquisitions in Midland Basin, capitalized interest and GNA major part. Next question from Philip Jungworth about Viper ownership.
Q: View on Viper ownership.
A: Done selling Viper shares, growth opportunity for Viper, no desire to monetize more. Follow-up on private operators.
Q: Characterize private operators' ability to respond to higher oil prices.
A: Private operators grew significantly in past cycle, now smaller volume impact expected. Next question from Scott Gruber about long-term volumes.
Q: Long-term organic volume trajectory.
A: Mid-cycle pricing above $60 beneficial for organic growth, capital efficiency key. Follow-up on capital efficiency.
Q: Underlying trend in capital efficiency.
A: Efficiencies improving with better well drilling and completion, long-term benefit. Next question from Derek Whitfield about mid-cycle pricing and inventory quality.
Q: Mid-cycle pricing and inventory quality view.
A: Mid-cycle pricing early, well-positioned at low cost curve, early to raise mid-cycle pricing. Follow-up on Barnett growth.
Q: Potential growth of Barnett position.
A: Position can grow with ongoing trades and private equity activity. Next question from Kevin McCarthy about lateral footage and surfactant tests.
Q: Cadence of net lateral footage and lateral length.
A: Back half weighted, lateral length expected to ramp. Follow-up on surfactant tests. A: Tested wells, seeing uplift, refining process. Next question from Gabe Dowd about oil production growth upper bound and surface position.
Q: Oil production growth upper bound and surface position update.
A: Low single-digit growth expected, surface position power project progressing. Next question from Charles Mead about CapEx decision dynamics.
Q: Inside baseball of CapEx decision.
A: Nimble board, over-communication with board, resounding support for plan. Next question from Leo Mariani about Waha prices impact and growth.
Q: Waha prices impact and growth view.
A: Negative Waha prices causing potential volume impact, growth quarter by quarter. Next question from Doug Legate about balance sheet and non-op positions.
Q: Balance sheet potential to zero debt and non-op positions.
A: Goal to get to zero debt, non-op positions with private side rig count increase. Next question from James West about long-term thinking and inventory depth.
Q: Long-term thinking and inventory depth view.
A: Long-term thinking on growth in hire for longer world, strong inventory quality and duration, set up for deals.