How does Diamondback Energy (FANG) make money?

Diamondback Energy (FANG) generates revenue primarily from Oil Exploration and Production, which accounted for 89.3% of total revenue in TTM through Q1 2026. The company reported $15.2B in revenue and converted 2.7% of it into net profit, equivalent to roughly $403M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Diamondback Energy (FANG)?

Diamondback Energy (FANG) reported a gross profit margin of 41.8% in TTM through Q1 2026, equivalent to $6.36B in gross profit on $15.2B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Diamondback Energy (FANG)?

Diamondback Energy (FANG) reported an operating profit margin of 22.1% in TTM through Q1 2026, equivalent to $3.36B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Diamondback Energy (FANG)?

Diamondback Energy (FANG) reported a net profit margin of 2.7% in TTM through Q1 2026, equivalent to $403M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Diamondback Energy (FANG) profitable?

Yes. Diamondback Energy (FANG) reported $403M in net income for TTM through Q1 2026, with a net profit margin of 2.7%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Diamondback Energy (FANG) spend on capital expenditures?

Diamondback Energy (FANG) spent $6.64B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 43.7% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Diamondback Energy (FANG) generate?

Diamondback Energy (FANG) generated $1.59B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 10.5%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Diamondback Energy (FANG)?

Diamondback Energy (FANG) reports revenue across 4 reportable product segments, led by Oil Exploration and Production at 89.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Diamondback Energy Makes Money: 2026 Visual Revenue Map

Diamondback Energy (FANG) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 6, 2026).

Diamondback Energy discloses geographic revenue only in annual filings. to view the full breakdown.

Diamondback Energy (FANG) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Diamondback Energy (FANG), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Oil Exploration and Production	$13.6B	89.3%
Oil Purchased	$786M	5.2%
Natural Gas Liquids Production	$732M	4.8%
Natural Gas, Production	$111M	0.7%
Total	$15.2B	100%

Oil Exploration and Production$13.6B
Oil Purchased$786M
Natural Gas Liquids Production$732M
Natural Gas, Production$111M
Total$15.2B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Diamondback Energy (FANG) reports revenue across 4 reportable product segments; the largest segment was Oil Exploration and Production at 89.3%, followed by Oil Purchased (5.2%) and Natural Gas Liquids Production (4.8%).

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