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Diamondback Energy
Diamondback Energy (FANG) investor relations material
Diamondback Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Significant focus on Barnett asset expansion, with plans to ramp up drilling and development in 2026 and beyond, aiming for long-term inventory growth and improved corporate returns.
Continued strong performance and productivity improvements in Midland Basin core operations, with increased lateral lengths and efficiency gains year-over-year.
Generated $1.0 billion of free cash flow in Q4 2025 and $5.5 billion for the full year, with $5.9 billion in adjusted free cash flow for 2025.
Returned $734 million to shareholders in Q4 2025, representing 62% of adjusted free cash flow, through dividends and share repurchases.
Increased annual base dividend by 5% to $4.20 per share and repurchased ~4.8% of shares outstanding in 2025.
Financial highlights
Q4 2025 net income attributable to shareholders was a loss of $1.46 billion, primarily due to a $3.65 billion impairment charge; adjusted net income was $499 million.
Full year 2025 net income was $1.66 billion; adjusted net income was $3.87 billion.
Q4 adjusted EBITDA was $2.25 billion; full year adjusted EBITDA was $10.3 billion.
Q4 free cash flow was $1.0 billion; adjusted free cash flow was $1.18 billion. Full year free cash flow was $5.55 billion; adjusted free cash flow was $5.89 billion.
Year-end 2025 proved reserves increased 2% to 3,618 MMBoe, with 70% proved developed.
Outlook and guidance
2026 oil production guidance: 500–510 MBO/d (926–962 MBOE/d); Q1 2026 guidance: 502–512 MBO/d (930–966 MBOE/d).
2026 CapEx guidance is conservative, with expectations to trend toward the lower end in the first half and potential for further reductions if cost improvements materialize.
2026 cash capital expenditures guidance: $3.6–$3.9 billion, including $100–$150 million for exploratory development.
Projected 2026 free cash flow of ~$4.7 billion at current commodity prices.
Barnett development to accelerate in the second half of 2026, with a significant ramp-up in 2027; about 30 Barnett wells to be drilled in 2026, increasing to 100 in 2027.
How does 2026 capex affect FCF return commitment?
Detail PUD downgrades from development plan.
What are the goals for 2026 exploratory capex?
Barnett cost reduction path to $800/ft
Surfactant capital efficiency and uplift
Hyperscaler opportunity for gas pricing
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Next Diamondback Energy earnings date
Q1 20264 May, 2026
Diamondback Energy
Next Diamondback Energy earnings date
Q1 20264 May, 2026
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Frequently asked questions
Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
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