Diamondback Energy, Inc. (FANG) Q4 2025 Financial Results Summary

Midland, TX (February 23, 2026) – Diamondback Energy, Inc. (NASDAQ: FANG) has announced its financial and operating results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Average Oil Production: 512.8 MBO/d (969.1 MBOE/d)
• Net Cash Provided by Operating Activities: $2.3 billion; Operating Cash Flow Before Working Capital Changes: $1.9 billion
• Cash Capital Expenditures: $943 million
• Free Cash Flow: $1.0 billion; Adjusted Free Cash Flow: $1.2 billion
• Share Repurchases:
  • 2.90 million shares repurchased for approximately $434 million at a weighted average price of $149.50 per share (excluding excise tax)
  • Included $305 million for the repurchase of 2.00 million shares from SGF FANG Holdings, LP
• Total Return of Capital: $734 million from stock repurchases and the declared Q4 2025 base dividend, representing 62% of Adjusted Free Cash Flow
• Dividend Increase: Increased annual base dividend by 5% to $4.20 per share; declared Q4 2025 cash dividend of $1.05 per share payable on March 12, 2026; implies a 2.4% annualized yield based on February 20, 2026 closing share price of $176.01
• Debt Payments:
  • Repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par (~$167 million)
  • Redeemed $950 million of principal on $1.5 billion term loan due 2027 ($550 million currently outstanding)
• Total Debt and Net Debt: As of December 31, 2025, total debt of $14.7 billion (down 11% quarter over quarter) and net debt of $14.6 billion (down 8% quarter over quarter)

Full Year 2025 Highlights

• Average Production: 497.2 MBO/d (921.0 MBOE/d)
• Net Cash Provided by Operating Activities: $8.8 billion; Operating Cash Flow Before Working Capital Changes: $9.1 billion
• Cash Capital Expenditures: $3.5 billion
• Free Cash Flow: $5.5 billion; Adjusted Free Cash Flow: $5.9 billion
• Share Repurchases: 13.84 million shares repurchased for $2.0 billion at a weighted average price of $145.26 per share (excluding excise tax)
• Total Return of Capital: $3.2 billion; represents 54% of Adjusted Free Cash Flow
• Dividends: Declared total base-plus-variable dividends of $4.05 per share
• Non-core Asset Sales: Generated $1.7 billion in cash proceeds

Reserves Update

• Proved Reserves: As of December 31, 2025, total proved reserves of 3,618 MMBOE (49% oil), up 2% year over year
• Proved Developed Producing (PDP) Reserves: 2,521 MMBOE (47% oil), up 6% year over year

2026 Guidance Highlights

• Full Year 2026 Oil Production: Guidance of 500 – 510 MBO/d (926 – 962 MBOE/d)
• Cash Capital Expenditures Guidance: $3.6 – $3.9 billion, including approximately $100 – $150 million for exploratory development
• Expected Completed Lateral Feet: Between 5.9 – 6.3 million net lateral feet in 2026
• Q1 2026 Oil Production Guidance: 502 – 512 MBO/d (930 – 966 MBOE/d)
• Q1 2026 Cash Capital Expenditures Guidance: $900 – $975 million

Recent Highlights

• In Q1 2026 (to date), repurchased 2.27 million shares for $371 million at a weighted average price of $163.60 per share, including the repurchase of 2.00 million shares from SGF FANG Holdings, LP.
• Viper Energy, Inc. completed a non-Permian divestiture in February, generating $617 million in net proceeds to repay its term loan due 2027 and revolving credit facility.

Financial Performance Summary

Earnings Summary (in millions)

• Net Income (Loss) Q4 2025: -$1,458 compared to $1,074 in Q4 2024
  • Earnings (Loss) Per Share: -$5.11 compared to $3.67
• Adjusted Net Income (Q4 2025): $499; $1.74 per share

Key Financial Metrics Comparison (Q4 2025 vs Q4 2024)

• Revenue: $3.376 billion (vs $3.711 billion)
• Costs and Expenses: $6.158 billion (vs $2.299 billion)

Conclusion

Diamondback Energy, Inc. has shown solid results in Q4 2025 with increased dividends, significant share repurchases, and a notable reduction in debt while continuing to grow reserves. The outlook for 2026 appears robust with continued planned capital expenditures and production guidance.

Diamondback Energy, Inc. Condensed Consolidated Statements of Operations (in millions)

Note: All amounts are in thousands.

	Three Months Ended December 2025	Three Months Ended December 2024	Year Ended December 31, 2025	Year Ended December 31, 2024
Revenues:
Oil, natural gas and natural gas liquid sales	$3,033	$3,471	$13,453	$10,100
Sales of purchased oil	308	225	1,476	923
Other operating income	35	15	97	43
Total revenues	3,376	3,711	15,026	11,066
Costs and expenses:
Lease operating expenses	527	461	1,865	1,286
Production and ad valorem taxes	197	225	851	638
Gathering, processing and transportation expense	137	95	515	356
Purchased oil expense	306	225	1,474	921
Depreciation, depletion, amortization and accretion	1,389	1,156	5,038	2,850
Impairment of oil and natural gas properties	3,652	0	3,652	0
General and administrative expenses	78	72	288	213
Other operating expenses, net	-128	65	77	406
Total costs and expenses	6,158	2,299	13,760	6,670
Income (loss) from operations	-2,782	1,412	1,266	4,396
Other income (expense):
Interest expense, net	-78	-34	-244	-135
Other income (expense), net	302	-9	455	101
Gain (loss) on derivative instruments, net	192	36	341	137
Gain (loss) on extinguishment of debt, net	33	0	56	2
Total other income (expense), net	449	-7	608	105
Income (loss) before income taxes	-2,333	1,405	1,874	4,501
Provision for (benefit from) income taxes	-567	115	327	800
Net income (loss)	-1,766	1,290	1,547	3,701
Net income (loss) attributable to non-controlling interest	-308	216	-117	363
Net income (loss) attributable to Diamondback Energy, Inc.	$ -1,458	$ 1,074	$1,664	$3,338
Earnings (loss) per common share:
Basic	$ -5.11	$ 3.67	$ 5.73	$ 15.53
Diluted	$ -5.11	$ 3.67	$ 5.73	$ 15.53
Weighted average common shares outstanding:
Basic	285,789	291,851	289,079	213,545
Diluted	285,789	291,851	289,079	213,545

Diamondback Energy, Inc. Condensed Consolidated Balance Sheets (in millions)

Note: All amounts are in millions.

Assets	December 31, 2025	December 31, 2024
Current assets: