Earnings Preview: What To Expect From Diamondback Energy's Report

Midland, Texas-based Diamondback Energy, Inc. (FANG) is an independent oil and natural gas company that acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. FANG has a market cap of $55.3 billion and primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin. 

FANG is expected to release its Q3 2026 earnings on Monday, November 2, 2026, after the market closes. Ahead of this event, analysts anticipate the company will generate earnings of $4.47 per share, representing an increase of 45.1% from $3.08 per share reported in the same quarter last year. The company has surpassed the Street’s bottom-line estimates in three of the past four quarters, while missing on one other occasion.

For fiscal 2026, analysts expect the company to report an EPS of $20.41, indicating a 52.7% rise from $13.37 reported in fiscal 2025. Its EPS is expected to fall 11.1% and come in at $18.15 in fiscal 2027. 

Diamondback Energy shares have grown 39.3% over the past 52 weeks, outpacing the S&P 500 Index’s ($SPX) 16.2% rise but lagging behind the State Street Energy Select Sector SPDR ETF’s (XLE) 56.6% rise during the same time frame.   

On Aug. 3, FANG announced its Q2 2026 earnings, which exceeded analyst expectations. The company’s revenue for the quarter rose 51.2% from the previous year’s quarter to $5.6 billion and surpassed the Street’s estimates, with oil production also growing nearly 6% compared to the year-ago quarter. Its adjusted EPS also came in at $6.48, topping the consensus estimates. FANG also reported growth in both its operating margin and free cash flow margin, showcasing profitability and operational efficiency. 

The consensus opinion on the stock is highly bullish, with a “Strong Buy” rating overall. Of the 31 analysts covering the stock, 23 recommend a “Strong Buy,” two suggest a “Moderate Buy,” and six recommend a “Hold.” FANG’s average analyst price target is $235.18 and offers a 19.1% upside. 

On the date of publication, Aritra Gangopadhyay did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.