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Sentiment · FY2026 Q2
Diamondback went straight to Q&A and used the call to activate its green light framework, adding 2 to 3 rigs and a fifth completion crew in response to $100 oil and what management called the world's largest oil supply disruption in history, establishing 520,000-plus barrels per day of oil as the new baseline. Revenue grew 5.18% year over year, while GAAP EPS fell to $0.08 from $4.83 on non-cash commodity derivative losses tied to the oil price surge rather than operating deterioration. Capital efficiency set records with drilling costs hitting the $300 per foot target, down from $360 a foot last year, and the first Barnett well drilled under $400 per foot against the $800 per foot threshold needed to make the zone competitive with the base program. The reinvestment rate fell from 44% to 34% at the current strip, funding accelerated deleveraging that brought net debt to $12.7 billion and pulled the $10 billion target to within months of the prior 12 to 18 month timeline. Deeply negative Waha gas pricing remained the main offset, prompting 2,000 to 3,000 barrels per day of shut-ins pending two new pipelines in the second half.
Capex Investment | Innovation & R&D | Competitive Dynamics | Capital Allocation | Cost Pressure | Macroeconomic | M&A | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 1 | 6 | 3 | 5 | ||
| 2025Q1 | 7 | 3 | 5 | 3 | 3 | 7 | 1 | 4 |
| 2025Q2 | 3 | 4 | 6 | 5 | 3 | 6 | 4 | 3 |
| 2025Q3 | 8 | 11 | 6 | 3 | 4 | 4 | 4 | 4 |
| 2025Q4 | 11 | 16 | 8 | 1 | 8 | 2 | 3 | 5 |
| 2026Q1 | 12 | 4 | 5 | 6 | 2 | 3 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capex Investment | 6 | 7 | 3 | 8 | 11 | 12 |
| Innovation & R&D | 4 | 3 | 4 | 11 | 16 | 4 |
| Competitive Dynamics | 1 | 5 | 6 | 6 | 8 | 5 |
| Capital Allocation | 6 | 3 | 5 | 3 | 1 | 6 |
| Cost Pressure | 3 | 3 | 3 | 4 | 8 | 2 |
| Macroeconomic | 7 | 6 | 4 | 2 | 3 | |
| M&A | 5 | 1 | 4 | 4 | 3 | 3 |
| Guidance Reliability | 4 | 3 | 4 | 5 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Arun Jayaram | JPMorgan | 13 (0%) |
| Neil Mehta | Goldman Sachs | 13 (8%) |
| Leo Mariani | ROTH Capital Partners |
| Scott Hanold | RBC Capital Markets | 11 (9%) |
| Phillip Jungwirth | BMO Capital Markets | 9 (0%) |
| Doug Leggate | Wolfe Research | 9 (78%) |
| John Freeman | Raymond James | 9 (0%) |
| Neal Dingmann | William Blair | 9 (11%) |
| Kevin MacCurdy | Pickering Energy Partners | 9 (0%) |
| Derrick Whitfield | Texas Capital Securities | 8 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 13 (8%) |
| JPMorgan | 1 | 13 (0%) |
| ROTH Capital Partners | 1 | 11 (9%) |
| RBC Capital Markets | 1 | 11 (9%) |
| Raymond James | 1 | 9 (0%) |
| BMO Capital Markets | 1 | 9 (0%) |
| Pickering Energy Partners | 1 | 9 (0%) |
| William Blair | 1 | 9 (11%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.70B | +66.7% | $3.67 | -31.3% | 38.2% | 29.1% | $482M |
| FY2025 Q1 | $4.03B | +81.7% | $4.83 | +12.9% | 41.5% | 34.9% | $663M |
| FY2025 Q2 | $3.65B | +47.6% | $2.38 | -48.9% | 31.2% | 19.1% | $-2.31B |
| FY2025 Q3 | $3.92B | +48.9% | $3.50 | +9.7% | 31.5% | 25.9% | $1.61B |
| FY2025 Q4 | $3.38B | -8.7% | $-5.11 | -239.2% | 25.8% | -43.2% | $1.40B |
| FY2026 Q1 | $4.24B | +5.2% | $0.08 | -98.3% | 2.7% | 3.4% | $895M |
| FY2026 Q2 | $5.56B | +52.3% | $6.65 | +179.4% | 45.2% | 36.9% | $2.59B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What FANG and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think Diamondback, in particular, mentioned pulling forward some Barnett development.”
An analyst notes Permian producer Diamondback is pulling forward Barnett development, a positive read-through on producer activity that feeds Targa's gathering and processing volumes.
“And it's a Halliburton e-fleet, simul-frac as efficient as it gets crew.”
Diamondback is bringing back a Halliburton e-fleet simul-frac crew as its fifth completion crew, relying on Halliburton for efficient completion services as it adds activity.
“post the Endeavor merger and getting the team together, we started trading a lot of ideas”
Diamondback credits its completed merger with Endeavor Energy for combined-team knowledge sharing that is driving completion-design and base-production optimization gains.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FANG Diamondback Energy | 6 | +5.2% | |
| APA APA Corporation | 5 | -11.7% | |
| COP ConocoPhillips | 6 | -2.5% | |
| CTRA Coterra | · | n/a | |
| DVN Devon Energy | 5 | -13.0% | |
| EOG EOG Resources | 9 | +15.7% | |
| EQT EQT Corporation | 9 | +39.7% | |
| EXE Expand Energy | 7 | +100.2% | |
| OXY Occidental Petroleum | 6 | -23.1% | |
| TPL Texas Pacific Land Corporation | 8 | +20.8% |