Diamondback dividend
Diamondback's latest dividend rate is $1.10 per share quarterly, or $4.40 annually in the base case. Diamondback reported $5.549 billion of free cash flow in 2025, but declining wells require replacement spending, so cash coverage depends on what maintenance requires.
How much does Diamondback pay per share?
Dividends remain $4.40 per share annually in the base case, equal to four quarterly payments at the latest $1.10 rate. The bear case cuts that amount to $3.30 before suspending it, while the bull case rises to $4.62, $4.84, and $5.08 through annual 5% increases. The base path reflects the absence of a growth target and the removal of the former minimum return-of-capital commitment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 15,026 | 11,066 | 8,412 | 9,643 | 6,797 |
| Revenue growth (calculated) | 35.8% | 31.6% | -12.8% | 41.9% | 141.6% |
| EPS, diluted | 5.73 | 15.53 | 17.34 | 24.61 | 12.24 |
| Dividend per share | 4.05 | 6.21 | 8.12 | 11.31 | 1.95 |
What this means. The revenue growth percentages are not a pure measure of sales growth because acquisitions and asset sales changed the numbers.
Is Diamondback's dividend covered by its cash?
Diamondback reported $5.549 billion of free cash flow in 2025. That measure subtracts the company’s chosen capital-spending definition from operating cash flow, but it does not prove that enough money was spent to keep production flat. Stock pay also matters because it is an economic cost to shareholders even when no cash leaves during the period.
Shale wells decline quickly. A representative Permian well can lose more than 70% of its production by the end of its first year. Diamondback must therefore keep drilling and completing replacement wells. The spending required to preserve output is maintenance capital, but the company does not publish one definitive figure for it. Some reported free cash flow may consequently be needed to maintain the business.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 5,235 | 3,546 | 3,219 | 4,387 | 2,457 |
| − Dividends paid | 1,156 | 1,578 | 1,444 | 1,572 | 312 |
| − Share buybacks | 2,010 | 959 | 840 | 1,098 | 431 |
| = Free cash flow not paid out | 1,687 | 782 | 806 | 1,500 | 1,602 |
| Paid to shareholders | 3,166 | 2,537 | 2,284 | 2,670 | 743 |
What this means. The “paid out, percentage of real free cash flow” figure subtracts the cost of paying employees with shares before measuring payouts, so it can differ from the regular percentage.
What could change Diamondback's dividend?
The return-of-capital policy became more cautious. In early 2024, Diamondback reduced its minimum commitment from 75% to 50% of free cash flow to preserve room for acquisition-debt repayment. By July 2026, it had removed the quarterly minimum, doubled its buyback authorization to $16 billion and said it had repurchased debt below face value. The choices show a company balancing distributions against financial flexibility.
Oil prices and local gas realizations would move the view most quickly in 2027 and 2028. New pipeline capacity and access to stronger markets would lift revenue, margins, and free cash flow; renewed negative Waha pricing would do the opposite.
What is Diamondback's dividend yield today?
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 203.95 |
| Market value (calculated) | 57,110.97 |
| Dividend yield (calculated) | 2.2% |
What this means. The next-12-month price-to-earnings number is much lower because it uses expected future profit, not the profit earned recently.