Diamondback earnings: date, guidance and results
Diamondback's next results are due after market close on November 2, 2026. Watch whether Diamondback can fund drilling and reduce debt at the same time.
What has Diamondback guided for production and spending?
Production growth does not automatically create more cash. Diamondback must sell the additional output at prices that cover drilling, operating costs, transportation, taxes, and interest. The cost assumptions matter as much as the production target.
The harder test comes in 2027. Management expects service and material costs to rise as oilfield activity increases, but believes efficiency gains can offset at least part of that inflation. The next question is whether those gains appear in actual cost per barrel.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| 2026 Net production - MBOE/d | Year to Dec 2026 | 1,000 | Aug 3, 2026 | |
| 2026 Oil production - MBO/d | Year to Dec 2026 | 522 | Aug 3, 2026 | |
| Q3 2026 Oil production - MBO/d | Quarter to Sep 2026 | 517 | 527 | Aug 3, 2026 |
| Q3 2026 total - MBOE/d | Quarter to Sep 2026 | 995 | 1,015 | Aug 3, 2026 |
| Operated drilling and completion (US$ millions) | Year to Dec 2026 | 3,310 | 3,310 | Aug 3, 2026 |
| 2026 Total capital expenditures (US$ millions) | Year to Dec 2026 | 3,900 | 3,900 | Aug 3, 2026 |
What this means. When the low and high numbers are the same, the figure is still an approximate company estimate, not an exact result.
What has Diamondback's revenue and profit trend been?
Revenue, production, and reported earnings rose from Q2 2025. The comparison with Q1 2026 is especially dramatic because that quarter included a $1.4 billion impairment. The rebound therefore reflects both stronger operating conditions and a less damaging accounting backdrop.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,562 | 4,240 | 3,376 | 3,924 | 3,678 | 4,048 | 3,711 | 2,645 |
| Operating income | 2,512 | 116 | -2,782 | 1,236 | 1,139 | 1,673 | 1,412 | 710 |
| Net income | 1,882 | 25 | -1,458 | 1,018 | 699 | 1,405 | 1,074 | 659 |
| EPS, diluted | 6.65 | 0.08 | -5.11 | 3.51 | 2.38 | 4.83 | 3.67 | 3.19 |
What this means. The table covers quarters, but the descriptions say year; each number is for about three months, not the whole year.
What should I watch in Diamondback's next results?
The next earnings report will show whether Diamondback’s production and spending plan is working. The company plans to report Q3 results after the market closes on November 2, 2026, followed by an investor call on November 3.
Investors should check production against the quarterly guide, capital spending against the plan, and cash generation against debt needs. Those results will show whether the company can fund drilling and reduce debt at the same time.