Diamondback Q2 2026: revenue up 51.2%, EPS beats, guidance raised
Diamondback's second quarter looks strong on every headline number: revenue of $5.56 billion, GAAP EPS of $6.65 and $1.88 billion of net income, with production passing 1.0 million barrels of oil equivalent a day. But the quarter leaned on $96.82 oil, gas realizations went negative and $134 million of profit came from debt extinguishment. That mix is why we lean positive, with one caveat.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $6.65 compares with $2.38 a year ago and came in 8.4% above the $6.13 consensus estimate. Adjusted EPS, which strips out a $134 million debt-extinguishment gain and other non-cash items, was $6.48 — lower than GAAP but still above consensus. Remember that the $1.88 billion headline is what belongs to Diamondback after $173 million went to non-controlling interests.
Revenue of $5.56 billion is 51.2% above the $3.68 billion reported a year earlier and 31.2% above the $4.24 billion booked in the prior quarter. The jump is price-led rather than volume-led: realized oil averaged $96.82 per barrel versus $63.23 in the same quarter last year, a 53.1% increase. Combined realizations rose to $51.68 per barrel of oil equivalent from $39.61, up 30.5%.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.