FINANCIAL MODEL

Diamondback Energy

FANG · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	447	527	1,205	2,176	3,964	2,813	6,797	9,643	8,412	11,066	15,026
Cost of Goods Sold	122	128	213	364	826	760	1,202	1,521	1,684	2,280	3,231
Gross Profit
SG&A	32	43	49	65	104	88	146	144	150	213	288
R&D
EBITDA
D&A	218	178	327	625	1,454	1,304	1,275	1,344	1,746	2,850	5,038
EBIT (Operating Income)	-740	-69	605	1,011	695	-5,476	4,001	6,508	4,570	4,396	1,266
Interest Expense	42	41	41	87	172	197	199	159	175	135	244
Pre-Tax Income	-749	-165	497	1,113	362	-5,776	2,907	5,736	4,248	4,501	1,874
Tax Expense	-201	0	-20	168	47	-1,104	631	1,174	912	800	327
Net Income	-551	-165	482	846	240	-4,517	2,182	4,386	3,143	3,338	1,664
Diluted EPS	-8.74	-2.20	4.94	8.06	1.47	-28.59	12.30	24.61	17.34	15.53	5.73
Diluted Shares (M)	63.0	75.1	97.7	104.9	163.8	158.0	177.4	176.5	180.0	213.5	289.1
Balance Sheet
Total Cash & Equivalents	20	1,667	112	215	123	104	654	157	582	161	104
Short-term Debt	0	0	0	0	0	191	45	10	0	900	763
Long-term Debt	488	1,106	1,477	4,464	5,371	5,624	6,642	6,238	6,641	12,075	13,726
Total Debt
Net Debt
Total Current Assets		1,792	359	925	869	602	1,446	1,392	1,621	2,110	1,915
Total Current Liabilities	141	209	577	1,019	1,263	1,236	1,438	1,716	2,108	4,811	4,600
Total Assets	2,751	5,350	7,771	21,596	23,531	17,619	22,898	26,209	29,001	67,292	71,059
Total Liabilities	642	1,331	2,189	7,429	8,625	7,815	9,653	10,519	11,571	27,430	28,092
Shareholders' Equity	1,876	3,697	5,255	13,700	13,249	8,794	12,088	15,009	16,625	37,736	36,972
Minority Interest	233	321	327	467	1,657	1,010	1,157	681	805	2,126	5,995
Intangibles & Goodwill
PP&E	2,598	3,391	7,344	20,372	21,835	16,214	20,619	23,759	26,674	64,472	68,621
Receivables		120	232	392	615	337	670	722	846	1,585	1,386
Payables		48	95	128	179	71	36	127	261	943	1,168
Inventory		2	9	37	37	33	62	67	63	116	86
Retained Earnings	-354	-519	-37	762	890	-3,864	-1,998	801	2,489	4,238	4,740
Cash Flow
Cash from Operations	417	332	889	1,565	2,734	2,118	3,944	6,325	5,920	6,413	8,758
Capital Expenditures	421	374	884	1,665	2,921	1,859	1,487	1,938	2,701	2,867	3,523
Free Cash Flow
Stock-Based Compensation	19	26	26	27	48	37	51	55	54	95	114
Dividends Paid				37	112	236	312	1,572	1,444	1,578	1,156
Share Repurchases					593	98	431	1,098	840	959	2,010