Diamondback Energy, Inc. (FANG) Cash Flow Statement
Where FANG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.76B +36.6% vs 2024
- Capital expenditures
- $3.52B 23.4% of revenue
- Free cash flow
- $5.24B 34.8% margin
- Returned to shareholders
- $3.17B 60% of free cash flow
- Change in cash
- −$58.0M cash at year-end $106.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FANG operating cash flow, capex and free cash flow
FANG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $332.1M2016 | $8.76B2025 | +43.8%/yr | |
| Capital expenditures | $1.19B2016 | $3.52B2025 | +12.8%/yr | |
| Free cash flow | −$859.1M2016 | $5.24B2025 | — | |
| Free cash flow margin | −163.0%2016 | 34.8%2025 | +197.8 pts | |
| Operating cash flow / net income | 1.722017 | 5.662025 | +3.94 | |
| Stock-based compensation | $26.5M2016 | $65.0M2024 | +11.9%/yr | |
| Dividends paid | $37.0M2016 | $1.16B2025 | +46.6%/yr | |
| Share buybacks (net) | $02016 | $2.01B2025 | — | |
| Capex / revenue | 226.0%2016 | 23.4%2025 | −202.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FANG cash flow by activity
FANG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FANG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.55B | $3.70B | $3.34B | $4.56B | $2.28B | −$4.67B | $315.0M | $945.0M | $517.0M | −$164.9M |
| Depreciation & amortization | $5.04B | $2.85B | $1.75B | $1.34B | $1.27B | $7.66B | $2.48B | $623.0M | $327.0M | $178.0M |
| Stock-based compensation | — | $65.0M | $54.0M | $55.0M | $51.0M | $37.0M | $48.0M | $27.0M | $26.0M | $26.5M |
| Change in working capital | −$314.0M | −$96.0M | $296.0M | −$199.0M | $36.0M | $97.0M | −$172.0M | $6.0M | −$48.0M | −$15.7M |
| Other non-cash items | $2.49B | −$107.0M | $488.0M | $563.0M | $306.0M | −$1.00B | $63.0M | −$36.0M | $67.0M | $308.2M |
| Cash from operating activities | $8.76B | $6.41B | $5.92B | $6.33B | $3.94B | $2.12B | $2.73B | $1.56B | $889.0M | $332.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.52B | −$11.79B | −$4.71B | −$3.50B | −$2.30B | −$2.04B | −$3.70B | −$3.48B | −$3.30B | −$1.19B |
| Investments (net) | — | −$11.22B | −$3.24B | −$3.33B | −$105.0M | −$168.0M | −$819.0M | −$551.6M | −$407.6M | −$208.1M |
| Acquisitions & other investing | −$4.29B | $11.79B | $4.63B | $3.50B | $865.0M | $111.0M | $633.0M | $524.6M | $577.6M | $89.0M |
| Cash from investing activities | −$7.81B | −$11.22B | −$3.32B | −$3.33B | −$1.54B | −$2.10B | −$3.89B | −$3.50B | −$3.13B | −$1.31B |
| Financing activities | ||||||||||
| Dividends paid | −$1.16B | −$1.58B | −$1.44B | −$1.57B | −$312.0M | −$236.0M | −$112.0M | −$37.0M | −$37.0M | −$37.0M |
| Share repurchases & issuance (net) | −$2.01B | −$959.0M | −$935.0M | −$1.25B | −$525.0M | −$137.0M | −$606.0M | −$14.5M | $328.8M | $2.04B |
| Net borrowing (repayment) | $1.57B | $6.37B | $377.0M | −$320.0M | −$680.0M | $397.0M | $2.35B | $2.65B | $360.7M | $583.4M |
| Shares issued | $1.23B | $476.0M | $0 | $0 | $0 | $0 | $1.11B | $305.8M | $0 | $0 |
| Other financing | −$648.0M | $75.0M | −$174.0M | −$360.0M | −$324.0M | −$61.0M | −$637.0M | −$864.8M | $36.5M | $37.0M |
| Cash from financing activities | −$1.01B | $4.39B | −$2.18B | −$3.50B | −$1.84B | −$37.0M | $2.10B | $2.04B | $689.0M | $2.62B |
| Summary | ||||||||||
| Net change in cash | −$58.0M | −$421.0M | $421.0M | −$508.0M | $564.0M | −$20.0M | −$92.0M | $103.0M | −$1.55B | $1.65B |
| Cash at end of period | $106.0M | $164.0M | $585.0M | $164.0M | $672.0M | $108.0M | $123.0M | $215.0M | $112.0M | $1.67B |
| Free cash flow | $5.24B | −$5.37B | $1.21B | $2.82B | $1.65B | $74.0M | −$968.0M | −$1.91B | −$2.41B | −$859.1M |
| Free cash flow margin | 34.8% | −48.8% | 14.5% | 29.5% | 24.4% | 2.6% | −24.4% | −87.8% | −200.2% | −163.0% |
| Capex / revenue | 23.4% | 106.9% | 56.5% | 36.6% | 34.1% | 72.7% | 93.4% | 159.7% | 274.0% | 226.0% |
| Operating cash flow / net income | 5.66 | 1.73 | 1.77 | 1.39 | 1.73 | — | 8.68 | 1.66 | 1.72 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.06B | $144.0M | −$1.77B | $1.08B | $739.0M | $1.49B | $1.29B | $708.0M | $894.0M | $809.0M | $1.01B | $993.0M |
| Depreciation & amortization | $1.27B | $1.29B | $1.42B | $1.28B | $1.26B | $1.09B | $1.17B | $736.0M | $475.0M | $469.0M | $469.0M | $442.0M |
| Stock-based compensation | — | — | — | $22.0M | $21.0M | $18.0M | $16.0M | $16.0M | $19.0M | $14.0M | $14.0M | $13.0M |
| Change in working capital | $216.0M | −$810.0M | $398.0M | −$151.0M | −$429.0M | −$132.0M | $81.0M | −$187.0M | $76.0M | −$66.0M | $65.0M | −$146.0M |
| Other non-cash items | $46.0M | $1.20B | $2.29B | $152.0M | $89.0M | −$110.0M | −$216.0M | −$64.0M | $65.0M | $108.0M | $65.0M | $56.0M |
| Cash from operating activities | $3.59B | $1.83B | $2.34B | $2.38B | $1.68B | $2.35B | $2.34B | $1.21B | $1.53B | $1.33B | $1.62B | $1.36B |
| Investing activities | ||||||||||||
| Capital expenditures | −$996.0M | −$933.0M | −$943.0M | −$774.0M | −$3.99B | −$1.69B | −$1.86B | −$8.48B | −$687.0M | −$762.0M | −$1.47B | −$852.0M |
| Investments (net) | — | — | — | −$2.06B | −$3.98B | −$1.65B | −$1.85B | −$8.17B | −$449.0M | −$751.0M | −$1.46B | $15.0M |
| Acquisitions & other investing | −$399.0M | $275.0M | $825.0M | $774.0M | $3.99B | $1.69B | $1.86B | $8.48B | $687.0M | $762.0M | $1.47B | $852.0M |
| Cash from investing activities | −$1.40B | −$658.0M | −$118.0M | −$2.06B | −$3.98B | −$1.65B | −$1.85B | −$8.17B | −$449.0M | −$751.0M | −$1.46B | $15.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$469.0M | −$415.0M | −$286.0M | −$289.0M | −$291.0M | −$290.0M | −$262.0M | −$416.0M | −$352.0M | −$548.0M | −$603.0M | −$149.0M |
| Share repurchases & issuance (net) | −$272.0M | −$645.0M | −$434.0M | −$603.0M | −$398.0M | −$575.0M | −$402.0M | −$515.0M | −$451.0M | −$42.0M | −$159.0M | −$66.0M |
| Net borrowing (repayment) | −$1.29B | −$696.0M | −$1.73B | $1.09B | $1.28B | $939.0M | $46.0M | $938.0M | — | — | — | — |
| Shares issued | $0 | $589.0M | $0 | $0 | $0 | $1.23B | $0 | $476.0M | $0 | $0 | $0 | $0 |
| Other financing | $124.0M | $67.0M | −$224.0M | −$188.0M | −$105.0M | −$131.0M | −$77.0M | −$64.0M | $5.74B | $321.0M | $357.0M | −$349.0M |
| Cash from financing activities | −$1.91B | −$1.10B | −$2.67B | $7.0M | $482.0M | $1.18B | −$695.0M | $419.0M | $4.93B | −$269.0M | −$405.0M | −$564.0M |
| Summary | ||||||||||||
| Net change in cash | $288.0M | $70.0M | −$446.0M | $331.0M | −$1.82B | $1.88B | −$209.0M | −$6.54B | $6.01B | $314.0M | −$245.0M | $809.0M |
| Cash at end of period | $464.0M | $176.0M | $106.0M | $552.0M | $221.0M | $2.04B | $164.0M | $373.0M | $6.91B | $899.0M | $585.0M | $830.0M |
| Free cash flow | $2.59B | $895.0M | $1.40B | $1.61B | −$2.31B | $663.0M | $482.0M | −$7.27B | $842.0M | $572.0M | $155.0M | $506.0M |
| Free cash flow margin | 46.6% | 21.1% | 41.5% | 41.0% | −63.3% | 16.4% | 13.0% | −275.8% | 34.0% | 25.8% | 7.0% | 21.6% |
| Capex / revenue | 17.9% | 22.0% | 27.9% | 19.7% | 109.3% | 42.0% | 50.3% | 321.7% | 27.8% | 34.4% | 66.3% | 36.4% |
| Operating cash flow / net income | 1.75 | 12.69 | — | 2.20 | 2.27 | 1.58 | 1.81 | 1.71 | 1.71 | 1.65 | 1.61 | 1.37 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FANG cash generation
In fiscal 2025 (ended December 31, 2025), Diamondback Energy generated $8.8 billion of cash from operations (up 36.6%) and spent $3.5 billion on capital expenditures, leaving free cash flow of $5.2 billion, 34.8% of revenue. It returned $3.2 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($2.0 billion). Cash and equivalents fell by $58.0 million over the year.
Related: FANG income statement, FANG balance sheet, FANG dividend history. See the FANG stock overview for the latest quote and news.
FANG cash flow FAQ
What is Diamondback Energy's free cash flow?
Diamondback Energy's free cash flow was $5.2 billion in fiscal 2025: $8.8 billion of operating cash flow minus $3.5 billion of capital expenditures It was -$5.4 billion a year earlier..
How much cash does Diamondback Energy generate from operations?
Diamondback Energy generated $8.8 billion of cash from operating activities in fiscal 2025, 5.66 times its net income of $1.5 billion.
How much does Diamondback Energy spend on capital expenditures?
Diamondback Energy spent $3.5 billion on capital expenditures in fiscal 2025, 23.4% of revenue, compared with $11.8 billion the year before.
How much stock does Diamondback Energy buy back?
Diamondback Energy spent $2.0 billion on net share repurchases in fiscal 2025.
How much does Diamondback Energy pay in dividends?
Diamondback Energy paid $1.2 billion in dividends in fiscal 2025, 22.1% of free cash flow.