Diamondback Energy’s Q1 2026 Earnings: What to Expect

With a market cap of $52.5 billion, Diamondback Energy, Inc. (FANG) is an independent exploration and production (E&P) company focused on the development of unconventional oil and natural gas reserves. Headquartered in Midland, Texas, the company operates primarily in the Permian Basin, one of the most prolific and cost-efficient oil-producing regions in the world. 

The leading independent oil and gas company is expected to announce its fiscal first-quarter earnings for 2026 after the market closes on Monday, May 4. Ahead of the event, analysts expect FANG to report a profit of $3.14 per share on a diluted basis, down 30.8% from $4.54 per share in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in three of its last four quarterly reports, while missing on another occasion. 

For the current year, analysts expect FANG to report an EPS of $15.38, up 15% from $13.37 in fiscal 2025. 

FANG stock has climbed 38.1% over the past 52 weeks, outperforming the S&P 500 Index’s ($SPX) 25.1% gains, but slightly trailing the State Street Energy Select Sector SPDR Fund’s (XLE) 39.2% gains over the same time frame.

Diamondback Energy gained more than 2% on Apr. 9, as energy stocks moved higher, driven by over 7% surge in WTI crude oil prices, which boosted sentiment across the oil and gas sector.

Analysts’ consensus opinion on FANG stock is very bullish, with a “Strong Buy” rating overall. Out of 33 analysts covering the stock, 25 advise a “Strong Buy” rating, three suggest a “Moderate Buy,” and five give a “Hold.” FANG’s average analyst price target is $214.97, indicating a potential upside of 15.4% from the current levels.