Diamondback Energy (FANG) FY2023 results: revenue $8.4 billion, down 12.8% on the year
Diamondback Energy, Inc. (FANG) reported revenue of $8.4 billion for fiscal 2023, the year ended 31 December 2023, down 12.8% on the year before. Net income was $3.1 billion, down 28.3%, and diluted earnings per share $17.34. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$8.4 billion
-12.8% on the year
FY2016FY2023
Operating margin
54.3%
67.5% a year earlier
FY2016FY2023
Net income
$3.1 billion
-28.3% on the year
FY2016FY2023
Diluted EPS
$17.34
-29.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
5,920
6,325
3,944
-6.4%
Cash from investing
-3,323
-3,330
-1,539
Cash from financing
-2,176
-3,503
-1,841
Depreciation and amortisation
1,746
1,344
1,275
+29.9%
Share-based compensation
54.0
55.0
51.0
-1.8%
Buybacks
840
1,098
431
-23.5%
Dividends paid
1,444
1,572
312
-8.1%
Dividend per share
$7.99
$11.31
$1.95
-29.4%
Diluted shares, weighted
180m
177m
177m
+2.0%
Shares outstanding at period end
179m
180m
178m
-0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
16,625
15,009
12,088
+10.8%
Non-controlling interest
805
681
1,157
+18.2%
Debt
6,641
6,238
6,687
+6.5%
Other liabilities
4,930
4,281
2,966
+15.2%
Total liabilities and equity
29,001
26,209
22,898
+10.7%
Fixed assets
26,674
23,759
20,619
+12.3%
Cash and equivalents
582
157
654
+270.7%
Receivables
654
618
598
+5.8%
Inventory
63.0
67.0
62.0
-6.0%
Other assets
1,028
1,608
965
-36.1%
Total assets
29,001
26,209
22,898
+10.7%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.