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Side-by-side financial comparison of Diamondback Energy (FANG) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
Diamondback Energy is the larger business by last-quarter revenue ($3.4B vs $692.4M, roughly 4.9× OCEANEERING INTERNATIONAL INC). OCEANEERING INTERNATIONAL INC runs the higher net margin — 5.2% vs -43.2%, a 48.4% gap on every dollar of revenue. On growth, OCEANEERING INTERNATIONAL INC posted the faster year-over-year revenue change (2.7% vs -9.0%). Over the past eight quarters, Diamondback Energy's revenue compounded faster (23.1% CAGR vs 1.8%).
Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
FANG vs OII — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $3.4B | $692.4M |
| Net Profit | $-1.5B | $36.1M |
| Gross Margin | — | — |
| Operating Margin | -82.4% | — |
| Net Margin | -43.2% | 5.2% |
| Revenue YoY | -9.0% | 2.7% |
| Net Profit YoY | -235.8% | -79.7% |
| EPS (diluted) | $-4.99 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $3.4B | $668.6M | ||
| Q3 25 | $3.9B | $742.9M | ||
| Q2 25 | $3.7B | $698.2M | ||
| Q1 25 | $4.0B | $674.5M | ||
| Q4 24 | $3.7B | $713.5M | ||
| Q3 24 | $2.6B | $679.8M | ||
| Q2 24 | $2.5B | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $-1.5B | $177.7M | ||
| Q3 25 | $1.0B | $71.3M | ||
| Q2 25 | $699.0M | $54.4M | ||
| Q1 25 | $1.4B | $50.4M | ||
| Q4 24 | $1.1B | $56.1M | ||
| Q3 24 | $659.0M | $41.2M | ||
| Q2 24 | $837.0M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | -82.4% | 9.8% | ||
| Q3 25 | 31.5% | 11.6% | ||
| Q2 25 | 31.0% | 11.3% | ||
| Q1 25 | 41.3% | 10.9% | ||
| Q4 24 | 38.0% | 10.9% | ||
| Q3 24 | 26.8% | 10.5% | ||
| Q2 24 | 46.6% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | -43.2% | 26.6% | ||
| Q3 25 | 25.9% | 9.6% | ||
| Q2 25 | 19.0% | 7.8% | ||
| Q1 25 | 34.7% | 7.5% | ||
| Q4 24 | 28.9% | 7.9% | ||
| Q3 24 | 24.9% | 6.1% | ||
| Q2 24 | 33.7% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $-4.99 | $1.75 | ||
| Q3 25 | $3.51 | $0.71 | ||
| Q2 25 | $2.38 | $0.54 | ||
| Q1 25 | $4.83 | $0.49 | ||
| Q4 24 | $3.40 | $0.55 | ||
| Q3 24 | $3.19 | $0.40 | ||
| Q2 24 | $4.66 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $104.0M | — |
| Total DebtLower is stronger | $13.7B | $488.8M |
| Stockholders' EquityBook value | $37.0B | $1.1B |
| Total Assets | $71.1B | $2.6B |
| Debt / EquityLower = less leverage | 0.37× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.0M | $695.9M | ||
| Q3 25 | $159.0M | $7.0M | ||
| Q2 25 | $219.0M | $7.0M | ||
| Q1 25 | $1.8B | $7.0M | ||
| Q4 24 | $161.0M | $504.5M | ||
| Q3 24 | $370.0M | — | ||
| Q2 24 | $6.9B | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $13.7B | $487.4M | ||
| Q3 25 | $15.8B | — | ||
| Q2 25 | $15.1B | — | ||
| Q1 25 | $13.0B | — | ||
| Q4 24 | $12.1B | $482.0M | ||
| Q3 24 | $11.9B | — | ||
| Q2 24 | $12.0B | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $37.0B | $1.1B | ||
| Q3 25 | $39.1B | $907.7M | ||
| Q2 25 | $38.9B | $842.1M | ||
| Q1 25 | $38.5B | $773.1M | ||
| Q4 24 | $37.7B | $714.3M | ||
| Q3 24 | $37.4B | $698.0M | ||
| Q2 24 | $17.4B | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $71.1B | $2.7B | ||
| Q3 25 | $76.2B | $2.5B | ||
| Q2 25 | $71.9B | $2.3B | ||
| Q1 25 | $70.1B | $2.3B | ||
| Q4 24 | $67.3B | $2.3B | ||
| Q3 24 | $65.7B | $2.4B | ||
| Q2 24 | $35.6B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 0.37× | 0.46× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.32× | 0.67× | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.69× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.3B | — |
| Free Cash FlowOCF − Capex | — | $-76.5M |
| FCF MarginFCF / Revenue | — | -11.1% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $221.1M | ||
| Q3 25 | $2.4B | $101.3M | ||
| Q2 25 | $1.7B | $77.2M | ||
| Q1 25 | $2.4B | $-80.7M | ||
| Q4 24 | $2.3B | $128.4M | ||
| Q3 24 | $1.2B | $91.9M | ||
| Q2 24 | $1.5B | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | — | $190.7M | ||
| Q3 25 | — | $77.0M | ||
| Q2 25 | — | $46.9M | ||
| Q1 25 | — | $-106.8M | ||
| Q4 24 | — | $94.5M | ||
| Q3 24 | — | $67.0M | ||
| Q2 24 | — | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | -15.8% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | 2.34× | 1.42× | ||
| Q2 25 | 2.40× | 1.42× | ||
| Q1 25 | 1.68× | -1.60× | ||
| Q4 24 | 2.18× | 2.29× | ||
| Q3 24 | 1.83× | 2.23× | ||
| Q2 24 | 1.83× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FANG
| Oil Explorationand Production | $2.7B | 81% |
| Oil Purchased | $308.0M | 9% |
| Natural Gas Liquids Production | $293.0M | 9% |
| Natural Gas Production | $4.0M | 0% |
OII
| Backlog at end of period | $492.0M | 71% |
| Other | $162.8M | 24% |
| ROV days available | $22.5M | 3% |
| ROV days utilized | $15.1M | 2% |
