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Side-by-side financial comparison of Diamondback Energy (FANG) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $3.4B, roughly 1.8× Diamondback Energy). Union Pacific Corporation runs the higher net margin — 27.4% vs -43.2%, a 70.5% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs -9.0%). Over the past eight quarters, Diamondback Energy's revenue compounded faster (23.1% CAGR vs 1.7%).
Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
FANG vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.4B | $6.2B |
| Net Profit | $-1.5B | $1.7B |
| Gross Margin | — | — |
| Operating Margin | -82.4% | 39.5% |
| Net Margin | -43.2% | 27.4% |
| Revenue YoY | -9.0% | 3.2% |
| Net Profit YoY | -235.8% | 4.6% |
| EPS (diluted) | $-4.99 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $3.4B | $6.1B | ||
| Q3 25 | $3.9B | $6.2B | ||
| Q2 25 | $3.7B | $6.2B | ||
| Q1 25 | $4.0B | $6.0B | ||
| Q4 24 | $3.7B | $6.1B | ||
| Q3 24 | $2.6B | $6.1B | ||
| Q2 24 | $2.5B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-1.5B | $1.8B | ||
| Q3 25 | $1.0B | $1.8B | ||
| Q2 25 | $699.0M | $1.9B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $659.0M | $1.7B | ||
| Q2 24 | $837.0M | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | -82.4% | 39.5% | ||
| Q3 25 | 31.5% | 40.8% | ||
| Q2 25 | 31.0% | 41.0% | ||
| Q1 25 | 41.3% | 39.3% | ||
| Q4 24 | 38.0% | 41.3% | ||
| Q3 24 | 26.8% | 39.7% | ||
| Q2 24 | 46.6% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | -43.2% | 30.4% | ||
| Q3 25 | 25.9% | 28.6% | ||
| Q2 25 | 19.0% | 30.5% | ||
| Q1 25 | 34.7% | 27.0% | ||
| Q4 24 | 28.9% | 28.8% | ||
| Q3 24 | 24.9% | 27.4% | ||
| Q2 24 | 33.7% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $-4.99 | $3.12 | ||
| Q3 25 | $3.51 | $3.01 | ||
| Q2 25 | $2.38 | $3.15 | ||
| Q1 25 | $4.83 | $2.70 | ||
| Q4 24 | $3.40 | $2.91 | ||
| Q3 24 | $3.19 | $2.75 | ||
| Q2 24 | $4.66 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $13.7B | — |
| Stockholders' EquityBook value | $37.0B | — |
| Total Assets | $71.1B | $69.6B |
| Debt / EquityLower = less leverage | 0.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $104.0M | $1.3B | ||
| Q3 25 | $159.0M | $808.0M | ||
| Q2 25 | $219.0M | $1.1B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $161.0M | $1.0B | ||
| Q3 24 | $370.0M | $947.0M | ||
| Q2 24 | $6.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $13.7B | $30.3B | ||
| Q3 25 | $15.8B | $30.3B | ||
| Q2 25 | $15.1B | $30.3B | ||
| Q1 25 | $13.0B | $30.6B | ||
| Q4 24 | $12.1B | $29.8B | ||
| Q3 24 | $11.9B | $29.8B | ||
| Q2 24 | $12.0B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $37.0B | $18.5B | ||
| Q3 25 | $39.1B | $17.3B | ||
| Q2 25 | $38.9B | $16.3B | ||
| Q1 25 | $38.5B | $16.0B | ||
| Q4 24 | $37.7B | $16.9B | ||
| Q3 24 | $37.4B | $16.6B | ||
| Q2 24 | $17.4B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $71.1B | $69.7B | ||
| Q3 25 | $76.2B | $68.6B | ||
| Q2 25 | $71.9B | $68.6B | ||
| Q1 25 | $70.1B | $68.5B | ||
| Q4 24 | $67.3B | $67.7B | ||
| Q3 24 | $65.7B | $67.6B | ||
| Q2 24 | $35.6B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 1.64× | ||
| Q3 25 | 0.41× | 1.75× | ||
| Q2 25 | 0.39× | 1.86× | ||
| Q1 25 | 0.34× | 1.91× | ||
| Q4 24 | 0.32× | 1.76× | ||
| Q3 24 | 0.32× | 1.79× | ||
| Q2 24 | 0.69× | 1.89× |
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 | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.4B | $2.5B | ||
| Q2 25 | $1.7B | $2.3B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.3B | $2.7B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $1.5B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.20× | ||
| Q3 25 | 2.34× | 1.41× | ||
| Q2 25 | 2.40× | 1.24× | ||
| Q1 25 | 1.68× | 1.36× | ||
| Q4 24 | 2.18× | 1.51× | ||
| Q3 24 | 1.83× | 1.59× | ||
| Q2 24 | 1.83× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
