Devon Energy Corporation (DVN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.41	$1.57	+11.3%	—	—	—
Q3 26	$1.09	$1.04	-4.6%	—	—	—
Q2 26	$0.83	$0.82	-1.2%	—	—	—
Q1 26	$0.94	$1.04	+10.6%	—	—	—
Q4 25	$0.86	$0.84	-2.3%	—	—	—
Q3 25	$1.23	$1.21	-1.6%	—	—	—
Q2 25	$1	$1.16	+16.0%	—	—	—
Q1 25	$1.1	$1.1	0.0%	—	—	—
Q4 24	$1.27	$1.41	+11.0%	—	—	—
Q3 24	$1.11	$1.16	+4.5%	—	—	—
Q2 24	$1.4	$1.41	+0.7%	—	—	—
Q1 24	$1.57	$1.65	+5.1%	—	—	—
Q4 23	$1.18	$1.18	0.0%	—	—	—
Q3 23	$1.38	$1.46	+5.8%	—	—	—
Q2 23	$1.75	$1.66	-5.1%	—	—	—
Q1 23	$2.12	$2.18	+2.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.18	—	—	$17.2B	—
FY24	—	$4.58	—	—	$15.9B	—
FY23	—	$5.86	—	—	$15.3B	—
FY22	—	$9.15	—	—	$19.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.3B	$6.5B	$8.9B	$6.2B	$4.8B	$12.2B	$19.2B	$15.3B	$15.9B	$17.2B
YoY change	-21.6%	-36.9%	+36.8%	-30.1%	-22.4%	+152.8%	+57%	-20.4%	+4.47%	+7.83%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.3B	6.5B	8.9B	6.2B	4.8B	12.2B	19.2B	15.3B	15.9B	17.2B
Cost of revenue	9.4B	5.4B	6.7B	5.5B	4.4B	8.5B	10.8B	9.9B	11.2B	12.8B
Gross profit	872M	1.1B	2.2B	714M	392M	3.7B	8.4B	5.4B	4.7B	4.4B
Gross margin	8.46%	17.6%	24.7%	11.5%	8.12%	30.1%	43.7%	35.2%	29.5%	25.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	865M	645M	574M	475M	338M	391M	395M	408M	500M	492M
Operating expenses	1.2B	991M	702M	554M	525M	433M	449M	457M	567M	535M
Operating income	-283M	152M	1.5B	160M	-133M	3.2B	7.9B	4.9B	4.1B	3.9B
Operating margin	-2.75%	2.34%	16.8%	2.57%	-2.75%	26.6%	41.3%	32.2%	26%	22.4%
Non-operating income, net	-396M	209M	-280M	-19M	-2.7B	11M	164M	21M	-68M	65M
Pretax income	-1.3B	40M	944M	-109M	-3.1B	2.9B	7.8B	4.6B	3.7B	3.5B
Income tax	141M	7M	230M	-30M	-547M	65M	1.7B	841M	770M	785M
Net income	-1.5B	1.1B	3.2B	-353M	-2.7B	2.8B	6B	3.8B	2.9B	2.7B
Net margin	-14.1%	16.6%	36.2%	-5.68%	-55.3%	23.2%	31.5%	24.8%	18.5%	15.6%
EBITDA	1.3B	1.2B	2.7B	1.7B	1.2B	5.5B	10.3B	7.5B	7.4B	7.5B
EPS	-6.52	1.71	6.14	-0.89	-7.12	4.2	9.15	5.86	4.58	4.18
Diluted EPS	-6.52	1.7	6.1	-0.89	-7.12	4.19	9.12	5.84	4.56	4.17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.8B	4.1B	3.6B	3.9B	4B	4.4B	4.5B	4.3B	4.3B	4.1B	3.8B	7.4B
Cost of revenue	2.6B	2.5B	2.6B	2.7B	2.7B	3.3B	3.3B	3.2B	3.2B	3.1B	3.3B	4.7B
Gross profit	1.3B	1.6B	990M	1.3B	1.3B	1.1B	1.2B	1.1B	1.1B	981M	462M	2.7B
Gross margin	33.1%	39.6%	27.5%	32%	32.8%	26.1%	26.8%	26%	25.5%	23.8%	12.1%	36.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	99M	111M	114M	114M	117M	155M	130M	113M	114M	135M	125M	175M
Operating expenses	102M	123M	123M	117M	121M	206M	140M	133M	122M	140M	150M	191M
Operating income	1.2B	1.5B	867M	1.1B	1.2B	943M	1.1B	981M	982M	841M	312M	2.5B
Operating margin	30.4%	36.7%	24.1%	29%	29.7%	21.4%	23.6%	22.9%	22.7%	20.4%	8.2%	34.3%
Non-operating income, net	-13M	-13M	-23M	-20M	-45M	20M	-283M	296M	39M	13M	-37M	-34M
Pretax income	1.1B	1.4B	768M	1B	1.1B	840M	646M	1.2B	912M	747M	166M	2.4B
Income tax	152M	269M	159M	185M	239M	187M	137M	244M	219M	185M	46M	473M
Net income	920M	1.2B	609M	855M	825M	653M	509M	917M	693M	562M	120M	1.9B
Net margin	24%	28%	16.9%	21.8%	20.5%	14.8%	11.4%	21.4%	16%	13.6%	3.15%	25.8%
EBITDA	1.8B	2.2B	1.6B	1.9B	2B	1.9B	1.9B	1.9B	1.9B	1.8B	1.2B	4.2B
EPS	1.43	—	0.95	1.35	1.31	0.98	0.77	1.42	1.09	0.91	0.19	2.04
Diluted EPS	1.42	—	0.94	1.34	1.3	0.98	0.77	1.41	1.09	0.9	0.19	2.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	21.7B	11.2B	—	6B	—	40.4B	28.9B	20.7B	23.2B	51.4B
Enterprise value	—	26B	13.3B	—	8.5B	—	45.7B	34.5B	29B	30.3B	62.7B
Shares outstanding	513M	525M	499M	407M	377M	663M	657.3M	639M	632M	632M	632M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	20.2	3.49	—	—	—	6.7	7.65	7.03	8.63	10.3
P/S	—	3.34	1.26	—	1.23	—	2.11	1.9	1.3	1.35	2.76
P/B	—	1.54	1.22	—	1.97	—	3.58	2.37	1.41	1.49	1.3
EV/EBITDA	—	22.3	4.84	—	7.23	—	4.43	4.59	3.93	4.06	7.03
EV/Sales	—	3.99	1.49	—	1.75	—	2.38	2.26	1.82	1.76	3.34
Earnings yield	—	4.96%	28.7%	—	—	—	14.9%	13.1%	14.2%	11.6%	9.75%
FCF yield	—	5.76%	4.74%	—	3.24%	—	8.42%	8.97%	-4.12%	12.1%	1.52%
PEG	—	—	—	—	—	—	—	—	—	—	0.23

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	8.46%	17.6%	24.7%	11.5%	8.12%	30.1%	43.7%	35.2%	29.5%	25.5%	36.9%
Operating margin	-2.75%	2.34%	16.8%	2.57%	-2.75%	26.6%	41.3%	32.2%	26%	22.4%	41.1%
Net margin	-14.1%	16.6%	36.2%	-5.68%	-55.3%	23.2%	31.5%	24.8%	18.5%	15.6%	17.5%
ROE	-11.5%	7.64%	35.1%	-5.96%	-88.5%	30.1%	53.4%	31%	20%	17.3%	11.5%
ROA	-5.08%	3.56%	16.5%	-2.57%	-26.9%	13.5%	25.5%	15.4%	9.65%	8.48%	5.91%
ROIC	-1.35%	0.68%	10.1%	1.78%	-2.41%	22.6%	37.2%	22.6%	14.2%	13.2%	6.96%
Return on tangible assets	-7.06%	3.98%	17.9%	-2.89%	-31.8%	14.5%	27.2%	16.5%	10.2%	8.91%	4.74%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.44	1.45	1.99	2	2.26	1.38	1.25	1.07	1.04	0.98	0.72
Quick ratio	1.44	1.45	1.99	2	2.26	1.34	1.19	0.99	0.95	0.9	0.67
Debt / equity	0.8	0.49	0.48	0.77	1.51	0.72	0.59	0.53	0.63	0.55	0.28
Debt / assets	0.35	0.23	0.23	0.33	0.46	0.32	0.28	0.26	0.3	0.27	0.17
Net debt / EBITDA	6.3	3.62	0.74	1.83	2.13	0.85	0.51	0.74	1.13	0.96	1.19
Interest coverage	-1.11	1.12	4.29	0.58	-10.9	8.47	22	13.5	10.3	7.97	9.32
Effective tax rate	0%	17.5%	24.4%	0%	0%	2.24%	22.4%	18.2%	20.7%	22.6%	21.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.1	12.4	17.8	15.3	12.8	18.4	29.2	23.9	25.2	27.2	26.8
EPS (basic)	-6.52	1.71	6.14	-0.89	-7.12	4.2	9.15	5.86	4.58	4.18	4.18
EPS (diluted)	-6.52	1.7	6.1	-0.89	-7.12	4.19	9.12	5.84	4.56	4.17	4.6
Book value per share	24.8	26.9	18.4	14.5	8.01	14.2	17.2	19.1	23.3	24.6	36.3
FCF per share	-1.43	2.38	1.07	0.32	0.51	4.36	5.18	4.06	-1.35	4.43	1.57
Cash per share	3.82	5.03	4.84	3.6	5.43	3.17	2.21	1.37	1.34	2.27	0.86
Capex per share	4.23	0.73	0.89	0.88	0.07	0.09	3.87	0.06	5.99	5.68	4.11

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	21.1%	5.86%	5%	5.77%	0.54%	0.5%	13.3%	0.25%	23.7%	20.9%	19.6%
Capex / operating cash flow	145.5%	32.6%	27.7%	21.7%	-2.16%	2.03%	32.8%	0.54%	57%	53.5%	45.1%
Payout ratio	-15.2%	11.8%	4.62%	-39.7%	-9.62%	46.4%	56%	49.1%	31.8%	23.1%	22.6%
Dividend yield	—	0.58%	1.32%	—	4.31%	—	8.36%	6.42%	4.53%	2.67%	2.74%

Yield

2.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Sep 15, 2026

Payout ratio

23%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.32
Jun 15, 2026	$0.32
Mar 13, 2026	$0.24

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.8B	$4.1B	$3.6B	$3.9B	$4B	$4.4B	$4.5B	$4.3B	$4.3B	$4.1B	$3.8B	$7.4B
YoY change	-29.4%	-3.58%	-5.94%	+13.4%	+4.9%	+6.22%	+23.8%	+9.37%	+7.63%	-6.4%	-14.5%	+73.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2B	2.6B	2.4B	1.5B	2B	2.1B	1.5B	875M	846M	1.4B
Receivables	1.4B	989M	812M	832M	601M	1.5B	1.8B	1.6B	2B	1.8B
Inventory	—	—	—	—	—	114M	201M	249M	294M	336M
Total current assets	3.8B	4.8B	4.4B	3.9B	3.3B	4.2B	3.9B	3.2B	3.4B	4B
Property, plant & equipment	-27.7B	-35.2B	-35.2B	-19.4B	-22.4B	-23.9B	-26B	-28.3B	-31.1B	-34.8B
Goodwill & intangibles	8B	3.2B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total assets	28.7B	30.2B	19.6B	13.7B	9.9B	21B	23.7B	24.5B	30.5B	31.6B
Accounts payable	642M	633M	530M	428M	242M	500M	859M	760M	806M	790M
Short-term debt	—	115M	162M	—	—	—	251M	483M	485M	998M
Total current liabilities	2.6B	3.3B	2.2B	1.9B	1.4B	3.1B	3.1B	2.9B	3.3B	4.1B
Long-term debt	10.2B	6.7B	4.3B	4.5B	4.5B	6.7B	6.4B	6B	8.7B	7.6B
Total liabilities	16B	16.1B	10.4B	7.8B	6.9B	11.6B	12.4B	12.3B	15.8B	16.1B
Shareholders' equity	12.7B	14.1B	9.2B	5.9B	3B	9.4B	11.3B	12.2B	14.7B	15.5B
Total debt	10.2B	6.9B	4.5B	4.5B	4.5B	6.7B	6.7B	6.5B	9.2B	8.6B
Net debt	8.2B	4.2B	2B	3.1B	2.5B	4.6B	5.2B	5.6B	8.4B	7.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	761M	875M	1.1B	1.2B	676M	846M	1.2B	1.8B	1.3B	1.4B	1.8B	1B
Receivables	1.9B	1.6B	1.7B	1.6B	1.8B	2B	2B	1.9B	1.8B	1.8B	2.3B	3.2B
Inventory	233M	249M	234M	258M	293M	294M	332M	327M	361M	336M	319M	356M
Total current assets	3.2B	3.2B	3.4B	3.4B	3.2B	3.4B	3.9B	4.3B	3.9B	4B	4.8B	5B
Property, plant & equipment	-27.8B	-28.3B	-29B	-29.7B	-30.2B	-31.1B	-32.4B	-33.2B	-34B	-34.8B	-35.6B	-36.3B
Goodwill & intangibles	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total assets	24.2B	24.5B	25B	25.2B	30.3B	30.5B	30.9B	31.4B	31.2B	31.6B	32.5B	70.9B
Accounts payable	812M	760M	879M	754M	995M	806M	923M	885M	934M	790M	975M	1.6B
Short-term debt	487M	483M	479M	475M	—	485M	485M	485M	998M	998M	999M	1.5B
Total current liabilities	3.3B	2.9B	3.3B	3B	2.9B	3.3B	3.6B	3.5B	4B	4.1B	4.7B	7B
Long-term debt	6B	6B	6B	6B	9.2B	8.7B	8.5B	8.5B	7.6B	7.6B	7.6B	10.2B
Total liabilities	12.5B	12.3B	12.6B	12.4B	15.8B	15.8B	16.2B	16.1B	15.9B	16.1B	17.1B	29.1B
Shareholders' equity	11.8B	12.2B	12.3B	12.7B	14.5B	14.7B	14.8B	15.3B	15.3B	15.5B	15.4B	41.7B
Total debt	6.5B	6.5B	6.4B	6.5B	9.2B	9.2B	9B	9B	8.5B	8.6B	8.6B	11.7B
Net debt	5.7B	5.6B	5.3B	5.3B	8.5B	8.4B	7.7B	7.2B	7.3B	7.2B	6.8B	10.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.5B	1.1B	3.2B	-353M	-2.7B	2.8B	6B	3.8B	2.9B	2.7B
Depreciation & amortization	1.6B	1B	1.2B	1.5B	1.3B	2.2B	2.2B	2.6B	3.3B	3.6B
Stock-based compensation	203M	126M	137M	115M	88M	99M	88M	93M	99M	99M
Change in working capital	85M	-132M	-307M	-50M	-76M	-655M	-378M	191M	-185M	126M
Operating cash flow	1.5B	1.2B	1.6B	1.7B	-1.2B	3B	7.8B	7B	6.6B	6.7B
Capital expenditure	2.2B	381M	445M	359M	26M	61M	-2.5B	-38M	-3.8B	-3.6B
Investing cash flow	2.2B	559M	445M	359M	26M	380M	-2.6B	-91M	-3.8B	-3.7B
Dividends paid	-221M	-127M	-149M	-140M	-257M	-1.3B	-3.4B	-1.9B	-937M	-619M
Share repurchases	0	0	-3B	-1.8B	-38M	-589M	-718M	-979M	-1.1B	-1.1B
Financing cash flow	-651M	2.7B	-4.4B	-2.1B	-306M	-3.3B	-4.2B	-3.2B	706M	-2.7B
Net change in cash	3B	4.4B	-2.3B	-51M	-1.5B	98M	919M	3.7B	3.6B	327M
Free cash flow	-733M	1.3B	533M	130M	193M	2.9B	3.4B	2.6B	-853M	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	920M	1.2B	609M	855M	825M	653M	509M	917M	693M	562M	120M	1.9B
Depreciation & amortization	651M	650M	722M	768M	794M	971M	912M	914M	879M	890M	904M	1.4B
Stock-based compensation	22M	23M	24M	27M	24M	24M	30M	23M	24M	22M	22M	71M
Change in working capital	-255M	344M	27M	-201M	80M	-49M	-131M	134M	-155M	116M	-678M	537M
Operating cash flow	1.3B	2.3B	1.4B	1.5B	1.9B	1.9B	1.3B	1.5B	1.7B	1.5B	1.7B	3.7B
Capital expenditure	-22M	-7M	9M	-81M	-3.6B	-110M	125M	-956M	-870M	-832M	-839M	-1.3B
Investing cash flow	-22M	-8M	-38M	-82M	-3.5B	-150M	123M	-964M	-872M	-882M	-841M	-747M
Dividends paid	-312M	-488M	-299M	-223M	-272M	-143M	-163M	-156M	-151M	-149M	-155M	-366M
Share repurchases	0	-234M	-205M	-256M	-295M	-301M	-301M	-249M	-250M	-250M	-69M	-197M
Financing cash flow	-553M	-716M	-541M	-495M	2.2B	-450M	-752M	-424M	-1.1B	-407M	-254M	-1.1B
Net change in cash	772M	1.6B	870M	965M	599M	1.3B	706M	157M	-329M	245M	560M	1.8B
Free cash flow	820M	817M	836M	505M	-2.8B	622M	1B	573M	623M	601M	626M	-373M

Devon Energy Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history