Devon Energy Corporation (DVN) financials

NYSE · Energy · Oil & Gas Exploration & Production · 2,200 employees · CEO Clay Gaspar

Price: $52.15 +1.93%
Market cap: $57.4B
Enterprise value: $68.1B
Last report: Q2 '26 filed 2026-08-05
Next report: 2026-11-05 EPS est. $1.31

Revenue (TTM)$19.7B+14.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)23.9%-0.5 pp vs a year agoOperating income $4.69B

Net income (TTM)$3.28B+15.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.67B+376.7% vs a year agoCapex $6.88B

Diluted EPS (TTM)$4.21-5.8% vs a year agoSum of the last 4 quarters

Net cash-$10.7B-48.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $57.4B
Revenue: $19.7B
Revenue growth: +52%
Profit margin: 16.7%
P/E: 12.3×
P/S: 2.9×
EV / EBITDA: 7.7×
Free cash flow: $1.67B
Net income: $3.28B
Revenue estimate: $26.1B
Earnings: 2026-11-05
Dividend: $1.04

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-04): revenue beat by 23.4%, EPS beat by 12.1%Revenue $7.42B vs $6.01B expected (+23.4%); EPS $1.57 vs $1.40 (+12.1%).
Revenue growth accelerating: 73.1% year on yearQ2 '26 revenue $7.42B, against an average of -1.0% over the four quarters before.
Operating margin 23.9% (TTM), -0.5 pp on a year agoOperating income grew 12.4% while revenue grew 14.6%.
11.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.21B vs operating income $4.69B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 35.0% of revenue (a year ago 43.2%)$6.88B invested in the last 4 quarters (-7.3% on a year earlier). Free cash flow $1.67B = 51.0% of net income.
Returned $1.59B to shareholders = 94.8% of free cash flowBuybacks $766M (a year earlier $1.15B), dividends $821M, stock-based pay $139M (TTM).
Diluted share count up 47.8% in a year940M diluted shares in Q2 '26, 636M a year earlier.
Net debt $10.7BCash + short-term investments $1.01B, debt incl. leases $11.7B; a year ago net debt $7.23B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$7.42B	$4.28B	+73.1%
Gross margin	56.0%	26.0%	+29.9 pp
Operating income	$2.56B	$981M	+160.9%
Operating margin	34.5%	22.9%	+11.6 pp
Net income	$1.91B	$899M	+112.6%
Diluted EPS	$2.03	$1.41	+44.0%
Operating cash flow	$3.67B	$1.55B	+137.8%
Capex	$4.05B	$956M	+323.3%
Free cash flow	-$373M	$589M	-163.3%
R&D	$0	$0	–
Stock-based compensation	$71M	$23M	+208.7%

Reported vs consensus

2026-08-04

	Actual	Consensus	vs consensus
Revenue	$7.42B	$6.01B	+23.4%
EPS (as estimated)	$1.57	$1.40	+12.1%

From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
N G L Product Sales	$5.11B	+88.4%	100.0%	$13.5B	-6.3%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
U [S]	$0	-100.0%	0.0%	$6.58B	-55.8%
C [A]	$224M	-42.9%	100.0%	$1.03B	-50.3%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $8.55B
Capex: -$6.88B
Buybacks: -$766M
Dividends: -$821M
Acquisitions: $581M
Net debt issued: -$996M
Stock-based compensation: $139M
Free cash flow: $1.67B
Returned to shareholders / FCF: 94.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	12.3×	8.2×	6.7× – 10.5×
EV / EBITDA	7.7×	4.6×	3.9× – 6.2×
EV / Sales	3.5×	2.2×	1.8× – 2.8×
Price / FCF	34.3×	10.3× 4 of 5 years	8.2× – 11.8×
Price / Book	1.2×	2.4×	1.4× – 3.6×
FCF yield	2.9%	7.1%	-4.2% – 12.2%
Return on invested capital	5.6%	17.6%	10.5% – 29.5%
Return on equity	14.9%	30.5%	17.0% – 53.9%

Analysts

Consensus target $62.93 (+20.7%)
range $54.00 – $68.00 · rating Buy

Strong buy1

Buy45

Hold18

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$26.1B	+51.9%	$5.48	+30.6%	9.5×	14
FY2027	$24.7B	-5.5%	$5.21	-5.1%	10.0×	12
FY2028	$23.9B	-3.1%	$5.31	+2.0%	9.8×	9
FY2029	$23.5B	-1.7%	$4.93	-7.3%	10.6×	3
FY2030	$23.7B	+0.9%	$5.32	+8.0%	9.8×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 313 figures Devon Energy Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$5B2026-05-07	–	–	–	–	–
	–	–	–	31.00	36.00	-13.9%
	–	–	–	$4.84K	$2.6K	+86.1%
	–	–	–	$4.52K	$6.19K	-27.1%
	–	–	–	$242	$157	+54.1%
	–	–	–	$6.71K2024-12-31	$814	+724.2%
	–	–	–	$17K2024-12-31	$14.9K	+14.5%
	–	–	–	$292	$163	+79.1%
Accounts Payable, Trade, Current	$1.63B	$885M	+83.7%	$790M	$806M	-2.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.16B	$1.85B	+70.6%	$1.79B	$1.97B	-9.1%
Accounts Receivable, Allowance for Credit Loss, Current	$11M	$7M	+57.1%	$7M	$6M	+16.7%
Accounts Receivable, before Allowance for Credit Loss, Current	$3.17B	$1.86B	+70.6%	$1.8B	$1.98B	-9.0%
Accrued Income Taxes, Current	$414M	–	–	–	–	–
Accrued Liabilities	$150M	$200M	-25.0%	$190M	–	–
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	-$120M	-$120M	0.0%	$122M	$122M	0.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$120M	-$120M	0.0%	-$122M	-$122M	0.0%
Additional Paid in Capital	$30B	$5.86B	+412.4%	$5.39B	$6.39B	-15.6%
Amortization Expense Per Physical Unit of Production	11.35 USD/Boe2025-12-31	11.70 USD/Boe	-3.0%	11.35 USD/Boe	11.70 USD/Boe	-3.0%
Amortization of Debt Discount (Premium)	$7M	$3M	+133.3%	$16M	$8M	+100.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$71M	$23M	+208.7%	$99M	$99M	0.0%
Asset Impairment Charges	–	–	–	$254M	$0	–
Asset Retirement Obligation	$1.22B	$885M	+38.2%	$906M	$807M	+12.3%
Asset Retirement Obligation, Accretion Expense	$17M	$12M	+41.7%	$51M	$39M	+30.8%
Asset Retirement Obligation, Current	$54M	$46M	+17.4%	$43M	$37M	+16.2%
Asset Retirement Obligation, Liabilities Incurred	$15M	$10M	+50.0%	$58M	$30M	+93.3%
Asset Retirement Obligation, Liabilities Settled	$13M	$14M	-7.1%	$65M	$37M	+75.7%
Asset Retirement Obligation, Revision of Estimate	$0	$0	–	$55M	$35M	+57.1%
Asset Retirement Obligations, Noncurrent	$1.17B	$839M	+39.3%	$863M	$770M	+12.1%
Assets	$70.9B	$31.4B	+125.8%	$31.6B	$30.5B	+3.6%
Assets, Current	$5.05B	$4.32B	+16.8%	$4.01B	$3.43B	+16.9%
Business Acquisition, Transaction Costs	$67M	–	–	–	–	–
Business Combination, Contingent Consideration, Liability	–	–	–	$125M2025-03-31	–	–
Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves	–	–	–	$555M	$674M	-17.7%
Capitalized Exploratory Well Cost, Charged to Expense	–	–	–	$1M	$1M	0.0%
Capitalized Exploratory Well Costs	$223M2025-12-31	$293M	-23.9%	$223M	$293M	-23.9%
Cash Acquired from Acquisition	$02025-12-31	$0	–	$0	$147M	-100.0%
Cash and Cash Equivalents, at Carrying Value	$950M	$1.71B	-44.5%	$1.38B	$811M	+70.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.01B	$1.76B	-42.6%	$1.43B	$846M	+69.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$806M	$525M	-253.5%	$588M	-$29M	+2,127.6%
Changes in Estimated Future Development Costs	–	–	–	$582M	$806M	-27.8%
Changes in Future Income Tax Expense Estimates on Future Cash Flows Related to Proved Oil and Gas Reserves	–	–	–	-$163M	$346M	-147.1%
Commercial Paper	$0	–	–	$0	$0	–
Common Stock, Dividends, Per Share, Cash Paid	$0.32	$0.24	+33.3%	$0.672011-12-31	$0.16	+318.8%
Common Stock, Par or Stated Value Per Share	$0.10	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	2B	1B	+100.0%	1B	1B	0.0%
Common Stock, Shares, Issued	1.15B	636M	+80.8%	622M	651M	-4.5%
Common Stock, Value, Issued	$115M	$64M	+79.7%	$62M	$65M	-4.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$0	$18M	-100.0%	$39M	$51M	-23.5%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.91B	$900M	+112.4%	$2.64B	$2.89B	-8.7%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.91B	$918M	+108.3%	$2.68B	$2.94B	-8.9%
Costs Incurred, Acquisition of Oil and Gas Properties with Proved Reserves	–	–	–	$138M	$3.06B	-95.5%
Costs Incurred, Acquisition of Unproved Oil and Gas Properties	–	–	–	$224M	$1.95B	-88.5%
Costs Incurred, Development Costs	–	–	–	$3.06B	$2.86B	+7.0%
Costs Incurred, Exploration Costs	–	–	–	$581M	$690M	-15.8%
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities	–	–	–	$4B	$8.55B	-53.2%
Current Federal Tax Expense (Benefit)	–	–	–	$285M	$427M	-33.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$0	$0	–
Current Income Tax Expense (Benefit)	$378M	$226M	+67.3%	$301M	$459M	-34.4%
Current State and Local Tax Expense (Benefit)	–	–	–	$16M	$32M	-50.0%
Debt Instrument, Unamortized Discount (Premium), Net	-$22M	-$30M	+26.7%	-$23M	-$37M	+37.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02