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DVN logoDevon Energy Corporation(DVN)Earnings, Financials & Key Ratios

DVN•NYSE
$50.99
$31.69B mkt cap·12.1× P/E·Price updated May 6, 2026
SectorEnergyIndustryOil & Gas E&PSub-IndustryU.S. shale oil focused producers
AboutDevon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.Show more
  • Revenue$17.13B+10.0%
  • EBITDA$7.42B+5.1%
  • Net Income$2.64B-8.6%
  • EPS (Diluted)4.20-8.1%
  • Gross Margin24.71%-9.9%
  • EBITDA Margin43.36%-4.5%
  • Operating Margin22.04%-9.0%
  • Net Margin15.43%-16.9%
  • ROE17.48%-18.6%
  • ROIC12.33%-11.0%
  • Debt/Equity0.57-9.6%
  • Interest Coverage7.39-28.4%
Analysis→Technical→

DVN Key Insights

Devon Energy Corporation (DVN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 23.6%
  • ✓FCF machine: 18.2% free cash flow margin
  • ✓Momentum leader: RS Rating 85 (top 15%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 31.5%
  • ✓Healthy 5Y average net margin of 21.9%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DVN Price & Volume

Devon Energy Corporation (DVN) stock price & volume — 10-year historical chart

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DVN Growth Metrics

Devon Energy Corporation (DVN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years8.18%
5 Years31.53%
3 Years-4.76%
TTM6.7%

Profit CAGR

10 Years-
5 Years-
3 Years-23.99%
TTM-8.61%

EPS CAGR

10 Years-
5 Years-
3 Years-22.78%
TTM-8.75%

Return on Capital

10 Years13.89%
5 Years26.6%
3 Years17.34%
Last Year13.8%

DVN Recent Earnings

Devon Energy Corporation (DVN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 8/12 qtrs (67%)
Q1 2026Latest
Feb 17, 2026
EPS
$0.82
Est $0.81
+1.6%
Revenue
$4.1B
Est $4.0B
+2.9%
Q4 2025
Nov 5, 2025
EPS
$1.04
Est $0.93
+11.8%
Revenue
$4.3B
Est $4.1B
+2.8%
Q3 2025
Aug 5, 2025
EPS
$0.84
Est $0.86
-2.8%
Revenue
$4.0B
Est $4.0B
+0.3%
Q2 2025
May 6, 2025
EPS
$1.21
Est $1.24
-2.4%
Revenue
$4.5B
Est $4.4B
+0.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 17, 2026
$0.82vs $0.81+1.6%
$4.1Bvs $4.0B+2.9%
Q4 2025Nov 5, 2025
$1.04vs $0.93+11.8%
$4.3Bvs $4.1B+2.8%
Q3 2025Aug 5, 2025
$0.84vs $0.86-2.8%
$4.0Bvs $4.0B+0.3%
Q2 2025May 6, 2025
$1.21vs $1.24-2.4%
$4.5Bvs $4.4B+0.5%
Based on last 12 quarters of dataView full earnings history →

DVN Peer Comparison

Devon Energy Corporation (DVN) competitors in U.S. shale oil focused producers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
COP logoCOPConocoPhillipsDirect Competitor150.31B123.3219.427.51%12.56%11.29%11.16%0.36
EOG logoEOGEOG Resources, Inc.Direct Competitor75.44B140.8215.46-3.47%23.41%18.28%5.21%0.28
APA logoAPAAPA CorporationDirect Competitor14.72B41.4910.40-8.39%16.08%11.92%12.09%0.36
FANG logoFANGDiamondback Energy, Inc.Direct Competitor58B206.1935.9836.31%2.65%0.93%9.03%0.34
OVV logoOVVOvintiv Inc.Direct Competitor15.98B63.0813.20-4.55%14.13%11.09%9.42%0.67
XOM logoXOMExxon Mobil CorporationProduct Competitor656.38B154.8823.12-4.52%8.91%10.74%3.6%0.16
CVX logoCVXChevron CorporationProduct Competitor384.42B192.6629.06-4.64%6.67%7.18%4.32%0.24
OXY logoOXYOccidental Petroleum CorporationProduct Competitor58.85B59.3436.86-20.32%19.57%16.57%6.98%0.65

Compare DVN vs Peers

Devon Energy Corporation (DVN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs COP

Most directly comparable listed peer for DVN.

Scale Benchmark

vs XOM

Larger-name benchmark to compare DVN against a more recognizable public peer.

Peer Set

Compare Top 5

vs COP, EOG, APA, FANG

DVN Income Statement

Devon Energy Corporation (DVN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue8.82B8.44B6.67B4.35B13.75B19.83B15.14B15.57B17.13B
Revenue Growth %-16.12%-4.34%-20.91%-34.81%216.02%44.2%-23.64%2.82%10.01%
Cost of Goods Sold7.41B6.83B5.56B4.6B8.54B10.85B9.94B11.3B12.89B
COGS % of Revenue84.03%80.93%83.37%105.79%62.12%54.74%65.65%72.57%75.29%
Gross Profit
1.41B▲ 0%
1.61B▲ 14.2%
1.11B▼ 31.0%
-252M▼ 122.7%
5.21B▲ 2167.1%
8.97B▲ 72.3%
5.2B▼ 42.0%
4.27B▼ 17.9%
4.23B▼ 0.9%
Gross Margin %15.97%19.07%16.63%-5.79%37.88%45.26%34.35%27.43%24.71%
Gross Profit Growth %61.4%14.19%-31.01%-122.7%2167.06%72.26%-42.05%-17.88%-0.91%
Operating Expenses737M574M475M338M391M395M408M500M456M
OpEx % of Revenue8.35%6.8%7.12%7.77%2.84%1.99%2.69%3.21%2.66%
Selling, General & Admin737M574M475M338M391M395M408M500M6.05B
SG&A % of Revenue8.35%6.8%7.12%7.77%2.84%1.99%2.69%3.21%35.36%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses00000000-5.6B
Operating Income
672M▲ 0%
1.03B▲ 54.0%
635M▼ 38.6%
-590M▼ 192.9%
4.82B▲ 916.6%
8.58B▲ 78.0%
4.79B▼ 44.1%
3.77B▼ 21.3%
3.77B▲ 0.1%
Operating Margin %7.62%12.26%9.51%-13.56%35.04%43.26%31.65%24.22%22.04%
Operating Income Growth %8300%54.02%-38.65%-192.91%916.61%78.04%-44.14%-21.33%0.13%
EBITDA2.48B2.36B2.15B862M6.98B10.84B7.38B7.06B7.42B
EBITDA Margin %28.11%27.94%32.21%19.81%50.76%54.66%48.71%45.38%43.36%
EBITDA Growth %8.2%-4.92%-8.82%-59.91%709.74%55.27%-31.95%-4.22%5.11%
D&A (Non-Cash Add-back)1.81B1.32B1.51B1.45B2.16B2.26B2.58B3.29B3.65B
EBIT1.09B1.21B141M-2.81B3.26B8.12B4.99B4.14B3.77B
Net Interest Income-337M-268M-250M-270M-359M-309M-308M-363M-455M
Interest Income00012M2M38M55M38M56M
Interest Expense337M594M250M282M361M347M363M401M511M
Other Income/Expense101M-91M-744M-2.5B-1.92B-803M-169M-58M-309M
Pretax Income
896M▲ 0%
920M▲ 2.7%
-109M▼ 111.8%
-3.09B▼ 2734.9%
2.9B▲ 193.8%
7.78B▲ 168.3%
4.62B▼ 40.5%
3.71B▼ 19.7%
3.47B▼ 6.6%
Pretax Margin %10.16%10.9%-1.63%-71.02%21.08%39.21%30.54%23.85%20.24%
Income Tax-182M156M-30M-547M65M1.74B841M770M785M
Effective Tax Rate %-20.31%16.96%27.52%17.7%2.24%22.35%18.19%20.74%22.65%
Net Income
898M▲ 0%
3.06B▲ 241.2%
-357M▼ 111.7%
-2.68B▼ 651.8%
2.78B▲ 203.7%
6.01B▲ 116.1%
3.75B▼ 37.7%
2.89B▼ 22.8%
2.64B▼ 8.6%
Net Margin %10.18%36.31%-5.35%-61.69%20.24%30.34%24.75%18.57%15.43%
Net Income Growth %127.2%241.2%-111.65%-651.82%203.69%116.13%-37.71%-22.84%-8.61%
Net Income (Continuing)33M714M-79M-2.54B2.83B6.04B3.78B2.94B2.68B
Discontinued Operations1.04B2.51B-276M-128M00000
Minority Interest4.85B0118M134M137M129M156M208M0
EPS (Diluted)
1.70▲ 0%
6.10▲ 258.8%
-0.20▼ 103.3%
-7.12▼ 3460.0%
4.18▲ 158.7%
9.12▲ 118.2%
5.84▼ 36.0%
4.57▼ 21.7%
4.20▼ 8.1%
EPS Growth %126.4%258.82%-103.28%-3460%158.71%118.18%-35.96%-21.75%-8.1%
EPS (Basic)1.716.14-0.20-7.124.209.155.864.574.21
Diluted Shares Outstanding528M502M401M377M665M653M642M623M629M
Basic Shares Outstanding525M499M401M377M663M651M639M623M628M
Dividend Payout Ratio14.14%4.86%--47.25%56.18%49.59%32.41%23.43%

DVN Balance Sheet

Devon Energy Corporation (DVN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets4.79B4.44B3.85B3.26B4.25B3.89B3.16B3.43B4.01B
Cash & Short-Term Investments2.64B2.41B1.46B2.05B2.1B1.45B875M846M1.43B
Cash Only2.64B2.41B1.46B2.05B2.1B1.45B875M846M1.43B
Short-Term Investments000000000
Accounts Receivable960M802M879M775M1.54B1.77B1.57B1.97B1.79B
Days Sales Outstanding39.7234.6948.0765.0140.9632.5337.9246.2438.19
Inventory0000114M201M249M294M336M
Days Inventory Outstanding----4.876.769.149.59.51
Other Current Assets1.16B1.21B1.51B438M493M469M460M315M444M
Total Non-Current Assets25.45B15.13B9.87B6.65B16.78B19.83B21.33B27.06B27.59B
Property, Plant & Equipment14.58B8.46B8.84B5.62B15.24B18.33B19.59B25.31B24.03B
Fixed Asset Turnover0.60x1.00x0.76x0.77x0.90x1.08x0.77x0.61x0.71x
Goodwill841M753M753M753M753M753M753M753M753M
Intangible Assets1.5B00000000
Long-Term Investments00012M402M440M666M727M727M
Other Non-Current Assets10.03B5.91B277M271M378M307M319M268M2.08B
Total Assets
30.24B▲ 0%
19.57B▼ 35.3%
13.72B▼ 29.9%
9.91B▼ 27.7%
21.02B▲ 112.1%
23.72B▲ 12.8%
24.49B▲ 3.2%
30.49B▲ 24.5%
31.6B▲ 3.6%
Asset Turnover0.29x0.43x0.49x0.44x0.65x0.84x0.62x0.51x0.54x
Asset Growth %16.7%-35.3%-29.89%-27.74%112.12%12.82%3.24%24.5%3.64%
Total Current Liabilities3.31B2.23B1.93B1.44B3.09B3.1B2.95B3.31B4.09B
Accounts Payable1.38B530M428M242M500M859M760M806M2.28B
Days Payables Outstanding6828.3228.0819.1921.3728.8927.9126.0464.56
Short-Term Debt115M162M000251M483M485M998M
Deferred Revenue (Current)000000000
Other Current Liabilities1.58B732M769M536M1.13B489M484M586M807M
Current Ratio1.45x1.99x2.00x2.26x1.38x1.25x1.07x1.04x0.98x
Quick Ratio1.45x1.99x2.00x2.26x1.34x1.19x0.99x0.95x0.90x
Cash Conversion Cycle----24.4610.419.1629.7-16.86
Total Non-Current Liabilities12.82B8.15B5.87B5.45B8.54B9.32B9.32B12.48B11.98B
Long-Term Debt6.75B4.29B4.29B4.3B6.48B6.19B5.67B8.4B7.59B
Capital Lease Obligations00244M246M252M257M295M320M197M
Deferred Tax Liabilities835M877M341M0287M1.46B1.84B2.15B2.63B
Other Non-Current Liabilities6.07B3.86B991M909M1.52B1.41B1.52B1.61B1.57B
Total Liabilities16.14B10.38B7.8B6.89B11.63B12.43B12.27B15.79B16.07B
Total Debt6.86B4.45B4.54B4.54B6.73B6.7B6.45B9.2B8.78B
Net Debt4.22B2.04B3.07B2.5B4.63B5.24B5.58B8.36B7.35B
Debt / Equity0.49x0.48x0.77x1.51x0.72x0.59x0.53x0.63x0.57x
Debt / EBITDA2.77x1.89x2.11x5.27x0.96x0.62x0.87x1.30x1.18x
Net Debt / EBITDA1.70x0.87x1.43x2.90x0.66x0.48x0.76x1.18x0.99x
Interest Coverage3.23x2.04x0.56x-9.96x9.03x23.41x13.74x10.32x7.39x
Total Equity
14.1B▲ 0%
9.19B▼ 34.9%
5.92B▼ 35.6%
3.02B▼ 49.0%
9.4B▲ 211.3%
11.3B▲ 20.2%
12.22B▲ 8.2%
14.7B▲ 20.4%
15.53B▲ 5.6%
Equity Growth %35.94%-34.87%-35.55%-49%211.33%20.18%8.15%20.36%5.6%
Book Value per Share26.7118.3014.768.0114.1317.3019.0323.6024.69
Total Shareholders' Equity9.25B9.19B5.8B2.88B9.26B11.17B12.06B14.5B15.53B
Common Stock53M45M38M38M66M65M64M65M62M
Retained Earnings702M3.65B3.15B208M1.69B4.3B6.2B8.17B10.2B
Treasury Stock0-22M0000-13M00
Accumulated OCI1.17B1.03B-119M-127M-132M-116M-124M-122M-122M
Minority Interest4.85B0118M134M137M129M156M208M0

DVN Cash Flow Statement

Devon Energy Corporation (DVN) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations2.91B2.7B2.07B1.35B4.9B8.53B6.54B6.6B6.71B
Operating CF Margin %32.97%32.04%31.03%31.12%35.63%43.02%43.22%42.4%39.19%
Operating CF Growth %66.61%-7.05%-23.41%-34.62%261.82%74.12%-23.28%0.86%1.68%
Net Income1.08B3.22B-353M-2.67B2.83B6.04B3.75B2.94B2.68B
Depreciation & Amortization2.07B1.66M1.95B3.88B3.56B2.22B2.58B3.25B3.6B
Stock-Based Compensation198M161M115M88M99M88M93M99M99M
Deferred Taxes-294M226M-25M-328M49M1.18B376M311M484M
Other Non-Cash Items-128M-750.66M467M481M-1.52B-771M-111M210M-299M
Working Capital Changes-19M-158M-82M-95M-116M-226M-144M-217M151M
Change in Receivables-284M-69M-3M231M-526M-142M191M-170M183M
Change in Inventory179M057M-236M-539M-152M000
Change in Payables105M103M-54M-38M539M152M0025M
Cash from Investing-2.21B1.05B921M-646M-1.57B-5.12B-3.94B-7.33B-3.39B
Capital Expenditures-2.81B-2.45M-1.94B-1.16B-2.01B-5.13B-3.95B-3.81B-3.59B
CapEx % of Revenue31.8%0.03%29.08%26.68%14.6%25.85%26.07%24.46%20.97%
Acquisitions426M500M506M41M319M39M0147M0
Investments---------
Other Investing-21M557.45M2.36B474M-1.85B058M-3.55B261M
Cash from Financing9M-4.2B-3.64B-306M-3.29B-4.21B-3.18B706M-2.73B
Debt Issued (Net)0-922M-162M0-1.24B0-242M2.75B-767M
Equity Issued (Net)-46M-2.96B-1.88B-38M-589M-718M-979M-1.06B-1.05B
Dividends Paid-127M-149M-140M-257M-1.31B-3.38B-1.86B-937M-619M
Share Repurchases-46M-2.96B-1.85B-38M-589M-718M-979M-1.06B-1.05B
Other Financing182M-176M-1.46B-11M-145M-116M-105M-47M-294M
Net Change in Cash
714M▲ 0%
-238M▼ 133.3%
-602M▼ 152.9%
393M▲ 165.3%
34M▼ 91.3%
-817M▼ 2502.9%
-579M▲ 29.1%
-29M▲ 95.0%
588M▲ 2127.6%
Free Cash Flow
104M▲ 0%
198M▲ 90.4%
130M▼ 34.3%
193M▲ 48.5%
2.89B▲ 1398.4%
3.4B▲ 17.7%
2.6B▼ 23.7%
-853M▼ 132.8%
3.12B▲ 465.7%
FCF Margin %1.18%2.35%1.95%4.44%21.03%17.17%17.15%-5.48%18.21%
FCF Growth %104.67%90.38%-34.34%48.46%1398.45%17.74%-23.73%-132.85%465.65%
FCF per Share0.200.390.320.514.355.214.05-1.374.96
FCF Conversion (FCF/Net Income)3.24x0.88x-5.80x-0.50x1.76x1.42x1.75x2.28x2.54x
Interest Paid481M385M308M259M0370M378M366M0
Taxes Paid78M40M6M171M0438M400M480M0

DVN Key Ratios

Devon Energy Corporation (DVN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-30.91%7.34%26.31%-4.73%-60.05%44.82%58.13%31.87%21.48%17.48%
Return on Invested Capital (ROIC)0.03%2.73%5.25%4.71%-6.1%36.97%42.09%20.94%13.84%12.33%
Gross Margin8.3%15.97%19.07%16.63%-5.79%37.88%45.26%34.35%27.43%24.71%
Net Margin-31.39%10.18%36.31%-5.35%-61.69%20.24%30.34%24.75%18.57%15.43%
Debt / Equity0.98x0.49x0.48x0.77x1.51x0.72x0.59x0.53x0.63x0.57x
Interest Coverage-0.96x3.23x2.04x0.56x-9.96x9.03x23.41x13.74x10.32x7.39x
FCF Conversion-0.53x3.24x0.88x-5.80x-0.50x1.76x1.42x1.75x2.28x2.54x
Revenue Growth34.83%-16.12%-4.34%-20.91%-34.81%216.02%44.2%-23.64%2.82%10.01%

DVN SEC Filings & Documents

Devon Energy Corporation (DVN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

May 5, 2026·SEC

Material company update

Apr 24, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 19, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

DVN Frequently Asked Questions

Devon Energy Corporation (DVN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Devon Energy Corporation (DVN) reported $16.61B in revenue for fiscal year 2025. This represents a 10115% increase from $162.6M in 1996.

Devon Energy Corporation (DVN) grew revenue by 10.0% over the past year. This is steady growth.

Yes, Devon Energy Corporation (DVN) is profitable, generating $2.64B in net income for fiscal year 2025 (15.4% net margin).

Dividend & Returns

Yes, Devon Energy Corporation (DVN) pays a dividend with a yield of 1.93%. This makes it attractive for income-focused investors.

Devon Energy Corporation (DVN) has a return on equity (ROE) of 17.5%. This is reasonable for most industries.

Devon Energy Corporation (DVN) generated $3.05B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More DVN

Devon Energy Corporation (DVN) financial analysis — history, returns, DCA and operating performance tools

Full DVN Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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