Devon Energy's 2026Q2 results reflect a transformative period, with total assets surging 184% to $70.9B and revenue jumping 73.1% year-over-year to $7.4B, largely due to the Coterra merger and aggressive capex.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue and margins are highly volatile, with 2026Q2 revenue surging 73.1% to $7.4B and gross margin expanding to 56.0%, but prior quarters showed compression to 12.1% in 2026Q1, indicating extreme commodity price sensitivity.
Devon Energy's board has shown confidence in the company's ability to generate free cash flow, as reflected in recent capital return actions.
Devon Energy's trailing P/E ratio of 11.95x and forward P/E of 7.93x suggest the stock is undervalued relative to earnings potential.
The company utilizes horizontal drilling and hydraulic fracturing, which enhance efficiency and productivity in oil and gas extraction.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | $1.42+6.8% vs $1.33 | $6.9B+4.4% vs $6.6B |
Q3 2026 Aug 4, 2026 | $1.57+12.1% vs $1.40 | $7.4B+23.4% vs $6.0B |
Q2 2026 May 5, 2026 | $1.04-1.9% vs $1.06 | $3.8B-12.2% vs $4.3B |
Q1 2026 Feb 17, 2026 | $0.82+1.6% vs $0.81 | $4.1B+2.9% vs $4.0B |
Devon Energy NYSE: DVN plans to accelerate share repurchases and concentrate spending in the Permian Basin after completing a post-merger portfolio review, executives said on the company's third-quarter earnings call.
The headline numbers for Devon Energy (DVN) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Devon Energy Corporation ( DVN ) Q3 2026 Earnings Call November 6, 2026 11:00 AM EST Company Participants Daniel Guffey - Senior Vice President of Corporate Finance Clay Gaspar - President, CEO & Director Shannon Young - Executive VP & CFO Blake Sirgo - Executive Vice President of Operations Robert Lowe - Executive Vice President of Exploration & Production Conference Call Participants Douglas George Blyth Leggate - Wolfe Research, LLC Neil Mehta - Goldman Sachs Group, Inc., Research Division Arun Jayaram - JPMorgan Chase & Co, Research Division Devin McDermott - Morgan Stanley, Research Division Wei Jiang - Barclays Bank PLC, Research Division Neal Dingmann - William Blair & Company L.L.C., Research Division Phillip Jungwirth - BMO Capital Markets Equity Research Joshua Silverstein - UBS Investment Bank, Research Division John Freeman - Raymond James & Associates, Inc., Research Division Scott Gruber - Citigroup Inc., Research Division Christopher Baker - Evercore ISI Institutional Equities, Research Division Gabe Daoud - Truist Securities, Inc., Research Division Matthew Portillo - TPH Research Kevin MacCurdy - Pickering Energy Partners Insights Presentation Operator Welcome to Devon Energy's Third Quarter 2026 Conference Call.
DVN's Q3 earnings beat estimates as the Coterra merger drives higher production, but revenues fall short despite strong growth in oil and gas sales.
Benchmark DVN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Devon Energy Corporation (DVN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $42.21 | $29.56B | 10.05 | 7.83% | 15.37% | 17.48% | 2.33% | |
| $136.27 | $166.02B | 21.46 | 7.51% | 14.87% | 14.32% | 2.34% | |
| $147.13 | $78.37B | 16.15 | -3.47% | 25.71% | 22.38% | 2.72% | |
| $44.63 | $15.78B | 11.19 | -8.39% | 18.99% | 22.97% | 2.25% | |
| $178.96 | $50.34B | 31.23 | 36.31% | 11.67% | 4.97% | 2.23% | |
| $60.52 | $16.74B | 12.66 | -4.55% | 12.93% | 11.52% | 1.96% |
Devon Energy Corporation (DVN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Devon Energy Corporation (DVN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 4, 2026·SEC
Jun 30, 2026·SEC
Jun 25, 2026·SEC
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Devon Energy Corporation (DVN) stock FAQ — growth, dividends, profitability & financials explained
Devon Energy Corporation (DVN) reported $19.68B in revenue over the trailing twelve months. Revenue was $17.19B in fiscal year 2025. That is 10471% more than the $162.6M of fiscal year 1996.
Devon Energy Corporation (DVN) grew revenue by 7.8% in fiscal year 2025, compared with the prior fiscal year.
Yes. Devon Energy Corporation (DVN) earned $3.28B in net income over the trailing twelve months (a 16.7% net margin).
Yes. Devon Energy Corporation (DVN) pays a dividend that yields 2.33% at the current price, a moderate yield.
Devon Energy Corporation (DVN) had a return on equity (ROE) of 17.5% in fiscal year 2025. That is above the market's typical 10-15%.
Devon Energy Corporation (DVN) generated $1.67B in free cash flow over the trailing twelve months.
