Revenue growth remains erratic, swinging from a 28.5% increase in 2025Q1 to a 6.3% contraction by 2025Q4, while gross margins have significantly degraded to 20.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 12.24B | 17.13B | 15.57B | 15.14B | 19.83B | 13.75B | 4.35B | 6.67B | 8.44B | 8.82B | 10.52B | 7.8B | 17.55B | 10.59B | 8.81B | 10.57B | 9.13B | 7.63B | 14.01B | 11.36B | 10.54B | 10.62B | 9.19B | 7.35B | 4.32B | 3.08B | 2.78B | 715.5M | 369.7M | 313.1M | 162.6M |
| Revenue Growth % | -25.99% | 10.01% | 2.82% | -23.64% | 44.2% | 216.02% | -34.81% | -20.91% | -4.34% | -16.12% | 34.83% | -55.56% | 65.8% | 20.2% | -16.68% | 15.82% | 19.63% | -45.54% | 23.32% | 7.79% | -0.76% | 15.59% | 24.99% | 70.34% | 40.36% | 10.45% | 289.11% | 93.54% | 18.08% | 92.56% | 43.51% |
| Cost of Goods Sold | 9.57B | 12.89B | 11.3B | 9.94B | 10.85B | 8.54B | 4.6B | 5.56B | 6.83B | 7.41B | 9.64B | 11.65B | 12.47B | 6.72B | 6.24B | 5.91B | 5.07B | 11.3B | 6.75B | 5.99B | 5.34B | 4.85B | 4.91B | 1.08B | 775M | 614M | 494.09M | 168.1M | 113.5M | 65.7M | 31.6M |
| COGS % of Revenue | - | 75.29% | 72.57% | 65.65% | 54.74% | 62.12% | 105.79% | 83.37% | 80.93% | 84.03% | 91.7% | 149.38% | 71.01% | 63.43% | 70.85% | 55.87% | 55.52% | 148.07% | 48.14% | 52.69% | 50.7% | 45.66% | 53.42% | 14.66% | 17.96% | 19.97% | 17.75% | 23.49% | 30.7% | 20.98% | 19.43% |
| Gross Profit | 2.67B | 4.23B | 4.27B | 5.2B | 8.97B | 5.21B | -252M | 1.11B | 1.61B | 1.41B | 873M | -3.85B | 5.09B | 3.87B | 2.57B | 4.67B | 4.06B | -3.67B | 7.27B | 5.38B | 5.2B | 5.77B | 4.28B | 6.27B | 3.54B | 2.46B | 2.29B | 547.4M | 256.2M | 247.4M | 131M |
| Gross Margin % | 21.78% | 24.71% | 27.43% | 34.35% | 45.26% | 37.88% | -5.79% | 16.63% | 19.07% | 15.97% | 8.3% | -49.38% | 28.99% | 36.57% | 29.15% | 44.13% | 44.48% | -48.07% | 51.86% | 47.31% | 49.3% | 54.34% | 46.58% | 85.34% | 82.04% | 80.03% | 82.25% | 76.51% | 69.3% | 79.02% | 80.57% |
| Gross Profit Growth % | - | -0.91% | -17.88% | -42.05% | 72.26% | 2167.06% | -122.7% | -31.01% | 14.19% | 61.4% | 122.66% | -175.69% | 31.43% | 50.78% | -44.96% | 14.9% | 210.71% | -150.47% | 35.2% | 3.43% | -9.96% | 34.86% | -31.78% | 77.18% | 43.88% | 7.47% | 318.34% | 113.66% | 3.56% | 88.85% | 52.33% |
| Operating Expenses | 354.66M | 456M | 500M | 408M | 395M | 391M | 338M | 475M | 574M | 737M | 865M | 1.32B | 1.45B | 1.08B | 1.11B | 1.01B | 943M | 962M | 1.12B | 853M | 738M | 626M | 532M | 3.48B | 2.35B | 1.14B | 930.92M | 346M | 161.3M | 116.1M | 63.2M |
| OpEx % of Revenue | - | 2.66% | 3.21% | 2.69% | 1.99% | 2.84% | 7.77% | 7.12% | 6.8% | 8.35% | 8.22% | 16.93% | 8.28% | 10.18% | 12.56% | 9.54% | 10.33% | 12.61% | 8% | 7.51% | 7% | 5.89% | 5.79% | 47.31% | 54.43% | 37.01% | 33.44% | 48.36% | 43.63% | 37.08% | 38.87% |
| Selling, General & Admin | 271.21M | 6.05B | 500M | 408M | 395M | 391M | 338M | 475M | 574M | 737M | 865M | 855M | 825M | 617M | 692M | 585M | 563M | 648M | 645M | 513M | 397M | 291M | 277M | 1.48B | 1.03B | 111M | 93.01M | 53.8M | 23.6M | 12.9M | 9.1M |
| SG&A % of Revenue | - | 35.36% | 3.21% | 2.69% | 1.99% | 2.84% | 7.77% | 7.12% | 6.8% | 8.35% | 8.22% | 10.96% | 4.7% | 5.83% | 7.86% | 5.53% | 6.17% | 8.49% | 4.6% | 4.52% | 3.77% | 2.74% | 3.01% | 20.14% | 23.8% | 3.61% | 3.34% | 7.52% | 6.38% | 4.12% | 5.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -5.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 466M | 628M | 461M | 414M | 424M | 380M | 314M | 476M | 340M | 341M | 335M | 255M | 2B | 1.32B | 1.03B | 837.92M | 292.2M | 137.7M | 103.2M | 54.1M |
| Operating Income | 2.31B | 3.77B | 3.77B | 4.79B | 8.58B | 4.82B | -590M | 635M | 1.03B | 672M | 8M | -5.17B | 3.64B | 2.79B | 1.46B | 3.66B | 3.12B | -4.63B | 6.15B | 4.52B | 4.46B | 5.15B | 3.75B | 2.79B | 365M | 304M | 1.3B | 201.4M | 81.8M | 131.3M | 67.8M |
| Operating Margin % | 18.9% | 22.04% | 24.22% | 31.65% | 43.26% | 35.04% | -13.56% | 9.51% | 12.26% | 7.62% | 0.08% | -66.31% | 20.71% | 26.39% | 16.6% | 34.59% | 34.15% | -60.67% | 43.86% | 39.8% | 42.3% | 48.45% | 40.79% | 37.94% | 8.46% | 9.89% | 46.56% | 28.15% | 22.13% | 41.94% | 41.7% |
| Operating Income Growth % | - | 0.13% | -21.33% | -44.14% | 78.04% | 916.61% | -192.91% | -38.65% | 54.02% | 8300% | 100.15% | -242.27% | 30.14% | 91.11% | -60.02% | 17.29% | 167.34% | -175.33% | 35.91% | 1.41% | -13.35% | 37.3% | 34.39% | 664.11% | 20.07% | -76.55% | 543.65% | 146.21% | -37.7% | 93.66% | 107.34% |
| EBITDA | 5B | 7.42B | 7.06B | 7.38B | 10.84B | 6.98B | 862M | 2.15B | 2.36B | 2.48B | 2.29B | -2.04B | 6.96B | 5.69B | 4.38B | 6B | 5.14B | 3.98B | 9.43B | 7.45B | 7.07B | 7.33B | 6.04B | 4.58B | 1.58B | 1.24B | 2.03B | 470.5M | 205.6M | 216.6M | 111.2M |
| EBITDA Margin % | 40.83% | 43.36% | 45.38% | 48.71% | 54.66% | 50.76% | 19.81% | 32.21% | 27.94% | 28.11% | 21.79% | -26.2% | 39.62% | 53.73% | 49.76% | 56.72% | 56.3% | 52.12% | 67.29% | 65.6% | 67.08% | 69.01% | 65.71% | 62.32% | 36.52% | 40.33% | 72.95% | 65.76% | 55.61% | 69.18% | 68.39% |
| EBITDA Growth % | -33.85% | 5.11% | -4.22% | -31.95% | 55.27% | 709.74% | -59.91% | -8.82% | -4.92% | 8.2% | 212.13% | -129.39% | 22.25% | 29.8% | -26.91% | 16.67% | 29.24% | -57.82% | 26.5% | 5.42% | -3.53% | 21.4% | 31.78% | 190.74% | 27.1% | -38.95% | 331.66% | 128.84% | -5.08% | 94.78% | 57.06% |
| D&A (Non-Cash Add-back) | 2.68B | 3.65B | 3.29B | 2.58B | 2.26B | 2.16B | 1.45B | 1.51B | 1.32B | 1.81B | 2.28B | 3.13B | 3.32B | 2.9B | 2.92B | 2.34B | 2.02B | 8.61B | 3.28B | 2.93B | 2.61B | 2.18B | 2.29B | 1.79B | 1.21B | 936M | 734.67M | 269.1M | 123.8M | 85.3M | 43.4M |
| EBIT | 2.98B | 3.77B | 4.14B | 4.99B | 8.12B | 3.26B | -2.81B | 141M | 1.21B | 1.09B | -410M | -20.75B | 4.55B | 586M | 89M | 4.64B | 3.91B | -4.18B | -3.83B | 4.65B | 4.43B | 5.04B | 3.77B | 2.8B | 1.19B | 1.17B | 1.22B | 398M | 143M | 138.5M | 101.7M |
| Net Interest Income | -328M | -455M | -363M | -308M | -309M | -359M | -270M | -250M | -268M | -337M | -427M | -519M | -478M | -417M | -370M | -331M | -331M | -235M | -275M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 46M | 56M | 38M | 55M | 38M | 2M | 12M | 0 | 0 | 0 | 0 | 6M | 10M | 20M | 36M | 21M | 14M | 8M | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 374M | 511M | 401M | 363M | 347M | 361M | 282M | 250M | 594M | 337M | 427M | 517M | 488M | 437M | 406M | 352M | 363M | 349M | 329M | 430M | 421M | 533M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 507M | -309M | -58M | -169M | -803M | -1.92B | -2.5B | -744M | -91M | 101M | -1.32B | -16.09B | 423M | -2.65B | -1.78B | 633M | 450M | 104M | -10.31B | -298M | -447M | -641M | -455M | -544M | -499M | -276M | -258.31M | -400.4M | -443.8M | -612.3M | 50.9M |
| Pretax Income | 2.82B | 3.47B | 3.71B | 4.62B | 7.78B | 2.9B | -3.09B | -109M | 920M | 896M | -3.88B | -21.27B | 4.06B | 149M | -317M | 4.29B | 3.57B | -4.53B | -4.03B | 4.22B | 4.01B | 4.55B | 3.29B | 2.25B | -134M | 84M | 1.14B | 159.8M | -75.8M | 121.3M | 59.3M |
| Pretax Margin % | 23.04% | 20.24% | 23.85% | 30.54% | 39.21% | 21.08% | -71.02% | -1.63% | 10.9% | 10.16% | -36.86% | -272.63% | 23.12% | 1.41% | -3.6% | 40.58% | 39.08% | -59.31% | -28.78% | 37.18% | 38.06% | 42.85% | 35.84% | 30.54% | -3.1% | 2.73% | 41.02% | 22.33% | -20.5% | 38.74% | 36.47% |
| Income Tax | 648.05M | 785M | 770M | 841M | 1.74B | 65M | -547M | -30M | 156M | -182M | -173M | -6.07B | 2.37B | 169M | -132M | 2.16B | 1.24B | -1.77B | -954M | 1.08B | 1.19B | 1.62B | 1.11B | 514M | -193M | 30M | 411.64M | 65.2M | -15.5M | 46M | 24.5M |
| Effective Tax Rate % | 22.98% | 22.65% | 20.74% | 18.19% | 22.35% | 2.24% | 17.7% | 27.52% | 16.96% | -20.31% | 4.46% | 28.52% | 58.34% | 113.42% | 41.64% | 50.26% | 34.61% | 39.17% | 23.65% | 25.52% | 29.64% | 35.63% | 33.62% | 22.9% | 144.03% | 35.71% | 36.05% | 40.8% | 20.45% | 37.92% | 41.32% |
| Net Income | 2.15B | 2.64B | 2.89B | 3.75B | 6.01B | 2.78B | -2.68B | -357M | 3.06B | 898M | -3.3B | -14.45B | 1.61B | -20M | -206M | 4.7B | 4.55B | -2.48B | -2.15B | 3.61B | 2.85B | 2.93B | 2.19B | 1.75B | 104M | 103M | 730.34M | 94.6M | -60.3M | 75.3M | 34.8M |
| Net Margin % | 17.55% | 15.43% | 18.57% | 24.75% | 30.34% | 20.24% | -61.69% | -5.35% | 36.31% | 10.18% | -31.39% | -185.28% | 9.15% | -0.19% | -2.34% | 44.49% | 49.84% | -32.49% | -15.33% | 31.74% | 27% | 27.58% | 23.79% | 23.76% | 2.41% | 3.35% | 26.23% | 13.22% | -16.31% | 24.05% | 21.4% |
| Net Income Growth % | -22.98% | -8.61% | -22.84% | -37.71% | 116.13% | 203.69% | -651.82% | -111.65% | 241.2% | 127.2% | 77.16% | -999.44% | 8135% | 90.29% | -104.38% | 3.38% | 283.54% | -15.41% | -159.57% | 26.7% | -2.87% | 34.03% | 25.13% | 1579.81% | 0.97% | -85.9% | 672.03% | 256.88% | -180.08% | 116.38% | 140% |
| Net Income (Continuing) | 2.17B | 2.68B | 2.94B | 3.78B | 6.04B | 2.83B | -2.54B | -79M | 714M | 33M | -1.46B | -15.2B | 1.69B | -20M | -185M | 2.13B | 2.33B | -2.75B | -3.04B | 3.15B | 2.82B | 2.9B | 2.19B | 1.73B | 59M | 23M | 661M | -150M | -235.9M | -300M | 67.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -128M | -276M | 2.51B | 1.04B | -884M | 1.56B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 208M | 156M | 129M | 137M | 134M | 118M | 0 | 4.85B | 4.45B | 3.94B | 4.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 149.5M | 149.5M | 149.5M |
| EPS (Diluted) | 3.45 | 4.20 | 4.57 | 5.84 | 9.12 | 4.18 | -7.12 | -0.20 | 6.10 | 1.70 | -6.44 | -35.08 | 3.91 | -0.05 | -0.51 | 11.25 | 10.31 | -5.56 | -4.89 | 8.00 | 6.34 | 6.26 | 4.38 | 4.04 | 0.31 | 0.36 | 2.75 | -0.84 | -0.93 | -3.19 | 1.00 |
| EPS Growth % | -22.72% | -8.1% | -21.75% | -35.96% | 118.18% | 158.71% | -3460% | -103.28% | 258.82% | 126.4% | 81.64% | -997.19% | 8031.03% | 90.33% | -104.53% | 9.12% | 285.43% | -13.7% | -161.13% | 26.18% | 1.28% | 42.92% | 8.42% | 1203.23% | -13.89% | -86.91% | 427.38% | 9.68% | 70.85% | -419% | 203.03% |
| EPS (Basic) | - | 4.21 | 4.57 | 5.86 | 9.15 | 4.20 | -7.12 | -0.20 | 6.14 | 1.71 | -6.51 | -35.51 | 3.93 | -0.05 | -0.51 | 11.29 | 10.35 | -5.58 | -4.89 | 8.08 | 6.42 | 6.38 | 4.51 | 4.16 | 0.31 | 0.37 | 2.83 | -0.84 | -0.93 | -3.19 | 1.03 |
| Diluted Shares Outstanding | 622M | 629M | 623M | 642M | 653M | 665M | 377M | 401M | 502M | 528M | 513M | 412M | 411M | 406M | 404M | 418M | 441M | 446M | 439M | 450M | 448M | 470M | 499M | 433M | 312M | 260M | 264M | 198M | 64.65M | 69.63M | 43.96M |
| Basic Shares Outstanding | 621M | 628M | 623M | 639M | 651M | 663M | 377M | 401M | 499M | 525M | 507M | 407M | 409M | 406M | 400M | 417M | 440M | 444M | 439M | 445M | 442M | 458M | 482M | 417M | 310M | 256M | 254M | 188M | 64.65M | 64.46M | 43.96M |
| Dividend Payout Ratio | - | 23.43% | 32.41% | 49.59% | 56.18% | 47.25% | - | - | 4.86% | 14.14% | - | - | 24.02% | - | - | 5.91% | 6.18% | - | - | 6.91% | 6.99% | 4.64% | 4.44% | 2.8% | 39.42% | 33.98% | 4.38% | 16.91% | - | 8.5% | 14.37% |
Commodity price volatility exposure
According to quarterly financial disclosures, Devon Energy's revenue trajectory remains highly erratic, evidenced by a sharp 28.5% growth in 2025Q1 followed by a 6.3% contraction in 2025Q4, illustrating the company's persistent vulnerability to underlying commodity price fluctuations rather than consistent organic production volume expansion.
The revenue profile suggests that Devon remains a price-taker, with top-line performance tethered to spot market volatility rather than internal growth initiatives. Investors should monitor whether the recent acquisition of Grayson Mill assets can provide a more stable production floor to mitigate these cyclical swings.
As reported in recent income statements, Devon's gross margin has experienced significant degradation, falling from a peak of 34.4% in 2024Q3 to 20.1% by 2025Q4, which suggests that rising lease operating expenses and gathering costs are increasingly eroding the profitability of each barrel produced.
This margin contraction appears to reflect the dual pressure of inflationary service costs and potentially higher-cost extraction requirements in mature basins. The inability to maintain historical margin levels warrants further investigation into whether operational efficiencies are being outpaced by the rising cost of field development.
Based on the provided income statement data, Devon's operating income has failed to scale proportionally with gross profit, as evidenced by the decline in operating margins from 31.5% in 2024Q3 to 16.7% in 2025Q4, indicating that overhead and variable costs are not being effectively managed.
The lack of operating leverage suggests that the company's cost structure is becoming increasingly rigid, making it difficult to protect bottom-line profitability during periods of revenue softness. This trend may indicate that the company is reaching a point of diminishing returns on its current drilling and completion activities.
Financial filings indicate that net income has been subject to significant quarterly variance, with net margins fluctuating between 11.3% and 22.2% over the last year, a trend that complicates the assessment of sustainable earnings power for long-term shareholders focused on the variable dividend model.
The inconsistency in net income appears to be driven by non-operating items and derivative settlements that mask the underlying cash-generating capability of the core assets. Investors should be cautious in extrapolating recent EPS figures, as they may not accurately reflect the normalized profitability of the business.
While management emphasizes the quality of its Delaware Basin acreage, the recent income statement trends suggest that the company may be struggling to replace high-margin production, as evidenced by the persistent pressure on gross margins and the need for inorganic growth through recent asset acquisitions.
Short-term performance may be masking a longer-term inventory cliff, where the depletion of Tier 1 locations forces a shift toward less productive, higher-cost acreage. This potential for structural margin decay suggests that the current valuation may be overly optimistic regarding the longevity of the company's low-cost advantage.
Quick answers to the most common questions about buying DVN stock.
For fiscal year 2025, Devon Energy Corporation (DVN) reported total revenue of $17.13B. This represents a 10432.6% increase compared to $162.6M in 1996.
Devon Energy Corporation (DVN) is profitable, generating $2.64B in net income for the fiscal year ending 2025 with a net profit margin of 15.4%.
Devon Energy Corporation (DVN) reported an operating income of $3.77B, resulting in an operating profit margin of 22.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Devon Energy Corporation (DVN) generated $4.23B in gross profit for the year, representing a gross profit margin of 24.7%. This demonstrates the company's core pricing power and production efficiency.