Pricing Log in Create free account
Friday 6 November 2026 Export DVN’s income statement to Excel — free account

Devon Energy Corporation

DVN Energy Oil & Gas E&P

Devon Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, up 7.83% from fiscal 2024.

Revenue
+73.1%
EPS
+43.7%
Free cash flow
−130.2%
Total debt
+28.3%

Quarter to June 2026, against a year earlier

43.05 1.07 −2.43%
Market cap
$47.2B
P/E
10.2×
Fwd P/E
9.6×
Dividend yield
2.60%
F-score
5/9
Altman Z
2.22
Beneish M
−3.14
Dividend safety
66/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2024

  • Oil, Gas and NGL Sales
  • Marketing and Midstream Revenues

Every year since 2012 →

Insider Decisions last twelve months

Bought, $m 0.20
Sold, $m 5.60
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 1 — —
Sell — — — — — 2 1 — — 1 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 47,170.00
Revenue ttm 19,676.00
Net income ttm 3,286.00
Free cash flow ttm 1,607.00
Net debt Q 10,379.00
Valuation
P/E 10.18
Forward P/E 9.60
Price / sales 2.05
Forward P/S Powerpack
Price / FCF 25.10
Price / book 0.97
Financial health
Current ratio Q 0.72 (below 1: weak)
Debt / equity Q 0.27 (at or below 0.5: strong)
Interest coverage Q 104.82
Growth
Revenue growth Q +73.13% (above 0%: growing)
Operating income growth Q +105.34% (above 0%: growing)
EPS, this year +41.80% (at or above 15%: strong)
EPS, next year A −6.31% (below 0%: weak)
Revenue, next year A +48.30% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +10.68%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 2.3×; over the ten years it ranged from 0.7× in 2020 to 6.1× in 2018.
P/E against its own 10 years 71.83%
10-year low 10-year high
P/S against its own 10 years 60.40%
10-year low 10-year high
P/B against its own 10 years 3.23%
10-year low 10-year high
EV/Sales against its own 10 years 60.40%
10-year low 10-year high
EV/FCF against its own 10 years 75.94%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.60%
Annual rate
1.12
Payout ratio
26.6%
Growth, 2017–25
+18.9%/yr
  1. 0.24 ’17
  2. 0.30 ’18 +25
  3. 0.35 ’19 +17
  4. 0.42 ’20 +20
  5. 0.45 ’21 +7
  6. 0.36 ’22 −20
  7. 0.60 ’23 +67
  8. 0.66 ’24 +10
  9. 0.96 ’25 +45
  10. 1.11 ’26e +16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 875 846 1,434 1,009
Receivables 1,573 1,972 1,792 3,162
Inventory 249 294 336 356
Other 460 315 444 522
3,157 3,427 4,006 5,049
2023 2024 2025 Q'26
Payables 1,982 806 790 1,626
ST’ Debt 483 485 998 1,497
Other 484 586 807 1,052
2,949 3,309 4,086 7,040

Compound Annual Growth %

10y 5y 3y
Sales 2.72% 28.91% (3.57%)
Cash Flow 3.20% 35.60% (7.68%)
Earnings 0.00% 0.00% (23.99%)
Book Value 3.52% 38.76% 11.19%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.30 Actual 1.57

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.93 1.04 Beat by 0.11
Q4 FY25 0.81 0.82 Beat by 0.01
Q1 FY26 1.00 1.04 Beat by 0.04
Q2 FY26 1.30 1.57 Beat by 0.27
Q3 FY26 1.24 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.19 2.03 — — —
’25 0.77 1.41 1.09 0.90 4.17
’24 0.94 1.34 1.30 0.98 4.56
’23 1.53 1.07 1.42 1.81 5.84
’22 1.48 2.93 2.88 1.83 9.12
’21 0.32 0.38 1.24 2.23 4.19
’20 (4.82) (1.78) (0.25) (0.27) (7.12)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,807 7,417 — — —
’25 4,452 4,284 4,331 4,121 17,188
’24 3,596 3,917 4,024 4,403 15,940
’23 3,823 3,454 3,836 4,145 15,258
’22 3,812 5,626 5,432 4,299 19,169
’21 2,050 2,417 3,466 4,273 12,206
’20 2,087 394 1,067 1,280 4,828
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,655 3,674 — — —
’25 1,942 1,545 1,690 1,534 6,711
’24 1,738 1,535 1,663 1,664 6,600
’23 1,677 1,405 1,725 1,737 6,544
’22 1,837 2,678 2,104 1,911 8,530
’21 592 1,093 1,598 1,616 4,899
’20 529 150 427 358 1,464
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 628 (285) — — —
’25 1,133 945 661 603 3,342
’24 853 596 (2,906) 628 (829)
’23 673 309 821 820 2,623
’22 1,325 2,014 (985) 1,090 3,444
’21 108 633 1,115 1,115 2,971
’20 129 (159) 224 143 337
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.0% a year for ten years. It grew 26.2% a year over the last ten.

Implied
10.0%
10 years, reported
26.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,753 6,501 8,896 6,220 4,828 12,206 19,169 15,258 15,940 17,188 19,676 +10.9% 25,489 26,473 23,926 +11.7%
Gross margin, % 73.27 87.83 87.04 80.76 76.74 82.54 85.41 80.81 80.03 79.25 79.45 +6.0 pt
EBT (433) 40 944 (109) (3,090) 2,898 7,775 4,623 3,712 3,466 4,209 n/m
EBT margin, % (6.41) 0.62 10.61 (1.75) (64.00) 23.74 40.56 30.30 23.29 20.17 21.39 +26.6 pt
Net income (1,458) 1,078 3,224 (353) (2,671) 2,833 6,037 3,782 2,942 2,681 3,286 n/m
Per share, $
Per share, $ Revenue 13.32 12.50 18.01 15.51 12.81 18.41 29.45 23.88 25.22 27.20 21.00 +8.3%
Earnings (2.09) 1.71 6.14 (0.89) (7.12) 4.19 9.12 5.86 4.58 4.18 4.23 n/m
Cash flow 1.65 2.39 3.20 5.09 3.88 7.39 13.10 10.24 10.44 10.62 9.13 +23.0%
Capex 1.55 (2.29) (3.27) (3.87) (2.99) (2.91) (7.81) (6.14) (11.75) (5.33) (7.41) n/m
Free cash flow 3.20 0.10 (0.07) 1.23 0.89 4.48 5.29 4.10 (1.31) 5.29 1.72 +5.7%
Book value 25.09 27.12 18.60 14.76 8.01 14.18 17.35 19.12 23.27 24.57 44.55 (0.2%)
Shares, m 507 520 494 401 377 663 651 639 632 632 703 +2.5%
Valuation, ×
Valuation, × P/E 0.00 19.19 3.49 0.00 0.00 10.51 6.35 7.84 7.13 8.74 10.18 6.3
P/S 3.53 3.38 1.25 1.67 1.23 2.39 1.97 1.92 1.30 1.35 2.05 2.0
P/B 1.88 1.56 1.21 1.76 1.97 3.11 3.35 2.40 1.41 1.49 0.97 2.0
EV/Sales 4.80 4.03 1.48 2.07 1.66 2.74 2.23 2.27 1.80 1.75 2.58 2.5
EV/FCF 20.00 484.84 (399.24) 26.18 23.83 11.26 12.43 13.18 (34.65) 9.01 31.56 16.7
Cash, $m
Cash, $m Operating cash flow 834 1,243 1,583 2,043 1,464 4,899 8,530 6,544 6,600 6,711 8,553 +26.1%
Capex 787 (1,189) (1,616) (1,551) (1,127) (1,928) (5,086) (3,921) (7,429) (3,369) (6,946) n/m
Free cash flow 1,621 54 (33) 492 337 2,971 3,444 2,623 (829) 3,342 1,607 +8.4%
Balance, $m
Balance, $m Working capital 1,156 1,476 2,211 1,924 1,820 1,162 786 208 118 (80) (1,991) n/m
Net debt 8,195 4,222 2,040 2,467 2,070 4,237 4,986 5,280 8,037 6,955 10,379 (1.8%)
Shareholders’ equity 12,722 14,104 9,186 5,920 3,019 9,399 11,296 12,217 14,704 15,528 41,747 +2.2%
Returns, %
Returns, % ROA (3.63) 3.05 12.30 (2.13) (22.68) 18.19 26.89 15.54 10.52 8.51 6.41 +12.1 pt
ROIC 0.85 1.23 5.26 1.05 (35.05) 14.59 30.67 16.51 10.20 9.64 5.05 +8.8 pt
ROE (8.91) 6.69 26.31 (4.70) (59.96) 45.31 58.13 31.87 21.48 17.48 11.50 +26.4 pt
People
People Employees 5,000 4,900 2,900 1,800 1,400 1,600 1,800 1,900 2,300 2,200 — (8.7%)
Revenue/emp, $m 1.35 1.33 3.07 3.46 3.45 7.63 10.65 8.03 6.93 7.81 — +21.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Business profile

Updated

Devon Energy is an independent energy company that explores for, develops and produces crude oil, natural gas and natural-gas liquids (NGLs). In plain terms, it leases or owns interests in oil-and-gas acreage, drills and completes wells, operates many of those wells, and sells the hydrocarbons they produce. Oil is sold by the barrel; natural gas is sold into gas markets; and NGLs are hydrocarbon liquids separated from gas production.

Its operations are onshore in the United States. Its four core operating areas are the Delaware Basin, the Rockies, Eagle Ford and Anadarko Basin. The Delaware Basin, spanning southeast New Mexico and west Texas, is its largest and most active program. The Rockies include the Williston Basin in eastern Montana and western North Dakota, plus the Powder River Basin in Wyoming. Eagle Ford operations are in DeWitt and Karnes counties in Texas, while the Anadarko Basin position is in western Oklahoma.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by products and services, and margins
Oil, Gas and NGL Sales 11,176 70.11%
Marketing and Midstream Revenues 4,743 29.76%
Gross margin 80.03%
Operating margin 23.29%
Pre-tax margin 23.29%

Revenue by segment since 2012

Devon Energy Corporation vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EOG EOG Resources, Inc. $76.0B 9.3× 9.2× +46.21% (above 0%: growing) +97.43% (above 0%: growing) +162.42% (above 0%: growing) 100.00% 41.95% Compare
OXY Occidental Petroleum Corporation $56.3B 8.6× 7.0× +53.39% (above 0%: growing) +937.04% (above 0%: growing) +92.71% (above 0%: growing) 80.41% 50.90% Compare
FANG Diamondback Energy, Inc. $50.2B 22.7× 11.1× +38.40% (above 0%: growing) +80.23% (above 0%: growing) −12.17% (below 0%: shrinking) 87.22% 46.03% Compare
DVN Devon Energy Corporation $47.2B 10.2× 9.6× +73.13% (above 0%: growing) +43.66% (above 0%: growing) −130.16% (below 0%: shrinking) 81.22% 32.14%
WDS Woodside Energy Group Ltd $40.7B 3.3× 12.0× +196.99% (above 0%: growing) +178.60% (above 0%: growing) −173.74% (below 0%: shrinking) 42.87% 0.00% Compare
EQT EQT Corporation $31.7B 12.0× 14.3× −9.61% (below 0%: shrinking) −16.67% (below 0%: shrinking) +12.15% (above 0%: growing) 73.39% 25.95% Compare
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48% Compare
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00% Compare
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
Median of peers $36.2B 10.1× 11.1× +42.31% +88.83% +7.32% 77.33% 43.65%

All 74 Oil & Gas E&P stocks →

From the latest earnings call

Updated

  • Clay Gaspar said Devon remained on track to deliver at least $1 billion of annual merger synergies by year-end 2027, with more than 350 initiatives underway.
  • Shane Young said Devon tightened its 2026 production outlook after first-half performance and expects third-quarter oil production of 550,000 to 560,000 barrels per day.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Nov 3, 2026 Target raised Outperform 60.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.29%
Held by the ten largest 47.61%
Holder Shares Stake Change
Vanguard 144.81m 13.16% +63.58m
BlackRock 95.38m 8.67% +34.87m
State Street 73.18m 6.65% +34.62m
Wellington Management 51.52m 4.68% +41.58m
Charles Schwab 38.32m 3.48% +19.15m
Geode Capital Management 30.52m 2.77% +13.77m
Davis Selected Advisers 25.30m 2.30% +25.30m
Invesco 24.15m 2.20% +5.19m
Morgan Stanley 23.51m 2.14% +11.79m
Victory Capital 16.99m 1.54% +7.86m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 17.04k 6.71k 163.00
2023 14.88k 814.00 226.00
2022 14.53k 41.22k 285.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 7.97%
Vanguard Capital Management LLC 7.49%
State Street Corporation State Street Financial Center 6.44%
Vanguard Portfolio Management LLC 5.56%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Devon Energy Corporation (DVN) Latest News

5 Nov

Impact 4 · · Oilprice.com
Impact 3 · · GlobeNewswire

4 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · TIKR

3 Nov

Impact 3 · · Barchart

29 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Barchart

21 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

20 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

12 Oct

Impact 4 · · 24/7 Wall St.

9 Oct

Impact 4 · · offshore-technology.com
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

8 Oct

Impact 4 · · MarketBeat
Impact 4 · · Oilprice.com
Impact 3 · · Business Wire
Impact 3 · · MT Newswires

DVN metrics, ten years each

stockrow.com/DVN · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com