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Devon Energy (DVN) stock

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NYSE: DVN NYSE Oil & Gas Exploration & Production Next results ~November 5, 2026

B Fundamentals grade

Devon Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$120

Cash-flow model

Base case. Range ~$88–$160 across our lower- and higher-growth cases (4.8%–14.8% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Devon Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Devon Energy files

Where Devon Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.7bn, up 14.6% on a year earlier, faster than -1.5% a quarter earlier. Free-cash-flow margin rose to 23.9% from 18.2% a year earlier. Operating margin widened to 22.5% from -76.3%. The diluted share count is up 9.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $100 a share, against a share price of $50.24. At that price, our model says the market is pricing in cash flow shrinking about 0.8% a year for five years, slower than the 10.0% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Devon Energy's trailing-twelve-month revenue grew 14.6% year on year, with a free-cash-flow margin of 23.9%. Where it stands out: change in growth rate of +16.1pp ranks 9 of 57 oil & gas exploration & production companies we cover. Where it lags: change in share count of 9.9% ranks 39 of 48 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$88–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Balance sheet growing far ahead of sales: Total assets grew 126% year over year while revenue grew 15% — the balance sheet is expanding 111 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 16.1 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 98.8 points on a year ago.
  • Strong cash generation. 23.9% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 9.9% in a year.
  • Below peers: days sales outstanding. Days sales outstanding of 59 days ranks 33 of 42 oil & gas exploration & production companies we cover (median 41 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Earnings expected to fall. The consensus expects earnings per share to fall 9% next year.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.57 against an average estimate of $1.41: beat by 11.3%
Revenue
$7.42bn, up 73.1% on a year earlier
Share reaction
-5.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
total production 1660000 to 1690000 (the third quarter of 2026); oil production 550000 to 560000 (the third quarter of 2026)
Next report
November 5, 2026; average EPS estimate $1.31

Devon Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.7%
  • 1 week-5.8%
  • 1 month+2.1%
  • This year+35.3%
  • 1 year+53.5%
  • 5 years+46.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.7B
Net margin
16.7%
EPS (TTM, diluted)
$4.67

Growth

Revenue growth
+14.6%
Change in growth rate
+16.1 pts
Share count change
+9.9%

Cash

Free cash flow (TTM)
$4.7B
FCF margin
23.9%
Stock pay % of revenue
0.7%

Earnings

Last results
August 4, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Leadership
  4. Announcement
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Devon Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Devon Energy's free cash flow after stock-based pay ( $4.4B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Devon Energy as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: share count up 51% since the 2025-12-31 reserve figure (an acquisition): reserves out of date
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$88–$160 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$28–$58 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$320 ~$230–$460 Left out: out of range vs price (6.60x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$300 ~$240–$380 Left out: out of range vs price (6.09x)
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$78 ~$36–$120 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Devon Energy with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +31%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $55$79$110$152$207$278
8.5% $39$56$79$109$148$198
10% $29$43$60$83$113$151

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.83$31.63$28.87$15.85$18.52$11.97$35.43$53.45$41.79$31.25$35.95$48.63
Market value$8.9bn$16.0bn$15.0bn$7.9bn$7.4bn$4.5bn$23.6bn$34.9bn$26.8bn$19.8bn$22.8bn$34.2bn
+ Net debt (− = net cash)$10.7bn$8.2bn$7.9bn$3.6bn$2.8bn$2.3bn$4.4bn$5.4bn$5.8bn$8.6bn$8.0bn$11.9bn
Enterprise value$19.6bn$24.2bn$22.9bn$11.5bn$10.3bn$6.8bn$27.9bn$40.3bn$32.6bn$28.4bn$30.8bn$46.1bn
Multiples
Price / sales 0.7x2.4x2.3x0.9x1.2x0.9x1.9x1.8x1.8x1.2x1.3x1.7x
Price / earnings ——16.7x2.6x——8.4x5.8x7.2x6.8x8.6x10.4x
Price / free cash flow 2.3x24.6x5.2x5.2x3.7x14.5x8.1x5.8x10.1x6.7x7.3x7.3x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Devon Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 8.0% of total assets over 10 years.

  • Durability 5 / 20

    Net margin has been a median 16.6%; its worst year was -51.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 35.2% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $6.9bn and EPS of $1.31 (range $0.88 to $1.46) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.48 +40% $25.5bn +48%
Next $4.96 −9% $26.5bn +4%

Next year's EPS estimate has moved −1.9% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.3% on 90 days ago. In the last 30 days, 9 analysts raised Devon Energy's forecast and 5 cut it.

Consensus EPS forecast Devon Energy, last 90 days
$4.60 $4.80 $5.00 $5.20 $5.40 $5.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.06 Current fiscal year, 60 days ago: $5.49 Current fiscal year, 30 days ago: $5.36 Current fiscal year, 7 days ago: $5.44 Current fiscal year, Now: $5.48 $5.48 Next fiscal year, 90 days ago: $5.05 Next fiscal year, 60 days ago: $4.82 Next fiscal year, 30 days ago: $4.79 Next fiscal year, 7 days ago: $4.94 Next fiscal year, Now: $4.96 $4.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.06$5.05
60 days ago $5.49$4.82
30 days ago $5.36$4.79
7 days ago $5.44$4.94
Now $5.48$4.96

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.41 $1.57 +11.3%
Mar 2026 $1.09 $1.04 −4.9%
Dec 2025 $0.83 $0.82 −0.8%
Sept 2025 $0.94 $1.04 +10.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • annual pre-tax run-rate synergies year-end 2027 about $1bn
    “With more than 350 individual initiatives identified, Devon is on track to deliver at least $1.0 billion of annual pre-tax run-rate synergies by year-end 2027, with approximately $600 million expected to be captured during 2027.” source
  • synergies expected to be captured 2027 about $600m
    “With more than 350 individual initiatives identified, Devon is on track to deliver at least $1.0 billion of annual pre-tax run-rate synergies by year-end 2027, with approximately $600 million expected to be captured during 2027.” source
  • total production the third quarter of 2026 1,660,000 to 1,690,000
    “In the third quarter of 2026, total production is expected to average between 1,660,000 and 1,690,000 Boe per day and oil production is expected to average between 550,000 and 560,000 barrels per day.” source
  • oil production the third quarter of 2026 550,000 to 560,000
    “In the third quarter of 2026, total production is expected to average between 1,660,000 and 1,690,000 Boe per day and oil production is expected to average between 550,000 and 560,000 barrels per day.” source
  • capital spending the third quarter $1,400m to $1,500m
    “Capital spending in the third quarter is expected to be between $1,400 million and $1,500 million.” source

How earlier guidance turned out

  • Capital spending, second quarter guided about $900m Above range: $1,318m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Devon Energy's revenue by +25.3% next year and +7.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+32.1%, weight 70%) and the company's own record (+9.8%, weight 30%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy28100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202652328
  2. Sep 2026323329
  3. Aug 2026321327
  4. Jul 2026421227

Counts of recommendations published by analysts covering Devon Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.31
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.8%
of shares
Employees
2,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +53.5%

$31.68 on October 31, 2025 to $48.63

ThenNowEffect
Revenue (last 12 months) $17.2bn $19.7bn +14.6%
Net margin 16.6% 16.7% +0.5%
P/E multiple 7.1x 10.4x +46.3%
Share count 639m 702m −9.0%

Biggest factor: p/e multiple.

Last 3 years +13.3%

$42.91 on November 3, 2023 to $48.63

ThenNowEffect
Revenue (last 12 months) $17.0bn $19.7bn +15.7%
Net margin 28.2% 16.7% −40.9%
P/E multiple 5.8x 10.4x +80.0%
Share count 647m 702m −7.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DVN+196%+51%−22%−25%+15%+35%
Industry peers (median)+86%+55%−8%+2%−15%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DVN92%58%42%25%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DVN−20%−34%−32%−43%−30%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from January 5, 2017 to March 18, 2020. Getting back needed a 771% gain, reached on November 5, 2021, 597 days after the low.

Price behaviour

52-week range
$31.54 – $52.15
From 52-week high
−6.7%
vs 50-day average
−0.4%
vs 200-day average
+6.7%
Volatility (1 year)
35%
Beta vs S&P 500
-0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.4%
After a week
7 up, 5 down
typical move ±4.8%
After a month
8 up, 4 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −5.6% +1.6% +1.9% +10.0%
May 5, 2026 −9.1% +2.2% −8.8% −10.3%
February 17, 2026 −0.5% +0.7% −3.1% +8.4%
November 5, 2025 −0.4% −0.7% +8.2% +15.1%
August 5, 2025 +1.6% +0.3% +4.3% +11.4%
May 6, 2025 −1.1% −0.4% +12.0% +2.6%
February 18, 2025 +8.5% +0.5% +3.6% +4.8%
November 5, 2024 +2.2% +3.7% −2.1% −8.1%
August 6, 2024 +4.1% +0.2% +7.6% +1.4%
May 1, 2024 −1.6% +0.6% −1.2% −4.1%
February 27, 2024 +0.5% +0.1% +2.9% +13.9%
November 7, 2023 −5.4% +0.4% −2.1% −7.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Devon Energy in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Devon Energy
$14B $16B $18B $20B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $15.4B Revenue (TTM), FY23 Q4: $15.3B Revenue (TTM), FY24 Q1: $15B Revenue (TTM), FY24 Q2: $15.5B Revenue (TTM), FY24 Q3: $15.7B Revenue (TTM), FY24 Q4: $15.9B Revenue (TTM), FY25 Q1: $16.8B Revenue (TTM), FY25 Q2: $17.2B Revenue (TTM), FY25 Q3: $17.5B Revenue (TTM), FY25 Q4: $17.2B Revenue (TTM), FY26 Q1: $16.5B Revenue (TTM), FY26 Q2: $19.7B $19.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $15.4B
FY23 Q4 $15.3B
FY24 Q1 $15B
FY24 Q2 $15.5B
FY24 Q3 $15.7B
FY24 Q4 $15.9B
FY25 Q1 $16.8B
FY25 Q2 $17.2B
FY25 Q3 $17.5B
FY25 Q4 $17.2B
FY26 Q1 $16.5B
FY26 Q2 $19.7B
Revenue growth, TTM YoY Devon Energy
-30% -20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -19.5% Revenue growth, TTM YoY, FY23 Q4: -20.4% Revenue growth, TTM YoY, FY24 Q1: -21.6% Revenue growth, TTM YoY, FY24 Q2: -8.9% Revenue growth, TTM YoY, FY24 Q3: 1.8% Revenue growth, TTM YoY, FY24 Q4: 4.5% Revenue growth, TTM YoY, FY25 Q1: 11.7% Revenue growth, TTM YoY, FY25 Q2: 10.8% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 7.8% Revenue growth, TTM YoY, FY26 Q1: -1.5% Revenue growth, TTM YoY, FY26 Q2: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -19.5%
FY23 Q4 -20.4%
FY24 Q1 -21.6%
FY24 Q2 -8.9%
FY24 Q3 1.8%
FY24 Q4 4.5%
FY25 Q1 11.7%
FY25 Q2 10.8%
FY25 Q3 11.4%
FY25 Q4 7.8%
FY26 Q1 -1.5%
FY26 Q2 14.6%
Operating margin (TTM) Devon Energy
-200% -150% -100% -50% 0% 50% FY14 Q4 FY15 Q3 FY16 Q2 FY17 Q3 Operating margin (TTM), FY14 Q4: 24.0% Operating margin (TTM), FY15 Q1: -7.8% Operating margin (TTM), FY15 Q2: -42.4% Operating margin (TTM), FY15 Q3: -91.3% Operating margin (TTM), FY15 Q4: -157.7% Operating margin (TTM), FY16 Q1: -156.0% Operating margin (TTM), FY16 Q2: -142.9% Operating margin (TTM), FY16 Q3: -76.3% Operating margin (TTM), FY16 Q4: -23.7% Operating margin (TTM), FY17 Q1: 10.5% Operating margin (TTM), FY17 Q2: 27.6% Operating margin (TTM), FY17 Q3: 22.5% 22.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY14 Q4 24.0%
FY15 Q1 -7.8%
FY15 Q2 -42.4%
FY15 Q3 -91.3%
FY15 Q4 -157.7%
FY16 Q1 -156.0%
FY16 Q2 -142.9%
FY16 Q3 -76.3%
FY16 Q4 -23.7%
FY17 Q1 10.5%
FY17 Q2 27.6%
FY17 Q3 22.5%
FCF margin (TTM) Devon Energy
16% 18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 19.1% FCF margin (TTM), FY23 Q4: 17.4% FCF margin (TTM), FY24 Q1: 18.9% FCF margin (TTM), FY24 Q2: 20.0% FCF margin (TTM), FY24 Q3: 19.4% FCF margin (TTM), FY24 Q4: 18.5% FCF margin (TTM), FY25 Q1: 18.6% FCF margin (TTM), FY25 Q2: 18.2% FCF margin (TTM), FY25 Q3: 18.1% FCF margin (TTM), FY25 Q4: 18.1% FCF margin (TTM), FY26 Q1: 17.7% FCF margin (TTM), FY26 Q2: 23.9% 23.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 19.1%
FY23 Q4 17.4%
FY24 Q1 18.9%
FY24 Q2 20.0%
FY24 Q3 19.4%
FY24 Q4 18.5%
FY25 Q1 18.6%
FY25 Q2 18.2%
FY25 Q3 18.1%
FY25 Q4 18.1%
FY26 Q1 17.7%
FY26 Q2 23.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 8.0 9.9 11.4 9.5 10.4 20.6 13.1 6.8 6.5 8.9 6.2 4.8 12.2 19.2 15.3 15.9 17.2 19.7
Gross profit — — — — — — — 3.9 2.9 4.6 3.4 — — — — — — —
EBITDA — — 6.9 2.9 3.3 8.0 −16.7 −1.3 — — — — — — — — — —
Operating income — — 4.6 0.1 0.6 4.7 −20.7 −2.9 — — — — — — — — — —
Net income −2.5 4.6 4.7 −0.2 −0.0 1.6 −12.9 −1.1 0.9 3.1 −0.4 −2.7 2.8 6.0 3.7 2.9 2.6 3.3
Diluted EPS −$5.58 $10.31 $11.25 −$0.52 −$0.06 $3.91 −$31.72 −$2.09 $1.70 $6.10 −$0.89 −$7.12 $4.19 $9.12 $5.84 $4.56 $4.17 $4.67
Growth (year on year)
Revenue −42.2% +24.0% +15.1% −17.0% +9.4% +98.5% −36.3% −48.6% −3.7% +36.8% −30.1% −22.4% +152.8% +57.0% −20.4% +4.5% +7.8% +14.6%
EBITDA — — — −58.1% +16.0% +139.5% −308.4% — — — — — — — — — — —
Operating income — — — −98.4% — +728.6% −541.2% — — — — — — — — — — —
Net income — — +3.4% −104.4% — — −902.5% — — +241.2% −111.6% — — +114.4% −38.0% −22.6% −8.7% +15.2%
Diluted EPS — — +9.1% −104.6% — — −911.3% — — +258.8% −114.6% — — +117.7% −36.0% −21.9% −8.6% +4.9%
Margins
Gross margin — — — — — — — 58.2% 45.3% 51.4% 54.8% — — — — — — —
EBITDA margin — — 60.1% 30.4% 32.2% 38.8% −127.1% −19.3% — — — — — — — — — —
Operating margin — — 40.5% 0.8% 5.5% 22.8% −157.7% −42.9% — — — — — — — — — —
Net margin −30.9% 45.8% 41.1% −2.2% −0.2% 7.8% −98.1% −15.6% 13.8% 34.4% −5.7% −55.5% 23.0% 31.5% 24.5% 18.1% 15.4% 16.7%
Free-cash-flow margin −1.8% −10.0% −11.4% −34.4% 49.8% −2.3% 28.8% 9.6% 44.1% 17.2% 32.3% 6.4% 23.8% 31.2% 17.4% 18.5% 18.1% 23.9%
Cash flow
Cash from operations 4.7 5.5 6.2 5.0 5.4 6.0 4.9 1.5 2.9 1.6 2.0 1.5 4.9 8.5 6.5 6.6 6.7 8.6
Capital spending 4.9 6.5 7.5 8.2 0.3 6.5 1.1 0.8 0.0 0.1 0.0 1.2 2.0 2.5 3.9 3.6 3.6 3.9
Free cash flow −0.1 −1.0 −1.3 −3.3 5.2 −0.5 3.8 0.7 2.9 1.5 2.0 0.3 2.9 6.0 2.7 3.0 3.1 4.7
Stock-based pay 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.4 −1.2 −1.5 −3.4 5.0 −0.6 3.5 0.4 2.7 1.4 1.9 0.2 2.8 5.9 2.6 2.9 3.0 4.6
Balance sheet
Cash 1.0 3.3 5.6 4.6 6.1 1.5 2.3 1.9 2.6 2.4 1.5 2.0 2.1 1.3 0.9 0.8 1.4 1.0
Total debt 7.3 5.6 9.8 11.6 12.0 11.3 13.0 10.2 10.5 6.0 4.3 4.3 6.5 6.7 6.6 9.4 9.4 12.9
Net debt (negative = net cash) 6.3 2.3 4.2 7.0 6.0 9.8 10.7 8.2 7.9 3.6 2.8 2.3 4.4 5.4 5.8 8.6 8.0 11.9
Diluted shares — — 414m 400m 402m 407m 407m 507m 520m 497m 401m 377m 665m 653m 642m 634m 633m 702m
Returned to shareholders
Dividends 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.2 0.1 0.1 0.1 0.3 1.3 3.4 1.9 0.9 0.3 0.5
Buybacks 0.0 1.2 2.3 — — — — — — 3.0 1.8 0.0 0.6 0.7 1.0 1.1 1.1 0.8
Total returned 0.3 1.4 2.6 0.3 0.3 0.4 0.4 0.2 0.1 3.1 2.0 0.3 1.9 4.1 2.8 2.0 1.4 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · June 30, 2026
What it owns · $70.9bn
Short-term assets $5.0bnLonger-term assets $65.8bn
What it owes, and who funded it · $48.8bn
Short-term liabilities $7.0bnShareholders' equity $41.7bn
  • Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $7.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $950m of cash against $11.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 27% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 70% to 27% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.6bn of operating cash flow against $11.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Devon Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$766M
Dividends (TTM)
$521M
Returned to shareholders
27%
of free cash flow
Buybacks, last 3 fiscal years
$3.1B
Diluted share count
+9.9%
year over year
Total shareholder yield
2.8%
dividends 1.1% + buybacks 1.7% of market value
Dividend payout ratio
16%
of net income paid out
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated DVN FANG EOG CNQ EXE CVE Median
Revenue, last 12 months $19.7bn $17.1bn $27.0bn $27.8bn $13.9bn $35.6bn $1.4bn
Revenue growth, last 12 months 14.6% 21.4% 19.1% 6.6% 28.2% −10.2% 10.6%
Revenue growth, 3-year average 5.0% 27.2% 1.4% — 8.5% — 1.4%
Revenue growth, latest quarter 73.1% 51.2% 57.4% — 10.8% — 31.5%
Gross margin 63.5% — — — 25.1% — 75.2%
Operating margin 22.5% 6.3% 32.9% — 25.7% — 21.1%
Operating margin, 3-year average −48.4% 31.1% 34.4% — 15.1% — 16.5%
Net margin 16.7% 8.6% 25.4% 27.9% 19.8% 7.9% 10.1%
Cash from operations / revenue 43.5% 59.3% 49.4% 39.0% 40.5% 16.6% 42.4%
Free-cash-flow margin 23.9% 42.8% 26.6% 14.8% 18.6% −4.0% 19.3%
Free-cash-flow margin, 3-year average 20.7% 19.1% 24.5% 19.8% 12.7% — 19.1%
Stock pay / revenue 0.7% 0.8% 0.9% 0.5% 0.4% — 1.5%
Change in share count 9.9% 3.0% −3.5% −2.0% −8.5% −2.3% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 14.6% 10.6% 23 of 57
Change in growth rate Growth +16.1pp +4.9pp 9 of 57
Net margin Profitability 16.7% 10.1% 23 of 57
Free-cash-flow margin Cash generation 23.9% 23.2% 24 of 51
Stock pay as % of revenue Cash generation 0.7% 1.2% 9 of 47
Long-term debt as % of assets Balance sheet 14.0% 17.6% 13 of 43
Change in share count Balance sheet 9.9% 0.4% 39 of 48
Days sales outstanding Balance sheet 59 days 41 days 33 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Oil Gas and NGL Sales $11.2B ▲ 0.4%
Marketing and Midstream Revenues $5.6B ▲ 17.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Devon Energy's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$42B
Institutions reporting
1,448
Shares held vs prior quarter
▲ 84.9%
Positions opened / closed
331 / 130

Top buyers and sellers, Q2 2026: 1,114 institutions bought and 361 sold ; the biggest buyer was Wellington Management Group LLP (+41.6M shares) and the biggest seller GQG Partners LLC (−6.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.9B 95.4M 9.4% ▲ 57.6%
Vanguard Capital Management LLC $3.1B 75.3M 7.4% ▲ 86.8%
State Street Corp $3B 73.2M 7.2% ▲ 89.8%
Vanguard Portfolio Management LLC $2.4B 57.3M 5.6% ▲ 66.8%
Wellington Management Group LLP $2.1B 51.5M 5.1% ▲ 418.3%
Charles Schwab Investment Management Inc $1.6B 38.3M 3.8% ▲ 99.9%
Geode Capital Management, LLC $1.3B 30.5M 3.0% ▲ 82.2%
Davis Selected Advisers $1B 25.3M 2.5% New
Invesco Ltd. $998M 24.1M 2.4% ▲ 27.4%
Morgan Stanley $972M 23.5M 2.3% ▲ 100.5%
Victory Capital Management Inc $702M 17.0M 1.7% ▲ 86.1%
Dimensional Fund Advisors LP $699M 16.9M 1.7% ▲ 76.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Devon Energy's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $199,876 1 trade by 1 insider, last 12 months Insider sales History → $58.3M 5 trades by 5 insiders · 0% under pre-set plans
Net ▼ $58.1M net selling
Insider Date Trade Shares Price Value
Lowe Robert Ferrall Iii EVP EXPLORATION & PRODUCTION September 14, 2026 Sell 6,756 $50.95 $344,218
Gaspar Clay M PRESIDENT AND CEO September 14, 2026 Buy 3,913 $51.08 $199,876
Devon Energy Corp/De 10% owner June 22, 2026 Sell 1,755,174 $30.05 $52.7M
Alexander Andrea SVP & CHIEF ADMIN OFFICER June 10, 2026 Sell 18,000 $46.74 $841,320
Vela Adam M SVP & GENERAL COUNSEL May 14, 2026 Sell 24,342 $47.21 $1.1M
Ritenour Jeffrey L EVP & CHIEF CORP DEV OFFICER May 11, 2026 Sell 70,029 $46.66 $3.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 61 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 7 sales of Devon Energy shares.

  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 14, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 17, 2026
  • November 5, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Devon Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Devon Energy in brief

What does Devon Energy do?
Devon Energy is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Devon Energy's stock ticker?
Devon Energy trades under the ticker DVN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Devon Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Devon Energy reported revenue of $19.7B, 14.6% higher than a year earlier, according to its SEC filings.
What is Devon Energy's free cash flow?
Devon Energy's free-cash-flow margin is 23.9% of revenue over the trailing twelve months, ranking 24 of the 51 oil & gas exploration & production companies we cover.
What is Devon Energy's model value per share?
Our discounted-cash-flow model of Devon Energy's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$88–$160 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation. No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Who are Devon Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Devon Energy buying back stock, and does it pay a dividend?
Devon Energy spent $766M on share repurchases over the trailing twelve months, and its diluted share count still rose 9.9% over the year.
What is Devon Energy's market cap?
On November 2, 2026, Devon Energy's market capitalisation was about $34.2B, with a price-to-earnings ratio of 10.4 and net debt of $11.9B. Market figures come from third-party market data and may be delayed.
Does Devon Energy pay a dividend?
Yes: Devon Energy paid $521M in dividends over the trailing twelve months, a dividend yield of 1.14% and a payout ratio of 15.9%.
How much debt does Devon Energy have?
Devon Energy's debt-to-equity ratio is 27.3%, from its latest balance sheet (70.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Devon Energy's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Devon Energy are Diamondback Energy, EOG Resources, Canadian Natural Resources Ltd, Expand Energy and Cenovus Energy Inc. The side-by-side comparison below sets their revenue, margins and growth against Devon Energy's.
Are insiders buying or selling Devon Energy stock?
Over the last 12 months, Devon Energy's directors and officers reported 1 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Devon Energy's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Devon Energy announces its own schedule.