DVN

MKT CAP:$30B

Devon Energy Corporation

Market Cap

$30B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$47.84+$9.97 (+26.31%)

Apr 24, 2026

Company Details

Devon 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...

CEO

Clay Gaspar

IPO Date

Jul 22, 1985

Website

www.devonenergy.com

Key Metrics TTM

Revenue

$16.4B

+6.2% YoY

Net Income

$3.0B

EPS (Diluted)

$4.70

Free Cash Flow

-$766M

Revenue / Share

$26.31

Gross Margin

25.0%

Operating Margin

22.1%

Net Margin

18.1%

FCF Margin

-4.7%

P/S

1.8x

P/E

10.0x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Feb 18, 2026

$3.9BEPS $0.90

Q3 2025

Nov 6, 2025

$4.3B+3.0%EPS $1.09

Q2 2025

Aug 6, 2025

$4.0B+5.6%EPS $1.41

Q3 2024

Nov 6, 2024

$4.1BEPS $1.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$1.9B	$510M	$396M
Q3 19	$1.7B	$354M	$247M
Q4 19	$1.7B	$305M	$186M
Q1 20	$2.6B	$1.2B	$1.1B
Q2 20	$162M	-$751M	-$830M
Q4 21	$4.3B	$1.8B	$1.7B
Q2 22	$6.3B	$3.3B	$3.2B
Q3 22	$5.2B	$2.3B	$2.2B
Q4 22	$4.4B	$1.7B	$1.6B
Q4 23	$3.8B	$1.3B	$1.2B
Q1 24	$3.4B	$788M	$674M
Q2 24	$3.8B	$1.2B	$1.1B
Q3 24	$4.1B	$1.4B	$1.3B
Q2 25	$4.0B	$858M	$754M
Q3 25	$4.3B	$1.0B	$902M
Q4 25	$3.9B	$792M	$657M

Valuation

Quarter	P/S	P/E
Q2 19	1.7x	—
Q3 19	1.5x	6.4x
Q4 19	1.7x	—
Q1 20	0.3x	—
Q2 20	0.7x	—
Q4 21	3.4x	—
Q2 22	2.8x	39.6x
Q3 22	2.7x	9.2x
Q4 22	2.0x	6.2x
Q4 23	1.5x	4.6x
Q1 24	1.9x	6.6x
Q2 24	1.9x	7.8x
Q3 24	1.6x	7.2x
Q2 25	1.3x	6.4x
Q3 25	1.4x	7.0x
Q4 25	1.4x	7.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$623M	$116M
Q3 19	$501M	-$40M
Q4 19	$571M	$160M
Q1 20	$398M	-$31M
Q2 20	$107M	-$201M
Q4 21	$1.6B	$1.1B
Q2 22	$2.7B	$2.0B
Q3 22	$2.1B	-$989M
Q4 22	$1.9B	$1.1B
Q4 23	$1.7B	$825M
Q1 24	$1.7B	$836M
Q2 24	$1.5B	$516M
Q3 24	$1.7B	-$2.8B
Q2 25	$1.5B	$589M
Q3 25	$1.7B	$820M
Q4 25	$1.6B	$641M

Capital Expenditures

Quarter	CapEx
Q2 19	$507M
Q3 19	$541M
Q4 19	$411M
Q1 20	$429M
Q2 20	$308M
Q4 21	$515M
Q2 22	$673M
Q3 22	$3.1B
Q4 22	$821M
Q4 23	$920M
Q1 24	$902M
Q2 24	$1.0B
Q3 24	$4.5B
Q2 25	$956M
Q3 25	$870M
Q4 25	$933M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	-30.4%	-62.8%
Q4 19	-18.7%	-19.1%
Q1 20	+541.6%	-1.4%
Q2 20	-91.5%	-34.0%
Q4 21	+145.6%	+71.7%
Q2 22	+267.6%	+100.9%
Q3 22	+99.0%	+94.6%
Q4 22	+2586.4%	+174.8%
Q4 23	-10.1%	+2.7%
Q1 24	-45.7%	-10.6%
Q2 24	-26.1%	-5.4%
Q3 24	-5.1%	+3.7%
Q2 25	+5.9%	+25.9%
Q3 25	+24.9%	+22.7%
Q4 25	+2.7%	+17.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$23M	1.2%
Q3 19	$23M	1.3%
Q4 19	$24M	1.4%
Q1 20	$20M	0.8%
Q2 20	$19M	11.7%
Q4 21	$19M	0.4%
Q2 22	$23M	0.4%
Q3 22	$22M	0.4%
Q4 22	$23M	0.5%
Q4 23	$23M	0.6%
Q1 24	$24M	0.7%
Q2 24	$27M	0.7%
Q3 24	$24M	0.6%
Q2 25	$23M	0.6%
Q3 25	$24M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 19	—	—	$114M
Q3 19	—	—	$107M
Q4 19	—	—	$119M
Q1 20	—	—	$102M
Q2 20	—	—	$79M
Q4 21	—	—	$95M
Q2 22	—	—	$84M
Q3 22	—	—	$95M
Q4 22	—	—	$122M
Q4 23	—	—	$111M
Q1 24	—	—	$114M
Q2 24	—	—	$114M
Q3 24	—	—	$117M
Q2 25	$113M	$20M	—
Q3 25	$114.0K	$1M	—
Q4 25	—	—	$135M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.5B	$0	$2.5B
Q2 22	$3.3B	$0	$3.3B
Q3 22	$1.2B	$0	$1.2B
Q4 22	$1.5B	$0	$1.5B
Q1 23	$761M	$0	$761M
Q2 23	$372M	$0	$372M
Q3 23	$761M	$0	$761M
Q4 23	$875M	$0	$875M
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.2B	$0	$1.2B
Q3 24	$676M	$0	$676M
Q4 24	$846M	$0	$846M
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.8B	$0	$1.8B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$1.4B	$0	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	417M	-3.9%	—
Q3 19	399M	-4.3%	-23.9%
Q4 19	385M	-3.5%	-16.7%
Q1 20	377M	-2.1%	-13.1%
Q2 20	377M	0.0%	-9.6%
Q4 21	673M	+78.5%	+68.7%
Q2 22	660M	-1.9%	+71.4%
Q3 22	656M	-0.6%	+74.0%
Q4 22	655M	-0.2%	+73.7%
Q4 23	638M	-2.6%	-5.2%
Q1 24	632M	-0.9%	-4.2%
Q2 24	628M	-0.6%	-4.3%
Q3 24	623M	-0.8%	-4.9%
Q2 25	636M	+2.1%	-0.3%
Q3 25	636M	0.0%	+0.6%
Q4 25	622M	-2.2%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$655.2K	3K
Q3 19	$596.9K	3K
Q4 19	$947.2K	2K
Q1 20	$1M	2K
Q2 20	$90.0K	2K
Q4 21	$3M	2K
Q2 22	$4M	2K
Q3 22	$3M	2K
Q4 22	$2M	2K
Q4 23	$2M	2K
Q1 24	$2M	2K
Q2 24	$2M	2K
Q3 24	$2M	2K
Q2 25	$2M	2K
Q3 25	$2M	2K
Q4 25	$2M	2K

Revenue / Employee