NYSE : DVN
Devon Energy Corporation — Financial statements
Energy · Oil & Gas Exploration & Production · United States
Last price 52.15 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 59.97B
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Financial statements
Devon Energy Corporation (DVN) reported revenue of 18.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 18.78B | 16.04B | 15.17B | 15.14B | 19.83B | 13.75B |
| Cost of Revenue | 9.32B | 8.39B | 7.16B | 7.25B | 8.58B | 6.37B |
| Gross Profit | 9.46B | 7.65B | 8.02B | 7.89B | 11.25B | 7.38B |
| Selling, General & Admin | 549.00M | 492.00M | 500.00M | 408.00M | 395.00M | 391.00M |
| Other Operating Expenses | -71.00M | -312.00M | 146.00M | 5.00M | 563.00M | 1.50B |
| Operating Expenses | 4.62B | 3.82B | 3.93B | 2.99B | 3.21B | 4.06B |
| Operating Income | 4.83B | 3.83B | 4.09B | 4.90B | 8.04B | 3.32B |
| Interest Expense | -506.00M | -497.00M | -401.00M | -369.00M | -370.00M | -388.00M |
| Interest & Investment Income | 68.00M | 56.00M | 62.00M | 55.00M | 38.00M | 2.00M |
| Other Non Operating Income (Expenses) | -12.00M | -14.00M | -24.00M | 6.00M | 23.00M | 27.00M |
| EBT Excluding Unusual Items | 4.38B | 3.38B | 3.72B | 4.59B | 7.73B | 2.96B |
| Merger & Restructuring Charges | -238.00M | -258.00M | ||||
| Gain (Loss) on Sale of Assets | 62.00M | 343.00M | -11.00M | 30.00M | 44.00M | 168.00M |
| Asset Writedown | -254.00M | |||||
| Other Unusual Items | 30.00M | |||||
| Pretax Income | 4.21B | 3.47B | 3.71B | 4.62B | 7.78B | 2.90B |
| Income Tax Expense | 923.00M | 785.00M | 770.00M | 841.00M | 1.74B | 65.00M |
| Earnings From Continuing Operations | 3.29B | 2.68B | 2.94B | 3.78B | 6.04B | 2.83B |
| Net Income to Company | 3.29B | 2.68B | 2.94B | 3.78B | 6.04B | 2.83B |
| Minority Interest in Earnings | -6.00M | -39.00M | -51.00M | -35.00M | -22.00M | -20.00M |
| Net Income | 3.28B | 2.64B | 2.89B | 3.75B | 6.01B | 2.81B |
| Preferred Dividends & Other Adjustments | 57.00M | 30.00M | ||||
| Net Income to Common | 3.28B | 2.64B | 2.89B | 3.75B | 5.96B | 2.78B |
| Shares Outstanding (Basic) | 701.00M | 632.00M | 632.00M | 639.00M | 651.00M | 663.00M |
| Shares Outstanding (Diluted) | 702.50M | 633.00M | 634.00M | 642.00M | 653.00M | 665.00M |
| EPS (Basic) | 4.68 | 4.18 | 4.57 | 5.86 | 9.15 | 4.20 |
| EPS (Diluted) | 4.66 | 4.17 | 4.56 | 5.84 | 9.12 | 4.19 |
| Free Cash Flow | 1.48B | 2.80B | -853.00M | 2.60B | 3.40B | 2.89B |
| Free Cash Flow Per Share | 2.10 | 4.42 | -1.34 | 4.04 | 5.21 | 4.35 |
| Dividend Per Share | 1.04 | 0.96 | 1.45 | 2.87 | 5.17 | 1.97 |
| Gross Margin | 50.35% | 47.70% | 52.83% | 52.10% | 56.74% | 53.68% |
| Operating Margin | 25.74% | 23.89% | 26.93% | 32.37% | 40.55% | 24.12% |
| Profit Margin | 17.46% | 16.47% | 19.06% | 24.75% | 30.05% | 20.24% |
| Free Cash Flow Margin | 7.86% | 17.44% | -5.62% | 17.15% | 17.17% | 21.03% |
| EBITDA | 8.92B | 7.43B | 7.34B | 7.46B | 10.26B | 5.50B |
| EBITDA Margin | 47.52% | 46.31% | 48.39% | 49.24% | 51.76% | 40.02% |
| D&A For EBITDA | 4.09B | 3.60B | 3.25B | 2.55B | 2.22B | 2.19B |
| EBIT | 4.83B | 3.83B | 4.09B | 4.90B | 8.04B | 3.32B |
| EBIT Margin | 25.74% | 23.89% | 26.93% | 32.37% | 40.55% | 24.12% |
| Effective Tax Rate | 21.93% | 22.65% | 20.74% | 18.19% | 22.35% | 2.24% |
| Revenue as Reported | 19.68B | 17.19B | 15.94B | 15.26B | 19.17B | 12.21B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 950.00M | 1.38B | 811.00M | 853.00M | 1.31B | 2.10B |
| Cash & Short-Term Investments | 950.00M | 1.38B | 811.00M | 853.00M | 1.31B | 2.10B |
| Accounts Receivable | 3.13B | 1.77B | 1.93B | 1.55B | 1.73B | 1.50B |
| Other Receivables | 30.00M | 20.00M | 42.00M | 22.00M | 33.00M | 38.00M |
| Receivables | 3.16B | 1.79B | 1.97B | 1.57B | 1.77B | 1.54B |
| Inventory | 356.00M | 336.00M | 294.00M | 249.00M | 201.00M | 114.00M |
| Restricted Cash | 59.00M | 50.00M | 35.00M | 22.00M | 140.00M | 172.00M |
| Other Current Assets | 522.00M | 444.00M | 315.00M | 460.00M | 469.00M | 321.00M |
| Total Current Assets | 5.05B | 4.01B | 3.43B | 3.16B | 3.89B | 4.25B |
| Property, Plant & Equipment | 63.61B | 25.72B | 25.31B | 19.59B | 18.33B | 15.24B |
| Long-Term Investments | 992.00M | 727.00M | 727.00M | 666.00M | 440.00M | 402.00M |
| Goodwill | 753.00M | 753.00M | 753.00M | 753.00M | 753.00M | 753.00M |
| Other Long-Term Assets | 492.00M | 395.00M | 268.00M | 319.00M | 307.00M | 378.00M |
| Total Assets | 70.89B | 31.60B | 30.49B | 24.49B | 23.72B | 21.02B |
| Accounts Payable | 1.63B | 790.00M | 806.00M | 760.00M | 859.00M | 500.00M |
| Accrued Expenses | 60.00M | 14.00M | 15.00M | 16.00M | ||
| Short-Term Debt | 750.00M | |||||
| Current Portion of Long-Term Debt | 747.00M | 998.00M | 485.00M | 483.00M | 251.00M | |
| Current Portion of Leases | 149.00M | 102.00M | 53.00M | 33.00M | 21.00M | 26.00M |
| Current Income Taxes Payable | 414.00M | |||||
| Other Current Liabilities | 3.35B | 2.14B | 1.97B | 1.66B | 1.96B | 2.54B |
| Total Current Liabilities | 7.04B | 4.09B | 3.31B | 2.95B | 3.10B | 3.09B |
| Long-Term Debt | 9.89B | 7.39B | 8.40B | 5.67B | 6.19B | 6.48B |
| Long-Term Leases | 356.00M | 197.00M | 320.00M | 295.00M | 257.00M | 252.00M |
| Pension & Post-Retirement Benefits | 161.00M | 166.00M | 172.00M | 163.00M | 210.00M | |
| Long-Term Deferred Tax Liabilities | 9.65B | 2.63B | 2.15B | 1.84B | 1.46B | 287.00M |
| Other Long-Term Liabilities | 2.21B | 1.61B | 1.44B | 1.35B | 1.25B | 1.31B |
| Total Liabilities | 29.15B | 16.07B | 15.79B | 12.27B | 12.43B | 11.63B |
| Common Stock | 115.00M | 62.00M | 65.00M | 64.00M | 65.00M | 66.00M |
| Additional Paid-In Capital | 30.05B | 5.39B | 6.39B | 5.94B | 6.92B | 7.64B |
| Retained Earnings | 11.71B | 10.20B | 8.17B | 6.20B | 4.30B | 1.69B |
| Treasury Stock | -5.00M | -13.00M | ||||
| Comprehensive Income & Other | -120.00M | -122.00M | -122.00M | -124.00M | -116.00M | -132.00M |
| Total Common Equity | 41.75B | 15.53B | 14.50B | 12.06B | 11.17B | 9.26B |
| Minority Interest | 208.00M | 156.00M | 129.00M | 137.00M | ||
| Shareholders' Equity | 41.75B | 15.53B | 14.70B | 12.22B | 11.30B | 9.40B |
| Total Liabilities & Equity | 70.89B | 31.60B | 30.49B | 24.49B | 23.72B | 21.02B |
| Total Debt | 11.89B | 8.69B | 9.26B | 6.48B | 6.72B | 6.76B |
| Net Cash (Debt) | -10.94B | -7.30B | -8.45B | -5.63B | -5.40B | -4.66B |
| Net Cash Per Share | -15.58 | -11.54 | -13.32 | -8.77 | -8.28 | -7.01 |
| Filing Date Shares Outstanding | 1.10B | 619.92M | 648.55M | 634.58M | 653.98M | 664.25M |
| Total Common Shares Outstanding | 1.15B | 622.00M | 651.00M | 635.70M | 653.00M | 663.00M |
| Working Capital | -1.99B | -80.00M | 118.00M | 208.00M | 786.00M | 1.16B |
| Book Value Per Share | 36.30 | 24.96 | 22.27 | 18.97 | 17.10 | 13.97 |
| Tangible Book Value | 40.99B | 14.78B | 13.74B | 11.31B | 10.41B | 8.51B |
| Tangible Book Value Per Share | 35.65 | 23.75 | 21.11 | 17.79 | 15.95 | 12.83 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.28B | 2.64B | 2.89B | 3.75B | 6.01B | 2.81B |
| Depreciation & Amortization | 4.09B | 3.60B | 3.25B | 2.55B | 2.22B | 2.19B |
| Loss (Gain) From Sale of Assets | -62.00M | -343.00M | 11.00M | -30.00M | -44.00M | -168.00M |
| Asset Writedown & Restructuring Costs | 11.00M | 265.00M | 5.00M | 5.00M | 12.00M | 4.00M |
| Stock-Based Compensation | 139.00M | 99.00M | 99.00M | 93.00M | 88.00M | 99.00M |
| Other Operating Activities | 571.00M | 302.00M | 556.00M | 319.00M | 462.00M | 81.00M |
| Change in Accounts Receivable | -202.00M | 183.00M | -170.00M | 191.00M | -142.00M | -526.00M |
| Change in Accounts Payable | 585.00M | 25.00M | -32.00M | -335.00M | 152.00M | 539.00M |
| Change in Income Taxes | 69.00M | |||||
| Change in Other Net Operating Assets | 73.00M | -57.00M | -15.00M | -236.00M | -129.00M | |
| Operating Cash Flow | 8.55B | 6.71B | 6.60B | 6.54B | 8.53B | 4.90B |
| Capital Expenditures | -7.08B | -3.91B | -7.45B | -3.95B | -5.12B | -2.01B |
| Sale of Property, Plant & Equipment | 130.00M | 545.00M | 24.00M | 26.00M | 39.00M | 79.00M |
| Cash Acquisitions | 581.00M | 147.00M | 344.00M | |||
| Investment in Securities | -64.00M | -62.00M | -118.00M | -53.00M | -76.00M | -25.00M |
| Other Investing Activities | 40.00M | 38.00M | 68.00M | 32.00M | 39.00M | 35.00M |
| Investing Cash Flow | -6.39B | -3.39B | -7.33B | -3.94B | -5.12B | -1.57B |
| Long-Term Debt Issued | 3.22B | |||||
| Long-Term Debt Repaid | -767.00M | -472.00M | -242.00M | -1.30B | ||
| Total Debt Repaid | -998.00M | -767.00M | -472.00M | -242.00M | -1.30B | |
| Net Debt Issued (Repaid) | -998.00M | -767.00M | 2.75B | -242.00M | -1.30B | |
| Repurchase of Common Stock | -838.00M | -1.07B | -1.10B | -1.08B | -804.00M | -634.00M |
| Common Dividends Paid | -821.00M | -619.00M | -937.00M | -1.86B | -3.38B | -1.31B |
| Other Financing Activities | -260.00M | -269.00M | 1.00M | -8.00M | -30.00M | -41.00M |
| Financing Cash Flow | -2.92B | -2.73B | 706.00M | -3.18B | -4.21B | -3.29B |
| Foreign Exchange Rate Adjustments | 3.00M | -3.00M | 3.00M | -11.00M | 1.00M | |
| Net Cash Flow | -750.00M | 588.00M | -29.00M | -579.00M | -817.00M | 34.00M |
| Free Cash Flow | 1.48B | 2.80B | -853.00M | 2.60B | 3.40B | 2.89B |
| Free Cash Flow Margin | 7.86% | 17.44% | -5.62% | 17.15% | 17.17% | 21.03% |
| Free Cash Flow Per Share | 2.10 | 4.42 | -1.34 | 4.04 | 5.21 | 4.35 |
| Levered Free Cash Flow | 782.62M | 2.07B | -1.77B | 1.41B | 1.32B | 2.80B |
| Unlevered Free Cash Flow | 1.10B | 2.38B | -1.52B | 1.64B | 1.56B | 3.04B |
| Cash Interest Paid | 503.00M | 509.00M | 366.00M | 378.00M | 370.00M | 404.00M |
| Cash Income Tax Paid | 186.00M | 480.00M | 400.00M | 438.00M | -116.00M | |
| Change in Working Capital | 525.00M | 151.00M | -217.00M | -144.00M | -226.00M | -116.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 59.97B | 22.98B | 21.50B | 29.02B | 40.21B | 29.81B |
| Enterprise Value | 70.91B | 30.39B | 30.33B | 34.99B | 45.91B | 34.58B |
| Last Close Price | 52.15 | 35.95 | 31.25 | 41.79 | 53.45 | 35.43 |
| PE Ratio | 11.18 | 8.70 | 7.44 | 7.75 | 6.75 | 10.71 |
| Forward PE | 9.48 | 9.51 | 7.59 | 7.36 | 7.02 | 8.43 |
| PS Ratio | 3.19 | 1.43 | 1.42 | 1.92 | 2.03 | 2.17 |
| PB Ratio | 1.44 | 1.48 | 1.46 | 2.38 | 3.56 | 3.17 |
| P/TBV Ratio | 1.46 | 1.55 | 1.56 | 2.57 | 3.86 | 3.50 |
| P/FCF Ratio | 40.60 | 8.21 | 11.18 | 11.81 | 10.31 | |
| P/OCF Ratio | 7.01 | 3.42 | 3.26 | 4.43 | 4.71 | 6.08 |
| PEG Ratio | 1.44 | 1.90 | 3.68 | 0.33 | 1.69 | |
| EV/Sales Ratio | 3.78 | 1.90 | 2.00 | 2.31 | 2.32 | 2.52 |
| EV/EBITDA Ratio | 7.95 | 4.09 | 4.13 | 4.69 | 4.47 | 6.28 |
| EV/EBIT Ratio | 14.67 | 7.93 | 7.42 | 7.14 | 5.71 | 10.43 |
| EV/FCF Ratio | 48.01 | 10.86 | 13.47 | 13.48 | 11.96 | |
| Debt / Equity Ratio | 0.28 | 0.56 | 0.63 | 0.53 | 0.59 | 0.72 |
| Debt / EBITDA Ratio | 1.27 | 1.12 | 1.22 | 0.85 | 0.64 | 1.20 |
| Debt / FCF Ratio | 8.05 | 3.11 | 2.50 | 1.97 | 2.34 | |
| Net Debt / Equity Ratio | 0.26 | 0.47 | 0.57 | 0.46 | 0.48 | 0.50 |
| Net Debt / EBITDA Ratio | 1.23 | 0.98 | 1.15 | 0.76 | 0.53 | 0.85 |
| Net Debt / FCF Ratio | 7.41 | 2.61 | -9.90 | 2.17 | 1.59 | 1.61 |
| Asset Turnover | 0.37 | 0.52 | 0.55 | 0.63 | 0.89 | 0.89 |
| Inventory Turnover | 27.31 | 26.63 | 26.36 | 32.23 | 54.46 | |
| Quick Ratio | 0.58 | 0.78 | 0.84 | 0.82 | 0.99 | 1.18 |
| Current Ratio | 0.72 | 0.98 | 1.04 | 1.07 | 1.25 | 1.38 |
| Return on Equity (ROE) | 11.52% | 17.74% | 21.86% | 32.17% | 58.34% | 45.63% |
| Return on Assets (ROA) | 5.91% | 7.71% | 9.29% | 12.71% | 22.46% | 13.40% |
| Return on Invested Capital (ROIC) | 10.06% | 12.89% | 15.80% | 23.21% | 40.59% | 33.11% |
| Return on Capital Employed (ROCE) | 7.60% | 13.90% | 15.00% | 22.80% | 39.00% | 18.50% |
| Earnings Yield | 8.94% | 11.50% | 13.45% | 12.91% | 14.96% | 9.44% |
| FCF Yield | 2.46% | 12.17% | -3.97% | 8.95% | 8.47% | 9.70% |
| Dividend Yield | 2.45% | 2.60% | 4.39% | 6.29% | 8.40% | 4.38% |
| Payout Ratio | 27.44% | 23.43% | 32.41% | 49.59% | 56.18% | 46.75% |
| Buyback Yield / Dilution | -9.89% | 0.16% | 1.25% | 1.69% | 1.80% | -76.39% |
| Total Shareholder Return | -7.44% | 2.76% | 5.64% | 7.97% | 10.20% | -72.01% |