Devon Energy Corporation

DVN · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Valuation
Market cap	$22,978	$21,500	$29,024	$40,209	$29,822	$6,047	$9,975	$10,553	$21,735	$23,913	$13,152	$25,035	$25,119	$20,816	$25,854	$34,544	$32,634	$28,847	$39,565	$29,649	$28,643	$18,759	$11,939	$7,114	$4,948	$7,744	$3,091	$992	$1,241	$764	$560	$391	$406	$228	$77	$100	$135	$36	$14
Enterprise value	$30,377	$30,100	$34,777	$45,721	$34,620	$8,678	$13,167	$12,593	$30,807	$36,568	$27,814	$39,619	$31,075	$25,480	$28,576	$36,739	$40,415	$35,691	$45,748	$36,092	$32,989	$23,912	$18,907	$14,384	$11,354	$9,565	$5,335	$1,527	$1,703	$912	$694	$481	$467	$277	$103	$121	$142	$64	$24
P/E (TTM) at period end	8.70×	7.44×	7.75×	6.75×	10.72×	–	–	14.95×	24.48×	–	–	15.75×	–	–	12.25×	7.59×	–	–	11.00×	10.42×	9.78×	8.58×	6.83×	68.41×	48.04×	10.61×	–	–	–	11.30×	38.64×	28.53×	19.83×	15.63×	–	38.39×	150.00×	–	–
P/S (TTM) at period end	1.34×	1.35×	1.90×	2.10×	2.44×	1.25×	1.60×	1.19×	3.34×	3.54×	1.00×	1.21×	2.42×	2.19×	2.26×	3.48×	4.07×	2.08×	3.97×	3.04×	2.86×	2.06×	1.62×	1.65×	1.73×	2.99×	2.42×	1.40×	2.74×	2.98×	4.94×	3.88×	4.11×	3.32×	2.71×	3.37×	5.13×	1.95×	0.90×
P/B at period end	1.48×	1.48×	2.41×	3.60×	3.22×	2.10×	1.72×	1.15×	2.35×	2.89×	1.87×	1.16×	1.23×	0.98×	1.21×	1.79×	2.10×	1.69×	1.80×	1.70×	1.93×	1.37×	1.08×	1.53×	1.52×	2.36×	1.53×	1.90×	2.28×	1.62×	2.56×	1.89×	2.35×	1.49×	1.46×	1.41×	1.92×	0.86×	0.47×
EV / EBITDA (TTM)	4.08×	4.05×	4.64×	4.51×	6.41×	–	7.95×	4.63×	26.56×	–	–	4.94×	9.28×	8.83×	4.15×	6.17×	9.27×	–	6.41×	5.74×	4.71×	4.04×	4.13×	9.13×	10.88×	5.15×	15.64×	–	5.53×	5.30×	9.81×	7.88×	8.06×	7.07×	–	9.49×	16.87×	–	–
EV / Sales (TTM)	1.77×	1.89×	2.28×	2.39×	2.84×	1.80×	2.12×	1.42×	4.74×	5.42×	2.12×	1.92×	2.99×	2.68×	2.50×	3.70×	5.04×	2.58×	4.59×	3.70×	3.29×	2.63×	2.57×	3.33×	3.96×	3.70×	4.17×	2.16×	3.77×	3.55×	6.13×	4.77×	4.73×	4.03×	3.61×	4.07×	5.39×	3.49×	1.58×
Returns
Return on equity	17.0%	19.9%	31.1%	53.4%	30.0%	(88.6%)	(1.4%)	7.7%	9.6%	(12.8%)	(183.0%)	7.4%	(0.1%)	(1.0%)	9.9%	23.6%	(15.9%)	(12.6%)	16.3%	16.3%	19.7%	16.0%	15.8%	2.2%	3.2%	22.3%	(7.4%)	(45.1%)	(55.2%)	14.3%	6.6%	6.6%	11.9%	9.5%	(28.3%)	3.7%	1.3%	(1.4%)	(3.8%)
Return on invested capital	13.0%	14.4%	22.7%	36.9%	22.6%	(44.9%)	1.3%	10.1%	0.7%	(13.8%)	(65.2%)	5.7%	–	0.2%	9.0%	12.2%	5.9%	(11.5%)	11.8%	12.2%	16.0%	12.4%	11.9%	–	1.5%	14.4%	(1.4%)	(19.0%)	8.7%	9.3%	5.2%	5.8%	9.3%	7.1%	(18.7%)	3.3%	0.9%	(1.7%)	(3.7%)
Dividend yield	2.7%	4.4%	6.4%	8.4%	4.4%	4.2%	1.4%	1.4%	0.6%	0.9%	3.0%	1.5%	1.4%	1.6%	1.1%	0.8%	0.9%	1.0%	0.6%	0.7%	0.5%	0.5%	0.4%	0.6%	0.7%	0.4%	0.5%	0.7%	0.5%	0.7%	0.5%	–	–	0.7%	3.0%	2.3%	0.6%	–	–
Financial health
Current ratio	0.98×	1.04×	1.07×	1.25×	1.38×	2.26×	2.00×	1.99×	1.45×	1.44×	1.22×	1.09×	1.20×	1.49×	1.38×	1.21×	0.79×	0.86×	1.07×	0.69×	1.43×	1.16×	1.14×	1.02×	1.18×	1.49×	1.83×	1.37×	3.03×	1.84×	1.60×	1.49×	1.71×	2.10×	1.32×	1.31×	1.52×	1.16×	1.84×
Debt / equity	0.54×	0.61×	0.51×	0.58×	0.70×	1.49×	0.74×	0.48×	0.74×	1.23×	1.85×	0.52×	0.59×	0.55×	0.46×	0.29×	0.47×	0.34×	0.33×	0.40×	0.44×	0.58×	0.80×	1.63×	2.02×	0.63×	0.88×	0.77×	0.09×	0.02×	0.65×	0.47×	0.46×	0.36×	0.63×	0.40×	0.16×	0.72×	0.47×
Effective tax rate	22.6%	20.7%	18.2%	22.4%	2.2%	17.7%	27.5%	24.4%	17.5%	(32.6%)	31.3%	58.3%	113.4%	41.6%	50.3%	34.6%	39.2%	26.9%	25.3%	26.2%	33.8%	33.4%	22.9%	144.0%	17.9%	36.3%	24.6%	34.8%	36.7%	43.0%	43.4%	35.7%	26.2%	25.1%	28.9%	36.6%	35.7%	14.3%	15.4%
Share count
Diluted shares outstanding	633	634	642	653	665	377	401	497	520	507	407	407	402	400	414	441	446	439	450	448	470	499	433	312	260	264	198	65	70	44	45	43	39	30	17	17	20	15	13

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Revenue and gross profit
Revenue	$19,676	$17,188	$15,940	$15,258	$19,169	$12,206	$4,828	$6,220	$8,896	$6,501	$6,753	$13,145	$20,638	$10,397	$9,501	$11,445	$9,940	$8,015	$13,858	$9,975	$9,767	$10,027	$9,086	$7,352	$4,316	$2,864	$2,587	$1,278	$706	$452	$257	$113	$101	$99	$69	$28	$30	$26	$18	$15
Cost of revenue	($12,979)	($12,797)	($11,230)	($9,891)	($10,800)	($8,527)	($4,436)	($2,812)	($4,321)	($3,559)	($2,821)	($12,922)	($10,669)	($4,794)	($4,471)	($4,388)	($3,287)	($2,692)	($3,462)	–	($2,661)	($2,586)	($2,598)	($1,078)	($775)	($550)	($441)	($332)	($250)	($101)	($59)	($27)	($31)	($33)	($23)	($11)	($12)	($12)	($8)	($5)
Gross profit	$6,697	$4,391	$4,710	$5,367	$8,369	$3,679	$392	$3,408	$4,575	$2,942	$3,932	$223	$8,897	$5,603	$5,030	$7,057	$6,653	$4,939	$10,396	–	$7,106	$7,441	$6,488	$6,274	$3,541	$2,314	$2,146	$946	$456	$351	$198	$86	$69	$66	$46	$18	$18	$14	$10	$10
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($549)	($492)	($500)	($408)	($395)	($391)	($338)	($475)	($574)	($645)	($733)	($1,193)	($847)	($617)	($692)	($585)	($563)	($648)	($645)	($513)	($397)	($291)	($277)	($1,481)	($1,027)	($161)	($124)	($80)	($46)	($24)	($15)	($8)	($8)	($8)	($6)	($31)	($5)	($6)	($4)	($4)
Total operating expenses	($2,003)	($535)	($528)	($428)	($449)	($433)	($3,402)	($3,248)	($3,083)	($2,790)	($6,827)	($20,950)	($4,199)	($5,036)	($4,956)	($2,425)	($2,632)	($2,686)	($14,175)	–	($3,052)	($2,634)	($2,801)	($3,485)	($3,176)	($2,135)	($993)	($1,028)	($765)	($213)	($96)	($53)	($42)	($36)	($26)	($39)	($13)	($13)	($11)	($12)
Total costs and expenses	($14,982)	($13,332)	($11,758)	($10,319)	($11,249)	($8,960)	($7,838)	($6,060)	($7,404)	($6,349)	($9,648)	($33,872)	($15,940)	($9,830)	($9,427)	($6,813)	($5,919)	($5,762)	($17,637)	($5,453)	($5,713)	($5,220)	($5,399)	($4,563)	($3,951)	($2,685)	($1,434)	($1,360)	($1,015)	($314)	($155)	($81)	($74)	($69)	($49)	($49)	($25)	($25)	($20)	($17)
Operating income	$4,694	$3,856	$4,182	$4,939	$7,920	$3,246	($3,010)	$160	$1,492	$152	($2,895)	($20,727)	$4,698	$567	$74	$4,632	$4,021	$2,253	($3,779)	$4,522	$4,054	$4,807	$3,687	$2,789	$365	$179	$1,153	($82)	($309)	$138	$102	$33	$27	$30	$19	($21)	$5	$1	($1)	($2)
Earnings
EBITDA	$8,783	$7,451	$7,437	$7,493	$10,143	$5,404	($1,710)	$1,657	$2,720	$1,160	($1,303)	($16,705)	$8,017	$3,347	$2,885	$6,880	$5,951	$4,361	($576)	$7,135	$6,285	$6,998	$5,912	$4,582	$1,576	$1,044	$1,856	$341	($66)	$308	$172	$71	$61	$58	$39	($13)	$13	$8	–	–
Interest income	$68	$56	$62	$55	$38	$2	$12	$33	$32	–	–	$6	$10	$20	$36	$21	$13	$8	$54	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($506)	($497)	($401)	($369)	($370)	($388)	($259)	($260)	($287)	($337)	($488)	($565)	($536)	($437)	($406)	($352)	($363)	($349)	($426)	($430)	($421)	($533)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,209	$3,466	$3,712	$4,623	$7,775	$2,898	($3,090)	($109)	$944	$40	($433)	($19,858)	$4,059	$149	($317)	$4,290	$3,568	($4,526)	($4,160)	$3,327	$3,570	$4,378	$3,276	$2,245	($134)	$28	$1,038	($199)	($362)	($474)	$119	$26	$21	$26	$20	($21)	$4	$1	($1)	($1)
Income tax expense	($923)	($785)	($770)	($841)	($1,738)	($65)	$547	$30	($230)	($7)	($141)	$6,213	($2,368)	($169)	$132	($2,156)	($1,235)	$1,773	$1,121	($842)	($936)	($1,481)	($1,095)	($514)	$193	($5)	($377)	$49	$126	$174	($51)	($11)	($8)	($7)	($5)	$6	($2)	($0)	$0	$0
Net income	$3,280	$2,642	$2,893	$3,739	$6,031	$2,813	($2,680)	($355)	$3,064	$898	($1,056)	($12,896)	$1,607	($20)	($206)	$4,704	$4,550	($2,479)	($2,148)	$3,606	$2,846	$2,930	$2,186	$1,747	$104	$103	$730	($150)	($236)	($300)	$68	$14	$14	$20	$15	($15)	$3	$1	($1)	($1)
Per share
Diluted EPS (GAAP)	$4.21	$4.17	$4.56	$5.84	$9.12	$4.19	($7.12)	($0.89)	$6.10	$1.70	($2.09)	($31.72)	$3.91	($0.06)	($0.52)	$11.25	$10.31	($5.58)	($4.85)	$8.00	$6.34	$6.26	$4.38	$4.04	$0.31	$0.36	$2.75	($0.84)	($0.93)	($3.19)	$1.00	$0.33	$0.32	$0.52	$0.45	($0.86)	$0.015	$0.005	($0.04)	($0.085)
Basic EPS (GAAP)	$4.23	$4.18	$4.58	$5.86	$9.15	$4.20	($7.12)	($0.89)	$6.14	$1.71	($2.09)	($31.72)	$3.93	($0.06)	($0.52)	$11.29	$10.35	($5.58)	($4.85)	$8.08	$6.42	$6.38	$4.51	$4.16	$0.31	$0.37	$2.83	($0.84)	($0.93)	($3.19)	$1.03	$0.33	$0.32	$0.52	$0.47	($0.86)	$0.015	$0.005	($0.04)	($0.085)
Basic shares outstanding	700	632	632	639	651	663	377	401	494	520	507	407	405	402	400	412	440	444	439	445	442	458	482	417	310	256	254	188	65	64	44	44	43	39	30	17	17	20	15	13
Margins
Gross margin	34.0%	25.5%	29.5%	35.2%	43.7%	30.1%	8.1%	54.8%	51.4%	45.3%	58.2%	1.7%	43.1%	53.9%	52.9%	61.7%	66.9%	61.6%	75.0%	–	72.8%	74.2%	71.4%	85.3%	82.0%	80.8%	83.0%	74.0%	64.6%	77.7%	77.1%	75.9%	68.8%	66.3%	66.5%	62.8%	59.5%	55.1%	54.1%	66.4%
Operating margin	23.9%	22.4%	26.2%	32.4%	41.3%	26.6%	(62.3%)	2.6%	16.8%	2.3%	(42.9%)	(157.7%)	22.8%	5.5%	0.8%	40.5%	40.5%	28.1%	(27.3%)	45.3%	41.5%	47.9%	40.6%	37.9%	8.5%	6.2%	44.6%	(6.4%)	(43.7%)	30.6%	39.6%	28.9%	26.7%	29.9%	28.1%	(72.6%)	15.9%	4.2%	(7.7%)	(11.2%)
Net margin	16.7%	15.4%	18.1%	24.5%	31.5%	23.0%	(55.5%)	(5.7%)	34.4%	13.8%	(15.6%)	(98.1%)	7.8%	(0.2%)	(2.2%)	41.1%	45.8%	(30.9%)	(15.5%)	36.2%	29.1%	29.2%	24.1%	23.8%	2.4%	3.6%	28.2%	(11.7%)	(33.4%)	(66.4%)	26.3%	12.8%	13.6%	20.7%	21.3%	(52.6%)	8.8%	3.4%	(3.3%)	(7.2%)

Analyst consensus

Buy64 analysts

Bearish · 0 · Hold · 18 · Bullish · 46

Earnings history

	EPS	Estimate
Q3 2024	$1.10	$1.09	Beat
Q4 2024	$1.16	$1.00	Beat
Q1 2025	$1.21	$1.24	Miss
Q2 2025	$0.84	$0.86	Miss
Q3 2025	$1.04	$0.93	Beat
Q4 2025	$0.82	$0.81	Beat
Q1 2026	$1.04	$1.06	Miss
Q2 2026	$1.57	$1.40	Beat

Peers

Company overview

IPO dateJul 22, 1985

CEOClay Gaspar

Employees2,200

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNew York Stock Exchange

Websitewww.devonenergy.com

As an independent energy producer, Devon Energy Corporation primarily focuses on the exploration, development, and extraction of oil, natural gas, and natural gas liquids within the United States. The company manages roughly 5,134 gross wells. Established in 1971, its corporate headquarters are located in Oklahoma City, Oklahoma.

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