Devon Energy Corp/De
DVN · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Devon Energy Corp/De reported revenue of $16.8B in the fiscal year ended Dec 2025, up 5.4% from the year before. Net income was $2.6B. Operating cash flow of $6.7B less capital expenditure of $3.6B left free cash flow of $3.1B. Net debt was $7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.8B | $19.8B | $15.1B | $15.9B | $16.8B |
| Interest expense | $388M | $370M | $369M | $401M | $497M |
| Pre-tax income | $2.9B | $7.8B | $4.6B | $3.7B | $3.5B |
| Income tax | $65M | $1.7B | $841M | $770M | $785M |
| Net income | $2.8B | $6B | $3.7B | $2.9B | $2.6B |
| Diluted EPS | 4.19 | 9.12 | 5.84 | 4.56 | 4.17 |
| Diluted shares | 665M | 653M | 642M | 634M | 633M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $1.3B | $853M | $811M | $1.4B |
| Receivables | $1.5B | $1.8B | $1.6B | $2B | $1.8B |
| Inventory | $114M | $201M | $249M | $294M | $336M |
| Current assets | $4.2B | $3.9B | $3.2B | $3.4B | $4B |
| Net PP&E | $15B | $18.1B | $19.3B | $25B | $25.4B |
| Goodwill | $753M | $753M | $753M | $753M | $753M |
| Total assets | $21B | $23.3B | $24.5B | $30.5B | $31.6B |
| Current liabilities | $3.1B | $3.1B | $2.9B | $3.3B | $4.1B |
| Short-term debt | $0 | $251M | $483M | $485M | $998M |
| Long-term debt | $6.5B | $6.2B | $5.7B | $8.4B | $7.4B |
| Shareholders' equity | $9.3B | $11.2B | $12.1B | $14.5B | $15.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.9B | $8.5B | $6.5B | $6.6B | $6.7B |
| Capital expenditure | $2B | $2.5B | $3.9B | $3.6B | $3.6B |
| Free cash flow | $2.9B | $6B | $2.7B | $3B | $3.1B |
| Depreciation & amortisation | $2.2B | $2.2B | $2.6B | $3.3B | $3.6B |
| Stock-based compensation | $99M | $88M | $93M | $99M | $99M |
| Share buybacks | $589M | $718M | $979M | $1.1B | $1.1B |
| Dividends paid | $1.3B | $3.4B | $1.9B | $937M | $319M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 44.2% | −23.6% | 5.1% | 5.4% |
| EPS growth (YoY) | – | 117.7% | −36.0% | −21.9% | −8.6% |
| Net margin | 20.5% | 30.4% | 24.7% | 18.2% | 15.7% |
| Return on equityBlank when equity is negative | 30.4% | 54.0% | 31.0% | 20.0% | 17.0% |
| Free cash flow margin | 21.2% | 30.2% | 17.6% | 18.6% | 18.6% |
| Cash conversion (CFO ÷ net income) | 1.74x | 1.41x | 1.75x | 2.28x | 2.54x |
| Receivable days | 41 | 33 | 38 | 45 | 39 |
| Debt ÷ equity | 0.70x | 0.58x | 0.51x | 0.61x | 0.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.4B | $5.1B | $5.3B | $8.1B | $7B |
| Current ratio | 1.38x | 1.25x | 1.07x | 1.04x | 0.98x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.