Devon Energy Corp Financials

DVN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Devon Energy Corp (DVN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 65/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Devon Energy Corp's revenue grew a modest 4.5% year-over-year to $15.9B. This slow but positive growth earns a score of 41/100.

Leverage

Devon Energy Corp carries a low D/E ratio of 0.58, meaning only $0.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Devon Energy Corp's current ratio of 1.04 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.

Cash Flow

Devon Energy Corp converts 18.5% of revenue into free cash flow ($3.0B). This strong cash generation earns a score of 93/100.

Returns

Devon Energy Corp earns a strong 19.9% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 80/100. This is down from 31.1% the prior year.

Piotroski F-Score Weak

3/9

Devon Energy Corp passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.28x

For every $1 of reported earnings, Devon Energy Corp generates $2.28 in operating cash flow ($6.6B OCF vs $2.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$15.9B

YoY+4.5%

5Y CAGR+20.7%

10Y CAGR-2.5%

Devon Energy Corp generated $15.9B in revenue in fiscal year 2024. This represents an increase of 4.5% from the prior year.

EBITDA

N/A

Free Cash Flow

$3.0B

YoY+11.0%

5Y CAGR+8.0%

Devon Energy Corp generated $3.0B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 11.0% from the prior year.

Net Income

$2.9B

YoY-22.8%

10Y CAGR+6.0%

Devon Energy Corp reported $2.9B in net income in fiscal year 2024. This represents a decrease of 22.8% from the prior year.

EPS (Diluted)

$4.56

YoY-21.9%

10Y CAGR+1.5%

Devon Energy Corp earned $4.56 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 21.9% from the prior year.

Cash & Debt

$811.0M

YoY-4.9%

5Y CAGR-11.1%

10Y CAGR-5.8%

Devon Energy Corp held $811.0M in cash against $8.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

649M

YoY+2.2%

5Y CAGR+11.1%

10Y CAGR+4.7%

Devon Energy Corp had 649M shares outstanding in fiscal year 2024. This represents an increase of 2.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

18.1%

YoY-6.4pp

5Y CAGR+23.8pp

10Y CAGR+10.4pp

Devon Energy Corp's net profit margin was 18.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 6.4 percentage points from the prior year.

Return on Equity

19.9%

YoY-11.1pp

10Y CAGR+12.5pp

Devon Energy Corp's ROE was 19.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 11.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$1.1B

YoY+8.0%

5Y CAGR-10.6%

Devon Energy Corp spent $1.1B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 8.0% from the prior year.

Capital Expenditures

$3.6B

YoY-6.1%

5Y CAGR+159.5%

10Y CAGR-5.6%

Devon Energy Corp invested $3.6B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 6.1% from the prior year.

DVN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$15.9B+4.5%	$15.3B-20.4%	$19.2B+57.0%	$12.2B+152.8%	$4.8B-22.4%	$6.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$2.8B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$500.0M+22.5%	$408.0M+3.3%	$395.0M+1.0%	$391.0M+15.7%	$338.0M-28.8%	$475.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$401.0M+8.7%	$369.0M-0.3%	$370.0M-4.6%	$388.0M+49.8%	$259.0M-0.4%	$260.0M
Income Tax	$770.0M-8.4%	$841.0M-51.6%	$1.7B+2573.8%	$65.0M+111.9%	-$547.0M-1723.3%	-$30.0M
Net Income	$2.9B-22.8%	$3.7B-37.7%	$6.0B+113.8%	$2.8B+205.0%	-$2.7B-654.9%	-$355.0M
EPS (Diluted)	$4.56-21.9%	$5.84-36.0%	$9.12+117.7%	$4.19+158.8%	$-7.12-700.0%	$-0.89

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$4.3B+1.1%	$4.3B-3.8%	$4.5B+1.1%	$4.4B+12.4%	$3.9B+8.9%	$3.6B-13.2%	$4.1B+8.1%	$3.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$114.0M+0.9%	$113.0M-13.1%	$130.0M-16.1%	$155.0M+36.0%	$114.0M0.0%	$114.0M+2.7%	$111.0M+12.1%	$99.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$125.0M-0.8%	$126.0M-0.8%	$127.0M-0.8%	$128.0M+45.5%	$88.0M+1.1%	$87.0M0.0%	$87.0M-6.5%	$93.0M
Income Tax	$219.0M-10.2%	$244.0M+78.1%	$137.0M-26.7%	$187.0M+1.1%	$185.0M+16.4%	$159.0M-40.9%	$269.0M+77.0%	$152.0M
Net Income	$687.0M-23.6%	$899.0M+82.0%	$494.0M-22.7%	$639.0M-24.3%	$844.0M+41.6%	$596.0M-48.3%	$1.2B+26.6%	$910.0M
EPS (Diluted)	$1.09-22.7%	$1.41+83.1%	$0.77-21.4%	$0.98-26.9%	$1.34+42.6%	$0.94-48.4%	$1.82+28.2%	$1.42

DVN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$30.5B+24.5%	$24.5B+5.2%	$23.3B+10.7%	$21.0B+112.1%	$9.9B-27.7%	$13.7B
Current Assets	$3.4B+8.6%	$3.2B-18.9%	$3.9B-8.4%	$4.2B+30.3%	$3.3B-15.3%	$3.9B
Cash & Equivalents	$811.0M-4.9%	$853.0M-35.1%	$1.3B-37.4%	$2.1B+2.5%	$2.0B+39.8%	$1.5B
Inventory	$294.0M+18.1%	$249.0M+23.9%	$201.0M+76.3%	$114.0M	N/A	N/A
Accounts Receivable	$2.0B+25.4%	$1.6B-11.0%	$1.8B+14.5%	$1.5B+156.7%	$601.0M-27.8%	$832.0M
Goodwill	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M
Total Liabilities	$16.0B+28.7%	$12.4B+2.7%	$12.1B+2.9%	$11.8B+67.4%	$7.0B-11.2%	$7.9B
Current Liabilities	$3.3B+12.2%	$2.9B-5.0%	$3.1B+0.6%	$3.1B+114.4%	$1.4B-25.3%	$1.9B
Long-Term Debt	$8.4B+48.1%	$5.7B-8.4%	$6.2B-4.5%	$6.5B+50.8%	$4.3B+0.1%	$4.3B
Total Equity	$14.5B+20.2%	$12.1B+8.0%	$11.2B+20.6%	$9.3B+221.0%	$2.9B-50.3%	$5.8B
Retained Earnings	$8.2B+31.8%	$6.2B+44.2%	$4.3B+154.0%	$1.7B+713.5%	$208.0M-93.4%	$3.1B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$31.2B-0.5%	$31.4B+1.5%	$30.9B+1.4%	$30.5B+21.2%	$25.2B+0.7%	$25.0B+2.0%	$24.5B+1.0%	$24.2B
Current Assets	$3.9B-10.5%	$4.3B+10.7%	$3.9B+13.9%	$3.4B+2.0%	$3.4B-1.1%	$3.4B+7.6%	$3.2B-1.7%	$3.2B
Cash & Equivalents	$1.2B-28.3%	$1.7B+43.0%	$1.2B+47.7%	$811.0M-28.9%	$1.1B+1.2%	$1.1B+32.0%	$853.0M+30.4%	$654.0M
Inventory	$361.0M+10.4%	$327.0M-1.5%	$332.0M+12.9%	$294.0M+14.0%	$258.0M+10.3%	$234.0M-6.0%	$249.0M+6.9%	$233.0M
Accounts Receivable	$1.8B-1.0%	$1.9B-9.0%	$2.0B+3.2%	$2.0B+24.1%	$1.6B-4.9%	$1.7B+6.2%	$1.6B-15.1%	$1.9B
Goodwill	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M
Total Liabilities	$15.9B-2.8%	$16.3B-0.3%	$16.4B+2.4%	$16.0B+26.8%	$12.6B-1.6%	$12.8B+3.1%	$12.4B-1.4%	$12.6B
Current Liabilities	$4.0B+14.3%	$3.5B-2.2%	$3.6B+9.3%	$3.3B+9.7%	$3.0B-7.7%	$3.3B+10.7%	$2.9B-11.4%	$3.3B
Long-Term Debt	$7.4B-11.9%	$8.4B0.0%	$8.4B0.0%	$8.4B+48.2%	$5.7B-0.1%	$5.7B-0.1%	$5.7B-0.1%	$5.7B
Total Equity	$15.3B+1.9%	$15.1B+3.5%	$14.5B+0.3%	$14.5B+15.5%	$12.6B+3.2%	$12.2B+0.9%	$12.1B+3.6%	$11.6B
Retained Earnings	$9.8B+5.8%	$9.3B+8.8%	$8.5B+4.2%	$8.2B+14.5%	$7.1B+9.6%	$6.5B+5.1%	$6.2B+11.9%	$5.5B

DVN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$6.6B+0.9%	$6.5B-23.3%	$8.5B+74.1%	$4.9B+234.6%	$1.5B-28.3%	$2.0B
Capital Expenditures	$3.6B-6.1%	$3.9B+52.8%	$2.5B+27.8%	$2.0B+72.5%	$1.2B+3619.4%	$31.0M
Free Cash Flow	$3.0B+11.0%	$2.7B-55.6%	$6.0B+105.8%	$2.9B+835.7%	$311.0M-84.5%	$2.0B
Investing Cash Flow	-$7.3B-86.0%	-$3.9B+23.1%	-$5.1B-225.5%	-$1.6B	N/A	N/A
Financing Cash Flow	$706.0M+122.2%	-$3.2B+24.4%	-$4.2B-28.0%	-$3.3B	N/A	N/A
Dividends Paid	$937.0M-49.6%	$1.9B-45.0%	$3.4B+157.0%	$1.3B+411.7%	$257.0M+83.6%	$140.0M
Share Buybacks	$1.1B+8.0%	$979.0M+36.4%	$718.0M+21.9%	$589.0M+1450.0%	$38.0M-97.9%	$1.8B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.7B+9.4%	$1.5B-20.4%	$1.9B+16.7%	$1.7B+8.4%	$1.5B-11.7%	$1.7B+0.1%	$1.7B+0.7%	$1.7B
Capital Expenditures	$870.0M-9.0%	$956.0M+2.4%	$934.0M+0.9%	$926.0M-2.3%	$948.0M+6.0%	$894.0M-1.8%	$910.0M+3.2%	$882.0M
Free Cash Flow	$820.0M+39.2%	$589.0M-41.6%	$1.0B+36.6%	$738.0M+25.7%	$587.0M-30.5%	$844.0M+2.1%	$827.0M-1.9%	$843.0M
Investing Cash Flow	-$1.0B-71.5%	-$597.0M+25.6%	-$802.0M+23.1%	-$1.0B-2.4%	-$1.0B-10.6%	-$921.0M-1.2%	-$910.0M-1.4%	-$897.0M
Financing Cash Flow	-$1.1B-170.5%	-$424.0M+43.6%	-$752.0M-67.1%	-$450.0M+9.1%	-$495.0M+8.5%	-$541.0M+24.4%	-$716.0M-29.5%	-$553.0M
Dividends Paid	$151.0M	N/A	N/A	$143.0M-35.9%	$223.0M-25.4%	$299.0M-38.7%	$488.0M+56.4%	$312.0M
Share Buybacks	$250.0M+0.4%	$249.0M-17.3%	$301.0M0.0%	$301.0M+17.6%	$256.0M+24.9%	$205.0M-12.4%	$234.0M	$0

DVN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.1%-6.4pp	24.6%-6.8pp	31.4%+8.3pp	23.1%+78.6pp	-55.5%-49.8pp	-5.7%
Return on Equity	19.9%-11.1pp	31.1%-22.8pp	53.9%+23.5pp	30.4%	N/A	N/A
Return on Assets	9.5%-5.8pp	15.3%-10.6pp	25.9%+12.5pp	13.4%+40.4pp	-27.0%-24.4pp	-2.6%
Current Ratio	1.04-0.0	1.07-0.2	1.25-0.1	1.38-0.9	2.26+0.3	2.00
Debt-to-Equity	0.58+0.1	0.47-0.1	0.55-0.1	0.70-0.8	1.49+0.7	0.74
FCF Margin	18.5%+1.1pp	17.4%-13.8pp	31.2%+7.4pp	23.8%+17.4pp	6.4%-25.9pp	32.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.9%-5.1pp	21.0%+9.9pp	11.1%-3.4pp	14.5%-7.0pp	21.6%+5.0pp	16.6%-11.2pp	27.8%+4.1pp	23.7%
Return on Equity	4.5%-1.5pp	6.0%+2.6pp	3.4%-1.0pp	4.4%-2.3pp	6.7%+1.8pp	4.9%-4.7pp	9.6%+1.7pp	7.8%
Return on Assets	2.2%-0.7pp	2.9%+1.3pp	1.6%-0.5pp	2.1%-1.3pp	3.4%+1.0pp	2.4%-2.3pp	4.7%+1.0pp	3.8%
Current Ratio	0.96-0.3	1.22+0.1	1.08+0.0	1.04-0.1	1.11+0.1	1.04-0.0	1.07+0.1	0.96
Debt-to-Equity	0.48-0.1	0.56-0.0	0.580.0	0.58+0.1	0.45-0.0	0.470.0	0.47-0.0	0.49
FCF Margin	18.9%+5.2pp	13.8%-8.9pp	22.6%+5.9pp	16.8%+1.8pp	15.0%-8.5pp	23.5%+3.5pp	20.0%-2.0pp	22.0%

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Frequently Asked Questions

What is Devon Energy Corp's annual revenue?

Devon Energy Corp (DVN) reported $15.9B in total revenue for fiscal year 2024. This represents a 4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Devon Energy Corp's revenue growing?

Devon Energy Corp (DVN) revenue grew by 4.5% year-over-year, from $15.3B to $15.9B in fiscal year 2024.

Is Devon Energy Corp profitable?

Yes, Devon Energy Corp (DVN) reported a net income of $2.9B in fiscal year 2024, with a net profit margin of 18.1%.

What is Devon Energy Corp's earnings per share (EPS)?

Devon Energy Corp (DVN) reported diluted earnings per share of $4.56 for fiscal year 2024. This represents a -21.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Devon Energy Corp have?

As of fiscal year 2024, Devon Energy Corp (DVN) had $811.0M in cash and equivalents against $8.4B in long-term debt.

What is Devon Energy Corp's net profit margin?

Devon Energy Corp (DVN) had a net profit margin of 18.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Devon Energy Corp's return on equity (ROE)?

Devon Energy Corp (DVN) has a return on equity of 19.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Devon Energy Corp's free cash flow?

Devon Energy Corp (DVN) generated $3.0B in free cash flow during fiscal year 2024. This represents a 11.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Devon Energy Corp's operating cash flow?

Devon Energy Corp (DVN) generated $6.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Devon Energy Corp's total assets?

Devon Energy Corp (DVN) had $30.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Devon Energy Corp's capital expenditures?

Devon Energy Corp (DVN) invested $3.6B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Devon Energy Corp buy back shares?

Yes, Devon Energy Corp (DVN) spent $1.1B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Devon Energy Corp have outstanding?

Devon Energy Corp (DVN) had 649M shares outstanding as of fiscal year 2024.

What is Devon Energy Corp's current ratio?

Devon Energy Corp (DVN) had a current ratio of 1.04 as of fiscal year 2024, which is considered adequate.

What is Devon Energy Corp's debt-to-equity ratio?

Devon Energy Corp (DVN) had a debt-to-equity ratio of 0.58 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Devon Energy Corp's return on assets (ROA)?

Devon Energy Corp (DVN) had a return on assets of 9.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Devon Energy Corp's Piotroski F-Score?

Devon Energy Corp (DVN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Devon Energy Corp's earnings high quality?

Devon Energy Corp (DVN) has an earnings quality ratio of 2.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Devon Energy Corp?

Devon Energy Corp (DVN) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.