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

Devon Energy Corp (DVN) reported diluted earnings per share of $4.17 for fiscal year 2025. This represents a -8.6% 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.

Devon Energy Corp Financials

DVN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 19 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).

Rhea AI DVN FY2025 2026-05-06

Cash generation stayed sturdier than accounting profit, because reinvestment needs eased even as short-term liquidity tightened.

Between FY2023 and FY2025, net income fell from $3.74B to $2.64B. Yet free cash flow improved because operating cash stayed around $6.6B while capital spending eased, so reported earnings became a weaker guide to cash left after reinvestment.

FY2025 showed a tight working-capital posture: current assets sat just below current liabilities, creating less short-term cushion despite solid cash generation. That looks more like a funding-timing issue than a leverage build, because long-term debt dropped by roughly $1.0B from the prior year and debt-to-equity improved to 0.5x.

After the post-peak reset, net margin still slid from 24.5% to 15.4% even as sales improved. With SG&A only moving from $408M to $492M across that span, the squeeze looks less like headquarters cost creep and more like weaker profit per unit of activity plus a heavier non-cash and financing burden.

Financial Health Signals

Financial Profile 46/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Devon Energy Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Devon Energy Corp's revenue grew 7.8% year-over-year to $17.2B, a solid pace of expansion. This earns a growth score of 44/100.

Leverage

Devon Energy Corp carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Devon Energy Corp's current ratio of 0.98 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Devon Energy Corp converts 18.1% of revenue into free cash flow ($3.1B). This strong cash generation earns a score of 70/100.

Returns

Devon Energy Corp's ROE of 17.0% shows moderate profitability relative to equity, earning a score of 57/100. This is down from 20.0% the prior year.

Piotroski F-Score Neutral

6/9

Devon Energy Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.54x

For every $1 of reported earnings, Devon Energy Corp generates $2.54 in operating cash flow ($6.7B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$17.2B

YoY+7.8%

5Y CAGR+28.9%

10Y CAGR+2.7%

Devon Energy Corp generated $17.2B in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.

EBITDA

N/A

Net Income

$2.6B

YoY-8.7%

Devon Energy Corp reported $2.6B in net income in fiscal year 2025. This represents a decrease of 8.7% from the prior year.

EPS (Diluted)

$4.17

YoY-8.6%

Devon Energy Corp earned $4.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 8.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$3.1B

YoY+5.5%

5Y CAGR+58.6%

10Y CAGR-1.9%

Devon Energy Corp generated $3.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.5% from the prior year.

Cash & Debt

$1.4B

YoY+70.7%

5Y CAGR-7.5%

10Y CAGR-5.0%

Devon Energy Corp held $1.4B in cash against $7.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

620M

YoY-4.5%

5Y CAGR-1.6%

10Y CAGR+3.5%

Devon Energy Corp had 620M shares outstanding in fiscal year 2025. This represents a decrease of 4.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

15.4%

YoY-2.8pp

5Y CAGR+70.9pp

10Y CAGR+113.5pp

Devon Energy Corp's net profit margin was 15.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.8 percentage points from the prior year.

Return on Equity

17.0%

YoY-2.9pp

5Y CAGR+109.9pp

10Y CAGR+200.0pp

Devon Energy Corp's ROE was 17.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.1B

YoY-0.7%

5Y CAGR+94.2%

Devon Energy Corp spent $1.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 0.7% from the prior year.

Capital Expenditures

$3.6B

YoY-1.5%

5Y CAGR+25.5%

10Y CAGR+12.5%

Devon Energy Corp invested $3.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.5% from the prior year.

DVN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$17.2B+7.8%	$15.9B+4.5%	$15.3B-20.4%	$19.2B+57.0%	$12.2B+152.8%	$4.8B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$492.0M-1.6%	$500.0M+22.5%	$408.0M+3.3%	$395.0M+1.0%	$391.0M+15.7%	$338.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$497.0M+23.9%	$401.0M+8.7%	$369.0M-0.3%	$370.0M-4.6%	$388.0M+49.8%	$259.0M
Income Tax	$785.0M+1.9%	$770.0M-8.4%	$841.0M-51.6%	$1.7B+2573.8%	$65.0M+111.9%	-$547.0M
Net Income	$2.6B-8.7%	$2.9B-22.6%	$3.7B-38.0%	$6.0B+114.4%	$2.8B+205.0%	-$2.7B
EPS (Diluted)	$4.17-8.6%	$4.56-21.9%	$5.84-36.0%	$9.12+117.7%	$4.19+158.8%	$-7.12

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$3.8B-7.6%	$4.1B-4.8%	$4.3B+1.1%	$4.3B-3.8%	$4.5B+1.1%	$4.4B+9.4%	$4.0B+2.7%	$3.9B
Cost of Revenue	$1.5B	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	$125.0M-7.4%	$135.0M+18.4%	$114.0M+0.9%	$113.0M-13.1%	$130.0M-16.1%	$155.0M+32.5%	$117.0M+2.6%	$114.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$118.0M-0.8%	$119.0M-4.8%	$125.0M-0.8%	$126.0M-0.8%	$127.0M-0.8%	$128.0M+30.6%	$98.0M+11.4%	$88.0M
Income Tax	$46.0M-75.1%	$185.0M-15.5%	$219.0M-10.2%	$244.0M+78.1%	$137.0M-26.7%	$187.0M-21.8%	$239.0M+29.2%	$185.0M
Net Income	$120.0M-78.6%	$562.0M-18.2%	$687.0M-23.6%	$899.0M+82.0%	$494.0M-22.9%	$641.0M-21.1%	$812.0M-3.8%	$844.0M
EPS (Diluted)	$0.19	N/A	$1.09-22.7%	$1.41+83.1%	$0.77	N/A	$1.30-3.0%	$1.34

DVN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$31.6B+3.6%	$30.5B+24.5%	$24.5B+5.2%	$23.3B+10.7%	$21.0B+112.1%	$9.9B
Current Assets	$4.0B+16.9%	$3.4B+8.6%	$3.2B-18.9%	$3.9B-8.4%	$4.2B+30.3%	$3.3B
Cash & Equivalents	$1.4B+70.7%	$811.0M-4.9%	$853.0M-35.1%	$1.3B-37.4%	$2.1B+2.5%	$2.0B
Inventory	$336.0M+14.3%	$294.0M+18.1%	$249.0M+23.9%	$201.0M+76.3%	$114.0M	N/A
Accounts Receivable	$1.8B-9.1%	$2.0B+25.4%	$1.6B-11.0%	$1.8B+14.5%	$1.5B+156.7%	$601.0M
Goodwill	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M0.0%	$753.0M
Total Liabilities	$16.1B+0.5%	$16.0B+28.7%	$12.4B+2.7%	$12.1B+2.9%	$11.8B+67.4%	$7.0B
Current Liabilities	$4.1B+23.5%	$3.3B+12.2%	$2.9B-5.0%	$3.1B+0.6%	$3.1B+114.4%	$1.4B
Long-Term Debt	$7.4B-12.0%	$8.4B+48.1%	$5.7B-8.4%	$6.2B-4.5%	$6.5B+50.8%	$4.3B
Total Equity	$15.5B+7.1%	$14.5B+20.2%	$12.1B+8.0%	$11.2B+20.6%	$9.3B+221.0%	$2.9B
Retained Earnings	$10.2B+24.9%	$8.2B+31.8%	$6.2B+44.2%	$4.3B+154.0%	$1.7B+713.5%	$208.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$32.5B+3.0%	$31.6B+1.2%	$31.2B-0.5%	$31.4B+1.5%	$30.9B+1.4%	$30.5B+0.7%	$30.3B+20.3%	$25.2B
Current Assets	$4.8B+18.9%	$4.0B+3.6%	$3.9B-10.5%	$4.3B+10.7%	$3.9B+13.9%	$3.4B+6.0%	$3.2B-3.8%	$3.4B
Cash & Equivalents	$1.8B+27.4%	$1.4B+12.6%	$1.2B-28.3%	$1.7B+43.0%	$1.2B+47.7%	$811.0M+25.7%	$645.0M-43.4%	$1.1B
Inventory	$319.0M-5.1%	$336.0M-6.9%	$361.0M+10.4%	$327.0M-1.5%	$332.0M+12.9%	$294.0M+0.3%	$293.0M+13.6%	$258.0M
Accounts Receivable	$2.3B+25.6%	$1.8B-2.3%	$1.8B-1.0%	$1.9B-9.0%	$2.0B+3.2%	$2.0B+10.8%	$1.8B+12.0%	$1.6B
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	$17.1B+6.5%	$16.1B+1.3%	$15.9B-2.8%	$16.3B-0.3%	$16.4B+2.4%	$16.0B0.0%	$16.0B+26.8%	$12.6B
Current Liabilities	$4.7B+15.9%	$4.1B+1.1%	$4.0B+14.3%	$3.5B-2.2%	$3.6B+9.3%	$3.3B+13.9%	$2.9B-3.6%	$3.0B
Long-Term Debt	$7.4B-0.1%	$7.4B0.0%	$7.4B-11.9%	$8.4B0.0%	$8.4B0.0%	$8.4B-5.5%	$8.9B+56.8%	$5.7B
Total Equity	$15.4B-0.6%	$15.5B+1.2%	$15.3B+1.9%	$15.1B+3.5%	$14.5B+0.3%	$14.5B+1.5%	$14.3B+13.8%	$12.6B
Retained Earnings	$10.2B-0.3%	$10.2B+4.2%	$9.8B+5.8%	$9.3B+8.8%	$8.5B+4.2%	$8.2B+6.5%	$7.7B+7.5%	$7.1B

DVN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$6.7B+1.7%	$6.6B+0.9%	$6.5B-23.3%	$8.5B+74.1%	$4.9B+234.6%	$1.5B
Capital Expenditures	$3.6B-1.5%	$3.6B-6.1%	$3.9B+52.8%	$2.5B+27.8%	$2.0B+72.5%	$1.2B
Free Cash Flow	$3.1B+5.5%	$3.0B+11.0%	$2.7B-55.6%	$6.0B+105.8%	$2.9B+835.7%	$311.0M
Investing Cash Flow	-$3.4B+53.7%	-$7.3B-86.0%	-$3.9B+23.1%	-$5.1B-225.5%	-$1.6B	N/A
Financing Cash Flow	-$2.7B-486.7%	$706.0M+122.2%	-$3.2B+24.4%	-$4.2B-28.0%	-$3.3B	N/A
Dividends Paid	N/A	$937.0M-49.6%	$1.9B-45.0%	$3.4B+157.0%	$1.3B+411.7%	$257.0M
Share Buybacks	$1.1B-0.7%	$1.1B+8.0%	$979.0M+36.4%	$718.0M+21.9%	$589.0M+1450.0%	$38.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$1.7B+7.9%	$1.5B-9.2%	$1.7B+9.4%	$1.5B-20.4%	$1.9B+16.7%	$1.7B+0.1%	$1.7B+8.3%	$1.5B
Capital Expenditures	$839.0M+0.8%	$832.0M-4.4%	$870.0M-9.0%	$956.0M+2.4%	$934.0M+0.9%	$926.0M+5.6%	$877.0M-7.5%	$948.0M
Free Cash Flow	$816.0M+16.2%	$702.0M-14.4%	$820.0M+39.2%	$589.0M-41.6%	$1.0B+36.6%	$738.0M-6.1%	$786.0M+33.9%	$587.0M
Investing Cash Flow	-$1.0B-5.2%	-$970.0M+5.3%	-$1.0B-71.5%	-$597.0M+25.6%	-$802.0M+23.1%	-$1.0B+76.0%	-$4.3B-326.8%	-$1.0B
Financing Cash Flow	-$254.0M+37.6%	-$407.0M+64.5%	-$1.1B-170.5%	-$424.0M+43.6%	-$752.0M-67.1%	-$450.0M-120.5%	$2.2B+542.8%	-$495.0M
Dividends Paid	$155.0M	N/A	$151.0M	N/A	N/A	$143.0M-47.4%	$272.0M+22.0%	$223.0M
Share Buybacks	$69.0M-72.4%	$250.0M0.0%	$250.0M+0.4%	$249.0M-17.3%	$301.0M0.0%	$301.0M+2.0%	$295.0M+15.2%	$256.0M

DVN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	15.4%-2.8pp	18.1%-6.4pp	24.5%-6.9pp	31.5%+8.4pp	23.1%+78.6pp	-55.5%
Return on Equity	17.0%-2.9pp	20.0%-11.0pp	31.0%-23.0pp	54.0%+23.6pp	30.4%+123.3pp	-92.9%
Return on Assets	8.4%-1.1pp	9.5%-5.8pp	15.3%-10.6pp	25.9%+12.5pp	13.4%+40.4pp	-27.0%
Current Ratio	0.98-0.1	1.04-0.0	1.07-0.2	1.25-0.1	1.38-0.9	2.26
Debt-to-Equity	0.48-0.1	0.58+0.1	0.47-0.1	0.55-0.1	0.70-0.8	1.49
FCF Margin	18.1%-0.4pp	18.5%+1.1pp	17.4%-13.8pp	31.2%+7.4pp	23.8%+17.4pp	6.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	3.1%-10.5pp	13.6%-2.2pp	15.9%-5.1pp	21.0%+9.9pp	11.1%-3.5pp	14.6%-5.6pp	20.2%-1.4pp	21.6%
Return on Equity	0.8%-2.8pp	3.6%-0.9pp	4.5%-1.5pp	6.0%+2.6pp	3.4%-1.0pp	4.4%-1.3pp	5.7%-1.0pp	6.7%
Return on Assets	0.4%-1.4pp	1.8%-0.4pp	2.2%-0.7pp	2.9%+1.3pp	1.6%-0.5pp	2.1%-0.6pp	2.7%-0.7pp	3.4%
Current Ratio	1.01+0.0	0.98+0.0	0.96-0.3	1.22+0.1	1.08+0.0	1.04-0.1	1.110.0	1.11
Debt-to-Equity	0.480.0	0.480.0	0.48-0.1	0.56-0.0	0.580.0	0.58-0.0	0.62+0.2	0.45
FCF Margin	21.4%+4.4pp	17.0%-1.9pp	18.9%+5.2pp	13.8%-8.9pp	22.6%+5.9pp	16.8%-2.8pp	19.5%+4.5pp	15.0%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Devon Energy Corp's annual revenue?

Devon Energy Corp (DVN) reported $17.2B in total revenue for fiscal year 2025. This represents a 7.8% 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 7.8% year-over-year, from $15.9B to $17.2B in fiscal year 2025.

Is Devon Energy Corp profitable?

Yes, Devon Energy Corp (DVN) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 15.4%.

How much debt does Devon Energy Corp have?

As of fiscal year 2025, Devon Energy Corp (DVN) had $1.4B in cash and equivalents against $7.4B in long-term debt.

What is Devon Energy Corp's net profit margin?

Devon Energy Corp (DVN) had a net profit margin of 15.4% in fiscal year 2025, 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 17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Devon Energy Corp's free cash flow?

Devon Energy Corp (DVN) generated $3.1B in free cash flow during fiscal year 2025. This represents a 5.5% 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 $6.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Devon Energy Corp's total assets?

Devon Energy Corp (DVN) had $31.6B in total assets as of fiscal year 2025, 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 2025, 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 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Devon Energy Corp have outstanding?

Devon Energy Corp (DVN) had 620M shares outstanding as of fiscal year 2025.

What is Devon Energy Corp's current ratio?

Devon Energy Corp (DVN) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

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

Devon Energy Corp (DVN) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, 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 8.4% for fiscal year 2025, 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 6 out of 9, indicating neutral 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 to 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 2.54x, 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 46 out of 100 on our Financial Profile, indicating moderate 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.