Company file · DVN
Devon Energy
Devon Energy's revenue rose 7.8% in FY2025, to $17.2B, and net income fell 8.6% to $2.6B
Revenue rose 7.8% to $17.2B in FY2025, from $15.9B in FY2024. Net income fell 8.6% to $2.6B. Oil Gas and NGL Sales was the largest product or service, at 65% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Devon Energy (NYSE: DVN) took in $17.2B of revenue (up 7.8% on fiscal 2024); net income was $2.6B (down 8.6%). The most recent quarter, ended Sep 30, 2026, brought revenue of $6.9B, up 58.4% year over year, with net income of $1.0B. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 6, 2026
How it makes money
By product or service in FY2025: Oil Gas and NGL Sales (65%) and Marketing and Midstream Revenues (32%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $17.2B.
By product or service, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
By income location, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Devon Energy 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.8% in FY2025 to $17.2B, from $15.9B a year earlier. 10-K, FY2025
- Operating cash flow rose 1.7% in FY2025 to $6.7B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $6.9B, up 58.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $1.0B, up 46.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 8.6% in FY2025 to $2.6B, from $2.9B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Devon Energy is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.
The full description of Devon Energy's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and income location.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of Devon Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesOil, gas and refined-product prices drive revenue and spending.
- Operations and safetyAccidents, outages and weather can halt production or shipping.
- Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
- DemandEconomic activity and changes in fuel use affect volumes.
- Capital spendingProjects need large investment that may not earn what was planned.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $15.3B | $15.9B | $17.2B |
| Net income | $3.7B | $2.9B | $2.6B |
| Operating cash flow | $6.5B | $6.6B | $6.7B |
| Cash & equivalents (year end) | $853M | $811M | $1.4B |
| Total debt (year end) | $6.6B | $9.4B | $9.4B |
| Diluted shares | 642M | 634M | 633M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Market cap and enterprise value
- Return on assets (ROA)
- Comprehensive income and AOCI
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
- The income location chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 6, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| DEF 14A | May 28, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Devon Energy
How does Devon Energy make money?
In fiscal 2025, revenue totaled $17.2B. By product or service in FY2025: Oil Gas and NGL Sales (65%) and Marketing and Midstream Revenues (32%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $17.2B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Devon Energy's revenue in fiscal 2025?
Revenue came to $17.2B in the year ended Dec 31, 2025. Going back two years, it was $15.3B in fiscal 2023 and $15.9B in fiscal 2024, so the latest year was up 7.8%. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Devon Energy profitable?
Yes, by US accounting rules (GAAP): net income was $2.6B in fiscal 2025, down 8.6% from $2.9B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Devon Energy report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $6.9B, against $4.3B in the same quarter a year before (up 58.4%), and net income of $1.0B, against $687M (up 46.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026.
How much cash and debt does Devon Energy have?
On Sep 30, 2026, cash and cash equivalents stood at $352M and total debt at $11.5B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 6, 2026.
What are the main risks Devon Energy faces?
Devon Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.
Where do these Devon Energy numbers come from?
Two filings Devon Energy made with the SEC: its fiscal 2025 10-K, filed Feb 18, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Devon Energy
- Egerton Capital: 10,829,392 shares, reported value $498.6M at Sep 30, 2026 (+43.3% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 20, 2026.
- GQG Partners: 9,742,444 shares, reported value $402.6M at Jun 30, 2026 (−39.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 12, 2026.
- Citadel Advisors: 8,870,747 shares, reported value $366.5M at Jun 30, 2026 (+339.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 8,477,202 shares, reported value $350.3M at Jun 30, 2026 (+752.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 3,290,478 shares, reported value $136.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 735,174 shares, reported value $30.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 173,605 shares, reported value $7.2M at Jun 30, 2026 (−71.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in DVN
- The editor holds no position in Devon Energy (DVN). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell DVN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold DVN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Devon EnergyDVN | FY2025 | $17.2B | +7.8% | $2.6B |
| ConocoPhillipsCOP | FY2025 | $58.9B | +7.7% | $8.0B |
| EOG ResourcesEOG | FY2025 | $22.6B | −4.5% | $5.0B |
| Occidental PetroleumOXY | FY2025 | $21.6B | −1.9% | $2.4B |
| Diamondback EnergyFANG | FY2025 | $15.0B | +35.8% | $1.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.