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DVNDevon Energy

Energy · Oil & Gas Production · NYSE

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FY2025 at a glance

Sales up 7.8%, free cash flow up to $3.1B

XBRL, from each 10-K

RevenueStatements ↓

$17.2B

from $15.9B in FY2025

FY2016FY2025

Net incomeStatements ↓

$2.6B

from $2.9B in FY2025

FY2016FY2025

Free cash flowStatements ↓

$3.1B

from $3.0B in FY2025

FY2016FY2025

EPS (diluted)Statements ↓

$4.17

from $4.56 in FY2025

FY2016FY2025

Total debtStatements ↓

$8.4B

from $8.9B in FY2025

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (33, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	4.26	Sales (ttm)	22.2B	Net income (ttm)	3.6B	Sales growth	+7.8%	EPS growth	-8.6%	Sales Q/Q	+58.4%
Free cash flow	5.2B	Gross margin	-	Oper. margin	-	Net margin	16.2%	FCF margin	23.5%	ROE	8.6%
ROA	5.1%	R&D / sales	-	Dividend	-	Debt/Eq	0.25	Curr. ratio	0.70	Cash	352.0M
Op. cash flow (ttm)	9.7B	Net debt	10.3B	Quick ratio	0.66	Tax rate	22.6%	Stock pay / sales	0.6%	Shares out.	1.1B
Shares Y/Y	-0.2%	Book / share	36.86	Cash / share	0.31	Sales / share	19.48	Asset turnover	0.31	Days sales out.	38
Sales 3Y CAGR	-4.6%	Sales 5Y CAGR	+28.9%	EPS 3Y CAGR	-23.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

DVN against Energy peers

Ten years, side by side → · All 21 →

DVNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.8%8th of 21 · median -0.3%

Net margin

16.2%10th of 21 · median 13.5%

Return on equity

8.6%20th of 21 · median 17.4%

Free cash flow margin

23.5%2nd of 14 · median 12.1%

Debt / equity (less is better)

0.257th of 20 · median 0.41

DVN and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
DVN Devon Energy	$22.2B	+7.8%	-	16.2%	8.6%	23.5%	0.25
OXY Occidental Petroleum	$25.0B	-1.9%	-	30.1%	17.4%	23.5%	0.25
HAL Halliburton	$22.5B	-3.3%	-	8.9%	18.0%	7.1%	0.64
FANG Diamondback Energy	$18.6B	+35.8%	-	11.0%	5.3%	-	0.30
KMI Kinder Morgan	$18.3B	+12.2%	-	19.6%	11.4%	16.8%	1.05
TRGP Targa Resources	$18.2B	+3.9%	41.8%	13.5%	64.1%	5.1%	5.20

Profitability

1 of 3

✓
Net margin above the peer median16.2% vs 13.5%
!
Return on equity below 15%8.6%
!
A profit in 7 of 10 years

Net margin, FY2016 to FY2025: -10.2% → 15.4%

Balance sheet

2 of 3

✓
Debt smaller than equityDebt / equity 0.25 on the latest balance sheet (peer median 0.41)
!
Current ratio below 1Current ratio 0.70
✓
Net debt under 3 years of free cash flow$10.3B net debt, 2.0 years

Debt / equity at each year end, FY2016 to FY2025: 1.23 → 0.54

What the debt is made of ↓

Cash and shareholders

2 of 3

✓
Free cash flow positive in every one of 10 years$3.1B last year
!
Share count up over 5 years+67.9%
✓
Cash from operations above net income$6.7B vs $2.6B

Free cash flow, FY2016 to FY2025: 651.0M → 3.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$8.4B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 17.2B Net income 2.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $16.8B of revenue came from

by product, year to Dec 31, 2025

Oil, Gas and NGL Sales $11.2B · 67%
Marketing and Midstream Revenues $5.6B · 33%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

DVN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue17.2B

Net income2.6B

Free cash flow3.1B

EPS (diluted)4.17

Diluted shares633.0M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Oil, Gas and NGL Sales	11.2B	65.3%	+0.4%
Marketing and Midstream Revenues	5.6B	32.4%	+17.3%

10-K 0001193125-26-056485, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	10.3B	6.5B	8.9B	6.7B	4.8B	13.8B	19.8B	15.3B	15.9B	17.2B
Cost of revenue	2.8B	3.6B	4.3B	2.8B	-	-	-	-	-	-
SG&A	733.0M	645.0M	574.0M	475.0M	338.0M	391.0M	395.0M	408.0M	500.0M	492.0M
Operating income	-2.9B	-	-	-	-	-	-	-	-	-
Interest expense	488.0M	337.0M	287.0M	260.0M	259.0M	388.0M	370.0M	369.0M	401.0M	497.0M
Pretax income	-433.0M	40.0M	944.0M	-109.0M	-3.1B	2.9B	7.8B	4.6B	3.7B	3.5B
Income tax	141.0M	7.0M	230.0M	-30.0M	-547.0M	65.0M	1.7B	841.0M	770.0M	785.0M
Net income	-1.1B	898.0M	3.1B	-355.0M	-2.7B	2.8B	6.0B	3.7B	2.9B	2.6B
EPS (diluted)	-2.09	1.70	6.10	-0.89	-7.12	4.19	9.12	5.84	4.56	4.17
Diluted shares	507.0M	520.0M	497.0M	401.0M	377.0M	665.0M	653.0M	642.0M	634.0M	633.0M
Depreciation & amortization	1.6B	1.0B	1.2B	1.5B	1.3B	2.2B	2.2B	2.6B	3.3B	3.6B
EBITDA	-1.3B	-	-	-	-	-	-	-	-	-
Operating margin	-28.1%	-	-	-	-	-	-	-	-	-
Net margin	-10.2%	13.8%	34.4%	-5.3%	-55.5%	20.5%	30.4%	24.5%	18.1%	15.4%
Revenue growth	-	-36.9%	+36.8%	-25.0%	-27.7%	+185%	+44.2%	-23.0%	+4.5%	+7.8%
EPS growth	-	-	+259%	-115%	-	-	+118%	-36.0%	-21.9%	-8.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash	1.9B	2.6B	2.4B	1.5B	2.0B	2.1B	1.3B	853.0M	811.0M	1.4B
Receivables	1.4B	989.0M	812.0M	832.0M	601.0M	1.5B	1.8B	1.6B	2.0B	1.8B
Inventory	-	-	-	-	-	114.0M	201.0M	249.0M	294.0M	336.0M
Current assets	3.8B	4.8B	4.4B	3.9B	3.3B	4.2B	3.9B	3.2B	3.4B	4.0B
Property & equipment	14.3B	14.6B	8.5B	8.6B	5.4B	15.0B	18.1B	19.3B	25.0B	25.4B
Goodwill	2.4B	841.0M	753.0M	753.0M	753.0M	753.0M	753.0M	753.0M	753.0M	753.0M
Total assets	28.7B	30.2B	19.6B	13.7B	9.9B	21.0B	23.3B	24.5B	30.5B	31.6B
Current liabilities	2.6B	3.3B	2.2B	1.9B	1.4B	3.1B	3.1B	2.9B	3.3B	4.1B
Total debt	10.2B	6.7B	4.3B	4.3B	4.3B	6.5B	6.4B	6.2B	8.9B	8.4B
Shareholders' equity	8.3B	9.3B	9.2B	5.8B	2.9B	9.3B	11.2B	12.1B	14.5B	15.5B
Retained earnings	-69.0M	702.0M	3.6B	3.1B	208.0M	1.7B	4.3B	6.2B	8.2B	10.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Operating cash flow	1.5B	2.9B	1.6B	2.0B	1.5B	4.9B	8.5B	6.5B	6.6B	6.7B
Capital spending	849.0M	44.0M	55.0M	31.0M	1.2B	2.0B	2.5B	3.9B	3.6B	3.6B
Free cash flow	651.0M	2.9B	1.5B	2.0B	311.0M	2.9B	6.0B	2.7B	3.0B	3.1B
Stock-based pay (added back)	203.0M	126.0M	137.0M	115.0M	88.0M	99.0M	88.0M	93.0M	99.0M	99.0M
Dividends paid	-	-	-	140.0M	257.0M	1.3B	3.4B	1.9B	937.0M	-
Buybacks	-	-	3.0B	1.8B	38.0M	589.0M	718.0M	979.0M	1.1B	1.1B
Debt raised	2.1B	2.4B	-	-	-	-	0	0	3.2B	0
Debt repaid	2.5B	2.1B	922.0M	162.0M	0	1.2B	0	242.0M	472.0M	485.0M
Investing cash flow	-594.0M	-2.2B	-1.7B	-1.6B	-1.1B	-1.6B	-5.1B	-3.9B	-7.3B	-3.4B
Financing cash flow	-1.2B	9.0M	-4.4B	-2.1B	-306.0M	-3.3B	-4.2B	-3.2B	706.0M	-2.7B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Stock-based pay (expense)	203.0M	126.0M	137.0M	115.0M	88.0M	99.0M	88.0M	93.0M	99.0M	99.0M
Stock-based pay / revenue	2.0%	1.9%	1.5%	1.7%	1.8%	0.7%	0.4%	0.6%	0.6%	0.6%
Operating lease cost	-	-	-	-	-	25.0M	22.0M	13.0M	28.0M	85.0M
Operating lease cash paid	-	-	-	2.0M	2.0M	15.0M	14.0M	13.0M	27.0M	85.0M
Right-of-use assets	-	-	-	14.0M	3.0M	24.0M	21.0M	21.0M	55.0M	276.0M
Operating lease liabilities	-	-	-	14.0M	3.0M	23.0M	21.0M	21.0M	55.0M	276.0M
Finance lease liabilities	-	-	-	247.0M	252.0M	255.0M	257.0M	307.0M	318.0M	23.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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