NYSE: DVN
Devon Energy
Energy · Crude Petroleum & Natural Gas
52-week range
$31.65$52.71
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$45.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $24.0B |
| FY2017, ended Dec 31, 2017 | $21.8B |
| FY2018, ended Dec 31, 2018 | $9.88B |
| FY2019, ended Dec 31, 2019 | $9.94B |
| FY2020, ended Dec 31, 2020 | $10.6B |
| FY2021, ended Dec 31, 2021 | $29.3B |
| FY2022, ended Dec 31, 2022 | $40.2B |
| FY2023, ended Dec 31, 2023 | $28.8B |
| FY2024, ended Dec 31, 2024 | $21.2B |
| FY2025, ended Dec 31, 2025 | $22.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $45.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$20.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.75B |
| FY2017, ended Dec 31, 2017 | $6.50B |
| FY2018, ended Dec 31, 2018 | $8.90B |
| FY2019, ended Dec 31, 2019 | $6.67B |
| FY2020, ended Dec 31, 2020 | $4.83B |
| FY2021, ended Dec 31, 2021 | $13.8B |
| FY2022, ended Dec 31, 2022 | $19.8B |
| FY2023, ended Dec 31, 2023 | $15.3B |
| FY2024, ended Dec 31, 2024 | $15.9B |
| FY2025, ended Dec 31, 2025 | $17.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $20.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$1.06B | $651M |
| FY2017, ended Dec 31, 2017 | $898M | $2.87B |
| FY2018, ended Dec 31, 2018 | $3.06B | $1.53B |
| FY2019, ended Dec 31, 2019 | −$355M | $2.01B |
| FY2020, ended Dec 31, 2020 | −$2.68B | $311M |
| FY2021, ended Dec 31, 2021 | $2.81B | $2.91B |
| FY2022, ended Dec 31, 2022 | $6.03B | $5.99B |
| FY2023, ended Dec 31, 2023 | $3.74B | $2.66B |
| FY2024, ended Dec 31, 2024 | $2.89B | $2.96B |
| FY2025, ended Dec 31, 2025 | $2.64B | $3.12B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.28B | $4.69B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$950M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.95B |
| FY2017, ended Dec 31, 2017 | $2.64B |
| FY2018, ended Dec 31, 2018 | $2.41B |
| FY2019, ended Dec 31, 2019 | $1.46B |
| FY2020, ended Dec 31, 2020 | $2.05B |
| FY2021, ended Dec 31, 2021 | $2.10B |
| FY2022, ended Dec 31, 2022 | $1.31B |
| FY2023, ended Dec 31, 2023 | $853M |
| FY2024, ended Dec 31, 2024 | $811M |
| FY2025, ended Dec 31, 2025 | $1.38B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $950M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$12.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $6.86B |
| FY2018, ended Dec 31, 2018 | $4.45B |
| FY2019, ended Dec 31, 2019 | $4.29B |
| FY2020, ended Dec 31, 2020 | $4.30B |
| FY2021, ended Dec 31, 2021 | $6.48B |
| FY2022, ended Dec 31, 2022 | $6.69B |
| FY2023, ended Dec 31, 2023 | $6.64B |
| FY2024, ended Dec 31, 2024 | $9.37B |
| FY2025, ended Dec 31, 2025 | $9.39B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $12.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 110% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.1.10B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 525M |
| FY2017, ended Dec 31, 2017 | 526M |
| FY2018, ended Dec 31, 2018 | 438M |
| FY2019, ended Dec 31, 2019 | 383M |
| FY2020, ended Dec 31, 2020 | 673M |
| FY2021, ended Dec 31, 2021 | 664M |
| FY2022, ended Dec 31, 2022 | 654M |
| FY2023, ended Dec 31, 2023 | 635M |
| FY2024, ended Dec 31, 2024 | 649M |
| FY2025, ended Dec 31, 2025 | 620M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 1.10B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $627M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $203M | $1.47B |
| FY2017, ended Dec 31, 2017 | — | $126M | — |
| FY2018, ended Dec 31, 2018 | $2.96B | $137M | — |
| FY2019, ended Dec 31, 2019 | $1.85B | $115M | — |
| FY2020, ended Dec 31, 2020 | $38.0M | $88.0M | — |
| FY2021, ended Dec 31, 2021 | $589M | $99.0M | — |
| FY2022, ended Dec 31, 2022 | $718M | $88.0M | — |
| FY2023, ended Dec 31, 2023 | $979M | $93.0M | — |
| FY2024, ended Dec 31, 2024 | $1.06B | $99.0M | — |
| FY2025, ended Dec 31, 2025 | $1.05B | $99.0M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $766M | $139M | — |
Revenue (TTM)
$20.0B
+17.1% YoY
Net income (TTM)
$3.28B
+15.2% YoY
Cash
$950M
−44.5% YoY
Total debt
$12.9B
+37.6% YoY
Valuation
At current price- Market Cap
- $57.4B
- P/E
- 17.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 1.4×
- EV / EBITDA
- 7.9×
Growth
Trailing 12 months- Revenue (TTM)
- $20.0B
- Revenue Growth YoY
- 17.1%
- Revenue CAGR 3Y
- −4.6%
- Revenue CAGR 5Y
- 28.9%
- EPS Growth YoY
- 3.6%
- Net Income Growth YoY
- 15.2%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 16.4%
- FCF Margin
- 23.5%
- Return on Equity
- 11.5%
Earnings
Trailing 12 months- Net Income
- $3.28B
- EPS (diluted)
- $4.60
- EBITDA
- $8.80B
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $950M
- Total Debt
- $12.9B
- Net Debt
- $11.9B
- Total Assets
- $70.9B
- Total Liabilities
- $29.1B
- Shareholders' Equity
- $41.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $8.55B
- Capital Expenditure
- $3.86B
- Free Cash Flow
- $4.69B
Dividends and risk
Last 12 months- Dividend Yield
- 2.1%
- Dividend / Share
- $1.12
- Beta (5Y)
- 0.52
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 17.1% year over year, at $20.0B.
Note
Net margin of 16.4% over the last 12 months.
Note
Net debt of $11.9B is 1.4× EBITDA, a manageable load.
Strength
Turns 23.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 18, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K60Nothing notable
60Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 19, 2025 · Read the filing on EDGAR
- Devon bought Grayson Mill's Williston Basin business for about $5.0 billion. Part of the cost was paid with $3.25 billion in new debt, and total debt is now $8.9 billion.
- Net earnings fell to $2.9 billion from $3.8 billion. Production rose 12%, but prices were lower and depreciation costs went up.
- The realized gas price fell 50% because of tight pipeline capacity in the Delaware Basin. Oil prices were only slightly lower.
- For 2025, Devon expects production of 805–825 MBoe/d and capital spending about 7% higher. It raised its fixed dividend by 9%.
Business momentum
Mixed
“Our 2024 net earnings were $2.9 billion, compared to net earnings of $3.8 billion for 2023.”
Outlook
Positive
“Due to the Grayson Mill acquisition and increased activity across our portfolio, we expect volumes to increase in 2025 and range from approximately 805 to 825 MBoe/d.”
Financial stress
Low
“We exited 2024 with $3.8 billion of liquidity, comprised of $0.8 billion of cash and $3.0 billion of available credit under our 2023 Senior Credit Facility.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Production grew strongly
“Oil production totaled 347 MBbls/d, an 8% increase year over year.”
Operating cash flow held steady despite lower prices
“Operating cash flow in 2024 remained consistent with 2023, despite a decline in commodity prices, due to operational outperformance, capital efficiency gains and the positive contributions from our Grayson Mill acquisition.”
Dividend increased again
“In February 2025, we raised our fixed dividend by 9%, to $0.24 per share, beginning in the first quarter of 2025.”
Concerns
Earnings fell despite higher output
“Our 2024 net earnings were $2.9 billion, compared to net earnings of $3.8 billion for 2023.”
Debt rose to fund the acquisition
“We currently have $8.9 billion of debt outstanding, of which approximately $485 million is classified as short-term.”
Shareholder payouts shrank as variable dividends fell
“In 2024, we returned approximately $2.0 billion of cash to shareholders through cash dividends and share repurchases”
New risks since the previous report
Higher interest costs from acquisition debt
“The net impact of this debt activity is expected to increase our annual net financing costs by approximately $180 million.”
New York Climate Superfund exposure
“We have been identified by New York as a potentially responsible party under the law; however, to date, we have not received any cost recovery demand.”
Pipeline bottlenecks cutting Delaware Basin gas prices
“Additionally, gas prices were impacted by expanded regional gas price differentials in the Delaware Basin driven by infrastructure constraints.”
Risks of integrating the Grayson Mill acquisition
“difficulties in integrating the operations, technologies, products and personnel of the acquired assets or business; and”
Policy shifts after the 2024 election, including tariffs
“market and geopolitical uncertainty as a result of shifts or potential further shifts in domestic and international policies following the 2024 U.S. presidential and congressional elections;”
Biggest risks named
- Volatile oil, gas and NGL prices
- Pipeline bottlenecks and weak regional gas prices
- Integrating the Grayson Mill acquisition and carrying higher debt
- Methane, climate and federal land regulation
- Limits on wastewater disposal linked to earthquakes
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 60 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 18, 2026 | Pro | |||
| 10-K | Feb 19, 2025 | 60 | Mixed | None | |
| 10-K | Feb 28, 2024 | 41 | Sharp deterioration | None | |
| 10-K | Feb 15, 2023 | 67 | Strong improvement | 1 minor | |
| 10-K | Feb 16, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 17, 2021 | 42 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 19, 2020 | 41 | Sharp deterioration | 2 medium | |
| 10-K | Feb 20, 2019 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 21, 2018 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 15, 2017 | 55 | Mixed | 2 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR