Income StatementBalance SheetCash FlowSegments
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Devon Energy Income Statement

Revenue, expenses, and profitability over time

Devon Energy generated $16.5B in trailing twelve-month revenue, down 0.0% year-over-year. Net income was $2.3B with a 13.71% net margin. Gross margin stands at 27.79% and operating margin at 18.37%. Diluted EPS is $3.59, which declined 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$16.5BNet Income$120.0MEps Diluted$0.19
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$53.9B
P/E Ratio23.78
ROE15.13%

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrecognized Tax Benefits Prior Period Decreases$5.5M$2.5M$2.5M$2.5M$2.5M—
Cash Paid for Income Taxes$4.0M$0.0$152.0M$31.0M$3.0M$4.0M
Current income tax expense (benefit)$119.0M$96.0M$226.0M-$44.0M$23.0M-$188.0M
Effective Tax Rate, Continuing Operations—21.0%21.0%24.0%—28.0%
Income Tax at U.S. Statutory Rate—21.0%21.0%21.0%72799999937.0%21.0%
Other Tax Expense (Benefit)———$155.0M—$218.0M
Stock-Based Compensation Tax Benefit$4.0M$3.0M$5.0M$4.0M$4.0M$5.0M
State and Local Income Taxes, Net3199999995.0%1.0%1.0%2.0%1599999996.0%3.0%
Tax Reconciliation: Other Adjustments6.0%-1.0%-1.0%1.0%—4.0%
Federal Income Tax Expense (Benefit), Continuing Operations$173.5M$172.8M$172.8M$172.8M$172.8M—
State and Local Income Tax Expense (Benefit), Continuing Operations$19.0M$23.5M$23.5M$23.5M$23.5M—
Income tax expense$187.0M$137.0M$244.0M$219.0M$185.0M$46.0M
Tax Reconciliation: Foreign Tax Credits$500.0K$500.0K$500.0K$500.0K$500.0K—
Tax Reconciliation: Nondeductible Expenses-$3.3M$500.0K$500.0K$500.0K$500.0K—
Tax Reconciliation: Tax Credits$21.3M$8.0M$8.0M$8.0M$8.0M—

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Defined Contribution Plan Cost$11.0M$11.8M$11.8M$11.8M$11.8M—
Operating Lease Cost$7.0M$21.3M$21.3M$21.3M$21.3M—
Stock-Based Compensation Expense (Pre-tax)$24.0M$30.0M$23.0M$24.0M$22.0M$22.0M
Dry Hole Expense$12.0M$10.0M$20.0M$8.0M$5.0M$25.0M
Exploratory Well Costs Charged to Expense$250.0K$250.0K$250.0K$250.0K$250.0K—
Depreciation and amortization$971.0M$912.0M$914.0M$879.0M$890.0M$904.0M
General and administrative$155.0M$130.0M$113.0M$114.0M$135.0M$125.0M
Stock-based compensation expense$24.0M$30.0M$23.0M$24.0M$22.0M$22.0M
Production and ad valorem taxes$223.0M$229.0M$197.0M$201.0M$187.0M$217.0M
Transformation costs—$18.0M———$19.0M
Exploration$7.0M$10.8M$10.8M$10.8M$10.8M—
Accretion Expense$11.0M$12.0M$12.0M$13.0M$14.0M$14.0M
Total operating expenses$3.8B$3.9B$3.4B$3.6B$3.6B$3.7B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends Per Share, Cash Paid$0.22$0.24$0.24$0.24$0.24$0.24
Basic earnings per share$0.97$0.77$1.42$1.09$0.90$0.19
Diluted earnings per share$0.98$0.77$1.41$1.09$0.90$0.19
Continuing operations (in dollars per share)$0.97$0.77$1.42$1.09$0.90$0.19
Continuing operations (in dollars per share)$0.98$0.77$1.41$1.09$0.90$0.19
Weighted average number diluted shares outstanding adjustment—2M1M1M—2M
Weighted-average shares, basic—643M635M628M—616M
Weighted-average shares, diluted—645M636M629M—618M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$840.0M$646.0M$1.2B$912.0M$747.0M$166.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$14.0M$15.0M$18.0M$6.0M$0.0$0.0
Net income$639.0M$494.0M$899.0M$687.0M$562.0M$120.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
OCI Pension and Postretirement Adjustment Before Reclassification and Tax-$750.0K-$1.5M-$1.5M-$1.5M-$1.5M—
OCI Pension and Postretirement Before Reclassification, Tax—$0.0-$1.0M-$0.0$1.0M-$1.0M
OCI Reclassification Adjustment, Pension and Postretirement, Before Tax$2.0M$1.0M$2.0M$1.0M$2.0M$2.0M
Share-based compensation expense related to employee stock plans$24.0M$30.0M$23.0M$24.0M$22.0M$22.0M
Asset Retirement Obligation, Liabilities Settled$12.0M$8.0M$14.0M$32.0M$11.0M$11.0M
Changes in estimated cash flows$0.0$55.0M$0.0$0.0$0.0$107.0M
Average Estimated Future Realized Price Per Barrel Of Oil Used To Estimate Future Cash Inflows For Proved Oil Reserves18.4115.6715.6715.6715.67—
Average Estimated Future Realized Price Per Barrel Of Natural Gas Liquids Used To Estimate Future Cash Inflows For Proved Ngl Reserves5.195.215.215.215.21—
Average Estimated Future Realized Price Per Mcf Of Gas Used To Estimate Future Cash Inflows For Proved Gas Reserves0.200.330.330.330.33—
Capital Expenditures Including Acquisitions$1.0B$972.0M$948.0M$1.1B$1.0B$999.0M
Additions pending the determination of proved reserves$168.5M$138.8M$138.8M$138.8M$138.8M—
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$388.0M$525.0M-$481.0M$156.0M$381.0M
Cash Settlements On Commodity Derivatives-$58.0M$10.0M-$67.0M-$50.0M-$125.0M$57.0M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$638.0M$495.0M$900.0M$688.0M$559.0M$121.0M
Less: comprehensive income attributable to noncontrolling interest$14.0M$15.0M$18.0M$6.0M$0.0$0.0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$652.0M$510.0M$918.0M$694.0M$559.0M$121.0M
Conversion Rate Of Gas Reserves From Mcf To Boe150.0%150.0%150.0%150.0%150.0%—
Cost Incurred Related To Development And Conversion Of Proved Undeveloped Reserves$300.0M$275.0M$275.0M$275.0M$275.0M—
Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves$764.5M$34.5M$34.5M$34.5M$34.5M—
Costs Incurred Acquisition Of Unproved Oil And Gas Properties$487.3M$56.0M$56.0M$56.0M$56.0M—
Costs Incurred Development Costs$714.0M$764.3M$764.3M$764.3M$764.3M—
Costs Incurred Exploration Costs$172.5M$145.3M$145.3M$145.3M$145.3M—
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities$2.1B$1.0B$1.0B$1.0B$1.0B—
Federal$106.8M$71.3M$71.3M$71.3M$71.3M—
Foreign$0.0$0.0$0.0$0.0$0.0—
Decrease Due To Sales Of Minerals In Place$0.0$186.0M$186.0M$186.0M$186.0M—
Federal$66.8M$101.5M$101.5M$101.5M$101.5M—
Deferred taxes$68.0M$41.0M$18.0M$263.0M$162.0M$234.0M
State$11.0M$19.5M$19.5M$19.5M$19.5M—
Difference Of Decommissioning Obligation And Available Bond—$25.0M————
Dividends, Common Stock$143.0M$154.0M$153.0M$151.0M$150.0M$149.0M
Effective Income Tax Rate Reconciliation Amount$192.5M$196.3M$196.3M$196.3M$196.3M—
Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits Percent0.0%0.0%0.0%0.0%0.0%—
Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits Amount$5.5M$1.5M$1.5M$1.5M$1.5M—
Effective Income Tax Rate Reconciliation Effect Of Changes In Tax Laws Or Rates Amount$0.0$2.0M$2.0M$2.0M$2.0M—
Effective Income Tax Rate Reconciliation Effect Of Changes In Tax Laws Or Rates Percent0.0%0.0%0.0%0.0%0.0%—
Other0.0%0.0%0.0%0.0%0.0%—
Nontaxable or nondeductible items0.0%0.0%0.0%0.0%0.0%—
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent0.0%0.0%0.0%0.0%0.0%—
Extensions Discoveries Additions And Improved Recovery Less Related Costs$987.8M$1.1B$1.1B$1.1B$1.1B—
Retired debt—$300.0M$0.0$0.0——
Federal Earnings Before Income Taxes Expense Benefit$930.3M$868.5M$868.5M$868.5M$868.5M—
Federal State And Local Earnings Before Income Taxes Expense Benefit-$2.3M-$2.0M-$2.0M-$2.0M-$2.0M—
Federal State And Local Income Tax Expense Benefit Continuing Operations$0.0$0.0$0.0$0.0$0.0—
Finance Lease Payments For Financing Cash Flows$0.0$70.5M$70.5M$70.5M$70.5M—
Finance Lease Payments For Investing Cash Flows$0.0$0.0$0.0$0.0$0.0—
Future Dismantlement Abandonment And Rehabilitation Costs$325.0M$375.0M$375.0M$375.0M$375.0M—
Gain (Loss) on Disposition of Assets—-$2.0M$307.0M$37.0M$1.0M-$1.0M
Gain Loss On Oil And Gas Hedging Activity—-$98.0M$236.0M$80.0M$184.0M-$701.0M
Gain Loss On Sale Of Oil And Gas Property-$3.8M$0.0$0.0$0.0$0.0—
Gain Loss On Sale Of Property Plant Equipment—-$2.0M$307.0M$37.0M$1.0M-$1.0M
Gain on termination of lease—$274.0M$0.0$0.0——
Gathering Processing And Transportation Expenses$213.0M$204.0M$219.0M$213.0M$195.0M$191.0M
Impairment charge on leasehold improvements$3.0M$5.0M$7.0M$1.0M—$3.0M
Impairment Of Long Lived Assets Held For Use$0.0$254.0M$0.0$0.0$0.0$0.0
Income Loss From Continuing Operations Before Noncontrolling Interest$840.0M$646.0M$1.2B$912.0M$747.0M$166.0M
Income Tax Paid Federal Before Refund Received$109.8M$37.3M$37.3M$37.3M$37.3M—
State taxes$10.8M$9.3M$9.3M$9.3M$9.3M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount$1.0M-$750.0K-$750.0K-$750.0K-$750.0K—
Accounts payable—$248.0M-$162.0M$93.0M—$379.0M
Increase (Decrease) in Accounts Receivable$196.0M$63.0M-$183.0M-$20.0M-$43.0M$462.0M
Increase Decrease In Estimated Future Development Costs$201.5M$145.5M$145.5M$145.5M$145.5M—
Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves$86.5M-$40.8M-$40.8M-$40.8M-$40.8M—
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital$202.0M-$117.0M-$134.0M$62.0M—$299.0M
Increase (Decrease) in Other Current Assets—$35.0M-$15.0M$51.0M—-$12.0M
Increase (decrease) in other current liabilities$77.0M-$57.0M$141.0M-$86.0M$101.0M-$212.0M
Increase (decrease) in other assets—$85.0M$16.0M$17.0M$10.0M$7.0M
Increase (decrease) in all other liabilities—$109.0M-$27.0M-$21.0M—-$9.0M
Increase Due To Purchases Of Minerals In Place$780.8M$197.8M$197.8M$197.8M$197.8M—
Debt$128.0M$127.0M$126.0M$125.0M$119.0M$118.0M
Interest Income, Other$16.0M$10.0M$14.0M$18.0M$14.0M$14.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$101.0M$160.0M$101.0M$162.0M$86.0M$152.0M
Line Of Credit Facility Commitment Fee Amount$1.3M$1.3M$1.3M$1.3M$1.3M—
Loe Expenses$445.0M$479.0M$483.0M$481.0M$479.0M$486.0M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders$15.0M$9.0M$14.0M$0.0$0.0—
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—-$752.0M-$424.0M-$1.1B-$407.0M-$254.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1.0B-$802.0M-$597.0M-$1.0B-$970.0M-$1.0B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.7B$1.9B$1.5B$1.7B$1.5B$1.7B
Net Financing Costs Other$11.0M$6.0M$4.0M$2.0M$2.0M$5.0M
Net Increase Decrease In Sales And Transfer Prices And Production Costs-$800.5M-$756.8M-$756.8M-$756.8M-$756.8M—
Noncontrolling Interest Increase From Business Combination$8.0M$14.0M$0.0$0.0$0.0—
Operating And Nonoperating Other Income Expense-$32.0M-$27.0M-$11.0M$2.0M—-$17.0M
Operating Lease Payments Financing$0.0$0.0$0.0$0.0$0.0—
Other comprehensive income (loss)—$1.0M$1.0M$1.0M-$3.0M$1.0M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$1.0M-$1.0M-$1.0M$3.0M-$1.0M
All other operating activities$4.0M-$22.0M$5.0M-$45.0M-$5.0M$22.0M
Payments for Repurchase of Common Stock$301.0M$301.0M$249.0M$250.0M$250.0M$69.0M
Payments to Acquire Investments$40.0M$2.0M$8.0M$2.0M$50.0M$2.0M
Payments to Acquire Productive Assets$926.0M$934.0M$956.0M$870.0M$832.0M$839.0M
Payments to Noncontrolling Interests$15.0M$9.0M$14.0M-$0.0$0.0-$0.0
Payments To Property And Equipment Acquisition$116.0M$8.0M$16.0M$197.0M$101.0M$190.0M
Previously Estimated Development Costs Incurred$317.3M$448.0M$448.0M$448.0M$448.0M—
Proceeds from Noncontrolling Interests$8.0M$14.0M$0.0$0.0$0.0$0.0
Sales of and distributions from equity method investments$33.0M$9.0M$11.0M$7.0M$11.0M$9.0M
Dispositions of property, plant, and equipment$6.0M$133.0M$372.0M$38.0M$2.0M$2.0M
Proved Developed And Undeveloped Reserve Extension And Discovery Energy$85.0$110.8$110.8$110.8$110.8—
Proved Developed And Undeveloped Reserve Net Energy Period Increase Decrease-$1.5-$3.3-$3.3-$3.3-$3.3—
Proved Developed And Undeveloped Reserve Production Energy$67.5$76.8$76.8$76.8$76.8—
Proved Developed And Undeveloped Reserve Purchase Of Mineral In Place Energy$61.8$10.8$10.8$10.8$10.8—
Proved Developed And Undeveloped Reserve Revision Of Previous Estimate Energy$18.8$37.5$37.5$37.5$37.5—
Proved Developed And Undeveloped Reserves Revisions Other Than Price18.7537.5037.5037.5037.50—
Proved Developed And Undeveloped Reserves Revisions Due To Prices Energy-13.50-4.00-4.00-4.00-4.00—
Proved Developed And Undeveloped Reserves Revisions Due To Change In Previously Adopted Development Plans Other Than Price-2.00-3.25-3.25-3.25-3.25—
Proved Developed And Undeveloped Reserves Sale Of Mineral In Place Energy—$10.0$10.0$10.0$10.0—
Proved Developed Reserve Net Energy Period Increase Decrease20.2540.7540.7540.7540.75—
Proved Undeveloped Reserves As Percentage Of Entire Proved Reserves5.0%6.0%6.0%6.0%6.0%—
Proved Undeveloped Reserves Conversion To Proved Developed Reserves Energy47.2543.7543.7543.7543.75—
Proved Undeveloped Reserves Extensions And Discoveries Energy49.5080.5080.5080.5080.50—
Proved Undeveloped Reserves Increased Percentage3.0%8.3%8.3%8.3%8.3%—
Proved Undeveloped Reserves Purchases11.754.754.754.754.75—
Proved Undeveloped Reserves Purchases And Sales—-2.25-2.25-2.25-2.25—
Proved Undeveloped Reserves Revisions Due To Prices Energy-0.500.250.250.250.25—
Proved Undeveloped Reserves Revisions Other Than Price Energy-1.503.253.253.253.25—
Proved Undeveloped Reserves Revisions With Additional Revisions-0.508.008.008.008.00—
Proved Undeveloped Reserves Sale Of Reserves—2.502.502.502.50—
Oil and Gas, Capitalized Exploratory Well Cost, Reclassification Based on Determination of Proved Reserve$129.0M$156.0M$156.0M$156.0M$156.0M—
Results Of Operations Accretion Of Asset Retirement Obligations$9.8M$12.3M$12.3M$12.3M$12.3M—
Results Of Operations Depreciation Depletion Amortization And Accretion$789.0M$869.8M$869.8M$869.8M$869.8M—
Results Of Operations Income Tax Expense$243.0M$222.0M$222.0M$222.0M$222.0M—
Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs$945.8M$799.3M$799.3M$799.3M$799.3M—
Results Of Operations Production Or Lifting Costs$881.0M$912.0M$899.0M$895.0M$861.0M$894.0M
Results Of Operations Revenue From Oil And Gas Producing Activities$2.8B$2.8B$2.8B$2.8B$2.8B—
Revisions Of Previous Quantity Estimates$106.8M$357.5M$357.5M$357.5M$357.5M—
Right Of Use Asset Obtained In Exchange For Finance Lease Liability$3.5M$3.8M$3.8M$3.8M$3.8M—
Sales And Transfers Of Oil And Gas Produced Net Of Production Costs$2.0B$1.9B$1.9B$1.9B$1.9B—
Segment Reporting, Other Segment Item, Amount$31.0M$293.0M-$276.0M$31.0M-$70.0M$62.0M
Significant Expenses$881.0M$912.0M$899.0M$895.0M$861.0M$894.0M
Standardized Measure Of Discounted Future Net Cash Flow Relating To Proved Oil And Gas Reserves Accretion Of Discount$432.5M$405.8M$405.8M$405.8M$405.8M—
Tax Withholding For Share Based Compensation—$19.0M—$1.0M—$27.0M
Total Expenses$3.6B$3.8B$3.1B$3.4B$3.4B$3.6B
Treasury stock, value, acquired$300.0M$322.0M$255.0M$254.0M$253.0M$94.0M
Undistributed Earnings Loss Available To Common Shareholders Basic$639.0M$494.0M$899.0M$687.0M$562.0M$120.0M
Undistributed Earnings (Loss) Available to Common Shareholders, Diluted$639.0M$494.0M$899.0M$687.0M$562.0M$120.0M
Unrecognized tax benefits, settlements$0.0$1.0M$1.0M$1.0M$1.0M—
Unrecognized tax benefit, interest expense (income)$3.0M$4.5M$4.5M$4.5M$4.5M—
Unrecorded unconditional purchase obligation, purchases$200.0M$0.0$0.0$0.0$0.0—
Variable Lease Cost Increase Decrease$0.0$0.0$0.0$0.0$0.0—
Cash Dividends on Common Stock$143.0M$163.0M$156.0M$151.0M$149.0M$155.0M
Asset Retirement Obligation Liabilities Incurred$9.0M$11.0M$10.0M$29.0M$8.0M$11.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest Income (Expense), Nonoperating-$123.0M-$123.0M-$116.0M-$109.0M-$107.0M-$109.0M
Amortization of Debt Discount (Premium)$6.0M$6.0M$3.0M$4.0M$3.0M$4.0M
Payments of Debt Extinguishment Costs$0.0$274.0M-$0.0$0.0$8.0M$3.0M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$4.4B$4.5B$4.3B$4.3B$4.1B$3.8B