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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 63.48% and operating margin at -76.34%. Diluted EPS is $3.59, which declined 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$16.5BNet Income (TTM)$2.3BEps Diluted (TTM)$3.59
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$51.5B
P/E Ratio22.69
ROE15.13%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$24M$30M$23M$24M$22M$22M
Depreciation and amortization$971M$912M$914M$879M$890M$904M
General and administrative$155M$130M$113M$114M$135M$125M
Occupancy and equipment$7M$21.3M$21.3M$21.3M$21.3M—
Production and ad valorem taxes$223M$229M$197M$201M$187M$217M
Transformation costs—$18M———$19M
Exploration$7M$10.8M$10.8M$10.8M$10.8M—
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
Basic earnings per share$0.98$0.77$1.42$1.09$0.91$0.19
Diluted earnings per share$0.97$0.77$1.41$1.09$0.90$0.19
Continuing operations (in dollars per share)$0.98$0.77$1.42$1.09$0.91$0.19
Continuing operations (in dollars per share)$0.97$0.77$1.41$1.09$0.90$0.19
Weighted-average shares, basic632M643M635M628M632M616M
Weighted-average shares, diluted634M645M636M629M633M618M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$840M$646M$1.2B$912M$747M$166M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$187M$137M$244M$219M$185M$46M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$14M$15M$18M$6M$0$0
Net income$641M$494M$899M$687M$562M$120M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share-based compensation expense related to employee stock plans$24M$30M$23M$24M$22M$22M
Pre-tax stock-based compensation cost$24M$30M$23M$24M$22M$22M
Amortization Of Debt Discount Premium$6M$6M$3M$4M$3M$4M
Asset Retirement Obligation Accretion Expense$11M$12M$12M$13M$14M$14M
Asset Retirement Obligation Liabilities Incurred$9M$11M$10M$29M$8M$11M
Asset Retirement Obligation, Liabilities Settled$12M$8M$14M$32M$11M$11M
Changes in estimated cash flows—$55M———$107M
Average Estimated Future Realized Price Per Barrel Of Oil Used To Estimate Future Cash Inflows For Proved Oil Reserves73.65———62.67—
Average Estimated Future Realized Price Per Barrel Of Natural Gas Liquids Used To Estimate Future Cash Inflows For Proved Ngl Reserves20.75———20.85—
Average Estimated Future Realized Price Per Mcf Of Gas Used To Estimate Future Cash Inflows For Proved Gas Reserves0.81———1.32—
Capital Expenditures Including Acquisitions$1B$972M$948M$1.1B$1B$999M
Additions pending the determination of proved reserves$168.5M$138.8M$138.8M$138.8M$138.8M—
Capitalized Exploratory Well Cost Charged To Expense1$250K$250K$250K$250K$250K—
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$388M$525M-$481M$156M$381M
Cash Settlements On Commodity Derivatives-$58M$10M-$67M-$50M-$125M$57M
Cash dividend per common share (in dollars per share)$0.22$0.24$0.24$0.24$0.24$0.24
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$638M$495M$900M$688M$559M$121M
Less: comprehensive income attributable to noncontrolling interest$14M$15M$18M$6M$0$0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$652M$510M$918M$694M$559M$121M
Conversion Rate Of Gas Reserves From Mcf To Boe600.0%———600.0%—
Cost Incurred Related To Development And Conversion Of Proved Undeveloped Reserves$300M$275M$275M$275M$275M—
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$56M$56M$56M$56M—
Costs Incurred Development Costs$714M$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$1B$1B$1B$1B—
Federal$106.8M$71.3M$71.3M$71.3M$71.3M—
Foreign$0$0$0$0$0—
Current State And Local Tax Expense Benefit$8M$4M$4M$4M$4M—
Decrease Due To Sales Of Minerals In Place$0$186M$186M$186M$186M—
Federal$66.8M$101.5M$101.5M$101.5M$101.5M—
Deferred taxes$68M$41M$18M$263M$162M$234M
State$11M$19.5M$19.5M$19.5M$19.5M—
Defined Contribution Plan Cost Recognized$11M$11.8M$11.8M$11.8M$11.8M—
Difference Of Decommissioning Obligation And Available Bond—$25M————
Dividends, Common Stock$143M$154M$153M$151M$150M$149M
Effective tax rates$0$0.2$0.2$0.2$0$0.3
Effective Income Tax Rate Reconciliation Amount$192.5M$196.3M$196.3M$196.3M$196.3M—
Income taxes at U.S. statutory rate of 21%21.0%21.0%21.0%21.0%21.0%21.0%
Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits Percent0.0%———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$2M$2M$2M$2M—
Effective Income Tax Rate Reconciliation Effect Of Changes In Tax Laws Or Rates Percent0.0%———0.0%—
Other0.0%———0.0%—
Nontaxable or nondeductible items0.0%———0.0%—
State income taxes – net of federal income tax benefit2.0%1.0%1.0%2.0%3.0%3.0%
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent0.0%———0.0%—
Share-Based Payment Arrangement, Expense, Tax Benefit$4M$3M$5M$4M$4M$5M
Exploration Expense$12M$10M$20M$8M$5M$25M
Extensions Discoveries Additions And Improved Recovery Less Related Costs$987.8M$1.1B$1.1B$1.1B$1.1B—
Retired debt—$300M————
Federal Earnings Before Income Taxes Expense Benefit$930.3M$868.5M$868.5M$868.5M$868.5M—
Federal Income Tax Expense Benefit Continuing Operations$173.5M$172.8M$172.8M$172.8M$172.8M—
Federal State And Local Earnings Before Income Taxes Expense Benefit-$2.3M-$2M-$2M-$2M-$2M—
Federal State And Local Income Tax Expense Benefit Continuing Operations$0$0$0$0$0—
Finance Lease Payments For Financing Cash Flows$0$70.5M$70.5M$70.5M$70.5M—
Finance Lease Payments For Investing Cash Flows$0$0$0$0$0—
Future Dismantlement Abandonment And Rehabilitation Costs$325M$375M$375M$375M$375M—
Gain Loss On Oil And Gas Hedging Activity—-$98M$236M$80M$184M-$701M
Gain Loss On Sale Of Oil And Gas Property-$3.8M$0$0$0$0—
Gain Loss On Sale Of Property Plant Equipment—-$2M$307M$37M$1M-$1M
Gain on termination of lease—$274M————
Gathering Processing And Transportation Expenses$213M$204M$219M$213M$195M$191M
Impairment charge on leasehold improvements$3M$5M$7M$1M—$3M
Impairment Of Long Lived Assets Held For Use$0$254M$0$0$0$0
Income Loss From Continuing Operations Before Noncontrolling Interest$840M$646M$1.2B$912M$747M$166M
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 at Federal Statutory Income Tax Rate, Amount$195M$182M$182M$182M$182M—
Nontaxable or Nondeductible items-$3.3M$500K$500K$500K$500K—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount$1M-$750K-$750K-$750K-$750K—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$15M$18.5M$18.5M$18.5M$18.5M—
Income Tax Reconciliation Tax Credits Foreign$500K$500K$500K$500K$500K—
Income Taxes Paid, Net$4M$0$152M$31M$3M$4M
Accounts payable—$248M-$162M$93M—$379M
Increase (Decrease) in Accounts Receivable$196M$63M-$183M-$20M-$43M$462M
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$202M-$117M-$134M$62M—$299M
Increase (Decrease) in Other Current Assets—$35M-$15M$51M—-$12M
Increase (decrease) in other current liabilities$77M-$57M$141M-$86M$101M-$212M
Increase Due To Purchases Of Minerals In Place$780.8M$197.8M$197.8M$197.8M$197.8M—
Debt$128M$127M$126M$125M$119M$118M
Interest Income, Other$16M$10M$14M$18M$14M$14M
Interest Paid, Excluding Capitalized Interest, Operating Activity$101M$160M$101M$162M$86M$152M
Line Of Credit Facility Commitment Fee Amount$1.3M$1.3M$1.3M$1.3M$1.3M—
Loe Expenses$445M$479M$483M$481M$479M$486M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders$15M$9M$14M———
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—-$752M-$424M-$1.1B-$407M-$254M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1B-$802M-$597M-$1B-$970M-$1B
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$11M$6M$4M$2M$2M$5M
Net Income Loss Attributable To Noncontrolling Interest$14M$15M$18M$6M$0$0
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$8M$14M————
Operating And Nonoperating Other Income Expense-$24M-$9M-$11M$2M-$6M-$17M
Operating Lease Payments Financing$0$0$0$0$0—
Other comprehensive income (loss)—$1M$1M$1M-$3M$1M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$1M-$1M-$1M$3M-$1M
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax-$750K-$1.5M-$1.5M-$1.5M-$1.5M—
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax—$0-$1M-$0$1M-$1M
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Before Tax$2M$1M$2M$1M$2M$2M
All other operating activities$4M-$22M$5M-$45M-$5M$22M
Payments for Repurchase of Common Stock$301M$301M$249M$250M$250M$69M
Payments Of Debt Extinguishment Costs$0$274M-$0$0$8M$3M
Payments Of Ordinary Dividends$143M$163M$156M$151M$149M$155M
Payments to Acquire Investments$40M$2M$8M$2M$50M$2M
Payments to Acquire Productive Assets$926M$934M$956M$870M$832M$839M
Payments to Noncontrolling Interests$15M$9M$14M-$0$0-$0
Previously Estimated Development Costs Incurred$317.3M$448M$448M$448M$448M—
Proceeds from Noncontrolling Interests$8M$14M$0$0$0$0
Sales of and distributions from equity method investments$33M$9M$11M$7M$11M$9M
Dispositions of property, plant, and equipment$6M$133M$372M$38M$2M$2M
Proved Developed And Undeveloped Reserve Extension And Discovery Energy$85$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$10$10$10—
Proved Developed Reserve Net Energy Period Increase Decrease20.2540.7540.7540.7540.75—
Proved Undeveloped Reserves As Percentage Of Entire Proved Reserves20.0%———24.0%—
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 Percentage12.0%———33.0%—
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$129M$156M$156M$156M$156M—
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$789M$869.8M$869.8M$869.8M$869.8M—
Results Of Operations Income Tax Expense$243M$222M$222M$222M$222M—
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$881M$912M$899M$895M$861M$894M
Results Of Operations Revenue From Oil And Gas Producing Activities$2.8B$2.8B$2.8B$2.8B$2.8B—
Revenue From Contract With Customer Excluding Assessed Tax$4.5B$4.6B$4B$4.3B$3.9B$4.5B
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$2B$1.9B$1.9B$1.9B$1.9B—
Segment Reporting, Other Segment Item, Amount$31M$293M-$276M$31M-$36M$62M
Stock-based compensation$24M$30M$23M$24M$22M$22M
Significant Expenses$881M$912M$899M$895M$861M$894M
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—
State And Local Income Tax Expense Benefit Continuing Operations$19M$23.5M$23.5M$23.5M$23.5M—
Tax Withholding For Share Based Compensation—$19M—$1M—$27M
Total Expenses$3.6B$3.8B$3.1B$3.4B$3.4B$3.6B
Treasury stock, value, acquired$300M$322M$255M$254M$253M$94M
Undistributed Earnings Loss Available To Common Shareholders Basic$639M$494M$899M$687M$562M$120M
Undistributed Earnings (Loss) Available to Common Shareholders, Diluted$639M$494M$899M$687M$562M$120M
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$5.5M$2.5M$2.5M$2.5M$2.5M—
Unrecognized tax benefits, settlements$0$1M$1M$1M$1M—
Unrecognized tax benefit, interest expense (income)$3M$4.5M$4.5M$4.5M$4.5M—
Unrecorded unconditional purchase obligation, purchases$200M$0$0$0$0—
Variable Lease Cost Increase Decrease$0$0$0$0$0—
Add: dilutive effect of potential common shares (in shares)—$2M$1M$1M—$2M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest Income (Expense), Nonoperating-$123M-$123M-$116M-$109M-$107M-$109M
Other income (expense), net0.0%-1.0%-1.0%1.0%—4.0%

Revenue

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