Devon Energy (DVN): financials, SEC filings and peers

Devon Energy (DVN) is an oil & gas exploration & production company in the Energy sector of the S&P 500, headquartered in Oklahoma City, Oklahoma.

It was founded in 1971 and joined the S&P 500 on August 30, 2000.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Crude Petroleum & Natural Gas”.

Devon Energy at a glance

Revenue (12 months): $22.2B
Revenue growth: +27.1%
Operating margin: 22.9%
Net income (12 months): $3.6B
Free cash flow (12 months): $5.2B
Cash: $352M
Debt: $11.5B
Diluted EPS (12 months): $4.00

Twelve months to September 30, 2026, from the 10-Q filed November 6, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, Devon Energy reported revenue of $22.2 billion, up a strong 27.1% from $17.5 billion a year earlier.

Its operating margin was 22.9%: for every $100 of sales, about $23 was left as operating profit.

Net income was $3.6 billion (16.2% of revenue), 32.3% higher than a year earlier.

Operating cash flow was $9.7 billion and capital spending $4.5 billion, leaving free cash flow of $5.2 billion (23.5% of revenue). Capital spending equal to 20% of revenue is high; the company is investing heavily.

At the end of the period it held $352 million in cash and $11.5 billion in debt, a net debt position of $11.1 billion.

The diluted share count rose 82.2% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $4.8 billion in fiscal 2020 to $17.2 billion in fiscal 2025, about 28.9% a year.
Free cash flow was positive in each of the last 6 fiscal years.
Devon Energy reported a net loss in 1 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$12.2B	$19.2B	$15.3B	$15.9B	$17.2B
Revenue growth	152.8%	57.0%	-20.4%	4.5%	7.8%
Operating margin	—	—	—	—	—
Net income	$2.8B	$6.0B	$3.7B	$2.9B	$2.6B
Free cash flow	$2.9B	$6.0B	$2.7B	$3.0B	$3.1B
Diluted EPS	$4.19	$9.12	$5.84	$4.56	$4.17

Fiscal years as reported in Devon Energy’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-Q filed November 6, 2026 — quarterly report
8-K filed November 5, 2026 — Earnings results
8-K filed October 8, 2026 — Regulation FD disclosure; Other event
8-K filed August 27, 2026 — Executive or director change
8-K filed August 20, 2026 — Executive or director change
10-Q filed August 5, 2026 — quarterly report
8-K filed August 4, 2026 — Earnings results
8-K filed June 30, 2026 — Shareholder vote results

All Devon Energy filings on SEC EDGAR

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Questions about Devon Energy

Is Devon Energy's revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $22.2 billion, up 27.1% from a year earlier, according to its SEC filings.

Is Devon Energy profitable?

Yes. It earned $3.6 billion in net income over the twelve months to September 30, 2026, a net margin of 16.2%.

Does Devon Energy have more cash or more debt?

At September 30, 2026 it had $352 million in cash and $11.5 billion in debt, so more debt than cash.

When did Devon Energy last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on November 6, 2026.

Which companies are similar to Devon Energy?

In the S&P 500, Devon Energy is grouped in Oil & Gas Exploration & Production within the Energy sector. APA Corporation (APA), ConocoPhillips (COP), EOG Resources (EOG), EQT Corporation (EQT), Expand Energy (EXE) are in the same group.

Understand the numbers

Source: Devon Energy’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.