Devon Energy (DVN) Q4 FY2025 earnings: revenue $4.1 billion, down 6.4% on the year

Devon Energy Corp. (DVN) reported revenue of $4.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 6.4% on the same quarter a year earlier. Net income was $562 million, down 12.1% on the year, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$4.1 billion

-6.4% on the year · -4.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.6%

14.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$562 million

-12.1% on the year · -18.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.90

-8.2% on the year · -17.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 4 new, 1 kept.

Production above top of guidance: Fourth-quarter production averaged 851,000 Boe per day, above the top end of guidance. The company attributed this to better-than-expected well performance, primarily in the Delaware Basin.
Operating and free cash flow: Operating cash flow was $1.5 billion and free cash flow $702 million in the fourth quarter. The third quarter had $1.7 billion and $820 million respectively.
All-stock merger with Coterra: On Feb. 2, 2026, Devon agreed to combine with Coterra Energy in an all-stock merger. The combined company is to be named Devon Energy.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,121	4,331	4,403	-4.8%	-6.4%
Operating income	562	693	653	-18.9%	-13.9%
Operating margin	13.6%	16.0%	14.8%
Interest expense	119	125	128	-4.8%	-7.0%
Pre-tax income	747	912	840	-18.1%	-11.1%
Income tax	185	219	187	-15.5%	-1.1%
Effective tax rate	24.8%	24.0%	22.3%
Net income	562	687	639	-18.2%	-12.1%
Net margin	13.6%	15.9%	14.5%
Diluted EPS	$0.90	$1.09	$0.98	-17.4%	-8.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,534	1,690	1,664	-9.2%	-7.8%
Capital expenditure	832	870	926	-4.4%	-10.2%
Free cash flow	702	820	738	-14.4%	-4.9%
Free cash flow margin	17.0%	18.9%	16.8%
Cash from investing	-970	-1,024	-1,043
Cash from financing	-407	-1,147	-450
Depreciation and amortisation	890	879	971	+1.3%	-8.3%
Share-based compensation	22.0	24.0	24.0	-8.3%	-8.3%
Buybacks	250	250	301	0.0%	-16.9%
Dividends paid	-151	151	143
Dividend per share	$0.24	$0.24	$0.22	0.0%	+9.1%
Diluted shares, weighted	622m	629m	651m	-1.1%	-4.5%
Shares outstanding at period end	620m	627m	649m	-1.2%	-4.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	15,528	15,350	14,496	+1.2%	+7.1%
Non-controlling interest	0.0	0.0	208
Short-term borrowings	998	998	485	0.0%	+105.8%
Debt	8,389	8,391	8,883	-0.0%	-5.6%
Operating lease liabilities	181	146	27.0	+24.0%	+570.4%
Finance lease liabilities	16.0	12.0	293	+33.3%	-94.5%
Other liabilities	6,487	6,324	6,097	+2.6%	+6.4%
Total liabilities and equity	31,599	31,221	30,489	+1.2%	+3.6%
Fixed assets	25,419	25,289	25,011	+0.5%	+1.6%
Goodwill	753	753	753	0.0%	0.0%
Cash and equivalents	1,384	1,229	811	+12.6%	+70.7%
Receivables	1,792	1,835	1,972	-2.3%	-9.1%
Inventory	336	361	294	-6.9%	+14.3%
Other assets	1,915	1,754	1,648	+9.2%	+16.2%
Total assets	31,599	31,221	30,489	+1.2%	+3.6%

Questions

What was Devon Energy's revenue in Q4 FY2025?

Devon Energy (DVN) reported revenue of $4.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 6.4% on the same quarter a year earlier.

How much did Devon Energy earn in Q4 FY2025?

Net income for Q4 FY2025 was $562 million, down 12.1% on the year, and diluted earnings per share $0.90.

When did Devon Energy report Q4 FY2025 results?

Devon Energy filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,561	3,812	5,626	5,432	4,299	3,823	3,454	3,836	4,145	3,596	3,917	4,024	4,403	4,452	4,284	4,331	4,121	3,807	7,417	6,860
Operating income	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	609	855	825	653	509	917	693	562	120	1,911	1,008
Operating margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	17%	22%	21%	15%	11%	21%	16%	14%	3%	26%	15%
Interest expense	92.0	92.0	93.0	92.0	93.0	93.0	96.0	93.0	87.0	87.0	88.0	98.0	128	127	126	125	119	118	144	150
Pre-tax income	1,662	1,262	2,495	2,465	1,553	1,224	897	1,072	1,430	768	1,040	1,064	840	646	1,161	912	747	166	2,384	1,252
Tax rate	9%	21%	22%	23%	22%	18%	22%	14%	19%	21%	18%	22%	22%	21%	21%	24%	25%	28%	20%	19%
Net income	1,506	989	1,932	1,893	1,201	995	690	910	1,152	596	844	812	639	494	899	687	562	120	1,911	1,008
Net margin	35%	26%	34%	35%	28%	26%	20%	24%	28%	17%	22%	20%	15%	11%	21%	16%	14%	3%	26%	15%
Diluted EPS	$2.25	$1.48	$2.93	$2.88	$1.83	$1.53	$1.07	$1.42	$1.81	$0.94	$1.34	$1.30	$0.98	$0.77	$1.41	$1.09	$0.90	$0.19	$2.03	$0.88
Operating cash flow	1,616	1,837	2,678	2,104	1,911	1,677	1,405	1,725	1,737	1,738	1,535	1,663	1,664	1,942	1,545	1,690	1,534	1,655	3,674	2,808
Capital expenditure	512	537	573	628	804	1,012	1,079	882	910	894	948	877	926	934	956	870	832	839	1,318	1,464
Free cash flow	1,104	1,300	2,105	1,476	1,107	665	326	843	827	844	587	786	738	1,008	589	820	702	816	2,356	1,344
Buybacks	589	211	324	126	57.0	517	228	0.0	234	205	256	295	301	301	249	250	250	69.0	197	414
Dividends paid	554	667	830	1,007	875	596	462	312	488	299	223	272	143	163	156	151	-151	155	366	366
Shares outstanding	664m	660m	655m	654m	654m	642m	641m	641m	635m	632m	626m	657m	649m	642m	635m	627m	620m	621m	1,100m	1,140m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.