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Devon Energy (DVN) FY2025 results: revenue $17.2 billion, up 7.8% on the year

Devon Energy Corp. (DVN) reported revenue of $17.2 billion for fiscal 2025, the year ended 31 December 2025, up 7.8% on the year before. Net income was $2.6 billion, down 8.6%, and diluted earnings per share $4.17. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$17.2 billion
+7.8% on the year
FY2018FY2025
Operating margin
15.6%
18.5% a year earlier
FY2018FY2025
Net income
$2.6 billion
-8.6% on the year
FY2018FY2025
Diluted EPS
$4.17
-8.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Targeted $1.0 billion synergies: Management expects the combination to improve margins, raise free cash flow and accelerate cash returns through $1.0 billion of sustainable annual pre-tax synergies.
  • Business optimization 85 percent achieved: Devon achieved 85 percent of its $1 billion business optimization target in 2025. Management said it is on track to fully achieve the target by year-end 2026.
Read the Q4 FY2025 earnings call summary

From this 10-K

Devon is an independent energy company that explores for, develops and produces oil, natural gas and NGLs, with operations concentrated in onshore areas of the United States. It was founded in 1971, has been publicly held since 1988, and runs from Oklahoma City. Production in 2025 was 307 MMBoe, made up of 142 MMBbls of oil, 505 Bcf of gas and 81 MMBbls of NGLs. The company holds 2.4 million net acres, about 1.6 million of them held by production and about 15 percent on federal land, and has 18,549 gross producing wells, of which it is the operator of roughly 7,785. It had about 2,200 employees at the end of 2025, all in the United States.

Devon Energy Corp., the 10-K for 2025

Devon is an independent energy company that explores for, develops and produces oil, natural gas and NGLs, with operations concentrated in onshore areas of the United States. It was founded in 1971, has been publicly held since 1988, and runs from Oklahoma City. Production in 2025 was 307 MMBoe, made up of 142 MMBbls of oil, 505 Bcf of gas and 81 MMBbls of NGLs. The company holds 2.4 million net acres, about 1.6 million of them held by production and about 15 percent on federal land, and has 18,549 gross producing wells, of which it is the operator of roughly 7,785. It had about 2,200 employees at the end of 2025, all in the United States.

The Delaware Basin

The Delaware Basin, in southeast New Mexico and across the state line into west Texas, is the largest and most active programme in the portfolio and the top funded asset. The formations being developed there are the oil-rich Wolfcamp, Bone Spring, Avalon and Delaware. Eleven operated rigs were working the Wolfcamp and Bone Spring at the end of 2025. The basin produced 180 of the company's 307 MMBoe in 2025, comprising 82 MMBbls of oil, 297 Bcf of gas and 49 MMBbls of NGLs.

The Rockies

Rockies development covers the Williston Basin and the Powder River Basin. The Williston position, enlarged by the acquisition of the Williston Basin business of Grayson Mill in the third quarter of 2024, targets the oil-prone Bakken and Three Forks formations across eastern Montana and western North Dakota, and had three operated rigs at the end of 2025. It produced 63 MMBoe in 2025, comprising 33 MMBbls of oil, 78 Bcf of gas and 17 MMBbls of NGLs. The Powder River asset in Wyoming targets Cretaceous oil objectives including the Turner, Parkman, Teapot and Niobrara formations, and had one operated rig at the end of 2025.

The Eagle Ford and the Anadarko Basin

Eagle Ford operations are in DeWitt and Karnes counties in south Texas, with two operated rigs at the end of 2025. On 1 April 2025 Devon and BPX Energy dissolved their partnership and divided their acreage in the Eagle Ford Blackhawk field in DeWitt County. The Anadarko Basin development in western Oklahoma is described in the filing as one of the largest in the industry, and part of that acreage is developed jointly with Dow under an agreement that carried a two-rig programme at the end of 2025. The Anadarko Basin stopped being listed separately in the production tables from 2024, when the Williston Basin took its place.

How the production is sold

Oil, gas and NGLs are sold under both long-term agreements of a year or more and short-term agreements of less than a year, at prices negotiated with third parties. The filing states that the vast majority of production is sold at variable, market-sensitive prices. As of January 2026, 71 percent of oil volumes sat under short-term variable contracts and 29 percent under long-term variable ones. The company may also enter financial hedging arrangements or fixed-price contracts covering part of its production.

From Devon Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue17,18815,94015,258+7.8%
Operating income2,6812,9423,782-8.9%
Operating margin15.6%18.5%24.8%
Interest expense497401369+23.9%
Pre-tax income3,4663,7124,623-6.6%
Income tax785770841+1.9%
Effective tax rate22.6%20.7%18.2%
Net income2,6422,8913,739-8.6%
Net margin15.4%18.1%24.5%
Diluted EPS$4.17$4.56$5.84-8.6%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,7116,6006,544+1.7%
Capital expenditure3,5923,6453,883-1.5%
Free cash flow3,1192,9552,661+5.5%
Free cash flow margin18.1%18.5%17.4%
Cash from investing-3,393-7,332-3,942
Cash from financing-2,730706-3,184
Depreciation and amortisation3,5953,2552,554+10.4%
Share-based compensation99.099.093.00.0%
Buybacks1,0501,057979-0.7%
Dividends paid3199371,858-66.0%
Diluted shares, weighted633m634m642m-0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity15,52814,49612,061+7.1%
Non-controlling interest0.0208156
Short-term borrowings998485483+105.8%
Debt8,3898,8836,155-5.6%
Operating lease liabilities18127.09.0+570.4%
Finance lease liabilities16.0293286-94.5%
Other liabilities6,4876,0975,340+6.4%
Total liabilities and equity31,59930,48924,490+3.6%
Fixed assets25,41925,01119,328+1.6%
Goodwill7537537530.0%
Cash and equivalents1,384811853+70.7%
Receivables1,7921,9721,573-9.1%
Inventory336294249+14.3%
Other assets1,9151,6481,734+16.2%
Total assets31,59930,48924,490+3.6%

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