Devon Energy (DVN) Q2 FY2026 earnings: revenue $7.4 billion, up 73.1% on the year
Devon Energy Corp. (DVN) reported revenue of $7.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 73.1% on the same quarter a year earlier. Net income was $1.9 billion, up 112.6% on the year, and diluted earnings per share $2.03. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.
Revenue
$7.4 billion
+73.1% on the year · +94.8% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
25.8%
21.4% a year earlier
Q3 FY2024Q2 FY2026
Net income
$1.9 billion
+112.6% on the year · +1,492.5% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$2.03
+44.0% on the year · +968.4% on the quarter
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 2 raised, 4 new, 1 kept.
Net earnings reached $1.9 billion: Net earnings were $1.9 billion, or $2.03 per diluted share. Core earnings, adjusted for items analysts typically exclude, were $1.5 billion, or $1.57 per diluted share.
Oil output at top of guidance: Oil production averaged 503,000 barrels per day, at the top end of guidance, driven by better-than-expected well performance, primarily in the Delaware Basin. Total production averaged 1,359,000 Boe per day.
Delaware acreage bought for $2.6 billion: Devon bought 16,300 net acres in the heart of the Delaware Basin at the New Mexico federal lease sale for $2.6 billion, funded with cash on hand.
$ 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
$ million
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
3,674
1,655
1,545
+122.0%
+137.8%
Capital expenditure
1,318
839
956
+57.1%
+37.9%
Free cash flow
2,356
816
589
+188.7%
+300.0%
Free cash flow margin
31.8%
21.4%
13.7%
Cash from investing
-3,375
-1,020
-597
Cash from financing
-1,109
-254
-424
Depreciation and amortisation
1,416
904
914
+56.6%
+54.9%
Share-based compensation
71.0
22.0
23.0
+222.7%
+208.7%
Buybacks
197
69.0
249
+185.5%
-20.9%
Dividends paid
366
155
156
+136.1%
+134.6%
Dividend per share
$0.32
$0.24
$0.24
+33.3%
+33.3%
Diluted shares, weighted
940m
618m
636m
+52.1%
+47.8%
Shares outstanding at period end
1,100m
621m
635m
+77.0%
+73.3%
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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
41,747
15,428
15,060
+170.6%
+177.2%
Non-controlling interest
n/a
n/a
232
Short-term borrowings
1,497
999
485
+49.8%
+208.7%
Debt
11,388
8,386
8,878
+35.8%
+28.3%
Operating lease liabilities
326
185
100
+76.2%
+226.0%
Finance lease liabilities
30.0
21.0
13.0
+42.9%
+130.8%
Other liabilities
15,905
7,524
6,622
+111.4%
+140.2%
Total liabilities and equity
70,893
32,543
31,390
+117.8%
+125.8%
Fixed assets
63,098
25,598
25,115
+146.5%
+151.2%
Goodwill
753
753
753
0.0%
0.0%
Cash and equivalents
950
1,763
1,713
-46.1%
-44.5%
Receivables
3,162
2,250
1,853
+40.5%
+70.6%
Inventory
356
319
327
+11.6%
+8.9%
Other assets
2,574
1,860
1,629
+38.4%
+58.0%
Total assets
70,893
32,543
31,390
+117.8%
+125.8%
Questions
What was Devon Energy's revenue in Q2 FY2026?
Devon Energy (DVN) reported revenue of $7.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 73.1% on the same quarter a year earlier.
How much did Devon Energy earn in Q2 FY2026?
Net income for Q2 FY2026 was $1.9 billion, up 112.6% on the year, and diluted earnings per share $2.03.
When did Devon Energy report Q2 FY2026 results?
Devon Energy filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 2026.
Each quarter as filed, linked to its filing. Read more* 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-Q for the period ended 30 June 2026, filed 5 August 2026: the filing.