Devon Energy (DVN) financial statements
Devon Energy reported revenue of $16.8B in fiscal 2025, up 22.2% a year over 9 years.
Net income was $2.6B.
Free cash flow was $3.1B, and the company returned $319M in dividends and $1.1B in net buybacks.
The diluted share count rose 25% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Devon Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.5B | $8.4B | $6.7B | $4.7B | $13.8B | $19.8B | $15.1B | $15.9B | $16.8B |
| Cost of revenue | $2.8B | $3.6B | $4.3B | $2.8B | — | — | — | — | — | — |
| Gross profit | -$49M | -$46M | $4.1B | $3.9B | — | — | — | — | — | — |
| Selling, general and admin | $733M | $645M | $574M | $475M | $338M | $391M | $395M | $408M | $500M | $492M |
| Operating income | -$2.9B | — | — | — | — | — | — | — | — | — |
| Interest expense | $488M | $337M | $287M | $260M | $259M | $388M | $370M | $369M | $401M | $497M |
| Pre-tax income | -$433M | $40M | $944M | -$109M | -$3.1B | $2.9B | $7.8B | $4.6B | $3.7B | $3.5B |
| Income tax | $141M | $7M | $230M | -$30M | -$547M | $65M | $1.7B | $841M | $770M | $785M |
| Net income | -$1.1B | $898M | $3.1B | -$355M | -$2.7B | $2.8B | $6.0B | $3.7B | $2.9B | $2.6B |
| EPS (diluted) | -$2.09 | $1.70 | $6.10 | -$0.89 | -$7.12 | $4.19 | $9.12 | $5.84 | $4.56 | $4.17 |
| Diluted shares | 507M | 520M | 497M | 401M | 377M | 665M | 653M | 642M | 634M | 633M |
| Gross margin | -1.8% | -1.3% | 48.8% | 57.9% | — | — | — | — | — | — |
| Operating margin | -104.4% | — | — | — | — | — | — | — | — | — |
| Net margin | -38.1% | 25.6% | 36.3% | -5.3% | -57.4% | 20.5% | 30.3% | 24.7% | 18.2% | 15.7% |
Balance sheet
Fiscal years, from Devon Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $2.6B | $2.4B | $1.5B | $2.0B | $2.1B | $1.3B | $853M | $811M | $1.4B |
| Receivables | $1.4B | $989M | $812M | $832M | $601M | $1.5B | $1.8B | $1.6B | $2.0B | $1.8B |
| Inventory | — | — | — | — | — | $114M | $201M | $249M | $294M | $336M |
| Total current assets | $3.8B | $4.8B | $4.4B | $3.9B | $3.3B | $4.2B | $3.9B | $3.2B | $3.4B | $4.0B |
| Property, plant and equipment | $14.3B | $14.6B | $8.5B | $8.6B | $5.4B | $15.0B | $18.1B | $19.3B | $25.0B | $25.4B |
| Goodwill | $2.4B | $841M | $753M | $753M | $753M | $753M | $753M | $753M | $753M | $753M |
| Total assets | $28.7B | $30.2B | $19.6B | $13.7B | $9.9B | $21.0B | $23.3B | $24.5B | $30.5B | $31.6B |
| Total current liabilities | $2.6B | $3.3B | $2.2B | $1.9B | $1.4B | $3.1B | $3.1B | $2.9B | $3.3B | $4.1B |
| Long-term debt | $10.2B | $6.7B | $4.3B | $4.3B | $4.3B | $6.5B | $6.2B | $5.7B | $8.4B | $7.4B |
| Total liabilities | $16.0B | $16.1B | $10.4B | $7.8B | $6.9B | $11.6B | $12.4B | $12.3B | $15.8B | $16.1B |
| Shareholders' equity | $8.3B | $9.3B | $9.2B | $5.8B | $2.9B | $9.3B | $11.2B | $12.1B | $14.5B | $15.5B |
| Net debt | $8.2B | $4.2B | $2.0B | $2.8B | $2.3B | $4.4B | $5.1B | $5.3B | $8.1B | $7.0B |
Cash flow
Fiscal years, from Devon Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $2.9B | $1.6B | $2.0B | $1.5B | $4.9B | $8.5B | $6.5B | $6.6B | $6.7B |
| Capital spending | $849M | $44M | $55M | $31M | $1.2B | $2.0B | $2.5B | $3.9B | $3.6B | $3.6B |
| Free cash flow | $651M | $2.9B | $1.5B | $2.0B | $311M | $2.9B | $6.0B | $2.7B | $3.0B | $3.1B |
| Stock-based compensation | $203M | $126M | $137M | $115M | $88M | $99M | $88M | $93M | $99M | $99M |
| Dividends paid | — | — | — | $140M | $257M | $1.3B | $3.4B | $1.9B | $937M | $319M |
| Share buybacks (net) | — | — | -$3.0B | -$1.8B | -$38M | -$589M | -$718M | -$979M | -$1.1B | -$1.1B |
| Net borrowing | -$3.1B | -$2.1B | -$922M | -$162M | $0 | -$1.2B | $0 | -$242M | $2.7B | -$485M |
| Free cash flow margin | 23.5% | 81.6% | 18.1% | 30.1% | 6.7% | 21.2% | 30.2% | 17.6% | 18.6% | 18.6% |
| Dividends per share | — | — | — | $0.35 | $0.68 | $1.98 | $5.17 | $2.89 | $1.48 | $0.50 |
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Open DVN in InvestinglyQuestions
What was Devon Energy's revenue in 2025?
$16.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Devon Energy generate?
$3.1B in fiscal 2025 (operating cash flow minus capital spending).
From Devon Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.