# Devon Energy Corporation (DVN) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DVN/thesis · /stocks/DVN/memo

## Financial Snapshot

---
ticker: DVN
step: 04
generated: 2026-05-13
source: quick-research
---

### Devon Energy Corporation (DVN) — Financial Snapshot

#### Income Statement Summary (Devon Standalone, pre-merger)

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$19B | ~$14B | ~$14B | ~flat |
| Gross Margin | N/A (E&P) | N/A | N/A | |
| Operating Margin | ~35% | ~25% | ~22% | |
| Net Income | ~$6.0B | ~$3.5B | ~$2.1B | -40% |
| EPS (diluted) | ~$9.00 | ~$5.50 | ~$3.50 | -36% |

*Revenue and earnings declined sharply as commodity prices normalized from 2022 peaks. FY2024 FCF was $3B standalone, with $2B returned to shareholders via dividends/buybacks. Q3 2024 EPS: $1.30/share.*

*Note: Devon and Coterra merged on May 7, 2026 (all-stock, 0.70 DVN shares per CTRA share). Devon shareholders: ~54% of combined entity. Post-merger financials will consolidate both companies; first combined quarter expected Q2 2026.*

#### Cash Flow & Balance Sheet (Devon Standalone, FY2024)

| Metric | Value |
|--------|-------|
| Free Cash Flow | ~$3.0B |
| Shareholder Returns | ~$2.0B (dividends + buybacks) |
| Operating Cash Flow | ~$6.5B |
| Total Debt | ~$8.9B |
| Net Debt / EBITDAX | ~1.1x |
| Cash | ~$846M |

#### Key Ratios (approximate, standalone)
- P/E: ~10x | EV/EBITDA: ~5x | FCF Yield: ~8-10%
- Variable Dividend Yield: 2-5% (varies with commodity prices)
- Fixed Base Dividend: ~$0.22/quarter (~1.8% yield)

#### Growth Profile
Devon's standalone production grew to record levels in 2025 (>740,000 BOE/day) before the Coterra merger added Marcellus gas and additional Permian scale. The $5B Grayson Mill acquisition (Williston Basin, 100,000 BOE/day) in 2024 diversified production outside the Permian. The combined Devon+Coterra entity targets production >1.6M BOE/day — nearly doubling Devon's standalone capacity — with significant synergy opportunities from operational overlap in the Delaware Basin (both companies had adjacent acreage).

#### Forward Estimates (Combined Devon+Coterra, post-May 2026 merger)
- Combined production: >1.6M BOE/day
- FCF potential: $4-6B+ annually at $65-75 WTI
- Merger synergies: Expected to be significant given Delaware Basin overlap
- First combined earnings: Q2 2026 (July 2026)
- Analyst consensus: 31 Buy, 5 Hold, 0 Sell; avg. target ~$48-60

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DVN/fundamental

## Navigation

- Overview: /stocks/DVN
- Financials (this page): /stocks/DVN/financials
- Thesis: /stocks/DVN/thesis
- Investment Memo: /stocks/DVN/memo
- Coverage universe: /stocks