Jun 2026 (Q2 FY26) — Aug 5, 2026
Devon Energy Q2 FY26 — Strong Execution, Synergy Progress, and Federal Lease Sale Value
Read the full callDevon Energy (DVN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Devon Energy earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,417 | +73.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 1,911 | +112.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Post-merger fixed quarterly dividend increase | Raise the fixed quarterly dividend by about 31% (to $0.315/share) following the Coterra merger close, subject to Board approval | Dec 2025 | we paid a quarterly dividend of $0.32 per share, up 33% from the first quarter. | Achieved |
| $2.5 billion multi-year debt reduction program | Roughly $2.5 billion of absolute debt reduction over the following 2-3 years | Sep 2024 | we have completed our $1.25 billion debt reduction target for 2026. | Diluted |
| Combined-company total debt target | Approximately $9 billion of total debt by year-end 2027 | Jun 2026 | our debt target of approximately $9 billion of total debt by year-end 2027 is achievable largely with maturities which occur during 2027 | New |
11 of DEVON ENERGY CORP/DE's 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Oil production of 503,000 barrels per day came in 1.6% above the midpoint of guidance.
- Total production reached the top end of guidance at 1.36 million barrels of oil equivalent per day.
- Capital expenditures came in 2% below guidance, demonstrating drilling and completion efficiencies.
- Generated $1.7 billion in adjusted free cash flow for the quarter.
- Secured 400 top-tier Permian locations in a federal lease sale at an effective cost of $4 million per location after royalty adjustment.
- Met 2026 debt reduction target by retiring $1.25 billion in senior notes and term loans.
Qualified
- The stock has been underperforming relative to its new large-cap peer group since the merger closed.
Price
$50.92 +0.37% · +$0.19
Performance +60.4% 1Y
1Y: $31.74 on 17 Oct 2025 → $50.92. High $52.07 (27 Mar 2026), low $31.74 (17 Oct 2025).
- Previous close
- $50.73
- 52-week range
- $31.93 – $52.07
- One year
- +59.47%
Overview
- Symbol
- DVN
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Post-merger fixed quarterly dividend increase | Raise the fixed quarterly dividend by about 31% (to $0.315/share) following the Coterra merger close, subject to Board approval | Dec 2025 | we paid a quarterly dividend of $0.32 per share, up 33% from the first quarter. | Achieved |
| $2.5 billion multi-year debt reduction program | Roughly $2.5 billion of absolute debt reduction over the following 2-3 years | Sep 2024 | we have completed our $1.25 billion debt reduction target for 2026. | Diluted |
| Combined-company total debt target | Approximately $9 billion of total debt by year-end 2027 | Jun 2026 | our debt target of approximately $9 billion of total debt by year-end 2027 is achievable largely with maturities which occur during 2027 | New |
Claimed
- Oil production of 503,000 barrels per day came in 1.6% above the midpoint of guidance.
- Total production reached the top end of guidance at 1.36 million barrels of oil equivalent per day.
- Capital expenditures came in 2% below guidance, demonstrating drilling and completion efficiencies.
- Generated $1.7 billion in adjusted free cash flow for the quarter.
- Secured 400 top-tier Permian locations in a federal lease sale at an effective cost of $4 million per location after royalty adjustment.
- Met 2026 debt reduction target by retiring $1.25 billion in senior notes and term loans.
Qualified
- The stock has been underperforming relative to its new large-cap peer group since the merger closed.
The full ledger
Open DEVON ENERGY CORP/DE’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Devon Energy Q1 FY26 — Beat on production and capital as Coterra merger nears close
Read the full callDec 2025 (Q4 FY25) — Feb 18, 2026
Devon Energy Q4 FY25 — Strong Operational Execution and Transformative Merger Progress
Read the full callEvery analysed call
Devon Energy earnings calls (DVN)
Financials
What the filings say
Net profit, year on year: +113% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,024 | 4,403 | 4,452 | 4,284 | 4,331 | 4,121 | 3,807 | 7,417 |
| Profit before tax | 1,064 | 840 | 646 | 1,161 | 912 | 747 | 166 | 2,384 |
| Tax rate | 22.5% | 22.3% | 21.2% | 21.0% | 24.0% | 24.8% | 27.7% | 19.8% |
| Net profit | 812 | 639 | 494 | 899 | 687 | 562 | 120 | 1,911 |
| EPS ($ per share) | 1.31 | — | 0.77 | 1.42 | 1.09 | — | 0.19 | 2.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 45 | 38 | 38 | 66 | 65 | 64 | 65 | 62 |
| Reserves | 3,650 | 3,148 | 208 | 1,692 | 4,297 | 6,195 | 8,166 | 10,200 |
| Total liabilities | 10,380 | 7,797 | 6,893 | 11,626 | 11,975 | 12,273 | 15,785 | 16,071 |
| Fixed assets | 8,462 | 8,593 | 5,393 | 15,008 | 18,106 | 19,328 | 25,011 | 25,419 |
| Total assets | 19,566 | 13,717 | 9,912 | 21,025 | 23,271 | 24,490 | 30,489 | 31,599 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,583 | 2,043 | 1,464 | 4,899 | 8,530 | 6,544 | 6,600 | 6,711 |
| Cash from investing | — | — | — | -1,574 | -5,123 | -3,942 | -7,332 | -3,393 |
| Cash from financing | — | — | — | -3,292 | -4,213 | -3,184 | 706 | -2,730 |
| Net cash flow | -238 | -602 | 393 | 34 | -817 | -579 | -29 | 588 |
| Capital expenditure | -55 | -31 | -1,153 | -1,989 | -2,542 | -3,883 | -3,645 | -3,592 |
| Free cash flow | 1,528 | 2,012 | 311 | 2,910 | 5,988 | 2,661 | 2,955 | 3,119 |
DVN revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Oil Reserves | 77% | 82% | 73% | 71% | 74% | 73% | 76% | 78% | +90.1% |
| Oil Gas and NGL Sales | 66% | 72% | 69% | 63% | 65% | 64% | 66% | 69% | +88.4% |
| Marketing and Midstream Revenues | 28% | 33% | 31% | 31% | 33% | 34% | 34% | 26% | +41.8% |
| NGL | 14% | 15% | 14% | 14% | 14% | 15% | 14% | 13% | +65.5% |
| Gas | 4% | 8% | 13% | 10% | 10% | 10% | 10% | 4% | -38.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
DVN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Oil production | 398K bbl/dFourth quarter oil production reached an all-time high of 398,000 barrels per day.Source: earnings call transcript | 387K bbl/dOur production optimization efforts drove oil to 387,000 barrels per day, reaching the top end of our guidance range.Source: earnings call transcript | 503K bbl/dOil production of 503,000 barrels per day came in 1.6% above the midpoint.Source: earnings call transcript | +30% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
105 filings between Nov 21, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
$199.9K
1 purchase by 1 insider
Sales
$5.60M
4 sales by 4 insiders
Compensation
not trading decisions- 56
- Award — granted as compensation
- 39
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Ritenour Jeffrey L | — | $3.27M | May 11, 2026 |
| Vela Adam M | — | $1.15M | May 14, 2026 |
| Alexander Andrea | — | $841.3K | Jun 10, 2026 |
| Lowe Robert Ferrall III | — | $344.2K | Sep 14, 2026 |
| Gaspar Clay M | $199.9K | — | Sep 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Lowe Robert Ferrall III EVP EXPLORATION & PRODUCTION | Sale | 6,756 | $344.2K |
| Sep 14, 2026 | Gaspar Clay M PRESIDENT AND CEO | Purchase | 3,913 | $199.9K |
| Sep 10, 2026 | Gaspar Clay M PRESIDENT AND CEO | Award | 53,979 | $0 |
| Jul 1, 2026 | JORDEN THOMAS E Director | Gift | 7,684 | $0 |
| Jul 1, 2026 | JORDEN THOMAS E Director | Gift | 7,684 | $0 |
| Jun 30, 2026 | SMOLIK BRENT J Director | Award | 5,567 | $0 |
| Jun 30, 2026 | Williams Valerie Director | Award | 5,567 | $0 |
| Jun 30, 2026 | Kurz Karl F Director | Award | 5,567 | $0 |
| Jun 30, 2026 | Hernandez Jacinto J Director | Award | 5,567 | $0 |
| Jun 30, 2026 | KINDICK KELT Director | Award | 5,567 | $0 |
| Jun 30, 2026 | WATTS MARCUS A Director | Award | 5,567 | $0 |
| Jun 30, 2026 | Brock Amanda M Director | Award | 5,567 | $0 |
| Jun 30, 2026 | Shellebarger Jeffrey Earle Director | Award | 5,567 | $0 |
| Jun 30, 2026 | JORDEN THOMAS E Director | Award | 7,684 | $0 |
| Jun 30, 2026 | Fox Ann G Director | Award | 5,567 | $0 |
| Jun 10, 2026 | Lowe Robert Ferrall III EVP & CHIEF TECHNOLOGY OFFICER | Award | 30,043 | $0 |
| Jun 10, 2026 | Alexander Andrea SVP & CHIEF ADMIN OFFICER | Sale | 18,000 | $841.3K |
| May 15, 2026 | JORDEN THOMAS E Director | Tax withheld | 52,806 | $2.61M |
| May 15, 2026 | JORDEN THOMAS E Director | Gift | 315,892 | $0 |
| May 15, 2026 | JORDEN THOMAS E Director | Gift | 315,892 | $0 |
| May 15, 2026 | JORDEN THOMAS E Director | Tax withheld | 49,672 | $2.46M |
| May 15, 2026 | JORDEN THOMAS E Director | Tax withheld | 52,806 | $2.61M |
| May 15, 2026 | JORDEN THOMAS E Director | Tax withheld | 49,672 | $2.46M |
| May 14, 2026 | Vela Adam M SVP & GENERAL COUNSEL | Sale | 24,342 | $1.15M |
| May 11, 2026 | Ritenour Jeffrey L EVP & CHIEF CORP DEV OFFICER | Sale | 70,029 | $3.27M |
| May 7, 2026 | DeShazer Michael D. EVP, Exploration & Production | Award | 70,271 | — |
| May 7, 2026 | DeShazer Michael D. EVP, Exploration & Production | Award | 63,779 | — |
| May 7, 2026 | Conaway Gregory F VP, Chief Accounting Officer | Award | 18,361 | — |
| May 7, 2026 | Brock Amanda M Director | Award | 55,734 | — |
| May 7, 2026 | DeShazer Michael D. EVP, Exploration & Production | Award | 36,722 | — |
| May 7, 2026 | Alexander Andrea SVP, Chief Admin. Officer | Award | 24,399 | — |
| May 7, 2026 | Young, III Shannon E. EVP, CFO | Award | 48,197 | — |
| May 7, 2026 | Young, III Shannon E. EVP, CFO | Award | 96,995 | — |
| May 7, 2026 | Young, III Shannon E. EVP, CFO | Award | 129,490 | — |
| May 7, 2026 | Alexander Andrea SVP, Chief Admin. Officer | Award | 22,951 | — |
| May 7, 2026 | Alexander Andrea SVP, Chief Admin. Officer | Award | 47,350 | — |
| May 7, 2026 | Vela Adam M SVP, General Counsel | Award | 25,619 | — |
| May 7, 2026 | Vela Adam M SVP, General Counsel | Award | 27,542 | — |
| May 7, 2026 | Vela Adam M SVP, General Counsel | Award | 53,161 | — |
| May 7, 2026 | Vela Adam M SVP, General Counsel | Award | 48,560 | — |
| May 7, 2026 | SIRGO BLAKE A EVP, Operations | Award | 33,549 | — |
| May 7, 2026 | SIRGO BLAKE A EVP, Operations | Award | 36,722 | — |
| May 7, 2026 | SIRGO BLAKE A EVP, Operations | Award | 70,271 | — |
| May 7, 2026 | SIRGO BLAKE A EVP, Operations | Award | 58,497 | — |
| May 7, 2026 | JORDEN THOMAS E Director | Award | 134,194 | — |
| May 7, 2026 | WATTS MARCUS A Director | Award | 55,734 | — |
| May 7, 2026 | JORDEN THOMAS E Director | Award | 126,230 | — |
| May 7, 2026 | JORDEN THOMAS E Director | Award | 260,424 | — |
| May 7, 2026 | JORDEN THOMAS E Director | Award | 2,092,861 | — |
| May 7, 2026 | Shellebarger Jeffrey Earle Director | Award | 6,505 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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