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Devon Energy (DVN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Devon Energy (DVN) Q3 2026 earnings results →

Q3 2026 Revenue up 58% year over year to $6.9B · 15¢ of every $1 of revenue kept as net profit · operating margin 18.3%

Devon Energy made $6.9B in Q3 2026 (+58% Y/Y). Operating margin 18.3%, net earnings $1.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$6.9B
Year over year+58%
Operating margin18.3%
Net earnings$1.0B
Operating cash flow$2.8B

Drawing the Sankey…

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Devon Energy Q3 2026 revenue breakdown: Sankey diagram of revenue (Revenue from contracts with customers), costs, profit and cash flow
Devon Energy Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $6.9B in Q3 2026, up 58% year over year and down 8% from the previous quarter. Oil Gas and NGL Sales was the largest line at 87% of revenue. Oil Gas and NGL Sales added $3.1B year over year (up 111%), 124% of the total change.

Operating profit was $1.3B, a 18.3% margin (down 2.8 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, below the 21% margin then. Total costs grew 64% against revenue growth of 58%. The fastest-growing cost line was Other operating costs (+64%). Net earnings were $1.0B, up 47% year over year. The effective tax rate was 19.5%.

Operating cash flow was $2.8B (up 66% year over year), 279% of net earnings. Non-cash charges added back $1.7B of depreciation and amortization and $0.05B of share-based compensation. Capital expenditures of $1.5B left free cash flow of $1.3B.

Quarterly history

Devon Energy revenue by quarterDevon Energy revenue by quarter$4.5BQ1 2025$4.3BQ2 2025$4.3BQ3 2025$4.1BQ4 2025$3.8BQ1 2026$7.4BQ2 2026$6.9BQ3 2026
Devon Energy net earnings by quarterDevon Energy net earnings by quarter$494MQ1 2025$899MQ2 2025$687MQ3 2025$562MQ4 2025$120MQ1 2026$1.9BQ2 2026$1.0BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$6.9B+58%18.3%$1.0B$2.8B
Q2 202610-QAug 5, 2026$7.4B+73%32.1%$1.9B$3.7B
Q1 202610-QMay 6, 2026$3.8B-14%4.4%$120M$1.7B
Q4 202510-KFeb 18, 2026$4.1B-6%18.1%$562M$1.5B
Q3 202510-QNov 6, 2025$4.3B+8%21.1%$687M$1.7B
Q2 202510-QAug 6, 2025$4.3B+9%27.1%$899M$1.5B
Q1 202510-QMay 7, 2025$4.5B+24%14.5%$494M$1.9B

Charts

Devon Energy: revenue growth, year over year and quarter over quarterDevon Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+24%Q1 2025+9%-4%Q2 2025+8%+1%Q3 2025-6%-5%Q4 2025-14%-8%Q1 2026+73%+95%Q2 2026+58%-8%Q3 2026
Latest (Q3 2026): Y/Y +58%, Q/Q -8%.
Devon Energy: where the cash came from (+) and went (−), TTM to Q3 2026Devon Energy: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$9.7BCapital spending−$4.5BOther investing−$2.9BNet borrowing (+) / repaid (−)−$1.2BBuybacks−$930MCash drawn (+) / kept (−)$865MDividends−$736MOther financing−$396MAsset & business sales$98.0MExchange rates$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Devon Energy: profit against cash, quarter by quarterDevon Energy: profit against cash, quarter by quarterNet incomeOperating cash flow$653M$1.7BQ4 2024$509M$1.9BQ1 2025$917M$1.5BQ2 2025$693M$1.7BQ3 2025$562M$1.5BQ4 2025$120M$1.7BQ1 2026$1.9B$3.7BQ2 2026$1.0B$2.8BQ3 2026
Latest (Q3 2026): Net income $1.0B, Operating cash flow $2.8B.
Devon Energy: diluted shares by fiscal year (split-adjusted)Devon Energy: diluted shares by fiscal year (split-adjusted)754MFY2020665MFY2021653MFY2022642MFY2023634MFY2024633MFY2025
-16.0% since FY2020: buybacks shrank the count; earlier years scaled for the 2-for-1 split before FY2021.
Devon Energy: long-term debt falling due (FY2025)Devon Energy: long-term debt falling due (FY2025)$1.0B2026$463M2027$325M2028$585M2030$6.0BLater
Cash $1.4B, short-term investments —, long-term debt $8.4B at 2025-12-31.
Devon Energy in its industry: growth against margin (79 companies, SIC 1311)Devon Energy in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYFANGEXEPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNDVN (+58%, 18%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Devon Energy

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com .

In its own words, from its 8-K, filed Aug 4, 2026.

Devon Energy against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +58% against the peers' median +48%. Operating margin: 18.3% against the peers' median 33.7%.

CompanyQuarterRevenueY/YOp. margin
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%
PR Permian ResourcesQ3 2026$2.0B+48%45.4%

Source: Devon Energy 10-Q on SEC EDGAR · CIK 1090012 · Crude Petroleum & Natural Gas

13F: who owns DVN and who is buying

Largest holders of DVN (13F)Largest holders of DVN (13F)BlackRock$3.9BVanguard Capital Management LLC$3.1BState Street$3.0BVanguard Group$3.0BVanguard Portfolio Management LLC$2.4BWellington Management Group LLP$2.1BCharles Schwab Investment Managem…$1.6BGeode Capital Management, LLC$1.3BDavis Selected Advisers$1.0BInvesco$998M
Funds' net buying of DVN by quarter (13F)Funds' net buying of DVN by quarter (13F)$509M2024-09−$88.1M2024-12−$337M2025-03$39.1M2025-06−$169M2025-09$887M2025-12$2.8B2026-03$7.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DVN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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