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Devon Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.3B in Q3 2026 · $5.2B over twelve months

Operating cash flow$2.8B
Capital spending−$1.5B
Free cash flow+$1.3B
Cash / net income2.8×

Analysis

In Q3 2026, Devon Energy generated $2.8B of operating cash flow and spent $1.5B on capital projects, leaving free cash flow of $1.3B. That is $524M more than in Q3 2025 ($820M).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.7B; the largest uses were capital spending ($4.5B), other investing ($2.9B), net borrowing (+) / repaid (−) ($1.2B); besides operations, cash came from asset & business sales ($98.0M); the cash balance fell by $865M.

Operating cash flow was $2.8B against net income of $1.0B — 2.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.7B, receivables −$384M, other liabilities −$93.0M.

Free cash flow

Devon Energy: free cash flow by quarterDevon Energy: free cash flow by quarter$738MQ4 2024$1.0BQ1 2025$589MQ2 2025$820MQ3 2025$702MQ4 2025$816MQ1 2026$2.4BQ2 2026$1.3BQ3 2026
Operating cash flow less capital spending.
Devon Energy: operating cash flow against capital spendingDevon Energy: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$926MQ4 2024$1.9B$934MQ1 2025$1.5B$956MQ2 2025$1.7B$870MQ3 2025$1.5B$832MQ4 2025$1.7B$839MQ1 2026$3.7B$1.3BQ2 2026$2.8B$1.5BQ3 2026
Latest (Q3 2026): Operating cash flow $2.8B, Capital spending $1.5B.

Capital allocation, year by year

Devon Energy: where the cash came from (up) and went (down), by fiscal yearDevon Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $4.9BFY2021: Net borrowing −$1.2BFY2021: Asset sales $79.0MFY2021: Capital spending −$2.0BFY2021: Buybacks −$589MFY2021: Dividends −$1.3B$5.0BFY2021FY2022: Operating cash flow $8.5BFY2022: Asset sales $39.0MFY2022: Capital spending −$2.5BFY2022: Buybacks −$718MFY2022: Dividends −$3.4B$8.6BFY2022FY2023: Operating cash flow $6.5BFY2023: Net borrowing −$242MFY2023: Asset sales $26.0MFY2023: Capital spending −$3.9BFY2023: Buybacks −$979MFY2023: Dividends −$1.9B$6.6BFY2023FY2024: Operating cash flow $6.6BFY2024: Net borrowing $2.7BFY2024: Asset sales $24.0MFY2024: Capital spending −$3.6BFY2024: Buybacks −$1.1BFY2024: Dividends −$937M$9.4BFY2024FY2025: Operating cash flow $6.7BFY2025: Net borrowing −$485MFY2025: Asset sales $545MFY2025: Capital spending −$3.6BFY2025: Buybacks −$1.1BFY2025: Dividends −$319M$7.3BFY2025
Over these 5 years operating cash flow totalled $33.3B; the largest uses were capital spending ($15.7B) and dividends ($7.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$352M
Debt$11.5B
Net debt$11.1B
Due within a year$1.0B

Devon Energy funds itself: free cash flow was $5.2B over the last twelve months, and $352M of cash and investments stands against $11.5B of debt ($1.0B due within a year, 0.4× covered by cash).

Devon Energy: debt maturities by year (FY2025)Devon Energy: debt maturities by year (FY2025)$1.0BYear 1$463MYear 2$325MYear 3$585MYear 5$6.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $352M of cash and investments now.

Where the cash came from and went

Devon Energy: sources (+) and uses (−) of cash, Q3 2026Devon Energy: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.8BCapital spending−$1.5BNet borrowing (+) / repaid (−)−$750MCash drawn (+) / kept (−)$596MBuybacks−$414MOther investing−$405MDividends−$366MOther financing−$12.0MAsset & business sales$6.0MExchange rates$1.0M
Devon Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Devon Energy: sources (+) and uses (−) of cash, 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 profit to cash

Devon Energy: net income to operating cash flow, Q3 2026Devon Energy: net income to operating cash flow, Q3 2026Net income$1.0BDepreciation & amortization$1.7BStock-based pay$51.0MDeferred taxes−$32.0MReceivables−$384MPayables−$84.0MPrepaid and other assets−$36.0MOther liabilities−$93.0MOperating cash flow$2.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.8B−$1.5B−$414M−$366M−$750M$596M$1.3B
Q2 2026$3.7B−$1.3B−$197M−$366M−$500M$806M$2.4B
Q1 2026$1.7B−$839M−$69.0M−$155M—−$381M$816M
Q4 2025$1.5B−$832M−$250M$151M—−$156M$702M
Q3 2025$1.7B−$870M−$250M−$151M−$485M$481M$820M
Q2 2025$1.5B−$956M−$249M−$156M—−$525M$589M
Q1 2025$1.9B−$934M−$301M−$163M—−$388M$1.0B
Q4 2024$1.7B−$926M−$301M−$143M—−$170M$738M

Devon Energy: income statement and cash flow

Devon Energy, Q3 2026: revenue $6.9B (+58% year over year), operating margin 18.3%. The chart follows the revenue to costs, profit and cash.

Devon Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.