Filing Flows › Devon Energy (DVN) › Q1 2026
Devon Energy (DVN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Devon Energy (DVN) reported revenue of $3.8B for the first quarter 2026 (Q1 2026), -14% from a year earlier and -8% from the quarter before. Operating margin was 4.4%, net earnings $120M (3.2% of revenue).
Devon Energy, Q1 2026: revenue $3.8B (-14% year over year), operating margin 4.4%, net earnings $120M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8B | -8% | -14% |
| Operating profit | $166M | -78% | -74% |
| Net earnings | $120M | -79% | -76% |
| Operating cash flow | $1.7B | +8% | -15% |
| Free cash flow | $816M | +16% | -19% |
What changed
Revenue was $3.8B in Q1 2026, down 14% year over year and down 8% from the previous quarter. Oil Gas and NGL Sales was the largest line at 78% of revenue. Oil Gas and NGL Sales lost $0.15B year over year (down 5%), 23% of the total change.
Operating profit was $0.17B, a 4.4% margin (down 10.1 points year over year). Total costs fell 4% while revenue fell 14%. Net earnings were $0.12B, down 76% year over year. The effective tax rate was 27.7%.
Operating cash flow was $1.7B (down 15% year over year), 1379% of net earnings. Non-cash charges added back $0.90B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.61B. Capital expenditures of $0.84B left free cash flow of $0.82B.
Questions
What was Devon Energy's revenue in the first quarter 2026?
Devon Energy (DVN) reported revenue of $3.8B for the first quarter 2026 (Q1 2026), -14% from a year earlier and -8% from the quarter before.
Was Devon Energy profitable in the first quarter 2026?
Operating profit was $166M (4.4% of revenue) and net earnings $120M.
Source: Devon Energy 10-Q on SEC EDGAR.