Filing Flows › Devon Energy (DVN) › Q2 2025
Devon Energy (DVN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Devon Energy (DVN) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +9% from a year earlier and -4% from the quarter before. Operating margin was 27.1%, net earnings $899M (21.0% of revenue).
Devon Energy, Q2 2025: revenue $4.3B (+9% year over year), operating margin 27.1%, net earnings $899M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -4% | +9% |
| Operating profit | $1.2B | +80% | +12% |
| Net earnings | $899M | +82% | +7% |
| Operating cash flow | $1.5B | -20% | +0.7% |
| Free cash flow | $589M | -42% | +0.3% |
What changed
Revenue was $4.3B in Q2 2025, up 9% year over year and down 4% from the previous quarter. Oil Gas and NGL Sales was the largest line at 63% of revenue. Marketing and Midstream Revenues added $0.24B year over year (up 22%), 65% of the total change. Oil Gas and NGL Sales declined 3%.
Operating profit was $1.2B, a 27.1% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 27% margin then. Total costs grew 9% against revenue growth of 9%. Net earnings were $0.90B, up 7% year over year. The effective tax rate was 21.0%.
Operating cash flow was $1.5B (up 1% year over year), 168% of net earnings. Non-cash charges added back $0.91B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $1.0B left free cash flow of $0.59B.
Questions
What was Devon Energy's revenue in the second quarter 2025?
Devon Energy (DVN) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +9% from a year earlier and -4% from the quarter before.
Was Devon Energy profitable in the second quarter 2025?
Operating profit was $1.2B (27.1% of revenue) and net earnings $899M.
Source: Devon Energy 10-Q on SEC EDGAR.