Filing Flows › Devon Energy (DVN) › Q2 2026 › vs Q1 2026
Devon Energy (DVN) Q2 2026 vs Q1 2026 (quarter over quarter)
Devon Energy's revenue rose $3.6B (+95%) from $3.8B in Q1 2026 to $7.4B in Q2 2026. The biggest changes: Oil Gas and NGL Sales +$2.1B (+72%); Other revenues +$1.1B (—); Marketing and Midstream Revenues +$366M (+24%). Operating margin 32.1% against 4.4% (+27.8 pts).
Devon Energy, Q2 2026: revenue $7.4B (+73% year over year), operating margin 32.1%, net earnings $1.9B, operating cash flow $3.7B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 32.1% | 4.4% | +27.8 pts |
| Net margin | 25.8% | 3.2% | +22.6 pts |
| Free cash flow margin | 31.8% | 21.4% | +10.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Oil Gas and NGL Sales | $5.1B | $3.0B | $2.1B | +72% |
| Marketing and Midstream Revenues | $1.9B | $1.5B | $366M | +24% |
| Other revenues | $414M | −$701M | $1.1B | — |
| Revenue | $7.4B | $3.8B | $3.6B | +95% |
| Operating profit | $2.4B | $166M | $2.2B | 14× |
| Costs & expenses | $5.0B | $3.6B | $1.4B | +38% |
| Pre-tax earnings | $2.4B | $166M | $2.2B | 14× |
| General & admin | $175M | $125M | $50.0M | +40% |
| Other operating costs | $4.9B | $3.5B | $1.3B | +38% |
| Net earnings | $1.9B | $120M | $1.8B | 16× |
| Income tax | $473M | $46.0M | $427M | +928% |
| Depreciation & amortization | $1.4B | $904M | $512M | +57% |
| Share-based compensation | $71.0M | $22.0M | $49.0M | +223% |
| Working capital & other | $276M | $609M | −$333M | -55% |
| Operating cash flow | $3.7B | $1.7B | $2.0B | +122% |
| Free cash flow (OCF − capex) | $2.4B | $816M | $1.5B | +189% |
| Capital expenditures | $1.3B | $839M | $479M | +57% |
Questions
How much did Devon Energy's revenue grow quarter over quarter in Q2 2026?
Devon Energy's revenue rose $3.6B (+95%) from $3.8B in Q1 2026 to $7.4B in Q2 2026.
What drove Devon Energy's revenue change in Q2 2026?
Oil Gas and NGL Sales +$2.1B (+72%); Other revenues +$1.1B (—); Marketing and Midstream Revenues +$366M (+24%).