Filing Flows › Devon Energy (DVN) › Q3 2025
Devon Energy (DVN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Devon Energy (DVN) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +1% from the quarter before. Operating margin was 21.1%, net earnings $687M (15.9% of revenue).
Devon Energy, Q3 2025: revenue $4.3B (+8% year over year), operating margin 21.1%, net earnings $687M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +1% | +8% |
| Operating profit | $912M | -21% | -14% |
| Net earnings | $687M | -24% | -15% |
| Operating cash flow | $1.7B | +9% | +2% |
| Free cash flow | $820M | +39% | +4% |
What changed
Revenue was $4.3B in Q3 2025, up 8% year over year and up 1% from the previous quarter. Oil Gas and NGL Sales was the largest line at 65% of revenue. Marketing and Midstream Revenues added $0.31B year over year (up 27%), 101% of the total change.
Operating profit was $0.91B, a 21.1% margin (down 5.4 points year over year). Operating profit fell $0.15B even though revenue rose $0.31B versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $0.69B, down 15% year over year. The effective tax rate was 24.0%.
Operating cash flow was $1.7B (up 2% year over year), 244% of net earnings. Non-cash charges added back $0.88B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.87B left free cash flow of $0.82B.
Questions
What was Devon Energy's revenue in the third quarter 2025?
Devon Energy (DVN) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +1% from the quarter before.
Was Devon Energy profitable in the third quarter 2025?
Operating profit was $912M (21.1% of revenue) and net earnings $687M.
Source: Devon Energy 10-Q on SEC EDGAR.