Filing Flows › Devon Energy (DVN) › Q4 2025
Devon Energy (DVN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Devon Energy (DVN) reported revenue of $4.1B for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -5% from the quarter before. Operating margin was 18.1%, net earnings $562M (13.6% of revenue).
Devon Energy, Q4 2025: revenue $4.1B (-6% year over year), operating margin 18.1%, net earnings $562M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1B | -5% | -6% |
| Operating profit | $747M | -18% | -11% |
| Net earnings | $562M | -19% | -14% |
| Operating cash flow | $1.5B | -9% | -8% |
| Free cash flow | $702M | -14% | -5% |
What changed
Revenue was $4.1B in Q4 2025, down 6% year over year and down 5% from the previous quarter. Oil Gas and NGL Sales was the largest line at 63% of revenue.
Operating profit was $0.75B, a 18.1% margin (down 1.0 points year over year). Total costs fell 5% while revenue fell 6%. Net earnings were $0.56B, down 12% year over year. The effective tax rate was 24.8%.
Operating cash flow was $1.5B (down 8% year over year), 273% of net earnings. Non-cash charges added back $0.89B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.83B left free cash flow of $0.70B.
Questions
What was Devon Energy's revenue in the fourth quarter 2025?
Devon Energy (DVN) reported revenue of $4.1B for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -5% from the quarter before.
Was Devon Energy profitable in the fourth quarter 2025?
Operating profit was $747M (18.1% of revenue) and net earnings $562M.
Source: Devon Energy 10-K on SEC EDGAR.