At a glance
Devon Energy Corporation is worth $53.49B, about 12 times its fiscal 2025 earnings. Revenue grew 7.8% to $17.19B in fiscal 2025, with 15.4% kept as profit; over 5 years it has grown 28.9% a year. It pays a 2.3% dividend yield, and returned $12.50B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +53.5% over the past year with dividends reinvested and +7.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.9% in the 2020 crash (S&P 500: 33.7%) and 33.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The business in plain English
Founded in 1971 and public since 1988, Devon Energy is an Oklahoma City-based independent oil and gas producer. In industry terms, that means it focuses on finding and producing oil and gas, not refining it or selling fuel to drivers. Devon produces oil, natural gas and NGLs (natural gas liquids, such as propane, separated from gas). Its operations are concentrated onshore in the U.S., in the Delaware Basin, the Rockies, the Eagle Ford and the Anadarko Basin. It had about 2,200 employees as of December 31, 2025.
Devon sells what it pumps at market prices. In fiscal 2025, revenue was $17.2 billion. Sales of oil, gas and NGLs brought in $11.2 billion, or 65.3%. Marketing and midstream activities, which involve selling, gathering and moving oil and gas, added $5.6 billion, or 32.4%. Because markets set the prices, revenue and profit swing widely: net income was $2.6 billion in 2025, after a $2.7 billion loss in 2020.
Devon says its priorities are funding its operations, protecting its investment-grade (lower-risk) credit ratings, and paying and growing its fixed dividend. It returns extra cash to shareholders, partly through buybacks. Its annual report (10-K), filed February 18, 2026, described a pending merger with Coterra. Revenue for the quarter ended June 30, 2026 was $7.4 billion, up 73.1% from a year earlier.
Price history
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DVN +53.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil Gas And NGLSales | $11.22B | 65.3% |
| Marketing And Midstream Revenues | $5.56B | 32.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.42B, up 73.1% from a year earlier, and net income was $1.91B (+112.6%).
- For fiscal 2025, revenue was $17.19B (+7.8% year over year; +28.9% a year from FY2020 to FY2025) with a 15.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +28.9% good |
|---|---|
| Free cash flow margin | 18.1% good |
| Return on equity (FY2025) | 17% good |
| Return on assets (FY2025) | 8.4% good |
| Net cash (cash minus debt) | $-10.44B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.83B | $-2.68B | $311.0M |
| FY2021 | $12.21B | $2.81B | $2.91B |
| FY2022 | $19.17B | $6.03B | $5.99B |
| FY2023 | $15.26B | $3.74B | $2.66B |
| FY2024 | $15.94B | $2.89B | $2.96B |
| FY2025 | $17.19B | $2.64B | $3.12B |
Valuation snapshot
| Market value | $53.49B |
|---|---|
| P/E ratio | 11.7 |
| Dividend yield | 2.3% |
Rank among 1514 US companies
Market value at each year end
Devon Energy’s market value went from $23.91B at the end of 2016 to $53.49B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is up 133%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $53.49B | +132.8% |
| 2025 | $22.98B | +6.9% |
| 2024 | $21.50B | -25.9% |
| 2023 | $29.02B | -27.8% |
| 2022 | $40.21B | +34.8% |
| 2021 | $29.82B | +393.1% |
| 2020 | $6.05B | -39.4% |
| 2019 | $9.98B | -5.5% |
| 2018 | $10.55B | -51.5% |
| 2017 | $21.76B | -9.0% |
| 2016 | $23.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DVN price data to Nov 2, 2026 | +35.3% | +53.5% | +4.3% | +7.7% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.3% |
| 2025 | +15.0% |
| 2024 | -25.2% |
| 2023 | -23.1% |
| 2022 | +51.1% |
| 2021 | +200.2% |
| 2020 | -35.3% |
| 2019 | +16.8% |
| 2018 | -45.1% |
| 2017 | -8.8% |
| 2016 | +44.7% |
| 2015 | -46.6% |
| 2014 | +0.4% |
| 2013 | +20.7% |
| 2012 | -14.9% |
| 2011 | -20.3% |
| 2010 | +7.8% |
| 2009 | +13.1% |
| 2008 | -25.6% |
| 2007 | +33.5% |
| 2006 | +8.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.5% over that stretch · deepest drop along the way 68.6%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 72.5% over that stretch · deepest drop along the way 75.9%, back to its old high 11 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 61.1% over that stretch · deepest drop along the way 33.5%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (23 read): 1 open-market purchases ($200K) and 4 sales ($5.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Jeffrey L Ritenour EVP & CHIEF CORP DEV OFFICER | sell | $3.3M |
| May 14, 2026 | Adam M Vela SVP & GENERAL COUNSEL | sell | $1.1M |
| Jun 10, 2026 | Andrea Alexander SVP & CHIEF ADMIN OFFICER | sell | $841K |
| Sep 14, 2026 | Robert Ferrall III Lowe EVP EXPLORATION & PRODUCTION | sell | $344K |
| Sep 14, 2026 | Clay M Gaspar PRESIDENT AND CEO, Director | buy | $200K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.9% | Dec 31, 2025 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.98% | Jun 30, 2026 |
ETFs with the most weight in DVN
| PXE Invesco Energy Exploration & Production ETF | 4.82% |
| OILT Texas Capital Texas Oil Index ETF | 4.35% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.13% |
| FXN First Trust Energy AlphaDEX Fund | 3.97% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 3.84% |
| FCG First Trust Natural Gas ETF | 3.84% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 3.6% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.74% |
What could go wrong
- The Coterra merger may disappoint. Devon agreed to merge with Coterra. Combining two companies' operations and people is hard, and the expected benefits may be smaller or slower than hoped. The deal could also draw shareholder lawsuits.
- Its wells lose output quickly. Devon's drilling targets unconventional reservoirs (tight rock formations), whose wells decline much faster than traditional ones. Reserve estimates can also be revised down. Devon must keep spending heavily just to avoid shrinking.
- Debt could limit flexibility. As of June 30, 2026, Devon had about $11.4 billion of debt against $950 million of cash. A credit-rating downgrade could raise borrowing costs and leave less room for dividends and buybacks.
- Dividends can shrink sharply. Dividends and buybacks are not guaranteed. The board decides them. Dividends per share fell from $5.17 in 2022 to $0.98 in 2025, a steep cut for anyone relying on the income.
- Oil and gas prices drive results. In the five years before its 10-K, monthly U.S. benchmark oil prices ranged from over $120 to under $50 a barrel. Revenue, profits and dividends rise and fall with prices Devon can't control.
- Regulation and climate policy could raise costs. Stricter drilling and emissions rules, plus possible price controls or export limits, could raise costs or cap what Devon earns. A shift toward electric vehicles and other energy sources could also weaken demand.
Recent events
- Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Acquisition or sale of assets completed; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Devon pays a dividend but has not raised it every year. Dividends per share rose from $0.68 in 2020 to $5.17 in 2022, then fell each year to $0.98 in 2025. In 2025, dividends used 23.4% of earnings and 19.8% of free cash flow (cash left after capital spending). The yield was 2.18% as of October 28, 2026. Devon also bought back $1.05 billion of stock in 2025, yet the share count rose 62.5% from October 2021 to July 2026.
In the 2008 financial crisis, the stock fell 68.6% from its May 2008 high to March 2009 and had not recovered as of October 28, 2026. In the 2020 COVID crash, it dropped 75.9% in under a month and took 11 months to recover. During the 2022 market slump, it gained 61.1% while the broad market fell, despite a 33.5% drop in June and July. Single stocks, especially in one industry, carry more risk than diversified funds.
Questions investors ask
How does Devon Energy make money?
Mostly by selling the oil, natural gas and natural gas liquids it produces from onshore U.S. wells. In fiscal 2025, those sales brought in $11.2 billion, or 65.3% of its $17.2 billion revenue. Marketing and midstream activities, such as selling, gathering and moving oil and gas, added $5.6 billion, or 32.4%. Its main areas are the Delaware Basin, the Rockies, the Eagle Ford and the Anadarko Basin. Net income for 2025 was $2.6 billion.
Does Devon Energy raise its dividend every year?
No. Devon's dividend has swung widely rather than rising steadily: $0.68 per share in 2020, $5.17 in 2022 and $0.98 in 2025. The company says it aims for a fixed dividend that grows and holds up through price cycles, with cash beyond its needs returned to shareholders. Dividends used 23.4% of 2025 earnings, and the yield (yearly dividends as a share of the stock price) was 2.18% as of October 28, 2026.
What is the Devon Energy and Coterra merger?
It is a combination of Devon and Coterra that Devon's 10-K, filed February 18, 2026, described as pending. Later figures point to a much larger company: revenue for the quarter ended June 30, 2026 was $7.4 billion, up 73.1% from a year earlier, and the share count reached about 1.1 billion by July 22, 2026. The 10-K warns that the expected benefits may not be realized and that combining the two businesses could hurt results.
How has Devon Energy stock performed?
Unevenly. As of October 28, 2026, the stock's price-based return was 64.3% over one year, 9.6% a year over five years and 6.6% a year over 10 years. Calendar years swing hard: up 200% in 2021, then down 23.1% in 2023 and 25.2% in 2024. It was up 42.6% for 2026 through October 28, a partial year. Over about 21 years of price history, its worst peak-to-trough fall was 94.9%.
What is Devon Energy's P/E ratio?
It was 12.3 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.17 a share. The P/E (price-to-earnings) ratio compares the share price with a year of profit. Market value was about $56.4 billion. For an oil and gas producer, profits swing with commodity prices: net income fell 8.7% in 2025, then rose 112.6% from a year earlier in the quarter ended June 30, 2026, so one year's P/E can mislead.