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Devon Energy (DVN)
NYSE:DVN
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.72Last Year’s EPS
1.21Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational and financial results (Q4 free cash flow of $700M; FY2025 free cash flow $3.1B), significant progress on a $1B business optimization target (85% captured), industry-leading well productivity and capital efficiency, and a transformational merger expected to drive $1B of synergies and enhanced shareholder returns (dividend increase and >$5B repurchase authorization anticipated). Near-term headwinds include weather-related downtime and some Q1 OpEx/workover activity, timing-driven variability in quarter-to-quarter production, and the typical uncertainties around a pending merger and long-dated exploration initiatives. Overall, positives (robust cash generation, cost and capital execution, reserve replacement, and clear synergy plans) materially outweigh the limited operational and timing challenges.Company Guidance
Merger with Coterra and Synergy Target
Announced merger with Coterra Energy expected to deliver $1.0 billion in annual pretax run-rate synergies by year-end 2027 (incremental to current business optimization savings); merger positioned to materially enhance free cash flow and enable accelerated capital returns.
Quarter and Full-Year Free Cash Flow
Generated $700 million of free cash flow in Q4 2025 and $3.1 billion of free cash flow for full-year 2025, underpinning substantial shareholder returns and balance sheet flexibility.
Shareholder Returns and Dividend Actions
Returned $2.2 billion to shareholders in 2025 via dividends, buybacks and debt retirement; increased quarterly dividend 9% in 2025 to $0.24/share and guided to a pro forma 31% increase to $0.315/share post-merger (pending Board approval); reduced shares outstanding by ~5% during the year.
Balance Sheet Strength
Ended 2025 with $1.4 billion in cash and a net debt-to-EBITDA ratio of less than 1.0x, providing liquidity and flexibility for capital allocation and shareholder returns.
Production and Operational Outperformance
Production beat guidance in Q4 and full year: delivered an incremental 9,000 barrels of oil per day since preliminary guidance; Q1 2026 stand-alone production guidance ~830,000 BOE/day (includes ~10,000 BOE/day weather downtime in January).
Capital Efficiency and Cost Execution
Capital spending finished ~4% better than guidance; capital spend reduced by nearly $500 million relative to preliminary 2025 outlook; capital efficiency improved by more than 15% vs preliminary outlook.
Superior Well Productivity and Capital Efficiency vs Peers
Well productivity reported >20% above peer average and capital efficiency outperforms the industry by ~13%, supporting stronger free cash flow conversion.
Reserve Replacement and Low F&D Cost
2025 reserve replacement rate of 193% of production at a finding & development cost of just over $6 per BOE, indicating strong resource quality and replenishment.
Business Optimization Progress
Captured ~85% of the targeted $1.0 billion in business optimization savings in under a year; over 100 active work streams, AI-enabled production optimization scaling, and an expected additional $50 million in annual interest savings from a term loan repayment in Q3.
Portfolio Value Uplift and Strategic Investments
Executed midstream, marketing and leasing transactions that collectively delivered >$1.0 billion of enterprise NAV uplift in 2025; increased strategic investment in geothermal company Fervo Energy to ~15% ownership to leverage technical skills and diversify into power generation.
Delaware Basin Performance and 2026 Program
Delaware generated impressive Q4 results and will represent >50% of pro forma production/cash flow; 2026 activity weighted ~90% to New Mexico with zone mix ~40% Wolfcamp / 45% Bone Spring / 15% Avalon and expected similar well productivity to 2025.
Williston Lateral Lengthening
Williston lateral lengths increasing: 2025 averaged ~2-mile laterals, 2026 expected average ~3-mile laterals with introduction of 4-mile pads (first 4-mile pad drilling), improving breakeven economics.
DVN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DVN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | $44.04 | $44.44 | +0.91% |
Nov 05, 2025 | $32.13 | $32.22 | +0.28% |
Aug 05, 2025 | $31.88 | $32.02 | +0.43% |
May 06, 2025 | $29.97 | $29.68 | -0.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Devon Energy (DVN) report earnings?
Devon Energy (DVN) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Devon Energy (DVN) earnings time?
Devon Energy (DVN) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DVN EPS forecast?
DVN EPS forecast for the fiscal quarter 2026 (Q1) is 0.72.
