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Devon Energy

DVN Q4 2025 Earnings

Reported Feb 17, 2026 at 4:13 PM ET · SEC Source

Q4 25 EPS

$0.82

BEAT +0.00%

Est. $0.82

Q4 25 Revenue

$4.12B

vs S&P Since Q4 25

+11.0%

BEATING MARKET

DVN +16.0% vs S&P +5.0%

Full Year 2025 Results

FY 25 EPS

$3.92

MISS 1.61%

Est. $3.98

FY 25 Revenue

$17.19B

BEAT +2.71%

Est. $16.73B

Market Reaction

Did DVN Beat Earnings? Q4 2025 Results

Devon Energy closed out the fourth quarter of 2025 on a strong operational footing, matching the consensus EPS estimate of $0.82 while posting revenue of $4.12 billion, a 1.48% beat against the $4.06 billion analyst forecast, even as total revenue sl… Read more Devon Energy closed out the fourth quarter of 2025 on a strong operational footing, matching the consensus EPS estimate of $0.82 while posting revenue of $4.12 billion, a 1.48% beat against the $4.06 billion analyst forecast, even as total revenue slipped 1.9% from the year-ago period. The headline story, however, extends well beyond the quarterly scorecard: Devon simultaneously disclosed an all-stock merger with Coterra Energy that would create one of the largest shale operators in the world, with Devon shareholders retaining roughly 54% of the combined entity and $1.00 billion in targeted annual pre-tax synergies expected upon a projected Q2 2026 close. Operationally, oil production averaged 390,000 barrels per day, clearing the top end of guidance on better-than-expected Delaware Basin well performance, while capital spending of $883 million came in 4% below midpoint guidance. Mizuho reaffirmed an Outperform rating following the print. Looking ahead, Devon guided Q1 2026 production to 823,000–843,000 Boe per day, with a modest weather-related headwind of roughly 10,000 Boe per day, and set full-year standalone capital expenditures at $3.50–$3.70 billion.

Key Takeaways

  • • Better-than-expected well performance in the Delaware Basin drove production above guidance
  • • Oil production averaged 390,000 barrels per day, exceeding the top-end of guidance
  • • Capital investment of $883 million was 4% below midpoint guidance due to effective cost management
  • • Production costs reduced 8% compared to Q1 2025 and 4% sequentially from Q3 2025
  • • Business optimization plan achieved 85% of $1 billion target
  • • Lease operating expense and GP&T of $8.60 per Boe came in 3% below guidance
  • • Average lateral length of 10,200 feet across 95 gross operated wells placed online

DVN Forward Guidance & Outlook

For Q1 2026, Devon expects production of 823,000–843,000 Boe per day, reduced approximately 1% (10,000 Boe/d) due to severe winter weather impact. Oil production is guided at 381,000–387,000 barrels per day. Q1 capital spending is expected at approximately $870–$930 million. Full-year 2026 standalone guidance targets total production of 835,000–855,000 Boe/d with oil at 385,000–391,000 barrels per day, and total capital expenditures of $3.5–$3.7 billion. Upon expected closure of the Coterra merger in Q2 2026, the company will provide updated combined-entity guidance. Devon expects to increase the quarterly dividend rate by 31% to $0.315 per share post-merger and establish a new share repurchase authorization exceeding $5 billion.

24/7 Wall St

DVN YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“Devon's disciplined execution and operational excellence defined 2025, culminating in outstanding results that exceeded fourth-quarter expectations across all major value drivers. The success we achieved this year was underpinned by the momentum generated through our focused business optimization efforts, resulting in significant free cash flow and meaningful cash returns to shareholders.”

— Clay Gaspar, Q4 2025 Earnings Press Release

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