DEVON ENERGY CORP/DE is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: Devon Energy reported a sharp Q1 FY2026 earnings decline with net income falling 75.7% YoY to $120M on revenue of $3.81B, reflecting lower commodity prices and the impact of its Grayson Mill acquisition, though the balance sheet remained solid with cash rising 47.2% to $1.76B.
Drawn from management commentary in the Q1 2026 10-Q:
Total revenue fell 14.5% YoY from $4.45B to $3.81B in Q1 FY2026, primarily reflecting weaker oil and natural gas prices that have pressured top-line results across the upstream E&P sector. This revenue compression was the primary driver of the significant earnings decline.
Net income dropped 75.7% YoY from $494M to $120M, with net margin contracting to just 3.15% from a higher prior-year level. This reflects both the revenue headwind and the cost structure associated with Devon's expanded asset base following the Grayson Mill acquisition.
Operating cash flow of $1.66B (down 14.8% YoY from $1.94B) demonstrates Devon's continued ability to generate substantial cash from operations even in a lower-price environment, supported by $904M in D&A add-backs reflecting the capital-intensive nature of the business.
Revenue
$3.81B
-14.49% YoY
EPS (Basic)
$0.19
-75.32% YoY
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