Devon Energy Corporation (DVN) Earnings
Devon Energy Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.58. DVN has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +6.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.06 | $1.04 | -1.9% | $3.8B | -12.2% |
| Feb 17, 2026 | $0.81 | $0.82 | +1.2% | $3.9B | +16.3% |
| Nov 5, 2025 | $0.93 | $1.04 | +11.8% | $4.3B | +2.8% |
| Feb 18, 2025 | $1.00 | $1.16 | +16.0% | $4.6B | +9.9% |
| May 1, 2024 | $1.11 | $1.16 | +4.5% | $3.7B | +2.8% |
| Feb 27, 2024 | $1.41 | $1.41 | +0.0% | $3.8B | -1.4% |
| Feb 14, 2023 | $1.75 | $1.66 | -5.1% | $4.3B | +12.0% |
| Nov 1, 2022 | $2.12 | $2.18 | +2.8% | $5.4B | +30.7% |
| May 2, 2022 | $1.75 | $1.88 | +7.4% | $3.8B | -5.8% |
| Feb 15, 2022 | $1.21 | $1.39 | +14.9% | $4.3B | +14.8% |
| Nov 2, 2021 | $0.93 | $1.08 | +16.1% | $3.5B | +9.5% |
| May 4, 2021 | $0.35 | $0.45 | +28.6% | $1.8B | -18.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strong first quarter results with beating production and capital, leading to $816 million free cash flow. - Transformative merger with Cotera Energy expected to close, with pro forma Devon being a large independent E&P company. - Achieved billion-dollar business optimization target ahead of schedule, with business optimization transitioning to a cultural mindset. - AI is a key driver, with three waves of impact: Wave 1 connecting to data with ChatDVN, Wave 2 AI doing heavy lifting in calculations and production, Wave 3 redesigning processes with AI. - Fervo recently filed S-1 for IPO, a milestone for the investment in next-generation geothermal technology. - Integration planning for Cotera merger is progressing well, with 156 value capture opportunities identified, and dividend to increase over 30% per share starting in Q2, share repurchase program to resume post-close.
Guidance
- Expect to provide combined full-year guidance in mid-June. - Dividend will increase by over 30% on a per-share basis starting in the second quarter. - Share repurchase program to resume post-close and increase activity. - $1 billion Synergy target is the floor, with integration teams having identified 156 value capture opportunities.
Segment performance
In the first quarter, oil production was 387,000 barrels per day, reaching the top end of the guidance range. Capital spending was 6% below the midpoint of guidance. Free cash flow was $816 million. On a standalone basis, Devon enters the second quarter with significant upside torque to free cash flow. The business is sensitive to commodity prices, with a high margin portfolio and operational gains. The company achieved the billion-dollar business optimization target well ahead of schedule, with contributions from capital efficiency, production optimization, commercial improvements, and corporate cost reductions. The merger with Cotera Energy is set to close, and pro forma Devon will be one of the largest independent E&P companies in the US with strong asset quality, inventory depth, and balance sheet strength.
Analyst Q&A
Q: Arun Jhiram of JP Morgan Securities, LLC asked about the portfolio review process criteria and asset redeployment.
A: Clay said it's a stress test from various scenarios, considering capital efficiency, inventory depth, free cash flow, and fit.
Q: Arun Jhiram also asked about 1Q taxes and forward look on taxes.
A: Jeff said Q1 tax outcome was a flip from deferred to current, and with higher commodity prices and capital efficiency, current taxes will be higher in the back half of the year.
Q: Neil Dingman of William Blair asked about Permian activity impact from Waha prices and Fervo.
A: Clay said they've been aggressive in pipe participation, have marginal exposure to Waha, and Trey commented on Fervo's progress.
Q: Neil Mehta of Goldman Sachs asked about early synergies wins and Delaware focus.
A: Clay talked about 156 identified projects, mutual excitement, and the Delaware Basin as a crown jewel.
Q: Scott Gruber of Citigroup asked about deploying extra cash.
A: Clay said they're looking at capital allocation, EOR, surfactants, and dividend, share repurchase, debt repayment.
Q: Josh Silverstein of UBS asked about pro forma depth of Delaware Basin with cost reduction and new investment opportunities.
A: John and Clay talked about cost reduction extending inventory runway and new investment opportunities.
Q: Philip Jungwirth of BMO asked about AI in artificial lift and portfolio review tax shield.
A: John talked about AI in artificial lift and Clay said they'll evaluate divestitures on after-tax basis.
Q: John Freeman of Raymond James asked about AI benefits on synergies and Delaware ground game.
A: John and Trey talked about AI benefits and continued Delaware ground game activity.
Q: Betty Chiang of Barclays asked about buyback logistics and target debt levels.
A: Clay said they'll communicate buyback after board authorization and Jeff talked about balance sheet strength.
Q: Doug Legate of Wolf Research asked about synergy target veracity and portfolio mix.
A: Clay said they're confident in synergy target and will evaluate portfolio mix thoroughly.
Q: Kevin McCurdy of Pickering Energy Partners asked about macro environment and oil realizations.
A: Clay talked about macro environment evolution and Jeff praised marketing team for oil export program benefits.