Devon Energy Corporation (DVN) Cash Flow Statement
Where DVN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.71B +1.7% vs 2024
- Capital expenditures
- $3.91B 22.8% of revenue
- Free cash flow
- $2.80B 16.3% margin
- Returned to shareholders
- $1.67B 60% of free cash flow
- Change in cash
- $588.0M cash at year-end $1.43B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DVN operating cash flow, capex and free cash flow
DVN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.75B2016 | $6.71B2025 | +16.1%/yr | |
| Capital expenditures | $3.97B2016 | $3.91B2025 | −0.2%/yr | |
| Free cash flow | −$2.23B2016 | $2.80B2025 | — | |
| Free cash flow margin | −21.6%2016 | 16.3%2025 | +37.9 pts | |
| Operating cash flow / net income | 2.702017 | 2.502025 | −0.20 | |
| Stock-based compensation | $194.0M2016 | $99.0M2025 | −7.2%/yr | |
| Dividends paid | $221.0M2016 | $619.0M2025 | +12.1%/yr | |
| Share buybacks (net) | $02016 | $1.05B2025 | — | |
| Capex / revenue | 38.5%2016 | 22.8%2025 | −15.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DVN cash flow by activity
DVN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DVN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.68B | $2.94B | $3.75B | $6.04B | $2.83B | −$2.67B | −$353.0M | $3.22B | $1.08B | −$3.70B |
| Depreciation & amortization | $3.60B | $3.25B | $2.55B | $2.22B | $3.56B | $3.88B | $1.95B | $1.23B | $1.01B | $1.59B |
| Stock-based compensation | $99.0M | $99.0M | $93.0M | $88.0M | $99.0M | $88.0M | $115.0M | $161.0M | $198.0M | $194.0M |
| Change in working capital | $151.0M | −$217.0M | −$144.0M | −$226.0M | −$116.0M | −$95.0M | −$82.0M | −$158.0M | −$19.0M | $27.0M |
| Other non-cash items | $185.0M | $521.0M | $294.0M | $408.0M | −$1.47B | $153.0M | $442.0M | −$1.75B | $644.0M | $3.64B |
| Cash from operating activities | $6.71B | $6.60B | $6.54B | $8.53B | $4.90B | $1.35B | $2.07B | $2.70B | $2.91B | $1.75B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.91B | −$7.45B | −$3.95B | −$5.12B | −$2.01B | −$1.16B | −$1.94B | −$2.51B | −$2.81B | −$3.97B |
| Investments (net) | −$62.0M | −$7.33B | −$3.86B | −$5.12B | $10.0M | −$646.0M | $921.0M | $1.05B | −$2.21B | −$872.0M |
| Acquisitions & other investing | $583.0M | $7.45B | $3.87B | $5.12B | $423.0M | $680.0M | −$531.0M | $2.51B | $2.81B | $3.97B |
| Cash from investing activities | −$3.39B | −$7.33B | −$3.94B | −$5.12B | −$1.57B | −$1.13B | −$1.55B | $1.05B | −$2.21B | −$872.0M |
| Financing activities | ||||||||||
| Dividends paid | −$619.0M | −$937.0M | −$1.86B | −$3.38B | −$1.31B | −$257.0M | −$140.0M | −$149.0M | −$127.0M | −$221.0M |
| Share repurchases & issuance (net) | −$1.05B | −$1.06B | −$979.0M | −$718.0M | −$589.0M | −$38.0M | −$1.85B | −$2.96B | −$46.0M | $2.15B |
| Net borrowing (repayment) | −$767.0M | $2.75B | −$242.0M | $0 | −$1.30B | −$1.30B | −$162.0M | −$1.23B | $2.0M | −$3.15B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$294.0M | −$47.0M | −$105.0M | −$116.0M | −$86.0M | $1.29B | −$1.49B | $128.0M | $180.0M | $67.0M |
| Cash from financing activities | −$2.73B | $706.0M | −$3.18B | −$4.21B | −$3.29B | −$306.0M | −$3.64B | −$4.20B | $9.0M | −$1.16B |
| Summary | ||||||||||
| Net change in cash | $588.0M | −$29.0M | −$579.0M | −$817.0M | $34.0M | $393.0M | −$602.0M | −$238.0M | $714.0M | −$351.0M |
| Cash at end of period | $1.43B | $846.0M | $875.0M | $1.45B | $2.27B | $2.24B | $1.84B | $2.45B | $2.67B | $1.96B |
| Free cash flow | $2.80B | −$853.0M | $2.60B | $3.40B | $2.89B | $193.0M | $130.0M | $198.0M | $104.0M | −$2.23B |
| Free cash flow margin | 16.3% | −5.4% | 17.0% | 17.8% | 23.7% | 4.0% | 2.1% | 2.2% | 1.6% | −21.6% |
| Capex / revenue | 22.8% | 46.8% | 25.9% | 26.7% | 16.4% | 24.0% | 31.2% | 28.2% | 43.1% | 38.5% |
| Operating cash flow / net income | 2.50 | 2.24 | 1.75 | 1.41 | 1.73 | — | — | 0.84 | 2.70 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.91B | $120.0M | $562.0M | $687.0M | $899.0M | $509.0M | $653.0M | $812.0M | $844.0M | $596.0M | $1.15B | $920.0M |
| Depreciation & amortization | $1.42B | $904.0M | $890.0M | $879.0M | $914.0M | $912.0M | $971.0M | $794.0M | $768.0M | $722.0M | $650.0M | $651,000 |
| Stock-based compensation | $71.0M | $22.0M | $22.0M | $24.0M | $23.0M | $30.0M | $24.0M | $24.0M | $27.0M | $24.0M | $23.0M | $22.0M |
| Change in working capital | $924.0M | −$299.0M | −$38.0M | −$62.0M | $134.0M | $117.0M | −$202.0M | $16.0M | −$201.0M | $170.0M | $45.0M | −$61.0M |
| Other non-cash items | −$648.0M | $908.0M | $98.0M | $162.0M | −$425.0M | $374.0M | $218.0M | $17.0M | $108.0M | $226.0M | −$125.0M | $843.3M |
| Cash from operating activities | $3.67B | $1.66B | $1.53B | $1.69B | $1.54B | $1.94B | $1.66B | $1.66B | $1.55B | $1.74B | $1.75B | $1.73B |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.05B | −$1.03B | −$933.0M | −$870.0M | −$956.0M | −$942.0M | −$1.04B | −$4.48B | −$1.03B | −$902.0M | −$920.0M | −$905.0M |
| Investments (net) | $571.0M | −$2.0M | −$50.0M | −$1.02B | −$597.0M | −$802.0M | −$1.04B | −$4.35B | −$1.02B | −$921.0M | −$910.0M | −$897.0M |
| Acquisitions & other investing | $101.0M | $11.0M | $13.0M | $870.0M | $956.0M | $942.0M | $1.04B | $4.48B | $1.03B | $903.0M | $931.0M | −$1.23B |
| Cash from investing activities | −$3.38B | −$1.02B | −$970.0M | −$1.02B | −$597.0M | −$802.0M | −$1.04B | −$4.35B | −$1.02B | −$920.0M | −$899.0M | −$3.03B |
| Financing activities | ||||||||||||
| Dividends paid | −$366.0M | −$155.0M | −$149.0M | −$151.0M | −$156.0M | −$163.0M | −$143.0M | −$272.0M | −$223.0M | −$299.0M | −$488.0M | −$312.0M |
| Share repurchases & issuance (net) | −$197.0M | −$69.0M | −$250.0M | −$250.0M | −$249.0M | −$301.0M | −$301.0M | −$295.0M | −$256.0M | −$205.0M | −$234.0M | −$745.0M |
| Net borrowing (repayment) | −$502.0M | −$3.0M | −$8.0M | −$485.0M | $0 | −$274.0M | $0 | $2.75B | — | — | — | −$242.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$44.0M | −$27.0M | $0 | −$261.0M | −$19.0M | −$14.0M | −$6.0M | $12.0M | −$28.0M | −$37.0M | −$13.0M | $746.0M |
| Cash from financing activities | −$1.11B | −$254.0M | −$407.0M | −$1.15B | −$424.0M | −$752.0M | −$450.0M | $2.19B | −$507.0M | −$541.0M | −$735.0M | −$553.0M |
| Summary | ||||||||||||
| Net change in cash | −$806.0M | $381.0M | $156.0M | −$481.0M | $525.0M | $388.0M | $170.0M | −$493.0M | $20.0M | $274.0M | $114.0M | $273.0M |
| Cash at end of period | $1.01B | $1.81B | $1.43B | $1.28B | $1.76B | $1.23B | $846.0M | $676.0M | $1.17B | $1.15B | $875.0M | $761.0M |
| Free cash flow | −$373.0M | $626.0M | $601.0M | $820.0M | $589.0M | $1.00B | $622.0M | −$2.82B | $516.0M | $836.0M | $825.0M | $820.0M |
| Free cash flow margin | −5.0% | 16.4% | 14.6% | 18.9% | 13.7% | 22.5% | 14.1% | −70.0% | 13.2% | 23.2% | 19.9% | 21.4% |
| Capex / revenue | 54.6% | 27.0% | 22.6% | 20.1% | 22.3% | 21.2% | 23.7% | 111.3% | 26.3% | 25.1% | 22.2% | 23.6% |
| Operating cash flow / net income | 1.92 | 13.79 | 2.73 | 2.46 | 1.72 | 3.82 | 2.55 | 2.05 | 1.83 | 2.92 | 1.51 | 1.88 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DVN cash generation
In fiscal 2025 (ended December 31, 2025), Devon Energy generated $6.7 billion of cash from operations (up 1.7%) and spent $3.9 billion on capital expenditures, leaving free cash flow of $2.8 billion, 16.3% of revenue. It returned $1.7 billion to shareholders through dividends ($619.0 million) and net share buybacks ($1.1 billion). Cash and equivalents rose by $588.0 million over the year.
Related: DVN income statement, DVN balance sheet, DVN dividend history. See the DVN stock overview for the latest quote and news.
DVN cash flow FAQ
What is Devon Energy's free cash flow?
Devon Energy's free cash flow was $2.8 billion in fiscal 2025: $6.7 billion of operating cash flow minus $3.9 billion of capital expenditures It was -$853.0 million a year earlier..
How much cash does Devon Energy generate from operations?
Devon Energy generated $6.7 billion of cash from operating activities in fiscal 2025, 2.50 times its net income of $2.7 billion.
How much does Devon Energy spend on capital expenditures?
Devon Energy spent $3.9 billion on capital expenditures in fiscal 2025, 22.8% of revenue, compared with $7.5 billion the year before.
How much stock does Devon Energy buy back?
Devon Energy spent $1.1 billion on net share repurchases in fiscal 2025.
How much does Devon Energy pay in dividends?
Devon Energy paid $619.0 million in dividends in fiscal 2025, 22.1% of free cash flow.