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Devon completed the $1 billion optimization target ahead of schedule with oil production of 387,000 barrels per day at the top of guidance and capital 6% below midpoint, generating $816 million in free cash flow. The Coterra merger was closing with a $1 billion-plus synergy pipeline while AI-driven production optimization operated at scale. Revenue declined on lower commodity prices with GAAP EPS severely distorted by derivative losses, and combined full-year guidance was deferred to mid-June post-merger.
Capital Allocation | Capex Investment | Innovation & R&D | Margin | M&A | Pricing | Revenue Growth | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 8 | 3 | 3 | 2 | 3 | 3 | 3 |
| 2025Q1 | 6 | 8 | 3 | 4 | 4 | 3 | 2 | 1 |
| 2025Q2 | 5 | 6 | 5 | 4 | 2 | 4 | 2 | 1 |
| 2025Q3 | 3 | 4 | 3 | 3 | 5 | 1 | 2 | |
| 2025Q4 | 3 | 2 | 6 | 3 | 1 | 1 | ||
| 2026Q1 | 9 | 3 | 5 | 4 | 5 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 7 | 6 | 5 | 3 | 3 | 9 |
| Capex Investment | 8 | 8 | 6 | 4 | 2 | 3 |
| Innovation & R&D | 3 | 3 | 5 | 3 | 6 | 5 |
| Margin | 3 | 4 | 4 | 3 | 3 | 4 |
| M&A | 2 | 4 | 2 | 5 | 1 | 5 |
| Pricing | 3 | 3 | 4 | 1 | 3 | |
| Revenue Growth | 3 | 2 | 2 | 2 | 1 | |
| Competitive Dynamics | 3 | 1 | 1 | 4 |
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Arun Jayaram | JPMorgan | 13 questions · 0% challenging |
| Neil Mehta | Goldman Sachs | 11 questions · 0% challenging |
| Doug Leggate | Wolfe Research | 11 questions · 27% challenging |
| John Freeman | Raymond James | 9 questions · 0% challenging |
| Neal Dingmann | William Blair | 7 questions · 0% challenging |
| Betty Jiang | Barclays | 7 questions · 0% challenging |
| Phillip Jungwirth | BMO Capital Markets | 6 questions · 0% challenging |
| Paul Cheng | Scotiabank | 6 questions · 50% challenging |
| Scott Hanold | RBC Capital Markets | 6 questions · 0% challenging |
| Scott Gruber | Citigroup | 6 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 analyst | 13 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 11 questions · 0% challenging |
| Wolfe Research | 1 analyst | 11 questions · 27% challenging |
| Raymond James | 1 analyst | 9 questions · 0% challenging |
| William Blair | 1 analyst | 7 questions · 0% challenging |
| Barclays | 1 analyst | 7 questions · 0% challenging |
| Pickering Energy Partners | 2 analysts | 7 questions · 0% challenging |
| Citigroup | 1 analyst | 6 questions · 0% challenging |
What DVN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on a $26B energy transaction in which Devon Energy is the acquirer, a signal on Devon Energy's large-scale M&A.
“strong completion activity in the Delaware Basin by Occidental, BP, and Devon in Loving and northern Reeves counties, and in the Midland Basin by Exxon in Martin County.”
Devon Energy contributed to strong completion activity on TPL's Delaware Basin acreage, a positive signal on Devon's Permian development pace.
“The primary update this quarter is on Fervo, which recently filed its S-1 for an IPO, an important milestone for Fervo and for our investment.”
Devon's stake in geothermal developer Fervo gained a public value marker as Fervo filed its S-1 for an IPO, validating Devon's new-ventures investment.
“both the Devon Energy Corporation and Cotera shareholders voted overwhelmingly to approve the merger on May 4, and we expect this transaction to close tomorrow.”
Devon's transformative merger with Cotera Energy was approved by both shareholder bases and is closing imminently, creating one of the largest independent U.S. E&Ps with deeper Delaware Basin inventory.
Calendar quarter Q1 2026Earnings call May 6, 2026
FY2026 Q1 in brief
Devon completed the $1 billion optimization target ahead of schedule with oil production of 387,000 barrels per day at the top of guidance and capital 6% below midpoint, generating $816 million in free cash flow.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY -13.0% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Devon Energy (DVN), FY2026 Q1: 5/10. Scores: Devon Energy’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DVN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.40B | +6.2% | $0.99 | -45.3% | 21.4% | 14.5% | $622M |
| FY2025 Q1 | $4.45B | +23.8% | $0.77 | -18.1% | 23.6% | 11.1% | $1.00B |
| FY2025 Q2 | $4.28B | +9.4% | $1.41 | +5.2% | 22.9% | 21.0% | $589M |
| FY2025 Q3 | $4.33B | +7.6% | $1.09 | -16.2% | 22.7% | 15.9% | $820M |
| FY2025 Q4 | $4.12B | -6.4% | $0.90 | -9.1% | 20.4% | 13.6% | $601M |
| FY2026 Q1Selected | $3.81B | -14.5% | $0.19 | -75.3% | 8.2% | 3.2% | $626M |
| FY2026 Q2 | $7.42B | +73.1% | $2.03 | +44.0% | 34.5% | 25.8% | $-373M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DVN Devon Energy | 5 | -13.0% | |
| APA APA Corporation | 5 | -11.7% | |
| COP ConocoPhillips | 6 | -2.5% | |
| CTRA Coterra | · | n/a | |
| EOG EOG Resources | 9 | +15.7% | |
| EQT EQT Corporation | 9 | +39.7% | |
| EXE Expand Energy | 7 | +100.2% | |
| FANG Diamondback Energy | 6 | +5.2% | |
| OXY Occidental Petroleum | 6 | -23.1% | |
| TPL Texas Pacific Land Corporation | 8 | +20.8% |