DVN · 10-Q · 2026Q2 · Full report
Operating Cash Flow Trends
DEVON ENERGY CORP/DE · 2026-08-05 · Importance 77 · Surprise 82 · No source text
Second-quarter 2026 operating cash flow was $3.674 billion, compared with $1.545 billion in the second quarter of 2025. Six-month operating cash flow increased 53% year over year to $5.329 billion from $3.487 billion, driven by the Coterra merger and higher first-half commodity prices. Operating cash flow funded capital expenditures, dividends, share repurchases and debt retirements during the first six months of 2026. Devon ended the second quarter with approximately $1.0 billion of cash and $4.0 billion of total liquidity.
Key facts
- Net earnings for Q2 2026 and Q1 2026 were $1.9 billion and $120 million, respectively. source
- From the first six months of 2026, Devon's net earnings were $2.0 billion compared to $1.4 billion for the first six months of 2025. source
- Operating cash flow for the six months ended June 30, 2026 was $5,329 million compared to $3,487 million for the six months ended June 30, 2025. source
- Exited with $4.0 billion of liquidity, including $1.0 billion of cash. source
- Generated $3.7 billion of operating cash flow in the second quarter of 2026. source
- Earnings attributable to Devon were $1.9 billion, or $2.03 per diluted share, in Q2 2026. source
- Net change in cash, cash equivalents and restricted cash for the three months ended June 30, 2026 was $(806) million and for the six months ended June 30, 2026 was $(425) million. source
- Operating cash flow grew approximately 53% during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +27.1% | Earnings attributable to Devon were $1.9 billion, or $2.03 per diluted share, in Q2 2026. |
| net_income | positive | realized | +25.4% | Net earnings for Q2 2026 and Q1 2026 were $1.9 billion and $120 million, respectively. |
| net_income | positive | realized | +8.6% | From the first six months of 2026, Devon's net earnings were $2.0 billion compared to $1.4 billion for the first six months of 2025. |
| cash | positive | realized | +5.2% | Generated $3.7 billion of operating cash flow in the second quarter of 2026. |
| cash | positive | realized | +2.6% | Operating cash flow for the six months ended June 30, 2026 was $5,329 million compared to $3,487 million for the six months ended June 30,… |
| cash | negative | realized | -0.6% | Net change in cash, cash equivalents and restricted cash for the three months ended June 30, 2026 was $(806) million and for the six… |