# Devon Energy (DVN) Forecast Calculator

Interactive five-year financial forecast and DCF for Devon Energy. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/devon-energy/forecast
- Industry: Energy
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 6674000000 |  -  |  -  | -355000000 |
| 2022 | 4673000000 |  -  | -1790000000 | -2680000000 |
| 2023 | 13750000000 | 2910000000 | 5056000000 | 2813000000 |
| 2024 | 19827000000 | 5988000000 | 9998000000 | 6015000000 |
| 2025 | 15140000000 | 2661000000 | 7177000000 | 6031000000 |

## Frequently asked questions

### What is Devon Energy's primary business focus?

Devon Energy Corporation is a leading independent oil and natural gas exploration and production company, focused entirely on onshore operations within the United States. It operates a multi-basin portfolio, with its most capital-intensive acreage in the Delaware Basin, complemented by positions in other key shale plays.

### How does Devon Energy generate its revenue?

Devon Energy generates approximately 70% of its total revenues from Oil, Gas, and NGL Sales. The remaining 30% comes from Marketing and Midstream Revenues, with all revenue generated within the United States.

### What is Devon Energy's typical capital expenditure as a percentage of revenue?

Devon Energy's capital expenditure typically ranges from 20% to 25% of its revenue, though this percentage can fluctuate based on commodity prices. A significant portion, approximately 70% to 80%, is dedicated to maintenance capex to offset natural production declines.

### What major strategic moves has Devon Energy made recently to drive growth?

Devon Energy has been a transformational acquirer, merging with WPX Energy in 2021 and acquiring Grayson Mill Energy in late 2024. The company also announced a definitive agreement to merge with Coterra Energy in early 2026, aiming to create a premier shale operator.

### What is the purpose of the financial model available for Devon Energy?

The financial model for Devon Energy provides a comprehensive equity valuation and commodity price scenario analysis. It enables analysts to forecast free cash flow generation, assess dividend sustainability, and evaluate the pro-forma impact of recent acquisitions.

### Where can I find a financial model for Devon Energy to analyze its future performance?

A downloadable Excel model is available for Devon Energy, which forecasts financial performance from FY2026 through FY2030. This general corporate model allows for detailed analysis of the company's future financial outlook.