Devon Energy (DVN) Operating Margin (2009 - 2026)
Devon Energy's (DVN) quarterly Operating Margin came in at 32.14% in Q2 2026, up 504.0% year-over-year from 5.32% in Q2 2025, and up 772.88% quarter-over-quarter from 3.68% in Q1 2026.
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Devon Energy (DVN) Operating Margin (2009 - 2026) Analysis & Trends
Devon Energy (DVN) has reported Operating Margin for 18 consecutive years, with 32.14% the latest figure, recorded in Q2 2026.
- On a quarterly basis, Operating Margin rose 504.0% year-over-year to 32.14% in Q2 2026; TTM through Jun 2026 was 20.66%, a 84.0% decrease from a year earlier, with the FY2025 full-year figure at 20.17%, down 312.0% from the prior year.
- Operating Margin was 32.14% for Q2 2026 at Devon Energy, up from 3.68% in the prior quarter.
- Over five years, Operating Margin peaked at 45.38% in Q3 2022 and troughed at 3.68% in Q1 2026.
- A 5-year average of 26.75% and a median of 26.58% in 2023 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin soared 3330 bps in 2022 and slumped 1878 bps in 2023, its largest moves.
- Over 5 years, Operating Margin stood at 35.68% in 2022, then rose by 2 bps to 36.3% in 2023, then slumped by 47 bps to 19.08% in 2024, then dropped by 5 bps to 18.13% in 2025, then jumped by 77 bps to 32.14% in 2026.
- The last three Operating Margin figures came in at 32.14% (Q2 2026), 3.68% (Q1 2026), and 18.13% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Conocophillips | 166.07 Bn | 158.38 Bn | 12.81 Bn | 53.17% |
| 2 | Canadian Natural Resources | 107.37 Bn | 105.48 Bn | 8.84 Bn | 81.91% |
| 3 | Eog Resources | 77.26 Bn | 72.36 Bn | - | 40.93% |
| 4 | Diamondback Energy | 56.93 Bn | 56.47 Bn | 5.55 Bn | 45.16% |
| 5 | Devon Energy | 45.90 Bn | 44.89 Bn | 6.02 Bn | 32.14% |
| 6 | Expand Energy | 23.03 Bn | 21.76 Bn | 2.33 Bn | 22.33% |
| 7 | Permian Resources | 19.81 Bn | 19.55 Bn | - | 49.95% |
| 8 | Ovintiv | 18.04 Bn | 17.15 Bn | 2.83 Bn | 32.99% |
| 9 | Apa | 15.80 Bn | 15.36 Bn | 2.28 Bn | 48.15% |
| 10 | Antero Resources | 12.13 Bn | 11.56 Bn | 1.56 Bn | 24.07% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.14% |
| Mar 31, 2026 | 3.68% |
| Dec 31, 2025 | 18.13% |
| Sep 30, 2025 | 21.06% |
| Jun 30, 2025 | 27.10% |
| Mar 31, 2025 | 14.20% |
| Dec 31, 2024 | 19.08% |
| Sep 30, 2024 | 26.44% |
| Jun 30, 2024 | 26.55% |
| Mar 31, 2024 | 20.53% |
| Dec 31, 2023 | 36.30% |
| Sep 30, 2023 | 26.60% |
| Jun 30, 2023 | 25.41% |
| Mar 31, 2023 | 32.02% |
| Dec 31, 2022 | 35.68% |
| Sep 30, 2022 | 45.38% |
| Jun 30, 2022 | 43.05% |
| Mar 31, 2022 | 28.08% |
| Dec 31, 2021 | 39.10% |
| Sep 30, 2021 | 25.36% |