DEVON ENERGY CORP/DE FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$16.8B
Gross margin	— not reported
Operating income	— not reported
Net income	$2.6B
Diluted EPS	$4.17
Cash & equivalents	$1.4B
Total assets	$31.6B
Long-term debt	$8.4B

Key takeaway

Devon reported $16.79 billion in revenue and $2.64 billion in net income ($4.17 diluted EPS) for fiscal 2025.

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Beneath the surface

Cash of $1.38 billion against $8.4 billion of total debt implies net debt of roughly $7.0 billion, a meaningful leverage position relative to the $31.6 billion asset base.

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