DEVON ENERGY CORP/DE (DVN) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Energy · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 23.5% | Swings with the commodity, not with the business. A payout ratio for a producer says as much about the oil price in that fiscal year as about the dividend. |
| Operating cash flow | 9.2% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 19.8% | The figure the sector itself watches, and the one most producers set distributions against. Check whether any part of the payout is a variable or special dividend before reading a trend into it. |
Spread between highest and lowest: 14 percentage points. Same filings, different denominators.
Coverage rating 70 / 100 — Adequate. ? Peer standing 36/50Direction 30/30Stability 4/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 19.8% |
| 2024-12-31 | 31.7% |
| 2023-12-31 | 69.8% |
| 2022-12-31 | 56.4% |
| 2021-12-31 | 45.2% |
| 2020-12-31 | 82.6% |
Among the 32 energy companies here, 72% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $0.98 ÷ diluted EPS $4.17
- Operating cash flow — dividends paid $619.0m ÷ operating cash flow $6,711.0m
- Free cash flow — dividends paid $619.0m ÷ (operating cash flow $6,711.0m − capex $3,592.0m)
Where the figures came from
- 10-K filed 2026-02-18 · accession
0001193125-26-056485
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.98); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.