Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-31.
Devon's consensus tape reads bullish but has just wobbled. Normalized EPS estimates climbed double digits over the past six months yet slipped in the last month, and Q1 2026 broke a seven-quarter revenue-beat streak by missing on both revenue and EPS. Multi-year consensus still models EBITDA and free cash flow stepping up sharply from 2025 levels, with 26 target-setting analysts and no sell ratings. Outer-year revenue coverage, however, rests on very few analysts.
Estimate momentum
FY28 normalized EPS traces the same arc — higher over 90 days, fractionally lower over the past month.
Currency: USD · Scale: money in millions, absolute · Point-in-time consensus; Δ90d is Now versus 90d.
| Metric | FY | 180d | 90d | 30d | Now | Δ90d |
|---|---|---|---|---|---|---|
| EPS (normalized) | FY2027 | $4.71 | $5.37 | $5.48 | $5.24 | -2.4% |
| EPS (normalized) | FY2028 | $5.46 | $5.34 | $5.86 | $5.73 | +7.4% |
Beat / miss record
Current sequences by metric: Revenue: 1 consecutive miss; EPS (normalized): 2 consecutive misses.
Currency: USD · Scale: money in millions, absolute · Consensus is captured before each actual first became effective.
| Quarter | Metric | Consensus | Actual | Surprise | Outcome |
|---|---|---|---|---|---|
| Q1 FY2026 | Revenue | $3.93bn | $3.81bn | -3.0% | Miss |
| Q1 FY2026 | EPS (normalized) | $1.09 | $1.04 | -4.2% | Miss |
| Q4 FY2025 | Revenue | $3.58bn | $4.12bn | +15.1% | Beat |
| Q4 FY2025 | EPS (normalized) | $0.83 | $0.82 | -0.8% | Miss |
| Q3 FY2025 | Revenue | $3.80bn | $4.33bn | +14.1% | Beat |
| Q3 FY2025 | EPS (normalized) | $0.94 | $1.04 | +10.6% | Beat |
| Q2 FY2025 | Revenue | $4.00bn | $4.28bn | +7.2% | Beat |
| Q2 FY2025 | EPS (normalized) | $0.86 | $0.84 | -2.8% | Miss |
| Q1 FY2025 | Revenue | $4.38bn | $4.45bn | +1.7% | Beat |
| Q1 FY2025 | EPS (normalized) | $1.23 | $1.21 | -1.5% | Miss |
| Q4 FY2024 | Revenue | $4.25bn | $4.40bn | +3.7% | Beat |
| Q4 FY2024 | EPS (normalized) | $1.00 | $1.16 | +15.7% | Beat |
| Q3 FY2024 | Revenue | $3.55bn | $4.02bn | +13.3% | Beat |
| Q3 FY2024 | EPS (normalized) | $1.10 | $1.10 | +0.4% | Beat |
| Q2 FY2024 | Revenue | $3.89bn | $3.92bn | +0.6% | Beat |
| Q2 FY2024 | EPS (normalized) | $1.27 | $1.41 | +11.2% | Beat |
Forward estimates
Currency: USD · Scale: money in millions, absolute · YoY uses the prior fiscal year from the feed; analyst count and range use the first displayed period.
| Metric | FY2026E | FY2027E | FY2028E | YoY | Analysts | Low / high |
|---|---|---|---|---|---|---|
| EBITDA | $12.55bn | $14.83bn | $15.10bn | +69.2% | 17 | $11.21bn / $14.21bn |
| Free cash flow | $6.28bn | $7.42bn | $7.49bn | +116.6% | — | — |
| EPS (normalized) | $4.90 | $5.24 | $5.73 | +25.0% | 21 | $3.25 / $5.99 |
| Net debt | $9.01bn | $5.59bn | $1.70bn | — | — | — |
| Dividend per share | $1.17 | $1.35 | $1.36 | +21.4% | — | — |
Analysts split widely on FY27 earnings and EBITDA
Currency: USD · Scale: money in millions, absolute · Spread/mean is absolute high-low divided by absolute mean.
| Metric | Period | Mean | Low–high | Spread/mean | Analysts |
|---|---|---|---|---|---|
| EPS (normalized) | FY2027E | $5.24 | $3.82–$6.87 | 58.2% | 22 |
| EBITDA | FY2027E | $14.83bn | $12.97bn–$17.26bn | 28.9% | 17 |
| Net income (GAAP) | FY2026E | $4.11bn | $2.11bn–$5.25bn | 76.4% | 11 |
No sells and a 1.3 consensus rating: the street stays constructive
Currency: USD · Scale: money in millions, absolute · Analyst counts shown explicitly.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 21, Outperform 4, Hold 2, Underperform 0, Sell 0 | 27 |
| Consensus score | 1.30 | 27 |
| Target price | mean $59.38; median $60.00; high $68.00; low $44.00 | 26 |
Outer-year revenue coverage is thin and volatile
Revenue is modeled by only 5–8 analysts in FY27–FY28 and a single analyst in FY29, with very wide ranges; treat outer-year revenue levels and their large momentum swings as low-confidence.