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Side-by-side financial comparison of Devon Energy (DVN) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
Devon Energy is the larger business by last-quarter revenue ($3.9B vs $692.4M, roughly 5.7× OCEANEERING INTERNATIONAL INC). Devon Energy runs the higher net margin — 14.3% vs 5.2%, a 9.1% gap on every dollar of revenue. On growth, OCEANEERING INTERNATIONAL INC posted the faster year-over-year revenue change (2.7% vs -12.3%). Devon Energy produced more free cash flow last quarter ($702.0M vs $-76.5M). Over the past eight quarters, Devon Energy's revenue compounded faster (2.6% CAGR vs 1.8%).
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
DVN vs OII — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $692.4M |
| Net Profit | $562.0M | $36.1M |
| Gross Margin | — | — |
| Operating Margin | 19.0% | — |
| Net Margin | 14.3% | 5.2% |
| Revenue YoY | -12.3% | 2.7% |
| Net Profit YoY | -12.1% | -79.7% |
| EPS (diluted) | $0.90 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $3.9B | $668.6M | ||
| Q3 25 | $4.3B | $742.9M | ||
| Q2 25 | $4.0B | $698.2M | ||
| Q1 25 | $4.5B | $674.5M | ||
| Q4 24 | $4.5B | $713.5M | ||
| Q3 24 | $3.8B | $679.8M | ||
| Q2 24 | $3.9B | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $562.0M | $177.7M | ||
| Q3 25 | $687.0M | $71.3M | ||
| Q2 25 | $899.0M | $54.4M | ||
| Q1 25 | $494.0M | $50.4M | ||
| Q4 24 | $639.0M | $56.1M | ||
| Q3 24 | $812.0M | $41.2M | ||
| Q2 24 | $844.0M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 9.8% | ||
| Q3 25 | 21.5% | 11.6% | ||
| Q2 25 | 28.7% | 11.3% | ||
| Q1 25 | 14.2% | 10.9% | ||
| Q4 24 | 18.7% | 10.9% | ||
| Q3 24 | 28.0% | 10.5% | ||
| Q2 24 | 26.7% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | 14.3% | 26.6% | ||
| Q3 25 | 16.2% | 9.6% | ||
| Q2 25 | 22.2% | 7.8% | ||
| Q1 25 | 10.9% | 7.5% | ||
| Q4 24 | 14.2% | 7.9% | ||
| Q3 24 | 21.4% | 6.1% | ||
| Q2 24 | 21.7% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $0.90 | $1.75 | ||
| Q3 25 | $1.09 | $0.71 | ||
| Q2 25 | $1.41 | $0.54 | ||
| Q1 25 | $0.77 | $0.49 | ||
| Q4 24 | $0.98 | $0.55 | ||
| Q3 24 | $1.30 | $0.40 | ||
| Q2 24 | $1.34 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | — |
| Total DebtLower is stronger | $8.4B | $488.8M |
| Stockholders' EquityBook value | $15.5B | $1.1B |
| Total Assets | $31.6B | $2.6B |
| Debt / EquityLower = less leverage | 0.54× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $695.9M | ||
| Q3 25 | $1.2B | $7.0M | ||
| Q2 25 | $1.7B | $7.0M | ||
| Q1 25 | $1.2B | $7.0M | ||
| Q4 24 | $811.0M | $504.5M | ||
| Q3 24 | $645.0M | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $8.4B | $487.4M | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $8.9B | $482.0M | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $6.1B | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $15.5B | $1.1B | ||
| Q3 25 | $15.3B | $907.7M | ||
| Q2 25 | $15.1B | $842.1M | ||
| Q1 25 | $14.5B | $773.1M | ||
| Q4 24 | $14.5B | $714.3M | ||
| Q3 24 | $14.3B | $698.0M | ||
| Q2 24 | $12.6B | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $31.6B | $2.7B | ||
| Q3 25 | $31.2B | $2.5B | ||
| Q2 25 | $31.4B | $2.3B | ||
| Q1 25 | $30.9B | $2.3B | ||
| Q4 24 | $30.5B | $2.3B | ||
| Q3 24 | $30.3B | $2.4B | ||
| Q2 24 | $25.2B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 0.54× | 0.46× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.61× | 0.67× | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.49× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | — |
| Free Cash FlowOCF − Capex | $702.0M | $-76.5M |
| FCF MarginFCF / Revenue | 17.8% | -11.1% |
| Capex IntensityCapex / Revenue | 21.1% | 2.5% |
| Cash ConversionOCF / Net Profit | 2.73× | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.1B | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $221.1M | ||
| Q3 25 | $1.7B | $101.3M | ||
| Q2 25 | $1.5B | $77.2M | ||
| Q1 25 | $1.9B | $-80.7M | ||
| Q4 24 | $1.7B | $128.4M | ||
| Q3 24 | $1.7B | $91.9M | ||
| Q2 24 | $1.5B | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | $702.0M | $190.7M | ||
| Q3 25 | $820.0M | $77.0M | ||
| Q2 25 | $589.0M | $46.9M | ||
| Q1 25 | $1.0B | $-106.8M | ||
| Q4 24 | $738.0M | $94.5M | ||
| Q3 24 | $786.0M | $67.0M | ||
| Q2 24 | $587.0M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | 17.8% | 28.5% | ||
| Q3 25 | 19.3% | 10.4% | ||
| Q2 25 | 14.6% | 6.7% | ||
| Q1 25 | 22.2% | -15.8% | ||
| Q4 24 | 16.4% | 13.2% | ||
| Q3 24 | 20.7% | 9.9% | ||
| Q2 24 | 15.1% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 21.1% | 4.6% | ||
| Q3 25 | 20.5% | 3.3% | ||
| Q2 25 | 23.6% | 4.3% | ||
| Q1 25 | 20.5% | 3.9% | ||
| Q4 24 | 20.6% | 4.7% | ||
| Q3 24 | 23.1% | 3.7% | ||
| Q2 24 | 24.3% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.73× | 1.24× | ||
| Q3 25 | 2.46× | 1.42× | ||
| Q2 25 | 1.72× | 1.42× | ||
| Q1 25 | 3.93× | -1.60× | ||
| Q4 24 | 2.60× | 2.29× | ||
| Q3 24 | 2.05× | 2.23× | ||
| Q2 24 | 1.82× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVN
| Oil Gas And NGL Sales | $2.6B | 65% |
| Marketing And Midstream Revenues | $1.4B | 35% |
OII
| Backlog at end of period | $492.0M | 71% |
| Other | $162.8M | 24% |
| ROV days available | $22.5M | 3% |
| ROV days utilized | $15.1M | 2% |
