APA Corporation (APA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.14	$1.38	+21.1%	—	—	—
Q3 26	$0.64	$0.91	+42.2%	—	—	—
Q2 26	$0.54	$0.54	0.0%	—	—	—
Q1 26	$0.48	$0.87	+81.3%	—	—	—
Q4 25	$0.82	$1.06	+29.3%	—	—	—
Q3 25	$0.95	$0.79	-16.8%	—	—	—
Q2 25	$0.99	$1	+1.0%	—	—	—
Q1 25	$0.91	$1.17	+28.6%	—	—	—
Q4 24	$0.93	$0.78	-16.1%	—	—	—
Q3 24	$1.33	$1.15	-13.5%	—	—	—
Q2 24	$1.06	$1.33	+25.5%	—	—	—
Q1 24	$0.72	$0.85	+18.1%	—	—	—
Q4 23	$1.03	$1.19	+15.5%	—	—	—
Q3 23	$1.29	$1.48	+14.7%	—	—	—
Q2 23	$1.78	$1.97	+10.7%	—	—	—
Q1 23	$2.33	$2.37	+1.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.99	—	—	$8.9B	—
FY24	—	$2.28	—	—	$9.7B	—
FY23	—	$9.26	—	—	$8.3B	—
FY22	—	$11.1	—	—	$11.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.4B	$5.9B	$7.7B	$6.5B	$4.4B	$8B	$11.1B	$8.3B	$9.7B	$8.9B
YoY change	-17.6%	+9.69%	+30.9%	-15.8%	-31.7%	+80%	+38.7%	-25.2%	+17.6%	-8.39%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.4B	5.9B	7.7B	6.5B	4.4B	8B	11.1B	8.3B	9.7B	8.9B
Cost of revenue	4.3B	3.9B	4.5B	4.6B	3.5B	4.4B	4.8B	4.1B	5.4B	5.3B
Gross profit	1.1B	2B	3.2B	1.9B	905M	3.5B	6.3B	4.2B	4.3B	3.6B
Gross margin	19.7%	34.4%	41.2%	29.5%	20.4%	44.3%	56.5%	51.1%	44.2%	40.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	410M	395M	431M	406M	290M	376M	483M	351M	372M	350M
Operating expenses	1.1B	1.2B	989M	1.3B	609M	644M	905M	662M	833M	639M
Operating income	-144M	712M	2B	445M	173M	2.7B	5.1B	3.4B	3.2B	2.8B
Operating margin	-2.68%	12.1%	25.6%	6.86%	3.9%	33.7%	45.9%	40.6%	32.9%	30.8%
Non-operating income, net	-1.1B	602M	-627M	-3.1B	-4.6B	-391M	964M	-154M	-1.3B	301M
Pretax income	-1.7B	918M	958M	-3B	-4.8B	1.9B	5.7B	2.9B	1.5B	2.8B
Income tax	-442M	-585M	672M	674M	64M	578M	1.7B	-324M	417M	1.1B
Net income	-1.3B	1.5B	286M	-3.7B	-4.9B	1.3B	4.1B	3.2B	1.1B	1.7B
Net margin	-23.7%	25.5%	3.71%	-56.7%	-110.6%	16.4%	36.9%	38.7%	11.5%	19%
EBITDA	2.5B	3B	4.4B	3.1B	1.9B	4.3B	6.5B	4.9B	5.5B	5.1B
EPS	-3.71	3.42	0.11	-9.43	-12.9	2.6	11.1	9.26	2.28	3.99
Diluted EPS	-3.71	3.41	0.11	-9.43	-12.9	2.59	11	9.25	2.27	3.99

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.2B	2B	2.5B	2.5B	2.7B	2.6B	2.2B	2.1B	2B	2.3B	2.4B
Cost of revenue	1.1B	1.1B	1B	1.4B	1.4B	1.6B	1.6B	1.3B	1.2B	1.1B	1.1B	822M
Gross profit	1.2B	1.1B	936M	1.2B	1.1B	1.1B	1B	873M	880M	857M	1.2B	1.6B
Gross margin	51.8%	51.3%	48%	45.8%	43.6%	40.5%	38.2%	40.1%	41.6%	43%	53.5%	65.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	139M	75M	93M	85M	92M	102M	98M	66M	95M	91M	115M	68M
Operating expenses	217M	156M	266M	192M	157M	203M	161M	148M	157M	167M	182M	169M
Operating income	918M	911M	613M	894M	876M	831M	773M	671M	672M	640M	1B	1.3B
Operating margin	39.8%	42%	31.4%	35.2%	34.6%	30.6%	29.3%	30.8%	31.8%	32.1%	43.3%	55.7%
Non-operating income, net	-4M	-294M	-90M	134M	-1.1B	-240M	75M	426M	-113M	-93M	-120M	10M
Pretax income	833M	540M	447M	928M	-340M	500M	763M	1B	511M	489M	830M	1.3B
Income tax	278M	-1.3B	235M	308M	-201M	75M	345M	363M	233M	158M	287M	450M
Net income	555M	1.9B	212M	620M	-139M	425M	418M	665M	278M	331M	543M	827M
Net margin	24%	86%	10.9%	24.4%	-5.49%	15.7%	15.9%	30.5%	13.1%	16.6%	23.3%	34.9%
EBITDA	1.3B	1.3B	1B	1.5B	1.5B	1.5B	1.4B	1.2B	1.2B	1.2B	1.6B	1.8B
EPS	1.49	5.79	0.44	1.46	-0.6	0.96	0.96	1.67	0.57	0.79	1.26	2.11
Diluted EPS	1.49	5.78	0.44	1.46	-0.6	0.96	0.96	1.67	0.57	0.79	1.26	2.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	24.1B	16.1B	10B	9.6B	5.4B	10.1B	—	11.1B	—	8.8B	14.8B
Enterprise value	31.2B	22.9B	17.6B	18.1B	14B	17.4B	—	16.3B	—	12.9B	19.3B
Shares outstanding	379M	381M	382M	377M	378M	374M	332M	308M	353M	359M	359M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	10.7	35.1	—	—	7.66	—	3.45	—	5.19	9.01
P/S	4.48	2.73	1.3	1.49	1.21	1.26	—	1.33	—	0.98	1.75
P/B	3.13	1.83	1.14	2.16	-8.32	-14	—	2.99	—	1.25	2.13
EV/EBITDA	12.6	7.63	4	5.79	7.2	4.06	—	3.31	—	2.54	3.38
EV/Sales	5.82	3.89	2.28	2.79	3.15	2.17	—	1.96	—	1.44	2.25
Earnings yield	—	9.34%	2.85%	—	—	13.1%	—	29%	—	19.3%	11.1%
FCF yield	2%	-2.06%	-1.27%	-0.97%	2.13%	23.7%	—	6.99%	—	20.3%	14.5%
PEG	—	—	—	—	—	—	—	—	—	—	0.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	19.7%	34.4%	41.2%	29.5%	20.4%	44.3%	56.5%	51.1%	44.2%	40.6%	65.4%
Operating margin	-2.68%	12.1%	25.6%	6.86%	3.9%	33.7%	45.9%	40.6%	32.9%	30.8%	56.3%
Net margin	-23.7%	25.5%	3.71%	-56.7%	-110.6%	16.4%	36.9%	38.7%	11.5%	19%	19.6%
ROE	-16.6%	17.1%	3.25%	-82.5%	760.3%	-183.1%	303.5%	86.9%	17.6%	24.2%	26.7%
ROA	-5.65%	6.86%	1.33%	-20.3%	-38.5%	9.87%	31%	21%	5.77%	9.53%	11.6%
ROIC	-0.97%	4.56%	3.6%	3.44%	2.17%	28.4%	53.8%	37.7%	19.6%	15.1%	20.4%
Return on tangible assets	-5.65%	6.86%	1.33%	-20.3%	-38.5%	9.87%	31%	21%	5.77%	9.53%	11%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.76	1.45	1.22	1.06	1.41	1.12	0.93	1.02	1.15	0.82	0.95
Quick ratio	1.5	1.31	1.04	0.79	1.04	0.9	0.78	0.84	1.01	0.69	0.79
Debt / equity	1.11	0.97	0.94	1.96	-13.8	-10.6	4.18	1.44	0.97	0.66	0.49
Debt / assets	0.38	0.39	0.38	0.48	0.7	0.57	0.43	0.35	0.32	0.26	0.22
Net debt / EBITDA	2.9	2.27	1.72	2.71	4.44	1.71	0.83	1.06	1.01	0.8	0.59
Interest coverage	-3.04	3.26	3.41	-6.65	-10.4	5.61	19.3	9.82	5.12	11	14.5
Effective tax rate	0%	0%	70.1%	0%	0%	30.6%	28.8%	0%	27.2%	39.4%	36.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.2	15.5	20.2	17.2	11.7	21.4	33.4	26.9	27.6	24.8	24.2
EPS (basic)	-3.71	3.42	0.11	-9.43	-12.9	2.6	11.1	9.26	2.28	3.99	3.99
EPS (diluted)	-3.71	3.41	0.11	-9.43	-12.9	2.59	11	9.25	2.27	3.99	4.74
Book value per share	20.3	23.1	23.1	11.8	-1.71	-1.92	4.05	12	18	19.5	20
FCF per share	1.27	-0.87	-0.33	-0.25	0.3	6.38	7.67	2.51	2.01	4.96	5.94
Cash per share	3.63	4.38	1.87	0.66	0.69	0.81	0.74	0.28	1.77	1.44	1.27
Capex per share	4.79	3.52	10.2	7.85	3.37	2.97	7.22	7.65	8.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	33.8%	22.8%	50.7%	45.6%	28.7%	13.9%	21.7%	28.5%	29.9%	—	—
Capex / operating cash flow	140.9%	42.3%	118.2%	-2.8K%	-45.2%	35.6%	42.1%	72.1%	95.5%	—	—
Payout ratio	-29.8%	25.3%	133.6%	-10.2%	-2.98%	3.96%	5.07%	9.6%	31.6%	21.3%	21.1%
Dividend yield	1.58%	2.36%	3.81%	3.9%	2.72%	0.52%	—	2.79%	—	4.1%	2.36%

Yield

2.36%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.25

ex-dividend Oct 22, 2026

Payout ratio

21%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 22, 2026upcoming	$0.25
Jul 22, 2026	$0.25
Apr 22, 2026	$0.25

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.3B	$2.2B	$2B	$2.5B	$2.5B	$2.7B	$2.6B	$2.2B	$2.1B	$2B	$2.3B	$2.4B
YoY change	-20.1%	-12.3%	-2.84%	+41.6%	+9.66%	+25.1%	+35.1%	-14.4%	-16.4%	-26.6%	-11.7%	+8.95%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	1.7B	714M	247M	262M	302M	245M	87M	625M	516M
Receivables	1.1B	1.3B	1.2B	1.1B	908M	1.4B	1.5B	1.6B	2B	1.1B
Inventory	476M	368M	401M	502M	492M	473M	427M	453M	425M	351M
Total current assets	3.2B	3.7B	2.7B	2B	1.8B	2.4B	2.7B	2.5B	3.4B	2.1B
Property, plant & equipment	-26.8B	-24.6B	-27.2B	-27.8B	-33.7B	-33.1B	-33.8B	-35.3B	-32.5B	-33.2B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	22.5B	21.9B	21.6B	18.1B	12.7B	13.3B	13.1B	15.2B	19.4B	17.8B
Accounts payable	585M	641M	709M	695M	444M	731M	771M	658M	1.2B	871M
Short-term debt	—	550M	151M	180M	118M	314M	169M	118M	171M	310M
Total current liabilities	1.8B	2.6B	2.2B	1.9B	1.3B	2.1B	2.9B	2.4B	3B	2.6B
Long-term debt	8.5B	7.9B	8.1B	8.6B	8.8B	7.3B	5.5B	5.2B	6B	4.3B
Total liabilities	14.8B	13.1B	12.8B	13.6B	13.4B	14B	11.8B	11.6B	13B	10.8B
Shareholders' equity	7.7B	8.8B	8.8B	4.5B	-645M	-717M	1.3B	3.7B	6.4B	7B
Total debt	8.5B	8.5B	8.2B	8.7B	8.9B	7.6B	5.6B	5.3B	6.2B	4.6B
Net debt	7.2B	6.8B	7.5B	8.5B	8.6B	7.3B	5.4B	5.2B	5.5B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	95M	87M	102M	160M	64M	625M	67M	107M	475M	516M	293M	444M
Receivables	1.8B	1.6B	1.6B	1.9B	1.7B	2B	1.8B	1.5B	1B	1.1B	1.5B	1.2B
Inventory	443M	453M	472M	466M	501M	425M	397M	386M	361M	351M	334M	371M
Total current assets	2.8B	2.5B	2.5B	2.9B	3.6B	3.4B	2.4B	2.3B	2B	2.1B	2.3B	2.3B
Property, plant & equipment	-34.9B	-35.3B	-35.7B	-35.4B	-31.9B	-32.5B	-33.1B	-32.4B	-33B	-33.2B	-33.8B	-34.3B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	13.5B	15.2B	15B	20.2B	19.4B	19.4B	18.5B	18.1B	17.7B	17.8B	18.1B	18B
Accounts payable	741M	658M	694M	1B	939M	1.2B	1.1B	1.1B	920M	871M	798M	730M
Short-term debt	110M	118M	121M	105M	100M	171M	254M	376M	316M	310M	256M	140M
Total current liabilities	2.6B	2.4B	2.2B	2.9B	2.9B	3B	2.8B	2.8B	2.5B	2.6B	2.5B	2.4B
Long-term debt	5.6B	5.2B	5.2B	6.7B	6.4B	6B	5.2B	4.3B	4.3B	4.3B	4.3B	3.7B
Total liabilities	11.4B	11.6B	11.3B	13.7B	13.2B	13B	12.1B	11.2B	10.8B	10.8B	10.7B	10B
Shareholders' equity	2.1B	3.7B	3.7B	6.5B	6.2B	6.4B	6.5B	6.9B	6.9B	7B	7.4B	7.9B
Total debt	5.7B	5.3B	5.3B	6.8B	6.5B	6.2B	5.5B	4.7B	4.6B	4.6B	4.5B	3.9B
Net debt	5.6B	5.2B	5.2B	6.7B	6.4B	5.5B	5.4B	4.6B	4.1B	4.1B	4.2B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.2B	1.5B	286M	-3.7B	-4.9B	1.3B	4.1B	3.2B	1.1B	1.7B
Depreciation & amortization	2.6B	2.3B	2.4B	2.7B	1.8B	1.4B	1.2B	1.5B	2.3B	2.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	71M	-196M	251M	51M	6M	-161M	-167M	-286M	-258M	268M
Operating cash flow	1.3B	3.2B	3.3B	-104M	-2.8B	3.1B	5.7B	3.3B	3B	4.5B
Capital expenditure	-1.8B	-1.3B	-3.9B	-3B	-1.3B	-1.1B	-2.4B	-2.4B	-2.9B	—
Investing cash flow	-1.7B	-1.4B	-3.9B	-3.4B	-1.5B	-833M	-1.3B	-1.9B	-924M	613M
Dividends paid	-379M	-380M	-382M	-376M	-146M	-52M	-207M	-308M	-353M	-360M
Share repurchases	0	0	-305M	—	—	-847M	-1.4B	-329M	—	—
Financing cash flow	-860M	-721M	-787M	112M	93M	-2.6B	-3.5B	-1.1B	-1.9B	-2.2B
Net change in cash	-1.2B	1B	-1.4B	-3.4B	-4.2B	-334M	925M	208M	213M	2.9B
Free cash flow	481M	-332M	-127M	-94M	114M	2.4B	2.5B	772M	709M	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	555M	1.9B	212M	620M	-139M	425M	418M	665M	278M	331M	543M	827M
Depreciation & amortization	418M	423M	430M	588M	595M	653M	643M	530M	565M	566M	553M	504M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-363M	195M	-1M	-342M	149M	-64M	2M	225M	249M	-208M	-467M	111M
Operating cash flow	544M	1.2B	825M	1B	144M	1.1B	1.2B	1.2B	1.5B	808M	554M	1.7B
Capital expenditure	-629M	-604M	-530M	-756M	-931M	-694M	-790M	—	—	—	—	—
Investing cash flow	-667M	-128M	340M	-64M	-855M	83M	-786M	572M	19M	18M	4M	-20M
Dividends paid	-77M	-76M	-76M	-92M	-92M	-93M	-91M	-90M	-90M	-89M	-88M	-89M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-124M	-561M	-164M	-712M	-578M	-458M	-768M	-996M	-327M	-130M	-235M	-864M
Net change in cash	-247M	489M	1B	228M	-1.3B	701M	-389M	757M	1.2B	696M	323M	822M
Free cash flow	135M	455M	-162M	121M	408M	342M	306M	514M	741M	218M	8M	1.1B

Date	Ratio
Jan 15, 2004	2:1
Mar 10, 2003	105:100
Dec 27, 2001	11:10
Feb 20, 1981	3:2
May 15, 1980	3:2
May 15, 1979	4:3

APA Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history