APA Corp
APA Nasdaq Crude Petroleum & Natural Gas Financials FY2019–FY2025
Last close · Oct 23, 2026
$51.90
5.0%
Revenue
Total sales reported in the income statement.
—
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$1.4B
78.4%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
19.5%
3.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$18.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
11.0x
On $4.73 EPS (TTM)
What APA Corp does
No business description yet.
- Legal name
- APA Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001841666-26-000015
0001841666
Revenue and margins
APA Corp had — of revenue in fiscal 2025.
FY19
Revenue —
FY20
Revenue —
FY21
Revenue —
FY22
Revenue —
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$3.7B
FY20
Net income −$4.9B
FY21
Net income $1.3B
FY22
Net income $4.1B
FY23
Net income $2.9B
FY24
Net income $804M
FY25
Net income $1.4B
Q3 '23
Net income $555M
Q4 '23
Net income $1.5B
Q1 '24
Net income $212M
Q2 '24
Net income $541M
Q3 '24
Net income −$223M
Q4 '24
Net income $354M
Q1 '25
Net income $347M
Q2 '25
Net income $603M
Q3 '25
Net income $205M
Q4 '25
Net income $279M
Q1 '26
Net income $446M
Q2 '26
Net income $747M
FY19
Diluted EPS −$9.43
FY20
Diluted EPS −$12.86
FY21
Diluted EPS $2.59
FY22
Diluted EPS $11.02
FY23
Diluted EPS $9.25
FY24
Diluted EPS $2.27
FY25
Diluted EPS $3.99
Q3 '23
Diluted EPS $1.49
Q4 '23
Diluted EPS $5.75
Q1 '24
Diluted EPS $0.44
Q2 '24
Diluted EPS $1.46
Q3 '24
Diluted EPS −$0.60
Q4 '24
Diluted EPS $0.97
Q1 '25
Diluted EPS $0.96
Q2 '25
Diluted EPS $1.67
Q3 '25
Diluted EPS $0.57
Q4 '25
Diluted EPS $0.79
Q1 '26
Diluted EPS $1.26
Q2 '26
Diluted EPS $2.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −82.5%
Return on assets −20.3%
FY20
Return on capital −47.2%
Return on equity −347.1%
Return on assets −31.8%
FY21
Return on capital 34.1%
Return on equity —
Return on assets 10.1%
FY22
Return on capital 70.3%
Return on equity —
Return on assets 30.9%
FY23
Return on capital 47.6%
Return on equity 185.5%
Return on assets 20.1%
FY24
Return on capital 16.6%
Return on equity 20.3%
Return on assets 4.6%
FY25
Return on capital 19.5%
Return on equity 25.2%
Return on assets 7.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY19
Cash from operations $2.9B
Capital spending —
FY20
Cash from operations $1.4B
Capital spending —
FY21
Cash from operations $3.5B
Capital spending —
FY22
Cash from operations $4.9B
Capital spending —
FY23
Cash from operations $3.1B
Capital spending —
FY24
Cash from operations $3.6B
Capital spending —
FY25
Cash from operations $4.5B
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $764M
Capital spending —
Q4 '23
Cash from operations $1.0B
Capital spending —
Q1 '24
Cash from operations $368M
Capital spending —
Q2 '24
Cash from operations $877M
Capital spending —
Q3 '24
Cash from operations $1.3B
Capital spending —
Q4 '24
Cash from operations $1.0B
Capital spending —
Q1 '25
Cash from operations $1.1B
Capital spending —
Q2 '25
Cash from operations $1.2B
Capital spending —
Q3 '25
Cash from operations $1.5B
Capital spending —
Q4 '25
Cash from operations $808M
Capital spending —
Q1 '26
Cash from operations $554M
Capital spending —
Q2 '26
Cash from operations $1.7B
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
APA Corp returned $360M to shareholders in fiscal 2025. The diluted share count rose 1.7%.
FY19
Dividends $376M
Buybacks —
FY20
Dividends $123M
Buybacks —
FY21
Dividends $52.0M
Buybacks —
FY22
Dividends $207M
Buybacks —
FY23
Dividends $308M
Buybacks —
FY24
Dividends $353M
Buybacks —
FY25
Dividends $360M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $77.0M
Buybacks —
Q4 '23
Dividends $76.0M
Buybacks —
Q1 '24
Dividends $76.0M
Buybacks —
Q2 '24
Dividends $92.0M
Buybacks —
Q3 '24
Dividends $92.0M
Buybacks —
Q4 '24
Dividends $93.0M
Buybacks —
Q1 '25
Dividends $91.0M
Buybacks —
Q2 '25
Dividends $90.0M
Buybacks —
Q3 '25
Dividends $90.0M
Buybacks —
Q4 '25
Dividends $89.0M
Buybacks —
Q1 '26
Dividends $88.0M
Buybacks —
Q2 '26
Dividends $88.0M
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.38B
FY20
Diluted shares 0.38B
FY21
Diluted shares 0.38B
FY22
Diluted shares 0.33B
FY23
Diluted shares 0.31B
FY24
Diluted shares 0.35B
FY25
Diluted shares 0.36B
Balance sheet
Cash, debt and the ratios that show how comfortably APA Corp can carry it.
FY19
Cash $247M
Debt —
FY20
Cash $262M
Debt $8.8B
FY21
Cash $302M
Debt $7.8B
FY22
Cash $245M
Debt $5.5B
FY23
Cash $87.0M
Debt $5.2B
FY24
Cash $625M
Debt $6.1B
FY25
Cash $516M
Debt $4.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $302M | $245M | $87.0M | $625M | $516M |
| Debt incl. finance leases | $7.8B | $5.5B | $5.2B | $6.1B | $4.7B |
| Net debt / EBITDA | 1.8x | 0.8x | 1.0x | 1.2x | 0.8x |
| Debt / equity | — | 12.9x | 2.0x | 1.2x | 0.8x |
| Interest coverage | 6.8x | 16.8x | 10.5x | 6.1x | 9.6x |
| Current ratio | 1.1x | 0.9x | 1.0x | 1.2x | 0.8x |
| Quick ratio | 0.9x | 0.8x | 0.8x | 1.0x | 0.7x |
| Total assets | $13.3B | $13.1B | $15.2B | $19.4B | $17.8B |
| Total liabilities | $14.9B | $12.7B | $12.6B | $14.1B | $11.7B |
| Shareholders' equity | −$1.6B | $423M | $2.7B | $5.3B | $6.1B |
| Net debt (− = net cash) | $7.5B | $5.2B | $5.1B | $5.5B | $4.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | — | — | — | — |
| F-score | — / 3 | — / 5 | 6 / 7 | 6 / 7 | 6 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | −36.2% | −40.8% | −16.8% | −6.5% | −1.9% | −16.3% | −16.7% |
| Altman Z'' | — | −4.68 | −0.86 | 1.33 | 1.24 | 1.03 | 1.42 |
7 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating income | −$2.2B | −$4.1B | $2.9B | $5.6B | $3.7B | $2.4B | $3.1B |
| Interest expense | $430M | $438M | $419M | $332M | $351M | $402M | $323M |
| Pretax income | −$3.0B | −$4.8B | $1.9B | $5.7B | $2.9B | $1.5B | $2.8B |
| Income tax | $674M | $64.0M | $578M | $1.7B | −$324M | $417M | $1.1B |
| Net income | −$3.7B | −$4.9B | $1.3B | $4.1B | $2.9B | $804M | $1.4B |
| Net income to common | −$3.6B | −$4.9B | $973M | $3.7B | $2.9B | $804M | $1.4B |
| Diluted EPS | −$9.43 | −$12.86 | $2.59 | $11.02 | $9.25 | $2.27 | $3.99 |
| Diluted shares | 0.38B | 0.38B | 0.38B | 0.33B | 0.31B | 0.35B | 0.36B |
| Cash flow | |||||||
| Cash from operations | $2.9B | $1.4B | $3.5B | $4.9B | $3.1B | $3.6B | $4.5B |
| Depreciation and amortization | $2.7B | $1.8B | $1.4B | $1.2B | $1.5B | $2.3B | $2.3B |
| Stock-based compensation | $138M | $47.0M | $175M | $348M | $84.0M | $49.0M | $107M |
| Dividends paid | $376M | $123M | $52.0M | $207M | $308M | $353M | $360M |
| Dividends and buybacks | $376M | $123M | $52.0M | $207M | $308M | $353M | $360M |
| Balance sheet | |||||||
| Cash and short-term investments | $247M | $262M | $302M | $245M | $87.0M | $625M | $516M |
| Total debt | — | $8.8B | $7.7B | $5.5B | $5.2B | $6.1B | $4.7B |
| Finance lease liabilities | — | $38.0M | $36.0M | $34.0M | $32.0M | $30.0M | $28.0M |
| Current assets | — | $1.8B | $2.4B | $2.7B | $2.5B | $3.4B | $2.1B |
| Current liabilities | — | $1.3B | $2.1B | $2.9B | $2.4B | $3.0B | $2.6B |
| Inventory | — | $492M | $473M | $427M | $453M | $425M | $351M |
| Property and equipment, net | — | $8.8B | — | — | — | — | — |
| Goodwill | $87.0M | $0.0M | $0.0M | $0.0M | — | — | — |
| Total assets | $18.1B | $12.7B | $13.3B | $13.1B | $15.2B | $19.4B | $17.8B |
| Total liabilities | — | $14.4B | $14.9B | $12.7B | $12.6B | $14.1B | $11.7B |
| Shareholders' equity | $4.5B | −$1.6B | −$1.6B | $423M | $2.7B | $5.3B | $6.1B |
| Returns | |||||||
| Return on capital | — | −47.2% | 34.1% | 70.3% | 47.6% | 16.6% | 19.5% |
| Return on capital employed | — | −35.9% | 25.6% | 54.4% | 28.8% | 14.9% | 20.3% |
| Return on equity | −82.5% | −347.1% | — | — | 185.5% | 20.3% | 25.2% |
| Return on assets | −20.3% | −31.8% | 10.1% | 30.9% | 20.1% | 4.6% | 7.7% |
| Return on tangible equity | −81.2% | — | — | 868.6% | 107.5% | 15.2% | 23.5% |
| Growth | |||||||
| Net income growth | — | — | — | 210.9% | −30.1% | −71.8% | 78.4% |
| EPS growth | — | — | — | 325.5% | −16.1% | −75.5% | 75.8% |
| Share count change | — | 0.3% | −0.8% | −11.2% | −7.2% | 14.2% | 1.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | 1.8x | 0.8x | 1.0x | 1.2x | 0.8x |
| Debt / equity | — | — | — | 12.9x | 2.0x | 1.2x | 0.8x |
| Interest coverage | −5.0x | −9.4x | 6.8x | 16.8x | 10.5x | 6.1x | 9.6x |
| Current ratio | — | 1.4x | 1.1x | 0.9x | 1.0x | 1.2x | 0.8x |
| Quick ratio | — | 1.0x | 0.9x | 0.8x | 0.8x | 1.0x | 0.7x |
| Quality scores | |||||||
| Piotroski F-score | — | — | 6.0 | 6.0 | 6.0 | 5.0 | 5.0 |
| Altman Z'' | — | −4.7 | −0.9 | 1.3 | 1.2 | 1.0 | 1.4 |
| Accruals ratio | −36.2% | −40.8% | −16.8% | −6.5% | −1.9% | −16.3% | −16.7% |
Source: SEC EDGAR XBRL filings (CIK 0001841666). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.