1.Sales and profit
See section β- APA Corp made $1.4B of net profit in fiscal 2025.
APA Corp
APA Nasdaq Crude Petroleum & Natural Gas Financials FY2019βFY2025
Last close Β· Oct 23, 2026
$51.90
5.0%KIRAβs summary AI analyst
Hi! I read APA Corpβs latest annual report (fiscal 2025). Here is what stands out:
3 strengths
2.Cash and shareholders
See section β- APA Corp returned $360M to shareholders in fiscal 2025. The diluted share count rose 1.7%.
- In the last 12 months, insiders sold $1.2M of shares on the open market and bought none.
3.Financial health
See section β- APA Corp owes $4.2B more than it holds in cash, about 0.8 years of operating profit.
- Its return on capital was 19.5%: every 100 invested in the business earned about 20 in a year.
- APA Corp passes 5 of 7 financial health tests (Piotroski F-score).
APA Corp in 30 seconds
Good So-so Weak
Good
Does it make a profit?
$1.4B
Yes. It made $1.4B of profit last year.
Good
Is debt under control?
0.8x
Yes. It could repay its debt with 0.8 years of operating profit.
So-so
How healthy are the accounts?
5 / 7
Mixed. It passes 5 of 7 health tests.
For information
How is the share priced?
11.0x
One share costs 11.0 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
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)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY19
Revenue β
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· APA Corp made $1.4B of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY19
Net income β$3.7B
FY20
Net income β$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
Net income
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 β$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
Diluted EPS
FY19
Diluted EPS β$9.43
FY20
Diluted EPS β$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
Diluted EPS
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 β$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
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY19
Cash from operations $2.9B
Capital spending β
FY20
Cash from operations $1.4B
Capital spending β
FY21
Cash from operations $3.5B
Capital spending β
FY22
Cash from operations $4.9B
Capital spending β
FY23
Cash from operations $3.1B
Capital spending β
FY24
Cash from operations $3.6B
Capital spending β
FY25
Cash from operations $4.5B
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $764M
Capital spending β
Q4 '23
Cash from operations $1.0B
Capital spending β
Q1 '24
Cash from operations $368M
Capital spending β
Q2 '24
Cash from operations $877M
Capital spending β
Q3 '24
Cash from operations $1.3B
Capital spending β
Q4 '24
Cash from operations $1.0B
Capital spending β
Q1 '25
Cash from operations $1.1B
Capital spending β
Q2 '25
Cash from operations $1.2B
Capital spending β
Q3 '25
Cash from operations $1.5B
Capital spending β
Q4 '25
Cash from operations $808M
Capital spending β
Q1 '26
Cash from operations $554M
Capital spending β
Q2 '26
Cash from operations $1.7B
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· APA Corp returned $360M to shareholders in fiscal 2025. The diluted share count rose 1.7%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY19
Dividends $376M
Buybacks β
FY20
Dividends $123M
Buybacks β
FY21
Dividends $52.0M
Buybacks β
FY22
Dividends $207M
Buybacks β
FY23
Dividends $308M
Buybacks β
FY24
Dividends $353M
Buybacks β
FY25
Dividends $360M
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $77.0M
Buybacks β
Q4 '23
Dividends $76.0M
Buybacks β
Q1 '24
Dividends $76.0M
Buybacks β
Q2 '24
Dividends $92.0M
Buybacks β
Q3 '24
Dividends $92.0M
Buybacks β
Q4 '24
Dividends $93.0M
Buybacks β
Q1 '25
Dividends $91.0M
Buybacks β
Q2 '25
Dividends $90.0M
Buybacks β
Q3 '25
Dividends $90.0M
Buybacks β
Q4 '25
Dividends $89.0M
Buybacks β
Q1 '26
Dividends $88.0M
Buybacks β
Q2 '26
Dividends $88.0M
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
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
Insider trades
KIRA Β· In the last 12 months, insiders sold $1.2M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.2M
2 insiders
Of sales under plans
0%
$0.0M
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· APA Corp owes $4.2B more than it holds in cash, about 0.8 years of operating profit.
Cash, debt and the ratios that show how comfortably APA Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY19
Cash $247M
Debt β
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 | β | 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 | β$1.6B | $423M | $2.7B | $5.3B | $6.1B |
| Net debt (β = net cash) | $7.5B | $5.2B | $5.1B | $5.5B | $4.2B |
Returns on capital
KIRA Β· Its return on capital was 19.5%: every 100 invested in the business earned about 20 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY19
Return on capital β
Return on equity β82.5%
Return on assets β20.3%
FY20
Return on capital β47.2%
Return on equity β347.1%
Return on assets β31.8%
FY21
Return on capital 34.1%
Return on equity β
Return on assets 10.1%
FY22
Return on capital 70.3%
Return on equity β
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
Piotroski F-score
KIRA Β· APA Corp passes 5 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 7 | 6 / 7 | 6 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | β36.2% | β40.8% | β16.8% | β6.5% | β1.9% | β16.3% | β16.7% |
| Altman Z'' | β | β4.68 | β0.86 | 1.33 | 1.24 | 1.03 | 1.42 |
All figures
Every number, year by year.
7 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Operating income | β$2.2B | β$4.1B | $2.9B | $5.6B | $3.7B | $2.4B | $3.1B |
| Interest expense | $430M | $438M | $419M | $332M | $351M | $402M | $323M |
| Pretax income | β$3.0B | β$4.8B | $1.9B | $5.7B | $2.9B | $1.5B | $2.8B |
| Income tax | $674M | $64.0M | $578M | $1.7B | β$324M | $417M | $1.1B |
| Net income | β$3.7B | β$4.9B | $1.3B | $4.1B | $2.9B | $804M | $1.4B |
| Net income to common | β$3.6B | β$4.9B | $973M | $3.7B | $2.9B | $804M | $1.4B |
| Diluted EPS | β$9.43 | β$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 | β | $8.8B | $7.7B | $5.5B | $5.2B | $6.1B | $4.7B |
| Finance lease liabilities | β | $38.0M | $36.0M | $34.0M | $32.0M | $30.0M | $28.0M |
| Current assets | β | $1.8B | $2.4B | $2.7B | $2.5B | $3.4B | $2.1B |
| Current liabilities | β | $1.3B | $2.1B | $2.9B | $2.4B | $3.0B | $2.6B |
| Inventory | β | $492M | $473M | $427M | $453M | $425M | $351M |
| Property and equipment, net | β | $8.8B | β | β | β | β | β |
| Goodwill | $87.0M | $0.0M | $0.0M | $0.0M | β | β | β |
| Total assets | $18.1B | $12.7B | $13.3B | $13.1B | $15.2B | $19.4B | $17.8B |
| Total liabilities | β | $14.4B | $14.9B | $12.7B | $12.6B | $14.1B | $11.7B |
| Shareholders' equity | $4.5B | β$1.6B | β$1.6B | $423M | $2.7B | $5.3B | $6.1B |
| Returns | |||||||
| Return on capital | β | β47.2% | 34.1% | 70.3% | 47.6% | 16.6% | 19.5% |
| Return on capital employed | β | β35.9% | 25.6% | 54.4% | 28.8% | 14.9% | 20.3% |
| Return on equity | β82.5% | β347.1% | β | β | 185.5% | 20.3% | 25.2% |
| Return on assets | β20.3% | β31.8% | 10.1% | 30.9% | 20.1% | 4.6% | 7.7% |
| Return on tangible equity | β81.2% | β | β | 868.6% | 107.5% | 15.2% | 23.5% |
| Growth | |||||||
| Net income growth | β | β | β | 210.9% | β30.1% | β71.8% | 78.4% |
| EPS growth | β | β | β | 325.5% | β16.1% | β75.5% | 75.8% |
| Share count change | β | 0.3% | β0.8% | β11.2% | β7.2% | 14.2% | 1.7% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | 1.8x | 0.8x | 1.0x | 1.2x | 0.8x |
| Debt / equity | β | β | β | 12.9x | 2.0x | 1.2x | 0.8x |
| Interest coverage | β5.0x | β9.4x | 6.8x | 16.8x | 10.5x | 6.1x | 9.6x |
| Current ratio | β | 1.4x | 1.1x | 0.9x | 1.0x | 1.2x | 0.8x |
| Quick ratio | β | 1.0x | 0.9x | 0.8x | 0.8x | 1.0x | 0.7x |
| Quality scores | |||||||
| Piotroski F-score | β | β | 6.0 | 6.0 | 6.0 | 5.0 | 5.0 |
| Altman Z'' | β | β4.7 | β0.9 | 1.3 | 1.2 | 1.0 | 1.4 |
| Accruals ratio | β36.2% | β40.8% | β16.8% | β6.5% | β1.9% | β16.3% | β16.7% |
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 β not investment advice. Check the original filings before relying on any figure.