APA Corporation

APA · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$8,675	$8,542	$11,005	$15,008	$9,768	$5,155	$9,296	$9,536	$15,337	$23,057	$16,155	$24,065	$33,946	$30,536	$34,783	$41,969	$34,665	$24,919	$35,720	$21,941	$22,536	$16,491	$13,082	$8,061	$7,178	$8,276	$3,981	$2,484	$3,176	$3,005	$2,118	$1,533	$1,432	$967	$795	$721	$698	$204	$168	$204	$249
Enterprise value	$13,879	$15,161	$17,258	$21,305	$17,953	$14,775	$18,994	$18,708	$23,528	$31,665	$25,007	$36,741	$43,762	$42,722	$41,704	$49,976	$37,685	$27,867	$39,820	$25,623	$24,500	$18,968	$15,375	$10,168	$10,067	$10,457	$5,854	$3,828	$4,685	$4,230	$3,179	$2,175	$1,877	$1,397	$1,285	$835	$821	$489	$353	$483	$334
P/E (TTM) at period end	6.05×	10.62×	3.85×	4.08×	10.04×	–	–	238.40×	11.76×	–	–	–	15.21×	15.26×	7.59×	13.84×	–	35.00×	12.70×	8.60×	8.59×	9.88×	11.66×	14.54×	9.92×	11.61×	19.82×	–	20.51×	24.76×	104.84×	35.81×	38.40×	20.24×	22.98×	17.88×	31.58×	25.50×	–	–	31.51×
P/S (TTM) at period end	0.97×	0.88×	1.33×	1.36×	1.22×	1.16×	1.43×	1.30×	2.61×	4.30×	2.53×	1.88×	2.30×	1.86×	2.07×	3.44×	4.02×	2.01×	3.59×	2.72×	2.97×	3.09×	3.12×	3.15×	2.58×	3.62×	3.06×	2.83×	2.69×	3.08×	2.82×	2.85×	3.09×	2.29×	2.23×	2.64×	2.83×	1.44×	1.67×	1.19×	1.94×
P/B at period end	1.42×	1.62×	4.15×	35.48×	–	–	2.86×	1.34×	2.07×	3.70×	2.05×	0.93×	1.02×	0.97×	1.20×	1.72×	2.20×	1.51×	2.32×	1.66×	2.14×	2.01×	2.00×	1.64×	1.62×	2.20×	1.49×	1.38×	1.84×	1.98×	1.94×	1.88×	1.82×	2.04×	1.81×	1.86×	1.99×	0.99×	1.34×	0.98×	1.10×
EV / EBITDA (TTM)	2.57×	3.22×	3.30×	3.13×	4.25×	–	35.97×	3.87×	6.63×	10.62×	6.75×	5.08×	4.73×	4.05×	3.32×	5.67×	12.28×	3.08×	5.46×	4.17×	4.23×	4.60×	4.93×	5.44×	4.70×	5.54×	6.73×	7.52×	6.54×	7.35×	7.74×	6.80×	7.29×	5.79×	6.32×	4.79×	6.40×	–	–	–	–
EV / Sales (TTM)	1.56×	1.56×	2.08×	1.92×	2.25×	3.33×	2.93×	2.55×	4.00×	5.90×	3.92×	2.87×	2.96×	2.60×	2.48×	4.10×	4.37×	2.25×	4.00×	3.17×	3.23×	3.56×	3.67×	3.97×	3.63×	4.58×	4.50×	4.37×	3.97×	4.33×	4.24×	4.04×	4.05×	3.30×	3.60×	3.06×	3.32×	3.46×	3.52×	2.81×	2.60×
Returns
Return on equity	23.5%	15.2%	107.5%	868.6%	–	–	(109.2%)	0.6%	17.6%	(22.5%)	(131.2%)	(32.2%)	6.7%	6.4%	15.8%	12.4%	(1.8%)	4.3%	18.3%	19.3%	24.9%	20.3%	17.2%	11.3%	16.4%	19.0%	7.5%	(7.2%)	9.0%	8.0%	1.9%	5.2%	4.7%	10.1%	7.9%	10.4%	6.3%	3.9%	(64.3%)	(5.3%)	3.5%
Return on invested capital	16.6%	15.0%	41.5%	59.0%	30.1%	(51.4%)	(16.6%)	3.6%	4.6%	(0.7%)	(12.8%)	5.6%	4.9%	4.8%	13.1%	10.1%	–	4.5%	15.3%	16.3%	21.8%	17.0%	13.2%	9.2%	11.3%	13.1%	5.5%	(2.6%)	6.1%	5.7%	3.1%	3.8%	4.1%	5.1%	5.7%	8.0%	4.7%	3.4%	(23.4%)	(0.5%)	3.4%
Dividend yield	4.1%	4.1%	2.8%	1.4%	0.5%	2.4%	4.0%	4.0%	2.5%	1.6%	2.3%	1.5%	1.1%	1.1%	0.9%	0.5%	0.6%	1.0%	0.6%	0.7%	0.5%	0.5%	0.6%	0.9%	0.8%	0.6%	1.1%	1.1%	0.8%	0.8%	0.9%	1.1%	1.0%	1.4%	1.6%	1.7%	1.4%	–	–	–	–
Financial health
Current ratio	0.82×	1.15×	1.02×	0.93×	1.12×	1.41×	1.06×	1.22×	1.45×	1.76×	2.04×	1.75×	1.35×	0.90×	0.97×	0.99×	1.92×	1.70×	1.03×	0.65×	0.99×	1.05×	1.10×	1.44×	1.34×	1.14×	1.02×	0.74×	1.01×	0.87×	0.90×	0.91×	0.66×	0.72×	0.62×	1.13×	1.23×	1.11×	1.26×	1.23×	1.07×
Debt / equity	0.74×	1.14×	1.95×	12.89×	(4.71×)	(5.35×)	2.63×	1.15×	1.14×	1.37×	1.11×	0.43×	0.29×	0.39×	0.25×	0.33×	0.32×	0.30×	0.27×	0.29×	0.21×	0.32×	0.36×	0.44×	0.59×	0.59×	0.71×	0.75×	0.88×	0.82×	0.98×	0.81×	0.59×	0.96×	1.13×	0.52×	0.57×	1.55×	1.90×	1.43×	0.51×
Effective tax rate	39.4%	27.2%	(11.2%)	28.8%	30.6%	(1.3%)	(22.4%)	70.1%	(63.7%)	26.3%	8.3%	7.6%	49.3%	59.0%	43.4%	41.8%	187.1%	23.6%	39.8%	36.3%	37.6%	37.3%	43.0%	38.3%	39.7%	40.4%	41.7%	31.0%	40.1%	39.4%	39.0%	33.5%	35.6%	32.2%	21.5%	29.9%	30.7%	22.9%	43.2%	52.4%	30.4%
Share count
Diluted shares outstanding	359	353	309	333	375	378	377	384	383	379	378	384	406	391	400	359	336	337	335	333	334	331	325	302	312	282	250	227	217	203	175	157	142	119	116	114	88	60	52	52	53

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$8,806	$8,920	$9,737	$8,279	$11,075	$7,985	$4,435	$6,491	$7,348	$5,887	$5,367	$6,383	$12,795	$14,771	$16,428	$16,810	$12,183	$8,615	$12,390	$9,962	$8,074	$7,584	$5,333	$4,190	$2,560	$2,777	$2,284	$1,300	$876	$1,181	$976	$750	$538	$463	$423	$357	$273	$247	$142	$100	$172	$128
Cost of revenue	($3,047)	($1,494)	($1,479)	($1,076)	($3,587)	($1,844)	($3,530)	($4,575)	($4,192)	($3,859)	($4,312)	($8,281)	($7,037)	($8,804)	($9,960)	($7,105)	($5,293)	($143)	($2,066)	($1,824)	($1,467)	($1,141)	($947)	($760)	($501)	($407)	($255)	($191)	($182)	($426)	($364)	($303)	($183)	($172)	($147)	($110)	($78)	($95)	($42)	($26)	($73)	($15)
Gross profit	$5,785	$7,426	$8,258	$7,203	$7,488	$6,141	$905	$1,916	$3,156	$2,028	$1,055	($1,898)	$5,758	$5,967	$6,468	$9,705	$6,890	$8,472	$10,324	$8,138	$6,608	$6,444	$4,386	$3,430	$2,059	$2,370	$2,029	$1,110	$694	$755	$612	$447	$355	$291	$276	$246	$196	$152	$100	$75	$99	$114
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($369)	($350)	($372)	($351)	($483)	($376)	($290)	($406)	($431)	($395)	($410)	($380)	($453)	($481)	($531)	($459)	($380)	($344)	($289)	($275)	($211)	($198)	($173)	($139)	($105)	($89)	($76)	($54)	($41)	($38)	($36)	($37)	($35)	($33)	($35)	($43)	($22)	($23)	($17)	($19)	($20)	($33)
Total operating expenses	($1,965)	($4,339)	($5,814)	($3,507)	($1,923)	($3,281)	($5,007)	($4,068)	($1,187)	($1,316)	($1,199)	($437)	($3,398)	($1,797)	($1,346)	($1,390)	($1,272)	($7,904)	($9,135)	($3,187)	($2,283)	($2,067)	($1,489)	($1,386)	($1,013)	($982)	($726)	($683)	($811)	($426)	($356)	($339)	($271)	($213)	($208)	($179)	($138)	($120)	($78)	($204)	($104)	($98)
Total costs and expenses	($4,986)	($5,833)	($7,293)	($4,583)	($5,510)	($5,125)	($8,537)	($8,643)	($5,379)	($5,175)	($5,511)	($8,718)	($10,435)	($10,601)	($11,306)	($8,495)	($6,565)	($8,047)	($11,201)	($5,011)	($3,749)	($3,208)	($2,436)	($2,146)	($1,514)	($1,389)	($981)	($874)	($993)	($852)	($720)	($642)	($454)	($386)	($355)	($289)	($216)	($215)	($120)	($229)	($177)	($113)
Operating income	$3,820	$3,087	$2,444	$3,696	$5,565	$2,860	($4,102)	($2,152)	$1,969	$712	($144)	($2,335)	$2,360	$4,170	$5,122	$8,315	$5,618	$568	$1,189	$4,951	$4,325	$4,376	$2,897	$2,044	$1,046	$1,388	$1,303	$427	($117)	$329	$256	$109	$83	$78	$68	$68	$58	$32	$21	($128)	($5)	$15
Earnings
EBITDA	$6,008	$5,391	$4,710	$5,236	$6,798	$4,220	($2,330)	$528	$4,833	$3,551	$2,983	$3,705	$7,233	$9,252	$10,537	$12,564	$8,812	$3,068	$9,039	$7,299	$6,141	$5,792	$4,121	$3,119	$1,868	$2,141	$1,886	$870	$509	$717	$576	$411	$320	$258	$241	$203	$174	$128	–	–	–	–
Interest income	$18	$25	$12	$10	$10	$8	$7	$13	$22	$19	$8	$10	$1	–	$10	$17	$13	$12	$24	–	$16	$6	–	$3	–	–	$2	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($285)	($323)	($402)	($351)	($332)	($419)	($438)	($430)	($406)	($415)	($424)	($482)	($414)	($245)	($182)	($175)	($242)	($248)	($280)	–	($158)	($122)	–	($116)	–	–	($168)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,107	$2,791	$1,535	$2,883	$5,734	$1,891	($4,840)	($3,008)	$958	$918	($1,682)	($12,169)	($6,830)	$3,908	$4,877	$8,093	$5,206	$326	$932	$4,673	$4,010	$4,206	$2,663	$1,922	$899	$1,199	$1,196	$345	($188)	$259	$200	$33	$64	$58	$70	$44	$58	$32	$7	($144)	($21)	$14
Income tax expense	($1,128)	($1,099)	($417)	$324	($1,652)	($578)	($64)	($674)	($672)	$585	$442	$1,010	$518	($1,928)	($2,876)	($3,509)	($2,174)	($611)	($220)	($1,860)	($1,457)	($1,583)	($993)	($827)	($345)	($476)	($483)	($144)	$58	($104)	($79)	($13)	($22)	($21)	($23)	($10)	($17)	($10)	($2)	$62	$11	($4)
Net income	$1,854	$1,434	$1,118	$3,207	$4,082	$1,313	($4,904)	($3,682)	$40	$1,304	($1,405)	($10,352)	($8,360)	$2,232	$2,001	$4,584	$3,032	($284)	$712	$2,812	$2,552	$2,624	$1,669	$1,122	$554	$723	$713	$201	($129)	$155	$121	$20	$43	$37	$48	$35	$40	$22	$8	($81)	($11)	$8
Per share
Diluted EPS (GAAP)	$4.73	$3.99	$2.27	$9.25	$11.02	$2.59	($12.86)	($9.43)	$0.10	$3.41	($3.71)	($61.20)	($14.07)	$5.50	$4.92	$11.47	$8.46	($0.87)	$2.09	$8.39	$7.64	$7.84	$5.03	$3.43	$1.80	$2.25	$2.46	$0.74	($0.58)	$0.71	$0.60	$0.12	$0.30	$0.26	$0.40	$0.30	$0.35	$0.25	$0.13	($1.57)	($0.21)	$0.15
Basic EPS (GAAP)	$4.73	$3.99	$2.28	$9.26	$11.05	$2.60	($12.86)	($9.43)	$0.10	$3.42	($3.71)	($61.19)	($14.07)	$5.53	$4.95	$11.75	$8.53	($0.87)	$2.11	$8.45	$7.72	$7.96	$5.10	$3.46	$1.83	$2.33	$2.54	$0.75	($0.58)	$0.74	$0.61	$0.12	$0.30	$0.26	$0.40	$0.30	$0.35	$0.25	$0.13	($1.57)	($0.21)	$0.15
Basic shares outstanding	355	359	353	308	332	374	378	377	382	381	379	378	384	395	389	384	352	336	334	332	330	329	326	323	297	302	273	249	227	209	198	166	142	142	119	116	114	88	60	52	52	53
Margins
Gross margin	65.7%	83.3%	84.8%	87.0%	67.6%	76.9%	20.4%	29.5%	43.0%	34.4%	19.7%	(29.7%)	45.0%	40.4%	39.4%	57.7%	56.6%	98.3%	83.3%	81.7%	81.8%	85.0%	82.2%	81.9%	80.4%	85.3%	88.8%	85.3%	79.2%	64.0%	62.7%	59.6%	66.0%	62.8%	65.3%	69.1%	71.6%	61.4%	70.3%	74.6%	57.4%	88.3%
Operating margin	43.4%	34.6%	25.1%	44.6%	50.2%	35.8%	(92.5%)	(33.2%)	26.8%	12.1%	(2.7%)	(36.6%)	18.4%	28.2%	31.2%	49.5%	46.1%	6.6%	9.6%	49.7%	53.6%	57.7%	54.3%	48.8%	40.8%	50.0%	57.0%	32.8%	(13.4%)	27.9%	26.2%	14.5%	15.5%	16.7%	16.0%	18.9%	21.0%	13.0%	15.1%	(127.9%)	(3.0%)	11.8%
Net margin	21.1%	16.1%	11.5%	38.7%	36.9%	16.4%	(110.6%)	(56.7%)	0.5%	22.2%	(26.2%)	(162.2%)	(65.3%)	15.1%	12.2%	27.3%	24.9%	(3.3%)	5.7%	28.2%	31.6%	34.6%	31.3%	26.8%	21.7%	26.0%	31.2%	15.4%	(14.8%)	13.1%	12.4%	2.7%	8.0%	8.1%	11.3%	9.7%	14.7%	9.0%	5.7%	(80.5%)	(6.3%)	6.1%

Analyst consensus

Hold53 analysts

Bearish · 5 · Hold · 27 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$1.00	$1.01	Miss
Q4 2024	$0.79	$0.97	Miss
Q1 2025	$1.06	$0.83	Beat
Q2 2025	$0.87	$0.45	Beat
Q3 2025	$0.93	$0.79	Beat
Q4 2025	$0.91	$0.64	Beat
Q1 2026	$1.38	$1.11	Beat
Q2 2026	$1.89	$1.90	Miss

Peers

Company overview

IPO dateMay 15, 1979

CEOJohn J. Christmann

Employees1,791

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNASDAQ Global Select

Websiteapacorp.com

APA Corporation operates in the upstream segment of the oil and natural gas industry, utilizing its various subsidiaries to explore for, develop, and produce hydrocarbon assets. The company maintains significant operational presences in the United States, Egypt, and the United Kingdom, while also conducting exploration activities offshore Suriname. Furthermore, APA Corporation manages critical gathering, processing, and transmission infrastructure within West Texas and holds ownership interests in four major pipelines connecting the Permian Basin to the Gulf Coast. Established in 1954, the company is headquartered in Houston, Texas.

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