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APA

APA Q4 2025 Earnings

Reported Feb 25, 2026 at 5:08 PM ET · SEC Source

Q4 25 EPS

$0.91

BEAT +25.21%

Est. $0.73

Q4 25 Revenue

$1.99B

MISS 8.38%

Est. $2.17B

vs S&P Since Q4 25

+38.3%

BEATING MARKET

APA +42.8% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$3.77

BEAT +7.56%

Est. $3.50

FY 25 Revenue

$8.92B

MISS 2.00%

Est. $9.10B

Market Reaction

Did APA Beat Earnings? Q4 2025 Results

APA Corporation delivered a standout earnings beat in Q4 2025, posting adjusted earnings of $0.91 per diluted share against a consensus estimate of $0.73, a 25.21% positive surprise that underscored the company's aggressive cost discipline even as re… Read more APA Corporation delivered a standout earnings beat in Q4 2025, posting adjusted earnings of $0.91 per diluted share against a consensus estimate of $0.73, a 25.21% positive surprise that underscored the company's aggressive cost discipline even as revenue of $1.99 billion fell short of the $2.17 billion analyst expectation and slid 26.6% year over year amid sharply lower commodity prices. The headline profit figure was driven in large part by U.S. Oil production of 132,000 barrels per day, a 9% sequential jump tied to incremental completion activity and favorable weather, which helped offset broader volume declines from North Sea asset deterioration and dispositions. Particularly notable was APA reaching $350 million in run-rate controllable cost savings two years ahead of schedule, a milestone that underpinned $425 million in quarterly free cash flow and enabled $640 million in shareholder returns for the full year. Looking ahead, management guided for $2.1 billion in 2026 upstream capital, a 10% reduction, with total production expected at 371,000 BOE per day as geopolitical turbulence continues to cloud the broader energy outlook.

Key Takeaways

  • • U.S. oil production of 132,000 barrels per day driven by improved run-time, incremental completion activity, and milder-than-normal weather
  • • Egypt gross gas production grew approximately 10% year-over-year
  • • Achieved $350 million in run-rate controllable spend savings by year-end 2025, two years ahead of schedule
  • • Reduced total debt to less than $4.5 billion and net debt to less than $4 billion

APA Forward Guidance & Outlook

For 2026, APA plans total upstream capital of $2.1 billion, a 10% reduction versus 2025, reflecting momentum from ongoing cost savings and lower Permian activity. This includes $230 million for GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska. Total adjusted production is expected at 371,000 BOE per day, declining year-over-year primarily driven by North Sea declines, U.S. gas volumes, and asset sales. U.S. oil production is expected to average 120,000 to 122,000 barrels per day. Permian development capital is expected to be $1.2 billion plus $100 million toward LOE reduction projects. Egypt adjusted production is expected at 72,000 BOE per day with gross gas production growth of 13%-15%. The company is targeting $450 million in run-rate controllable spend savings by year-end 2026.

24/7 Wall St

APA YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

APA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 25

“The progress we delivered in 2025 reflects a fundamental transformation of APA's base business over the past several years. We have high-graded the portfolio, significantly reduced our cost structure, strengthened the balance sheet, and further advanced our exploration efforts, resulting in a more focused, resilient, and capital-efficient company.”

— John J. Christmann IV, Q4 2025 Earnings Press Release

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