APA Corp financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data APA Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	406	290	376	483	351	372	350
Operating expenses	8,643	8,537	5,125	5,510	4,631	7,295	5,864
Operating income	-2,152	-4,102	2,860	5,565	3,696	2,444	3,087
Interest expense	430	438	419	332	351	402	323
Interest income	13	7	8	10	10	12	25
Other non-operating income	54	64	228	148	18	-6	-8
Pre-tax income	-3,008	-4,840	1,891	5,734	2,883	1,535	2,791
Income tax	674	64	578	1,652	-324	417	1,099
Net income	-3,553	-4,860	973	3,674	2,855	804	1,434
EBITDA	528	-2,330	4,220	6,798	5,236	4,710	5,391
EPS, basic	-9.43	-12.86	2.60	11.05	9.26	2.28	3.99
EPS, diluted	-9.43	-12.86	2.59	11.02	9.25	2.27	3.99
Shares, basic (weighted)	377	378	374	332	308	353	359
Shares, diluted (weighted)	377	378	375	333	309	353	359
Dividend per share	1.00	0.10	0.24	0.75	1.00	1.00	1.00

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	247	262	302	245	87	625	516
Receivables		908	1,394	1,466	1,610	1,959	1,062
Inventory		492	473	427	453	425	351
Other current assets		676	684	997	765	820	543
Total current assets		1,846	2,380	2,708	2,462	3,404	2,121
Property, plant and equipment	14,158	8,819	225	206	217	183	146
Goodwill	87	0	0	0
Total assets	18,107	12,746	13,303	13,147	15,244	19,390	17,761
Accounts payable		444	731	771	658	1,224	871
Accrued liabilities		170	292	514	390	223	265
Short-term debt		2	215	2	2	53	213
Total current liabilities		1,308	2,117	2,916	2,404	2,955	2,571
Long-term debt		8,770	7,295	5,451	5,186	5,991	4,280
Lease liabilities			152	133	165	255	220
Other non-current liabilities		602	573	443	466	548	426
Total liabilities		13,391	14,020	11,802	11,553	13,028	10,758
Total debt		8,772	7,510	5,453	5,188	6,044	4,493
Paid-in capital		11,735	11,645	11,420	11,126	13,153	12,816
Retained earnings		-10,461	-9,488	-5,814	-2,959	-2,155	-721
Treasury stock		-3,189	-4,036	-5,459	-5,790	-6,037	-6,320
Other comprehensive income	16	14	22	14	15	12	10
Shareholders' equity		-1,639	-1,595	423	2,655	5,280	6,093
Minority interests					1,036	1,082
Total equity	4,465	-645	-717	1,345	3,691	6,362	7,003
Total liabilities and equity		12,746	13,303	13,147	15,244	19,390	17,761
Shares outstanding	376	377	347	312	304	365	353

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3,682	-4,904	1,313	4,082	3,207	1,118	1,692
Depreciation and amortization	2,680	1,772	1,360	1,233	1,540	2,266	2,304
Stock-based compensation	138	47	175	348	84	49	107
Deferred income tax	14	-112	-74	145	-1,662	-736	360
Change in receivables	133	149	-386	-93	-157	-104	850
Change in inventory	-41	19	-9	-1	13	-11	7
Change in payables	-5	-167	245	-4	-84	81	-365
Cash from operations	2,867	1,388	3,496	4,943	3,129	3,620	4,545
Cash from investing	-3,446	-1,466	-833	-1,511	-2,138	-924	-2,153
Debt issued				0	0	0	846
Dividends paid	-376	-123	-52	-207	-308	-353	-360
Cash from financing	112	93	-2,623	-3,489	-1,149	-2,158	-2,501
Net change in cash	-467	15	40	-57	-158	538	-109
Interest paid	394	419	442	322	329	372	281
Income taxes paid	649	212	633	1,431	1,271	1,097	999

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $42.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	23.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.3%	Net income / average total assets.
Return on invested capital (ROIC)	29.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	26.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-17.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	14.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	78.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	75.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-28.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	26.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	58.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	143.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-8.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.95x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.8%	Total debt / total assets.
Liabilities / assets	55.8%	Total liabilities / total assets.
Net debt	$3.30B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.4x	Operating income / interest expense.
Working capital	-$130.0M	Current assets - current liabilities.
Tangible book value	$7.02B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$12.79	Cash from operations / diluted weighted shares.
Book value per share	$19.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.83	Tangible book value / shares outstanding.
Cash per share	$1.25	(Cash + short-term investments) / shares outstanding.
Payout ratio	21.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.97B	Share price x shares outstanding.
Enterprise value	$18.27B	Market cap + total debt - cash - short-term investments.
P/E	8.93x	Market cap / net income. Only when net income is positive.
P/B	2.13x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.13x	Market cap / tangible book value, when positive.
P/OCF	3.31x	Market cap / cash from operations, when positive.
EV/EBIT	4.79x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.04x	Enterprise value / EBITDA, when both are positive.
Earnings yield	11.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.

Was APA Corp profitable in fiscal 2025?

Yes. Net income was $1.43B, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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