Zacks Investment Research·1d ago
APA Q3 Earnings Beat on Strong Oil Prices and U.S. OutputAPA's Q3 adjusted earnings more than doubled as higher oil prices and U.S. output lifted results, with 2026 free cash flow guidance raised $600M to $2.9B.
APA's balance sheet has repaired meaningfully, with total debt falling from $6.8B in 2024Q2 to $3.3B in 2026Q3 and the debt-to-equity ratio improving from 1.05 to 0.41, suggesting deleveraging is underway.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue has contracted from a $2.6B peak in 2025Q1 to roughly $2.8B-equivalent swings in 2026 quarters with operating margins holding near 30 to 32% through much of 2024 and 2025, suggesting limited operating leverage despite volatile net income ranging from a $223M loss to $747M profit.
APA's valuation is supported by a sum-of-the-parts approach, highlighting the potential undervaluation of its diverse assets.
APA benefits from a trading business with infrastructure-like characteristics, providing stable cash flows and reduced volatility.
APA holds significant optionality in Suriname, offering potential upside from exploration and development opportunities in the region.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 4, 2026 | $1.94+21.3% vs $1.60 | $2.8B+13.5% vs $2.5B |
Q3 2026 Aug 5, 2026 | $1.89-0.5% vs $1.90 | $2.4B-2.5% vs $2.5B |
Q2 2026 May 6, 2026 | $1.38+24.3% vs $1.11 | $2.2B+3.8% vs $2.1B |
Q1 2026 Feb 25, 2026 | $0.91+41.3% vs $0.64 | $2.0B+12.1% vs $1.8B |
APA's Q3 adjusted earnings more than doubled as higher oil prices and U.S. output lifted results, with 2026 free cash flow guidance raised $600M to $2.9B.
APA raises its 2026 free cash flow outlook to $2.9B, targets lower debt and plans higher 2027 spending to advance Suriname development and exploration projects.
APA Corporation ( APA ) Q3 2026 Earnings Call November 5, 2026 11:00 AM EST Company Participants Stephane Aka - Managing Director of Investor Relations John Christmann - CEO & Director Ben Rodgers - Executive VP & CFO Tracey Henderson - Executive Vice President of Exploration Stephen Riney - President Conference Call Participants Douglas George Blyth Leggate - Wolfe Research, LLC John Freeman - Raymond James & Associates, Inc., Research Division Arun Jayaram - JPMorgan Chase & Co, Research Division Neal Dingmann - William Blair & Company L.L.C., Research Division Christopher Baker - Evercore ISI Institutional Equities, Research Division Michael Scialla - Stephens Inc., Research Division Charles Meade - Johnson Rice & Company, L.L.C.
APA NASDAQ: APA raised its 2026 free cash flow outlook to $2.9 billion and set a new target to reduce net debt to $2 billion, as stronger production and commodity prices supported third-quarter results and shareholder returns.
Benchmark APA against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for APA Corporation (APA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $44.63 | $15.78B | 11.19 | -8.39% | 16.08% | 21.46% | 2.25% | |
| $42.21 | $29.56B | 10.05 | 7.83% | 16.67% | 14.9% | 2.33% | |
| $136.27 | $166.02B | 21.46 | 7.51% | 14.87% | 14.32% | 2.34% | |
| $60.52 | $16.74B | 12.66 | -4.55% | 12.93% | 11.52% | 1.96% | |
| $32.56 | $24.72B | 14.47 | 40.07% | 21.68% | 11.26% | 2.75% | |
| $21.75 | $18.21B | 16.99 | 1.29% | 21.52% | 10.7% | 2.82% |
APA Corporation (APA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
APA Corporation (APA) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 5, 2026·SEC
Jul 8, 2026·SEC
May 26, 2026·SEC
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APA Corporation (APA) stock FAQ — growth, dividends, profitability & financials explained
APA Corporation (APA) reported $8.83B in revenue over the trailing twelve months. Revenue was $8.92B in fiscal year 2025. That is 814% more than the $976.0M of fiscal year 1996.
APA Corporation (APA) revenue fell by 8.4% in fiscal year 2025, compared with the prior fiscal year.
Yes. APA Corporation (APA) earned $1.68B in net income over the trailing twelve months (a 19.0% net margin).
Yes. APA Corporation (APA) pays a dividend that yields 2.25% at the current price, a moderate yield.
APA Corporation (APA) had a return on equity (ROE) of 21.5% in fiscal year 2025. That is well above the market's typical 10-15%.
APA Corporation (APA) generated $2.11B in free cash flow over the trailing twelve months.
