Capital intensity remains elevated with a CapEx/Revenue ratio frequently exceeding 30%, contributing to erratic free cash flow that swung from a negative $162 million in 2024Q1 to $741 million in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 4B | 4.54B | 3.62B | 3.13B | 4.94B | 3.5B | 1.39B | 2.87B | 3.78B | 2.43B | 2.43B | 2.67B | 8.46B | 9.84B | 8.5B | 9.95B | 6.73B | 4.22B | 7.07B | 5.68B | 4.31B | 4.33B | 3.23B | 2.71B | 1.38B | 1.93B | 1.53B | 638.2M | 471.5M | 723.8M | 490.5M |
| Operating CF Margin % | - | 50.95% | 37.18% | 37.79% | 44.63% | 43.78% | 31.3% | 44.17% | 51.4% | 41.24% | 45.28% | 41.78% | 66.13% | 66.58% | 51.77% | 59.21% | 55.21% | 49.03% | 57.03% | 56.99% | 53.42% | 57.12% | 60.6% | 64.58% | 53.94% | 69.67% | 66.96% | 49.08% | 53.8% | 61.3% | 50.26% |
| Operating CF Growth % | -27.76% | 25.55% | 15.69% | -36.7% | 41.39% | 151.87% | -51.59% | -24.09% | 55.56% | -0.08% | -8.89% | -68.48% | -13.97% | 15.65% | -14.56% | 47.98% | 59.25% | -40.22% | 24.45% | 31.64% | -0.45% | 34.06% | 19.42% | 95.98% | -28.63% | 26.5% | 139.64% | 35.36% | -34.86% | 47.56% | 47.7% |
| Net Income | 1.53B | 1.43B | 1.12B | 3.21B | 4.08B | 1.31B | -4.9B | -3.68B | 286M | 1.5B | -1.24B | -11.16B | -6.31B | 1.98B | 1.99B | 4.58B | 3.03B | -285M | 711.95M | 2.81B | 2.55B | 2.62B | 1.67B | 1.12B | 554.33M | 723.4M | 713.06M | 200.85M | -129.39M | 154.9M | 121.4M |
| Depreciation & Amortization | 2.33B | 2.53B | 2.27B | 1.54B | 1.23B | 1.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.85B | 2.35B | 1.82B | 1.42B | 1.22B | 1.08B | 822.04M | 753.26M | 583.55M | 442.84M | 625.99M | 387.9M | 320.2M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 321M | 360M | -736M | -1.66B | 145M | -74M | -112M | 14M | -222M | -1.18B | -833M | -1.45B | -1.8B | 309M | 654M | 1.25B | 952M | -231.11M | -1.24B | 889.53M | 751.46M | 598.93M | 444.91M | 546.36M | 137.67M | 305.21M | 350.7M | 77.5M | -81.9M | 68.3M | 61.3M |
| Other Non-Cash Items | -563M | -72M | 1.51B | 461M | -638M | 860M | 6.59B | 6.54B | 3.47B | 2.42B | 4.35B | 15.35B | 16.4B | 7.53B | 7.55B | 4.4B | 3.38B | 5.5B | 50.75M | 145.4M | -52.23M | 105.99M | 87.07M | 56.87M | 29.13M | 75.47M | 28.23M | 6.1M | 6.5M | 1.7M | 4.8M |
| Working Capital Changes | 247M | 292M | -535M | -417M | 121M | 37M | -186M | -3M | 245M | -320M | 153M | -80M | -329M | 19M | -1.69B | -281M | -642M | -761M | -311.68M | -517.65M | -755.13M | -412.06M | -193.84M | -94.66M | -162.46M | 77.38M | -146.15M | -89.1M | 50.3M | 111M | -17.2M |
| Change in Receivables | 722M | 850M | -104M | -157M | -93M | -386M | 149M | 133M | 150M | -270M | 126M | 663M | 757M | 105M | 28M | -759M | -496M | -187M | 570.59M | -261.96M | -153.62M | -504.04M | -296.38M | -94.3M | -122.83M | 184.69M | -253.72M | -103.2M | 65.5M | 12.6M | -55.6M |
| Change in Inventory | -7M | 7M | -11M | 13M | -1M | -9M | 19M | -41M | -6M | 32M | -27M | 21M | -31M | -65M | -60M | -37M | 35M | -5M | -22.3M | 39.79M | 10.24M | 11.29M | -659K | -4.22M | 717K | -3M | 0 | 0 | 0 | -800K | -1.5M |
| Change in Payables | -243M | -365M | 81M | -84M | -4M | 245M | -167M | -5M | 77M | 63M | -63M | -489M | -216M | 286M | -84M | 241M | 214M | -180M | -70.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.91B | -2.15B | -924M | -2.14B | -1.51B | -833M | -1.47B | -3.45B | -3.94B | -1.42B | -1.66B | 1.08B | -8.39B | -7.12B | -13.42B | -8.64B | -13.4B | -3.25B | -5.74B | -5.95B | -5.78B | -3.73B | -3.41B | -2.96B | -1.24B | -2.31B | -2.23B | -1.77B | -512.12M | -1.07B | -618.2M |
| Capital Expenditures | -2.52B | -2.77B | -2.91B | -2.36B | -2.4B | -1.11B | -1.27B | -2.96B | -3.9B | -2.76B | -1.95B | -4.81B | -10.96B | -11.22B | -9.53B | -7.08B | -4.92B | -3.63B | -5.97B | -4.8B | -4.14B | -3.72B | -2.46B | -1.59B | -1.04B | -1.52B | -1.01B | -1.89B | -699.5M | -731.9M | -642.1M |
| CapEx % of Revenue | 29.29% | 31.01% | 29.9% | 28.47% | 21.65% | 13.9% | 28.73% | 45.62% | 53.13% | 46.88% | 36.31% | 75.33% | 85.69% | 75.97% | 58.02% | 42.11% | 40.4% | 42.15% | 48.21% | 48.21% | 51.28% | 48.99% | 46.07% | 38.06% | 40.53% | 54.9% | 44.25% | 145.05% | 79.82% | 61.99% | 65.79% |
| Acquisitions | 592M | 611M | 0 | 5M | -143M | 0 | -327M | -1.17B | -91M | 0 | 0 | 1.25B | 0 | 181M | -3.33B | -1.81B | -8.36B | -308.2M | 0 | -1B | -1.9B | 0 | -880.14M | -1.37B | -269.88M | -989.01M | -1.25B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 21M | 2M | 1.99B | -14M | 806M | 277M | 135M | 687M | 51M | 1.34B | 289M | 4.65B | 2.57B | 3.92B | -563M | 246M | -121M | -100.12M | 1.02B | -138.99M | 264.38M | -15.99M | -74.39M | 1.37M | -37.52M | -76.83M | 32.33M | 121.7M | 161.28M | -334.3M | 16.7M |
| Cash from Financing | -1.87B | -2.5B | -2.16B | -1.15B | -3.49B | -2.62B | 93M | 112M | -787M | -721M | -860M | -2.96B | -794M | -973M | 4.79B | -1.15B | 4.76B | -109.55M | -266.74M | 253.79M | 1.37B | -482.66M | 257.08M | 234.47M | -128.45M | 377.79M | 723.63M | 1.13B | 45.5M | 338.9M | 127.3M |
| Debt Issued (Net) | -956M | -1.4B | -1.25B | -259M | -1.47B | -1.4B | 373M | 235M | -378M | -70M | -181M | -2.51B | 1.57B | -2.58B | 5.09B | -925M | 1.42B | 148M | 696.16M | 407.04M | 1.63B | -396.16M | 261.42M | 167.51M | -85.54M | 24.38M | 332.45M | 527.1M | -4.2M | 355.9M | 150.1M |
| Equity Issued (Net) | -180M | -280M | -246M | -329M | -1.42B | -847M | 1M | 2M | -305M | 0 | 0 | 0 | -1.86B | -997M | 0 | 52M | 3.48B | -70M | 36.01M | 43.96M | -134.94M | 25.48M | 34.07M | 582.87M | 32.7M | -32.75M | 444.96M | 650.3M | 78.5M | 11.2M | 6.4M |
| Dividends Paid | -357M | -360M | -353M | -308M | -207M | -52M | -146M | -376M | -382M | -380M | -379M | -377M | -365M | -360M | -332M | -306M | -226M | -208.6M | -239.36M | -204.75M | -154.14M | -117.39M | -90.37M | -72.83M | -68.88M | -54.49M | -52.95M | -42.3M | -28.2M | -25.3M | -23.4M |
| Share Repurchases | -180M | -280M | -246M | -329M | -1.42B | -847M | 0 | 0 | -305M | 0 | 0 | 0 | -1.86B | -997M | 0 | 0 | 0 | 0 | 0 | 0 | -166.91M | 0 | 0 | 0 | 0 | -42.96M | -20.34M | -15.6M | -21.4M | -400K | -1.7M |
| Other Financing | -375M | -458M | -306M | -253M | -390M | -321M | -135M | 251M | 278M | -271M | -300M | -76M | -133M | 2.96B | 28M | 32M | 89M | 21.05M | -759.55M | 7.55M | 33.73M | 5.41M | 51.96M | -443.07M | -6.73M | 440.65M | -838K | -4.9M | -600K | -2.9M | -5.8M |
| Net Change in Cash | 226M | -109M | 538M | -158M | -57M | 40M | 15M | -467M | -954M | 291M | -90M | 698M | -1.23B | 1.75B | -135M | 161M | -1.91B | 866.67M | 1.06B | -14.7M | -88.34M | 117.77M | 77.59M | -18.38M | 16.26M | -1.55M | 24M | -1.3M | 4.8M | -13.2M | 127.3M |
| Free Cash Flow | 1.49B | 1.78B | 769M | 772M | 2.54B | 2.39B | 114M | -94M | -127M | -332M | 481M | -2.14B | -3.01B | 279M | -960M | 2.88B | 1.8B | 592.54M | 1.09B | 875.09M | 172.68M | 616.41M | 775.03M | 1.11B | 343.35M | 409.95M | 518.86M | 46.88M | -228M | -8.1M | -151.6M |
| FCF Margin % | 17.25% | 19.94% | 7.9% | 9.32% | 22.98% | 29.88% | 2.57% | -1.45% | -1.73% | -5.64% | 8.96% | -33.54% | -23.5% | 1.89% | -5.84% | 17.1% | 14.81% | 6.88% | 8.82% | 8.78% | 2.14% | 8.13% | 14.53% | 26.51% | 13.41% | 14.76% | 22.72% | 3.61% | -26.02% | -0.69% | -15.53% |
| FCF Growth % | 19.66% | 131.34% | -0.39% | -69.67% | 6.66% | 1992.98% | 221.28% | 25.98% | 61.75% | -169.02% | 122.47% | 28.8% | -1177.78% | 129.06% | -133.39% | 59.37% | 204.45% | -45.76% | 24.84% | 406.78% | -71.99% | -20.47% | -30.24% | 223.57% | -16.25% | -20.99% | 1006.68% | 120.56% | -2714.81% | 94.66% | 81.46% |
| FCF per Share | 4.19 | 4.96 | 2.18 | 2.50 | 7.64 | 6.36 | 0.30 | -0.25 | -0.33 | -0.87 | 1.27 | -5.66 | -7.83 | 0.69 | -2.46 | 7.19 | 5.03 | 1.76 | 3.24 | 2.62 | 0.52 | 1.85 | 2.34 | 3.41 | 1.14 | 1.31 | 1.84 | 0.19 | -1.01 | -0.04 | -0.75 |
| FCF Conversion (FCF/Net Income) | 0.97x | 3.17x | 4.50x | 1.10x | 1.35x | 3.08x | -0.29x | -0.82x | 94.43x | 1.86x | -1.73x | -0.26x | -1.01x | 4.41x | 4.25x | 2.17x | 2.22x | -14.85x | 9.92x | 2.02x | 1.69x | 1.65x | 1.94x | 2.41x | 2.49x | 2.67x | 2.14x | 3.18x | -3.64x | 4.67x | 4.04x |
| Interest Paid | 135M | 0 | 372M | 322M | 322M | 442M | 419M | 394M | 402M | 405M | 413M | 461M | 260M | 192M | 146M | 156M | 187M | 243M | 171.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 466M | 0 | 1.1B | 1.27B | 1.43B | 633M | 212M | 649M | 867M | 516M | 305M | 573M | 1.36B | 1.77B | 2.59B | 1.69B | 1.17B | 686M | 1.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Regulatory Exposure
As indicated by the provided financial data, APA's operating cash flow consistently exceeds net income, with the OCF/NI ratio reaching a volatile 7.12 in 2025Q3, suggesting that non-cash charges like DD&A significantly mask the underlying cash-generating capacity of the company's diverse international and domestic asset portfolio.
The persistent gap between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash depletion charges rather than actual cash realization. Investors should monitor whether this divergence reflects efficient tax-paid PSC structures or an inability to convert reported profits into sustainable liquidity.
Based on reported quarterly figures, APA's free cash flow trajectory remains highly erratic, swinging from a negative $162 million in 2024Q1 to a peak of $741 million in 2025Q3, which underscores the sensitivity of cash generation to commodity price cycles and aggressive capital expenditure requirements.
The lack of a stable FCF margin trend suggests that the company's cash flow profile is highly susceptible to external price shocks rather than internal operational efficiency. This volatility warrants further investigation into whether the current capital allocation strategy can support dividend commitments during prolonged periods of price weakness.
According to recent cash flow statements, APA maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 30%, indicating that the company must reinvest a substantial portion of its top-line revenue just to maintain production levels across its maturing Permian and North Sea asset base.
The elevated capital intensity suggests that the company is in a constant state of reinvestment, which may limit the amount of cash available for shareholder returns or debt reduction. Analysts should assess whether this spending is primarily for maintenance or if it represents growth-oriented investment in high-risk offshore exploration.
As reported in financial statements, working capital changes have acted as a significant swing factor in cash flow, with a notable $271 million inflow in 2025Q3 followed by a $224 million outflow in 2025Q4, highlighting the impact of timing differences in collections and inventory management.
The erratic nature of working capital movements suggests that the company's cash flow is subject to significant quarter-to-quarter timing noise, which may obscure the underlying operational performance. Investors should monitor these fluctuations to determine if they represent structural inefficiencies in the supply chain or merely temporary timing variances.
Quick answers to the most common questions about buying APA stock.
APA Corporation (APA) generated $4.54B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
APA Corporation (APA) generated $1.78B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
APA Corporation (APA) spent $2.77B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, APA Corporation (APA) returned $360.0M to shareholders via cash dividends and spent $280.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.