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APA 8-K Report, Financial Results (Feb 25, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 25, 2026
Period End
February 25, 2026
Security
APA
In the record · 2021–202610-K510-Q188-K64

APA filed 5 annual reports (10-K), 18 quarterly reports (10-Q) and 64 current reports (8-K) between 2021 and 2026.

  1. Material agreement8-K · May ’22May ’22
  2. Leadership change8-K · Apr ’24Apr ’24
  3. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.

APA Corporation furnished a press release dated February 25, 2026 (Exhibit 99.1) announcing its fourth-quarter and full-year 2025 financial and operating results under Item 2.02.

For the fourth quarter of 2025, the company reported net income attributable to common stock of $279 milliona, or $0.79 per diluted share, and adjusted earnings of $324 million, or $0.91 per diluted share. Fourth-quarter net cash provided by operating activities was $808 million, free cash flow was $425 million, and adjusted EBITDAX was $1.2 billion. For full-year 2025, the company reported $4.5 billion of net cash from operations, $1.0 billion of free cash flow, $5.4 billion of adjusted EBITDAX, and net income attributable to common stock of $1.43 billion, or $3.99 per diluted share.

Year-end total debt was $4.49 billionb and net debt was $3.98 billion, and the company returned $640 million to shareholders in 2025. For 2026, APA plans total upstream capital of $2.1 billion, a 10% reduction versus 2025, including $230 million for the GranMorgu development and $70 million for exploration in Suriname Block 58 and Alaska. Total adjusted production is expected to be 371,000 BOE per day, a year-over-year decline driven primarily by the North Sea, U.S. gas volumes and asset sales.

U.S. oil production is expected to average 120,000 to 122,000 barrels per day. The company also reported a comprehensive Permian inventory assessment that identified about 10 years of economic inventory, and it raised its run-rate controllable spend savings target to $450 millionc by year-end 2026. Year-end 2025 worldwide estimated proved reserves grew 9% to 1,056 million BOE, of which 734 million BOE were proved developed.

The company will hold a conference call on February 26, 2026 at 10 a.m. Central time.

02—Key points

Key Highlights

  1. Q4 2025 net income attributable to common stock of $279 million ($0.79 per diluted share); adjusted earnings of $324 million ($0.91 per diluted share).
  2. Q4 2025 net cash from operations of $808 million, free cash flow of $425 million, and adjusted EBITDAX of $1.2 billion.
  3. Full-year 2025 free cash flow of $1.0 billion, adjusted EBITDAX of $5.4 billion, and $640 million returned to shareholders.
  4. Year-end 2025 total debt of $4.49 billion and net debt of $3.98 billion, down from $5.3 billion of net debt at March 31, 2025.
  5. 2026 upstream capital plan of $2.1 billion, a 10% reduction versus 2025, with total adjusted production expected at 371,000 BOE per day.
  6. Year-end 2025 proved reserves grew 9% to 1,056 million BOE, with a Permian inventory review identifying about 10 years of economic inventory.
  7. Run-rate controllable spend savings reached $350 million by year-end 2025, with a new target of $450 million by year-end 2026.

03—Questions

Frequently Asked Questions

  1. How did APA perform in the fourth quarter of 2025?

    APA reported fourth-quarter net income attributable to common stock of $279 million, or $0.79 per diluted share, and adjusted earnings of $324 million, or $0.91 per diluted share. Net cash from operating activities was $808 million, free cash flow was $425 million, and adjusted EBITDAX was $1.2 billion.

  2. What is APA's 2026 capital and production outlook?

    APA plans total upstream capital of $2.1 billion, a 10% reduction versus 2025, including $230 million for the GranMorgu development and $70 million for exploration. Total adjusted production is expected to be 371,000 BOE per day, a year-over-year decline driven primarily by the North Sea, U.S. gas volumes and asset sales.

  3. How much debt did APA have at year-end 2025?

    At December 31, 2025, APA reported total debt of $4.49 billion and net debt of $3.98 billion, with cash and cash equivalents of $516 million.

  4. How much did APA return to shareholders in 2025?

    APA returned $640 million to shareholders in 2025 through dividends and share repurchases, which the company said represented more than 60% of free cash flow.

  5. What did APA's Permian assessment find?

    APA completed a comprehensive assessment of its Permian inventory and reported about 10 years of economic inventory at its current cost structure, along with substantial technical upside. The company said this increased its confidence in sustaining oil production for the next decade.

04—Continue

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