APA (APA) Q3 2026 Earnings
Adjusted EPS excludes unrealized derivative instrument gains of $22 million pre-tax ($17 million after tax, $0.05/share), gain on extinguishment of debt of $3 million, gain on divestitures of $7 million pre-tax, and $1 million of transaction costs; GAAP diluted EPS was $2.00.
How Did APA Stock React to Q3 2026 Earnings?
Did APA Beat Earnings? Q3 2026 Results
Yes. APA reported Q3 2026 earnings of $1.94 a share on Nov 4, 2026, beating the $1.59 consensus estimate by 21.9%. Revenue was $2.8B against a $2.5B estimate.
APA Corporation delivered a standout third quarter for fiscal 2026, posting adjusted EPS of $1.94 against a consensus estimate of $1.59, a beat of 21.87% that extends the company's winning streak to six consecutive quarters of topping Wall Street expectations. Revenue of $2.77 billion climbed 30.9% year over year and cleared the $2.51 billion consensus by 10.50%, propelled by stronger Permian Basin execution and a jump in realized oil prices to $92.02 per barrel from $67.43 a year earlier. U.S. oil production averaged 128,000 barrels per day, 4,000 barrels above guidance, as high uptime and earlier well completions accelerated output. Adjusted EBITDAX reached $1.86 billion, while year-to-date free cash flow hit $1.91 billion, supporting $451 million of debt repayment in the quarter alone and $537 million in shareholder returns. Looking ahead, APA raised its full-year 2026 free cash flow outlook by $600 million to approximately $2.90 billion, lifted U.S. oil production guidance to 124,000 barrels per day, and set a new net debt target of $2.00 billion, down from $3.00 billion.
- U.S. oil production of 128,000 b/d, 4,000 b/d above guidance, on high uptime, earlier turn-in-lines and robust new well performance
- Egypt gross gas production rose to 542 MMcf/d on strong well performance and more resilient base production
- Higher realized oil price of $92.02/bbl vs $67.43 a year ago
- Egypt gas realizations increased to $4.34/Mcf from $4.23 in Q2
- Drilling and completion efficiency gains in the Permian improving capital productivity
- Debt reduction of $2.8 billion since year-end 2024 lowering annualized interest expense by more than $180 million
“We are delivering another strong year, with our third-quarter results reflecting the quality of our assets and consistent execution across the business.”
APA CEO, on the earnings call
What Is APA's Outlook?
APA raised its full-year 2026 free cash flow outlook to approximately $2.9 billion at current strip prices, up $600 million from its August update, supporting substantial fourth-quarter buybacks and continued debt reduction. Full-year U.S. oil production is now expected at 124,000 b/d, above initial guidance of 120,000–122,000 b/d. Fourth-quarter U.S. oil is expected to moderate due to turn-in-line timing and seasonal weather. Egypt gross BOE production is expected to rise slightly in Q4 and for the full year. Other 2026 guidance: - Q4 upstream capital investment of approximately $525 million. - Permian capital raised by $30 million. - Abandonment and decommissioning spend lowered to $285 million. - Lease operating expense guidance raised to $1,525 million. - $500 million run-rate cost savings by year-end 2026 reiterated. APA expects to hit its $3 billion net debt target by year-end and has set a new $2 billion target. The preliminary 2027 upstream capital budget is $2.5 billion, with similar U.S. and Egypt production year-over-year.
APA YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.8B | $2.1B | +30.9% |
| Net Income | $698.0M | $205.0M | +240.5% |
APA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.