Live: Will Adobe Smash Q2 Earnings After the Bell Tonight?
Q1 26 EPS
$1.38
BEAT +20.90%
Est. $1.14
Q1 26 Revenue
$2.33B
BEAT +4.99%
Est. $2.22B
vs S&P Since Q1 26
-10.8%
TRAILING MARKET
APA -10.0% vs S&P +0.8%
Market Reaction
Did APA Beat Earnings? Q1 2026 Results
APA Corp delivered a strong first-quarter 2026 earnings beat, posting adjusted EPS of $1.38 against a consensus estimate of $1.14, a 20.90% positive surprise, while revenue of $2.33 billion edged past the $2.22 billion estimate by 4.99% even as total… Read more APA Corp delivered a strong first-quarter 2026 earnings beat, posting adjusted EPS of $1.38 against a consensus estimate of $1.14, a 20.90% positive surprise, while revenue of $2.33 billion edged past the $2.22 billion estimate by 4.99% even as total revenue fell 11.7% year-over-year. The headline driver was a disciplined cost reduction effort, with lease operating expenses dropping to $362 million from $407 million a year ago, helping push free cash flow to $477 million, nearly four times the $126 million generated in Q1 2025. Higher realized oil prices and improved Permian Basin uptime also contributed, with U.S. Oil production of approximately 124,000 barrels per day exceeding internal guidance. APA simultaneously repaid $634 million in near-term bond maturities, reducing net debt to $4.12 billion and positioning annual interest expense to fall by more than $60 million. Looking ahead, the company raised its full-year U.S. Oil production outlook to 122,000 barrels per day while holding Permian capital spending steady at $1.30 billion, signaling confidence in continued operational efficiency.
Key Takeaways
- • Continued Permian Basin efficiency gains and improved uptime driving U.S. oil production above guidance
- • Strong well performance in Egypt underlying gross oil production
- • Lower lease operating expenses and upstream capital investment versus guidance and prior year
- • Favorable working capital changes of $637 million boosting operating cash flow
- • Higher realized oil prices ($78.69/bbl vs $73.73/bbl in Q1 2025)
APA Forward Guidance & Outlook
APA raised its full-year 2026 U.S. oil production outlook to 122,000 barrels per day, up from prior guidance, reflecting strong Permian Basin uptime and efficiency gains, with Permian capital spending unchanged at $1.3 billion. For Q2 2026, U.S. oil production is expected at 121,000 barrels per day and Egypt gross gas production is expected to increase to 540 MMCF per day. Full-year Egypt gross gas production guidance is reaffirmed at 540–550 MMCF per day. Upstream capital investment and LOE guidance remain approximately $2.1 billion and $1.5 billion, respectively. The company is on track toward $450 million in cumulative run-rate cost savings by year-end 2026. Interest expense is expected to be more than $60 million lower in 2026 due to deleveraging actions.
APA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
APA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first-quarter results reflect consistent execution across the portfolio. We delivered strong operational performance, exceeded U.S. oil production guidance, and generated significant free cash flow while maintaining capital discipline. At the same time, we continue to structurally lower our cost base, strengthen the balance sheet, and advance our high-quality portfolio of development and exploration opportunities.”
— John J. Christmann IV, Q1 2026 Earnings Press Release
APA Earnings Trends
APA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APA EPS Trend
Earnings per share: estimate vs actual
APA Revenue Trend
Quarterly revenue: estimate vs actual
APA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.14 | $1.38 | +20.90% | $2.33B | +4.99% |
| Q4 25 BEAT FY | $0.64 | $0.91 | +41.72% | $1.99B | +6.60% |
| FY Full Year | $3.50 | $3.77 | +7.56% | $8.92B | -2.00% |
| Q3 25 BEAT | $0.79 | $0.93 | +17.59% | $2.12B | +0.40% |
| Q2 25 BEAT | $0.48 | $0.87 | +81.51% | $2.18B | +5.55% |
| Q1 25 BEAT | $0.82 | $1.06 | +29.17% | $2.64B | +20.05% |