APA Q2 2026: EPS in line, oil guidance raised, FCF $738 million
APA's quarter was solid but not a beat: adjusted earnings of $1.89 per share landed almost exactly on the $1.8863 consensus, while revenue rose 9.0% to $2.373 billion and net income reached $747 million. Read the print as a cash-and-cost story — falling production and weak gas prices were offset by higher oil realizations, $738 million of free cash flow and continued debt paydown.
1 · Expected vs. Actual
Free preview belowGAAP earnings were $2.11 per diluted share versus $1.67 a year ago, and adjusted earnings were $1.89 per share, compared with $0.87 last year. Against a consensus of $1.8863, the adjusted number is a rounding-error beat of about 0.2%, not a real surprise. Adjusted earnings of $669 million did more than double the prior year's $313 million, largely because the adjustments swung favorably rather than because operations transformed.
Revenue of $2.373 billion was 9.0% above the $2.178 billion reported a year earlier, and almost all of that came from oil, which brought in $1.826 billion as the average realized oil price rose to $98.24 per barrel from $65.58. Natural gas revenue fell 77.7% to $41 million, so gas is now a rounding error next to oil — 1.7% of total revenue.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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