APA Q3 2026: adjusted EPS $1.94 beats $1.57, free cash flow $699 million
APA's third quarter was a cash quarter: revenue rose 30.9% and adjusted EPS of $1.94 beat the $1.57 consensus by a wide margin, while free cash flow of $699 million funded $537 million of buybacks and dividends plus $451 million of debt repayment. The caveat is the top line — $2.77 billion in the income statement versus $2.93 billion in the structured feed — so read growth as a range, and read the cash flow story as the real headline.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.00 and adjusted EPS was $1.94 against a $1.57 consensus, a 23.8% beat and roughly double last year's $0.93 adjusted. The GAAP-to-adjusted gap is unusually small this quarter, chiefly a $17 million unrealized derivative gain, whereas last year's quarter carried $115 million of unrealized derivative losses. Net income of $698 million compared with $205 million a year ago.
Total revenues were $2.77 billion, up 30.9% from $2.12 billion a year earlier, helped by oil realizations of $92.02 a barrel versus $67.43. The four segment lines — oil $1.93 billion, purchased oil and gas $409 million, natural gas $236 million and NGLs $190 million — sum exactly to $2.77 billion, so that is the figure that foots. The filing's structured tag says $2.93 billion; until that reconciles, treat the top line as a range rather than a point.
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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 2026-11-05
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