APA Corporation (APA) Cash Flow Statement
Where APA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.54B +25.6% vs 2024
- Capital expenditures
- $2.77B 31.0% of revenue
- Free cash flow
- $1.78B 19.9% margin
- Returned to shareholders
- $640.0M 36% of free cash flow
- Change in cash
- −$109.0M cash at year-end $516.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
APA operating cash flow, capex and free cash flow
APA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.43B2016 | $4.54B2025 | +7.2%/yr | |
| Capital expenditures | $1.95B2016 | $2.77B2025 | +4.0%/yr | |
| Free cash flow | $481.0M2016 | $1.78B2025 | +15.6%/yr | |
| Free cash flow margin | 9.0%2016 | 19.9%2025 | +11.0 pts | |
| Operating cash flow / net income | 1.622017 | 3.172025 | +1.55 | |
| Stock-based compensation | $131.0M2016 | $49.0M2024 | −11.6%/yr | |
| Dividends paid | $379.0M2016 | $360.0M2025 | −0.6%/yr | |
| Share buybacks (net) | $02016 | $280.0M2025 | — | |
| Capex / revenue | 36.3%2016 | 31.0%2025 | −5.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APA cash flow by activity
APA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
APA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.43B | $1.12B | $3.21B | $4.08B | $1.31B | −$4.90B | −$3.68B | $286.0M | $1.50B | −$1.24B |
| Depreciation & amortization | $2.53B | $2.27B | $1.54B | $1.23B | $1.36B | $1.77B | $2.68B | $2.86B | $2.84B | $3.13B |
| Stock-based compensation | — | $49.0M | $84.0M | $304.0M | −$1.36B | −$1.77B | −$2.68B | $157.0M | $142.0M | $131.0M |
| Change in working capital | $292.0M | −$535.0M | −$417.0M | $121.0M | $37.0M | −$186.0M | −$3.0M | $245.0M | −$320.0M | $153.0M |
| Other non-cash items | $288.0M | $722.0M | −$1.28B | −$797.0M | $2.15B | $6.48B | $6.55B | $225.0M | −$1.74B | $259.0M |
| Cash from operating activities | $4.54B | $3.62B | $3.13B | $4.94B | $3.50B | $1.39B | $2.87B | $3.78B | $2.43B | $2.43B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.77B | −$2.85B | −$2.36B | −$2.40B | −$1.11B | −$1.30B | −$2.96B | −$3.90B | −$2.76B | −$1.95B |
| Investments (net) | — | −$924.0M | −$2.40B | −$1.51B | −$833.0M | −$1.47B | −$1.17B | −$91.0M | −$1.42B | −$1.66B |
| Acquisitions & other investing | $613.0M | $2.85B | $2.62B | $2.42B | $1.28B | $1.30B | $687.0M | $51.0M | $2.76B | $1.95B |
| Cash from investing activities | −$2.15B | −$924.0M | −$2.14B | −$1.49B | −$666.0M | −$1.47B | −$3.45B | −$3.94B | −$1.42B | −$1.66B |
| Financing activities | ||||||||||
| Dividends paid | −$360.0M | −$353.0M | −$308.0M | −$218.0M | −$98.0M | −$146.0M | −$376.0M | −$382.0M | −$380.0M | −$379.0M |
| Share repurchases & issuance (net) | −$280.0M | −$246.0M | −$329.0M | −$1.42B | −$847.0M | $1.39B | $1.39B | −$305.0M | $0 | $0 |
| Net borrowing (repayment) | −$1.40B | −$1.25B | −$259.0M | $138.0M | $425.0M | $223.0M | $235.0M | −$378.0M | −$70.0M | −$181.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.0M | $2.0M | $0 | $0 | $0 |
| Other financing | −$458.0M | −$306.0M | −$253.0M | −$1.99B | −$2.10B | −$1.37B | −$1.13B | $278.0M | −$271.0M | −$300.0M |
| Cash from financing activities | −$2.50B | −$2.16B | −$1.15B | −$3.49B | −$2.62B | $93.0M | $112.0M | −$787.0M | −$721.0M | −$860.0M |
| Summary | ||||||||||
| Net change in cash | −$109.0M | $538.0M | −$158.0M | −$57.0M | $40.0M | $15.0M | −$467.0M | −$954.0M | $291.0M | −$90.0M |
| Cash at end of period | $516.0M | $625.0M | $87.0M | $245.0M | $302.0M | $262.0M | $247.0M | $714.0M | $1.67B | $1.38B |
| Free cash flow | $1.78B | $769.0M | $772.0M | $2.54B | $2.38B | $86.0M | −$94.0M | −$127.0M | −$332.0M | $481.0M |
| Free cash flow margin | 19.9% | 7.9% | 9.3% | 23.0% | 29.8% | 1.9% | −1.4% | −1.7% | −5.6% | 9.0% |
| Capex / revenue | 31.0% | 29.3% | 28.5% | 21.7% | 13.9% | 29.4% | 45.6% | 53.1% | 46.9% | 36.3% |
| Operating cash flow / net income | 3.17 | 3.24 | 0.98 | 1.21 | 2.66 | — | — | 13.21 | 1.62 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $924.0M | $446.0M | $279.0M | $278.0M | $665.0M | $418.0M | $425.0M | −$139.0M | $620.0M | $212.0M | $1.86B | $459.0M |
| Depreciation & amortization | $450.0M | $553.0M | $628.0M | $609.0M | $530.0M | $643.0M | $653.0M | $595.0M | $588.0M | $430.0M | $476.0M | $502.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $84.0M | −$474.0M |
| Change in working capital | $198.0M | −$637.0M | −$224.0M | $271.0M | $200.0M | $45.0M | −$107.0M | $221.0M | −$190.0M | −$459.0M | $23.0M | −$161.0M |
| Other non-cash items | $134.0M | $192.0M | $125.0M | $302.0M | −$214.0M | −$10.0M | $65.0M | $662.0M | −$141.0M | $185.0M | −$1.42B | $438.0M |
| Cash from operating activities | $1.71B | $554.0M | $808.0M | $1.46B | $1.18B | $1.10B | $1.04B | $1.34B | $877.0M | $368.0M | $1.03B | $764.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$569.0M | −$542.0M | −$590.0M | −$719.0M | −$667.0M | −$790.0M | −$694.0M | −$867.0M | −$756.0M | −$530.0M | −$575.0M | −$653.0M |
| Investments (net) | — | — | — | −$700.0M | −$95.0M | −$786.0M | $83.0M | −$855.0M | −$64.0M | −$88.0M | −$356.0M | −$667.0M |
| Acquisitions & other investing | −$22.0M | $0 | $18.0M | $719.0M | $667.0M | $790.0M | $694.0M | $867.0M | $756.0M | $530.0M | $575.0M | $653.0M |
| Cash from investing activities | −$591.0M | −$542.0M | −$572.0M | −$700.0M | −$95.0M | −$786.0M | $83.0M | −$855.0M | −$64.0M | −$88.0M | −$356.0M | −$667.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$89.0M | −$88.0M | −$89.0M | −$90.0M | −$90.0M | −$91.0M | −$93.0M | −$92.0M | −$92.0M | −$76.0M | −$76.0M | −$77.0M |
| Share repurchases & issuance (net) | −$100.0M | — | −$65.0M | −$65.0M | −$50.0M | −$100.0M | −$100.0M | −$2.0M | −$43.0M | −$101.0M | −$121.0M | −$20.0M |
| Net borrowing (repayment) | −$675.0M | −$79.0M | $0 | −$62.0M | −$815.0M | −$526.0M | −$330.0M | −$373.0M | — | — | — | $6.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$100.0M | −$68.0M | −$41.0M | −$175.0M | −$91.0M | −$151.0M | −$35.0M | −$113.0M | −$620.0M | −$88.0M | −$485.0M | −$53.0M |
| Cash from financing activities | −$964.0M | −$235.0M | −$195.0M | −$392.0M | −$1.05B | −$868.0M | −$558.0M | −$580.0M | −$755.0M | −$265.0M | −$682.0M | −$144.0M |
| Summary | ||||||||||||
| Net change in cash | $151.0M | −$223.0M | $41.0M | $368.0M | $40.0M | −$558.0M | $561.0M | −$96.0M | $58.0M | $15.0M | −$8.0M | −$47.0M |
| Cash at end of period | $444.0M | $293.0M | $516.0M | $475.0M | $107.0M | $67.0M | $625.0M | $64.0M | $160.0M | $102.0M | $87.0M | −$47.0M |
| Free cash flow | $1.14B | $12.0M | $218.0M | $741.0M | $514.0M | $306.0M | $342.0M | $472.0M | $121.0M | −$162.0M | $455.0M | $111.0M |
| Free cash flow margin | 47.4% | 0.5% | 10.9% | 35.0% | 23.6% | 11.6% | 12.6% | 18.6% | 4.8% | −8.3% | 21.0% | 4.8% |
| Capex / revenue | 23.7% | 23.3% | 29.6% | 34.0% | 30.6% | 30.0% | 25.6% | 34.3% | 29.7% | 27.2% | 26.5% | 28.3% |
| Operating cash flow / net income | 1.85 | 1.24 | 2.90 | 5.25 | 1.78 | 2.62 | 2.44 | — | 1.41 | 1.74 | 0.55 | 1.66 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
APA cash generation
In fiscal 2025 (ended December 31, 2025), APA generated $4.5 billion of cash from operations (up 25.6%) and spent $2.8 billion on capital expenditures, leaving free cash flow of $1.8 billion, 19.9% of revenue. It returned $640.0 million to shareholders through dividends ($360.0 million) and net share buybacks ($280.0 million). Cash and equivalents fell by $109.0 million over the year.
Related: APA income statement, APA balance sheet, APA dividend history. See the APA stock overview for the latest quote and news.
APA cash flow FAQ
What is APA's free cash flow?
APA's free cash flow was $1.8 billion in fiscal 2025: $4.5 billion of operating cash flow minus $2.8 billion of capital expenditures It was $769.0 million a year earlier..
How much cash does APA generate from operations?
APA generated $4.5 billion of cash from operating activities in fiscal 2025, 3.17 times its net income of $1.4 billion.
How much does APA spend on capital expenditures?
APA spent $2.8 billion on capital expenditures in fiscal 2025, 31.0% of revenue, compared with $2.9 billion the year before.
How much stock does APA buy back?
APA spent $280.0 million on net share repurchases in fiscal 2025.
How much does APA pay in dividends?
APA paid $360.0 million in dividends in fiscal 2025, 20.2% of free cash flow.