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AI核心结论
APA Corporation delivered strong Q1 FY2026 earnings growth with net income up 28.5% YoY to $446M and EPS rising 31.3% to $1.26, though operating cash flow declined sharply by 49.5% to $554M.
每股收益（基本）
$1.26
同比 ++31.25%
营业利润
$1.05B
同比 ++21.97%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
净利润 $446M，同比增长 28.5%，稀释每股收益 $1.26。
APA's operating income rose from $865M to $1,055M (+22.0% YoY), reflecting improved operational performance and likely higher realized commodity prices or production volumes driving top-line strength.
来源: Source: 10-Q Income Statement
Net income grew 28.5% YoY to $446M, with basic and diluted EPS both reaching $1.26 versus $0.96 in the prior year period, indicating meaningful earnings accretion for shareholders.
来源: Source: 10-Q Income Statement
Operating cash flow fell sharply by 49.5% YoY to $554M from $1,096M, a notable divergence from net income growth that may reflect working capital changes, timing of receivables, or commodity price settlements.
来源: Source: 10-Q Cash Flow Statement
Stockholders' equity increased 18.8% YoY to $6,456M from $5,436M, suggesting retained earnings accumulation and an improving balance sheet foundation.
来源: Source: 10-Q Balance Sheet
Cash and equivalents surged 337.3% YoY to $293M from $67M, providing APA with significantly enhanced near-term liquidity despite the lower operating cash flow in the quarter.
来源: Source: 10-Q Balance Sheet
Operating cash flow dropped nearly 50% YoY to $554M despite strong net income growth of 28.5%, signaling potential working capital headwinds or unfavorable cash timing. This divergence between earnings and cash generation could pressure APA's ability to fund capital expenditures and shareholder returns if sustained.
来源: Source: 10-Q Cash Flow Statement
APA's current ratio stands at approximately 0.92, meaning current liabilities of $2,491M exceed current assets of $2,289M. While the cash position improved dramatically, this sub-1.0 ratio indicates the company may need to rely on operating cash flows or credit facilities to meet near-term obligations.
来源: Source: 10-Q Balance Sheet
Total assets declined 2.4% YoY to $18,079M from $18,531M, which may reflect asset divestitures, depreciation outpacing capital investment, or impairments. Continued asset base erosion could limit future production capacity and revenue generation.
来源: Source: 10-Q Balance Sheet
As an oil and gas exploration and production company, APA's revenues and profitability are highly sensitive to fluctuations in crude oil and natural gas prices. The strong operating income improvement in Q1 FY2026 may not be sustainable if commodity prices weaken.
来源: Source: 10-Q Income Statement
D&A fell 14.0% YoY to $553M from $643M, which could indicate a shrinking productive asset base or reduced capital spending in prior periods. Lower D&A may reflect asset write-downs or divestitures that could constrain future production growth.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $1.38，分析师一致预期 $1.14，超预期 +20.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润 | $1.05B | $865M | +21.97% |
净利润 | $446M | $347M | +28.53% |
每股收益（基本） | $1.26 | $0.96 | +31.25% |
每股收益（稀释） | $1.26 | $0.96 | +31.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $18.08B | $18.53B | -2.44% |
流动资产 | $2.29B | $2.44B | -6.34% |
流动负债 | $2.49B | $2.76B | -9.78% |
股东权益 | $6.46B | $5.44B | +18.76% |
现金及等价物 | $293M | $67M | +337.31% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $554M | $1.1B | -49.45% |
投资活动现金流 | $-542M | $-786M | +31.04% |
筹资活动现金流 | $-235M | $-868M | +72.93% |
折旧及摊销 | $553M | $643M | -14.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净资产收益率 | 6.9% | — | — |
总资产收益率 | 2.5% | — | — |
流动比率 | $0.919 | — | — |
预计发布日期、分析师预期与关注要点
Oil & Gas Exploration & Production 行业其他公司
APA reported Q1 FY2026 net income of $446M and EPS of $1.26, representing YoY growth of 28.5% and 31.3% respectively. Whether these figures beat Wall Street consensus estimates cannot be confirmed from the filing data alone, but the strong YoY improvement suggests solid operational performance.
APA's Q1 FY2026 highlights include a 22% surge in operating income to $1,055M and a 28.5% jump in net income to $446M, demonstrating strong profitability improvement. However, operating cash flow fell nearly 50% YoY to $554M, and the current ratio dipped below 1.0, which are areas investors should monitor closely.
APA's operating cash flow declined 49.5% YoY to $554M from $1,096M despite net income growing 28.5%, a significant divergence likely driven by working capital changes, timing of receivables, or commodity price settlements. The filing text was not available to provide management's specific explanation for this gap.
Based on the financial data, key risks include the sharp decline in operating cash flow, a current ratio below 1.0 indicating near-term liquidity pressure, and APA's inherent exposure to volatile oil and gas commodity prices. A shrinking total asset base (-2.4% YoY to $18,079M) also raises questions about future production capacity.
APA's financial health shows a mixed picture: profitability is improving with net income up 28.5% to $446M and stockholders' equity growing 18.8% to $6,456M, but liquidity is a concern with a current ratio of 0.92 and operating cash flow down nearly 50% YoY. The cash position improved dramatically to $293M (+337% YoY), providing some near-term buffer.