APG on NYSE
APi Group Corp
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
31.4%Gross margin3
7.0%Operating margin3
3.8%Net margin3
12.7%Revenue growth, 20253
8.9%Return on equity3
0.81×Debt to equity3
$663.0MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Life Safety brought in 69% of the revenue APi Group Corp broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Life Safety | $4.4B | $4.8B | $5.5B |
| Specialty Contracting | $1.0B | $941.0M | $1.1B |
| Infrastructure and Utility | $1.2B | $998.0M | $1.0B |
| Fabrication and Distribution | $262.0M | $290.0M | $342.0M |
Business segments
Safety Services brought in 69% of the revenue APi Group Corp broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Safety Services | $4.4B | $4.8B | $5.5B |
| Specialty Services | $2.5B | $2.2B | $2.5B |
Regions
Americas brought in 65% of the revenue APi Group Corp broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Americas | $4.3B | $4.4B | $5.2B |
| Other Countries | $2.0B | $2.0B | $2.0B |
| France | $607.0M | $637.0M | $691.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue69¢$5.4B
- Selling, general and admin24¢$1.9B
- Other costs2¢$141.0M
- Income tax1¢$111.0M
- Profit4¢$302.0M
Out of $7.9B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending13¢$96.0M
- Share buybacks10¢$75.0M
- Kept or used elsewhere77¢$588.0M
Out of $759.0M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenues | $7.9B | $7.0B | $6.9B |
| Cost of revenues | $5.4B | $4.8B | $5.0B |
| Gross profit | $2.5B | $2.2B | $1.9B |
| Selling, general, and administrative expenses | $1.9B | $1.7B | $1.6B |
| Operating income | $554.0M | $484.0M | $359.0M |
| Interest expense, net | $141.0M | $146.0M | $145.0M |
| Investment expense (income) and other, net | $0 | $8.0M | -$18.0M |
| Other expense, net | $141.0M | $154.0M | $127.0M |
| Income before income taxes | $413.0M | $330.0M | $232.0M |
| Income tax provision | $111.0M | $80.0M | $79.0M |
| Net income | $302.0M | $250.0M | $153.0M |
| Stock conversion of Series B Preferred Stock | $0 | -$372.0M | $0 |
| Net loss attributable to common shareholders | -$288.0M | -$224.0M | -$161.0M |
| Net loss per common share (basic) (in dollars per share) | -$0.69 | -$0.56 | -$0.46 |
| Net loss per common share (diluted) (in dollars per share) | -$0.69 | -$0.56 | -$0.46 |
| Weighted-average shares outstanding (basic) (in shares) | 415.7M shares | 401.5M shares | 352.7M shares |
| Weighted-average shares outstanding (diluted) (in shares) | 415.7M shares | 401.5M shares | 352.7M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2025-06-30 | 2025-03-31 |
|---|---|---|---|
| Cash and cash equivalents | $912.0M | ||
| Accounts receivable, net of allowances of $14 and $9 at December 31, 2025 and 2024, respectively | $1.6B | ||
| Inventories | $145.0M | ||
| Contract assets | $484.0M | ||
| Prepaid expenses and other current assets | $125.0M | ||
| Total current assets | $3.2B | ||
| Property and equipment, net | $397.0M | ||
| Operating lease right-of-use assets | $301.0M | ||
| Goodwill | $3.2B | ||
| Intangible assets, net | $1.6B | ||
| Deferred tax assets | $40.0M | ||
| Pension and post-retirement assets | $129.0M | ||
| Other assets | $89.0M | ||
| Total assets | $8.9B | ||
| Short-term and current portion of long-term debt | $5.0M | ||
| Accounts payable | $526.0M | ||
| Contingent consideration and compensation liabilities | $60.0M | ||
| Accrued salaries and wages | $444.0M | ||
| Contract liabilities | $694.0M | ||
| Operating and finance leases | $98.0M | ||
| Other accrued liabilities | $323.0M | ||
| Total current liabilities | $2.1B | ||
| Long-term debt, less current portion | $2.8B | ||
| Pension and post-retirement obligations | $50.0M | ||
| Contingent consideration and compensation liabilities | $8.0M | ||
| Operating and finance leases | $215.0M | ||
| Deferred tax liabilities | $205.0M | ||
| Other noncurrent liabilities | $146.0M | ||
| Total liabilities | $5.5B | ||
| Commitments and contingencies (Note 18) | $0 | ||
| Series A Preferred Stock, $0.0001 par value; 7,000,000 authorized shares; 4,000,000 shares issued and outstanding at December 31, 2025 and 2024 | $0 | ||
| Common stock, $0.0001 par value; 1,000,000,000 and 500,000,000 authorized shares; and 415,915,273 shares and 412,167,491 shares issued at December 31, 2025 and 2024, respectively (excluding 15,212,810 and 11,916,156 shares declared for stock dividend at December 31, 2025 and 2024, respectively) | $0 | ||
| Additional paid-in capital | $3.3B | ||
| Retained earnings | $517.0M | ||
| Accumulated other comprehensive loss | -$405.0M | ||
| Total shareholders equity | $3.4B | ||
| Total liabilities and shareholders equity | $8.9B | ||
| Accounts receivable, net of allowances | $14.0M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 1.0B shares | 1.0B shares | 500.0M shares |
| Common stock issued (in shares) | 415.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $302.0M | $250.0M | $153.0M |
| Depreciation | $85.0M | $80.0M | $79.0M |
| Amortization | $242.0M | $222.0M | $224.0M |
| Restructuring charges, net of cash paid | -$6.0M | -$16.0M | $9.0M |
| Deferred taxes | $15.0M | -$30.0M | -$32.0M |
| Share-based compensation expense | $44.0M | $32.0M | $29.0M |
| Profit-sharing expense | $36.0M | $27.0M | $19.0M |
| Non-cash lease expense | $110.0M | $97.0M | $88.0M |
| Net periodic pension cost (benefit) | $23.0M | $27.0M | -$8.0M |
| Other, net | -$9.0M | -$28.0M | $3.0M |
| Accounts receivable | -$57.0M | -$2.0M | -$69.0M |
| Contract assets | -$17.0M | -$9.0M | $26.0M |
| Inventories | $6.0M | $9.0M | $13.0M |
| Prepaid expenses and other current assets | $1.0M | $6.0M | -$14.0M |
| Accounts payable | $5.0M | $16.0M | -$14.0M |
| Accrued liabilities and income taxes payable | $45.0M | -$3.0M | $42.0M |
| Contract liabilities | $85.0M | $46.0M | $51.0M |
| Other assets and liabilities | -$151.0M | -$104.0M | -$85.0M |
| Net cash provided by operating activities | $759.0M | $620.0M | $514.0M |
| Acquisitions, net of cash acquired | -$186.0M | -$778.0M | -$83.0M |
| Purchases of property and equipment | -$96.0M | -$84.0M | -$86.0M |
| Proceeds from sales of property, equipment, held for sale assets, and businesses | $28.0M | $33.0M | $54.0M |
| Net cash used in investing activities | -$254.0M | -$829.0M | -$115.0M |
| Proceeds from long-term borrowings | $0 | $850.0M | $0 |
| Payments on long-term borrowings | -$7.0M | -$437.0M | -$484.0M |
| Repurchases of common stock | -$75.0M | $0 | -$41.0M |
| Proceeds from the issuance of common shares | $0 | $458.0M | $0 |
| Conversion of Series B Preferred Stock | $0 | -$600.0M | $0 |
| Payments of acquisition-related consideration | -$18.0M | -$8.0M | -$4.0M |
| Restricted shares tendered for taxes | -$21.0M | -$13.0M | -$3.0M |
| Other financing activities | $0 | -$5.0M | $0 |
| Net cash (used in) provided by financing activities | -$121.0M | $245.0M | -$532.0M |
| Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash | $28.0M | -$15.0M | $6.0M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $412.0M | $21.0M | -$127.0M |
| Cash paid for interest, net of interest income | $136.0M | $152.0M | $150.0M |
| Cash paid for income taxes, net of refunds | $111.0M | $101.0M | $95.0M |
| Accrued consideration | $30.0M | $31.0M | $11.0M |
| Shares of common stock issued to profit sharing plan | $24.0M | $18.0M | $14.0M |
| Shares of common stock issued for conversion of Series B Preferred Stock | $0 | $569.0M | $0 |
Recent filings
- Aug 5, 20264
- Aug 5, 20264
- Aug 3, 2026144
- Aug 3, 2026144
- Jul 30, 20268-K
- Jul 30, 202610-Q
- Jul 2, 20268-K
- Jun 23, 20264
- Jun 12, 20264
- Jun 11, 2026144
- Jun 9, 20268-K
- Jun 1, 2026SD
- May 19, 20268-K
- May 19, 20264
- May 19, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAPi Group Corp filings on SEC EDGAR
- 2SEC EDGARAPi Group Corp filings on SEC EDGAR
- 3SEC EDGARAPi Group Corp 10-K for fiscal 2025
- 4SEC EDGARAPi Group Corp 10-K for fiscal 2019
- 5SEC EDGARAPi Group Corp 10-K for fiscal 2020
- 6SEC EDGARAPi Group Corp 10-K for fiscal 2021
- 7SEC EDGARAPi Group Corp 10-K for fiscal 2022
- 8SEC EDGARAPi Group Corp 10-Q for fiscal 2026
- 9SEC EDGARAPi Group Corp 10-Q for fiscal 2026
- 10SEC EDGARAPi Group Corp 10-K for fiscal 2019