APi Group (APG)

NYSE Industrials Construction & Engineering S&P MidCap 400

$40.87

+0.54 (+1.34%)

Close of Nov 06, 2026 · end-of-day data

Source: APi Group's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$3.73B	$985.00M	$3.59B	$3.94B	$6.56B	$6.93B	$7.02B	$7.91B
Cost of revenue	$2.94B	$787.00M	$2.83B	$3.00B	$4.84B	$4.99B	$4.84B	$5.42B
Gross profit	$787.00M	$198.00M	$756.00M	$939.00M	$1.71B	$1.94B	$2.18B	$2.49B
Selling, general & admin	$625.00M	$359.00M	$725.00M	$803.00M	$1.55B	$1.58B	$1.69B	$1.93B
Operating income	$162.00M	-$161.00M	-$166.00M	$136.00M	$162.00M	$359.00M	$484.00M	$554.00M
Interest expense	$22.00M	$15.00M	$52.00M	$60.00M	$125.00M	$145.00M	—	—
Pre-tax income	$146.00M	-$151.00M	-$184.00M	$79.00M	$93.00M	$232.00M	$330.00M	$413.00M
Income tax	$10.00M	$2.00M	-$31.00M	$32.00M	$20.00M	$79.00M	$80.00M	$111.00M
Net income	$136.00M	-$153.00M	-$153.00M	$47.00M	$73.00M	$153.00M	$250.00M	$302.00M
EBITDA	$222.00M	-$143.00M	-$85.00M	$211.00M	$239.00M	$438.00M	$564.00M	$639.00M
EPS (basic)	—	$-1.15	$-2.21	$-0.67	$0.10	$-0.46	$-0.56	$-0.69
EPS (diluted)	—	$-1.15	$-2.21	$-0.67	$0.10	$-0.46	$-0.56	$-0.69
Diluted shares	—	133.00M	169.00M	206.00M	266.08M	352.71M	401.51M	415.71M
Gross margin	21.1%	20.1%	21.1%	23.8%	26.1%	28.0%	31.0%	31.4%
Operating margin	4.3%	-16.3%	-4.6%	3.5%	2.5%	5.2%	6.9%	7.0%
Net margin	3.6%	-15.5%	-4.3%	1.2%	1.1%	2.2%	3.6%	3.8%

Balance sheet

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$54.00M	$256.00M	$515.00M	$1.19B	$605.00M	$479.00M	$499.00M	$912.00M
Receivables	$765.00M	$730.00M	$639.00M	$767.00M	$1.31B	$1.40B	$1.44B	$1.56B
Inventory	—	$58.00M	$64.00M	$69.00M	$163.00M	$150.00M	$143.00M	$145.00M
Total current assets	—	$1.34B	$1.44B	$2.63B	$2.65B	$2.58B	$2.66B	$3.23B
Goodwill	$320.00M	$980.00M	$1.08B	$1.11B	$2.38B	$2.47B	$2.89B	$3.17B
Total assets	—	$4.01B	$4.07B	$5.16B	$8.09B	$7.59B	$8.15B	$8.94B
Total current liabilities	—	$823.00M	$841.00M	$867.00M	$1.92B	$1.81B	$1.89B	$2.15B
Short-term debt	—	$19.00M	$18.00M	$1.00M	$206.00M	$5.00M	$4.00M	$5.00M
Long-term debt	—	$1.17B	$1.40B	$1.77B	$2.58B	$2.32B	$2.75B	$2.75B
Total debt	—	$1.19B	$1.42B	$1.77B	$2.79B	$2.33B	$2.75B	$2.76B
Total liabilities	—	$2.25B	$2.51B	$2.84B	$5.17B	$4.72B	$5.20B	$5.53B
Shareholders' equity	$633.00M	$1.76B	$1.56B	$2.32B	$2.13B	$2.07B	$2.95B	$3.41B

Cash flow

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$112.00M	$150.00M	$496.00M	$182.00M	$270.00M	$514.00M	$620.00M	$759.00M
Capital expenditures	$74.00M	$11.00M	$38.00M	$55.00M	$79.00M	$86.00M	$84.00M	$96.00M
Free cash flow	$38.00M	$139.00M	$458.00M	$127.00M	$191.00M	$428.00M	$536.00M	$663.00M
Investing cash flow	-$300.00M	-$1.73B	-$340.00M	-$121.00M	-$2.90B	-$115.00M	-$829.00M	-$254.00M
Financing cash flow	$203.00M	$1.40B	$99.00M	$917.00M	$1.76B	-$532.00M	$245.00M	-$121.00M
Share buybacks	—	—	$30.00M	$0	$44.00M	$41.00M	$0	$75.00M
Stock-based compensation	$3.00M	$156.00M	$5.00M	$12.00M	$18.00M	$29.00M	$32.00M	$44.00M
Depreciation & amortization	$60.00M	$18.00M	$81.00M	$75.00M	$77.00M	$79.00M	$80.00M	$85.00M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.76B	$1.60B	$1.73B	$1.83B	$1.86B	$1.72B	$1.99B	$2.08B	$2.12B	$1.98B	$2.25B	$2.55B
Cost of revenue	$1.25B	$1.11B	$1.19B	$1.26B	$1.29B	$1.18B	$1.38B	$1.43B	$1.44B	$1.36B	$1.55B	$1.78B
Gross profit	$508.00M	$492.00M	$544.00M	$567.00M	$575.00M	$542.00M	$615.00M	$652.00M	$678.00M	$620.00M	$703.00M	$770.00M
Selling, general & admin	$433.00M	$392.00M	$418.00M	$425.00M	$459.00M	$458.00M	$472.00M	$489.00M	$514.00M	$517.00M	$528.00M	$568.00M
Operating income	$75.00M	$100.00M	$126.00M	$142.00M	$116.00M	$84.00M	$143.00M	$163.00M	$164.00M	$103.00M	$175.00M	$202.00M
Interest expense	$33.00M	$34.00M	—	—	—	$38.00M	$37.00M	$34.00M	—	$30.00M	$36.00M	$45.00M
Pre-tax income	$45.00M	$63.00M	$89.00M	$100.00M	$78.00M	$46.00M	$108.00M	$130.00M	$129.00M	$71.00M	$138.00M	$155.00M
Income tax	$20.00M	$18.00M	$20.00M	$31.00M	$11.00M	$11.00M	$31.00M	$37.00M	$32.00M	$14.00M	$39.00M	$41.00M
Net income	$25.00M	$45.00M	$69.00M	$69.00M	$67.00M	$35.00M	$77.00M	$93.00M	$97.00M	$57.00M	$99.00M	$114.00M
EBITDA	$95.00M	$119.00M	$146.00M	$163.00M	$136.00M	$104.00M	$165.00M	$184.00M	$186.00M	$124.00M	$196.00M	$223.00M
EPS (basic)	$-0.78	$-1.34	$0.15	$0.15	$-0.07	$0.07	$0.17	$0.20	$-1.13	$0.12	$0.21	$0.24
EPS (diluted)	$-0.78	$-1.34	$0.15	$0.15	$-0.07	$0.07	$0.16	$0.20	$-1.12	$0.12	$0.20	$0.24
Diluted shares	83.78M	249.74M	413.59M	413.88M	3.55M	417.42M	427.65M	429.47M	-8.96M	435.08M	436.90M	431.84M
Gross margin	28.9%	30.7%	31.4%	31.1%	30.9%	31.5%	30.9%	31.3%	32.0%	31.3%	31.2%	30.1%
Operating margin	4.3%	6.2%	7.3%	7.8%	6.2%	4.9%	7.2%	7.8%	7.7%	5.2%	7.8%	7.9%
Net margin	1.4%	2.8%	4.0%	3.8%	3.6%	2.0%	3.9%	4.5%	4.6%	2.9%	4.4%	4.5%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$479.00M	$247.00M	$324.00M	$487.00M	$499.00M	$460.00M	$432.00M	$555.00M	$912.00M	$645.00M	$851.00M	$373.00M
Receivables	$1.40B	$1.26B	$1.31B	$1.34B	$1.44B	$1.36B	$1.51B	$1.56B	$1.56B	$1.54B	$1.71B	$1.91B
Inventory	$150.00M	$148.00M	$155.00M	$155.00M	$143.00M	$150.00M	$154.00M	$148.00M	$145.00M	$156.00M	$172.00M	$182.00M
Total current assets	$2.58B	$2.23B	$2.45B	$2.69B	$2.66B	$2.59B	$2.80B	$3.01B	$3.23B	$3.02B	$3.53B	$3.40B
Goodwill	$2.47B	$2.47B	$2.83B	$2.93B	$2.89B	$2.94B	$3.13B	$3.15B	$3.17B	$3.33B	$3.64B	$3.90B
Total assets	$7.59B	$7.19B	$7.96B	$8.24B	$8.15B	$8.10B	$8.54B	$8.72B	$8.94B	$8.97B	$9.95B	$10.28B
Total current liabilities	$1.81B	$1.65B	$1.66B	$1.78B	$1.89B	$1.76B	$1.93B	$2.03B	$2.15B	$2.11B	$2.54B	$2.87B
Short-term debt	$5.00M	$105.00M	$4.00M	$5.00M	$4.00M	$4.00M	$5.00M	$5.00M	$5.00M	$5.00M	$306.00M	$361.00M
Long-term debt	$2.32B	$2.62B	$2.84B	$2.85B	$2.75B	$2.75B	$2.75B	$2.75B	$2.75B	$2.75B	$3.22B	$3.21B
Total debt	$2.33B	$2.73B	$2.85B	$2.85B	$2.75B	$2.75B	$2.76B	$2.76B	$2.76B	$2.76B	$3.52B	$3.57B
Total liabilities	$4.72B	$4.89B	$5.13B	$5.28B	$5.20B	$5.12B	$5.37B	$5.45B	$5.53B	$5.48B	$6.43B	$6.79B
Shareholders' equity	$2.07B	$2.30B	$2.83B	$2.97B	$2.95B	$2.98B	$3.17B	$3.28B	$3.41B	$3.49B	$3.52B	$3.49B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$297.00M	$7.00M	$110.00M	$220.00M	$283.00M	$62.00M	$83.00M	$232.00M	$382.00M	$85.00M	$83.00M	$225.00M
Capital expenditures	$22.00M	$22.00M	$22.00M	$22.00M	$18.00M	$12.00M	$27.00M	$31.00M	$26.00M	$18.00M	$31.00M	$27.00M
Free cash flow	$275.00M	-$15.00M	$88.00M	$198.00M	$265.00M	$50.00M	$56.00M	$201.00M	$356.00M	$67.00M	$52.00M	$198.00M
Investing cash flow	-$7.00M	-$22.00M	-$601.00M	-$57.00M	-$149.00M	-$14.00M	-$126.00M	-$91.00M	-$23.00M	-$305.00M	-$556.00M	-$563.00M
Financing cash flow	-$279.00M	-$213.00M	$570.00M	-$9.00M	-$103.00M	-$98.00M	-$3.00M	-$15.00M	-$5.00M	-$42.00M	$681.00M	-$139.00M
Share buybacks	$0	$0	$0	$0	$0	$75.00M	$0	$0	$0	$0	$66.00M	$186.00M
Stock-based compensation	$10.00M	$8.00M	$9.00M	$9.00M	$6.00M	$10.00M	$11.00M	$10.00M	$13.00M	$11.00M	$12.00M	$13.00M
Depreciation & amortization	$20.00M	$19.00M	$20.00M	$21.00M	$20.00M	$20.00M	$22.00M	$21.00M	$22.00M	$21.00M	$21.00M	$21.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.