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APi Group (APG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · APi Group (APG) Q3 2026 earnings results →

Q3 2026 Revenue up 22% year over year to $2.6B · 4¢ of every $1 of revenue kept as net profit · operating margin 7.9%

APi Group made $2.6B in Q3 2026 (+22% Y/Y): Life Safety $1.7B, Specialty Contracting $421M, Infrastructure and Utility $349M. Operating margin 7.9%, net earnings $114M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.6B
Year over year+22%
Operating margin7.9%
Net earnings$114M
Operating cash flow$225M

Drawing the Sankey…

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APi Group Q3 2026 revenue breakdown: Sankey diagram of revenue (Life Safety, Specialty Contracting, Infrastructure and Utility, Fabrication and Distribution), costs, profit and cash flow
APi Group Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.6B in Q3 2026, up 22% year over year and up 13% from the previous quarter. Life Safety was the largest line at 65% of revenue. Life Safety added $0.26B year over year (up 18%), 55% of the total change.

Gross margin was 30.1%, down 1.1 points from Q3 2025. Operating profit was $0.20B, a 7.9% margin (up 0.1 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, above the 8% margin then. Operating expenses grew 16% against revenue growth of 22%. Net earnings were $0.11B, up 23% year over year. The effective tax rate was 26.5%.

Operating cash flow was $0.23B (down 3% year over year), 197% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.03B left free cash flow of $0.20B.

Quarterly history

APi Group revenue by quarterAPi Group revenue by quarter$1.7BQ1 2025$2.0BQ2 2025$2.1BQ3 2025$2.1BQ4 2025$2.0BQ1 2026$2.3BQ2 2026$2.6BQ3 2026
APi Group net earnings by quarterAPi Group net earnings by quarter$35.0MQ1 2025$77.0MQ2 2025$93.0MQ3 2025$97.0MQ4 2025$57.0MQ1 2026$99.0MQ2 2026$114MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.6B+22%7.9%$114M$225M
Q2 202610-QJul 30, 2026$2.3B+13%7.8%$99.0M$83.0M
Q1 202610-QApr 30, 2026$2.0B+15%5.2%$57.0M$85.0M
Q4 202510-KFeb 25, 2026$2.1B+14%7.7%$97.0M$382M
Q3 202510-QOct 30, 2025$2.1B+14%7.8%$93.0M$232M
Q2 202510-QJul 31, 2025$2.0B+15%7.2%$77.0M$83.0M
Q1 202510-QMay 1, 2025$1.7B+7%4.9%$35.0M$62.0M

Charts

APi Group: revenue growth, year over year and quarter over quarterAPi Group: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+15%+16%Q2 2025+14%+5%Q3 2025+14%+2%Q4 2025+15%-6%Q1 2026+13%+14%Q2 2026+22%+13%Q3 2026
Latest (Q3 2026): Y/Y +22%, Q/Q +13%.
APi Group: where the cash came from (+) and went (−), TTM to Q3 2026APi Group: where the cash came from (+) and went (−), TTM to Q3 2026Acquisitions−$1.4BOperating cash flow$775MNet borrowing (+) / repaid (−)$483MOther financing$303MBuybacks−$252MCash drawn (+) / kept (−)$183MCapital spending−$102MTaxes on employees’ shares−$39.0MOther investing$23.0MExchange rates−$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
APi Group: profit against cash, quarter by quarterAPi Group: profit against cash, quarter by quarterNet incomeOperating cash flow$67.0M$283MQ4 2024$35.0M$62.0MQ1 2025$77.0M$83.0MQ2 2025$93.0M$232MQ3 2025$97.0M$382MQ4 2025$57.0M$85.0MQ1 2026$99.0M$83.0MQ2 2026$114M$225MQ3 2026
Latest (Q3 2026): Net income $114M, Operating cash flow $225M.
APi Group: diluted shares by fiscal yearAPi Group: diluted shares by fiscal year169MFY2020206MFY2021266MFY2022353MFY2023402MFY2024416MFY2025
+146.0% since FY2020: more shares outstanding (issuance, stock pay).
APi Group: long-term debt falling due (FY2025)APi Group: long-term debt falling due (FY2025)$5.0M2026$2.8B2029
Cash $912M, short-term investments —, long-term debt $2.8B at 2025-12-31.
APi Group in its industry: growth against margin (6 companies, SIC 7340)APi Group in its industry: growth against margin (6 companies, SIC 7340)revenue growth, year over year →↑ operating marginmedian +6%median 20%ABNBABMROLFTDRARAIAPG (+22%, 8%)
Services-To Dwellings & Other Buildings; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About APi Group

We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. We provide statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders that deliver innovative solutions to our customers. We believe that our core strategies of driving sustainable organic growth, growing through accretive acquisitions, promoting the sharing of best practices across all of our businesses, and leveraging our scale and service offerings place us in a unique position to capitalize on opportunities in the industries we serve and advance our position in each of our markets.

In its own words, from its 10-K, filed Feb 25, 2026.

APi Group against its Services-To Dwellings & Other Buildings peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +6%. Operating margin: 7.9% against the peers' median 20.5%.

CompanyQuarterRevenueY/YOp. margin
APG APi GroupQ3 2026$2.6B+22%7.9%
ABNB AirbnbQ3 2026$4.9B+19%41.5%
ABM ABM IndustriesQ3 FY26$2.3B+4%3.9%
ROL RollinsQ3 2026$1.1B+6%20.5%
FTDR FrontdoorQ3 2026$655M+6%23.5%
ARAI Arrive AIQ2 2026$15K-84%n/m

Source: APi Group 10-Q on SEC EDGAR · CIK 1796209 · Services-To Dwellings & Other Buildings

Guidance and outlook

APi Group Revenue: guidance against what was reportedAPi Group Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$7.0BFY2025$7.9BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns APG and who is buying

Largest holders of APG (13F)Largest holders of APG (13F)BlackRock$1.5BVanguard Group$1.3BJupiter Topco LLC$999MJanus Henderson Group$947MVanguard Capital Management LLC$743MFMR LLC$741MVanguard Portfolio Management LLC$702MPrice T Rowe Associates$631MDurable Capital Partners LP$514MState Street$501M
Funds' net buying of APG by quarter (13F)Funds' net buying of APG by quarter (13F)−$208M2024-09$121M2024-12$383M2025-03$76.2M2025-06−$247M2025-09$291M2025-12$19.2M2026-03$630M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on APG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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