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APi Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$198M in Q3 2026 · $673M over twelve months

Operating cash flow$225M
Capital spending−$27.0M
Free cash flow+$198M
Cash / net income2.0×
Cash conversion cycle44 days

Analysis

In Q3 2026, APi Group generated $225M of operating cash flow and spent $27.0M on capital projects, leaving free cash flow of $198M. That is $3.0M less than in Q3 2025 ($201M).

Over the twelve months to Sep 30, 2026, operating cash flow was $775M; the largest uses were acquisitions ($1.4B), buybacks ($252M), capital spending ($102M); besides operations, cash came from net borrowing (+) / repaid (−) ($483M), other financing ($303M); the cash balance fell by $183M.

Operating cash flow was $225M against net income of $114M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: receivables −$143M, depreciation & amortization +$104M, income taxes payable +$83.0M.

Its cash conversion cycle was 44 days (receivables 65 + inventory 9 − payables 31).

Free cash flow

APi Group: free cash flow by quarterAPi Group: free cash flow by quarter$265MQ4 2024$50.0MQ1 2025$56.0MQ2 2025$201MQ3 2025$356MQ4 2025$67.0MQ1 2026$52.0MQ2 2026$198MQ3 2026
Operating cash flow less capital spending.
APi Group: operating cash flow against capital spendingAPi Group: operating cash flow against capital spendingOperating cash flowCapital spending$283M$18.0MQ4 2024$62.0M$12.0MQ1 2025$83.0M$27.0MQ2 2025$232M$31.0MQ3 2025$382M$26.0MQ4 2025$85.0M$18.0MQ1 2026$83.0M$31.0MQ2 2026$225M$27.0MQ3 2026
Latest (Q3 2026): Operating cash flow $225M, Capital spending $27.0M.

Capital allocation, year by year

APi Group: where the cash came from (up) and went (down), by fiscal yearAPi Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $182MFY2021: Net borrowing $311MFY2021: Shares issued $676MFY2021: Capital spending −$55.0MFY2021: Acquisitions −$86.0M$1.2BFY2021FY2022: Operating cash flow $270MFY2022: Net borrowing $1.1BFY2022: Shares issued $797MFY2022: Capital spending −$79.0MFY2022: Acquisitions −$2.8BFY2022: Buybacks −$44.0M$2.1BFY2022FY2023: Operating cash flow $514MFY2023: Net borrowing −$491MFY2023: Capital spending −$86.0MFY2023: Acquisitions −$83.0MFY2023: Buybacks −$41.0M$514MFY2023FY2024: Operating cash flow $620MFY2024: Net borrowing $406MFY2024: Shares issued $458MFY2024: Capital spending −$84.0MFY2024: Acquisitions −$778M$1.5BFY2024FY2025: Operating cash flow $759MFY2025: Net borrowing −$14.0MFY2025: Capital spending −$96.0MFY2025: Acquisitions −$186MFY2025: Buybacks −$75.0M$759MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were acquisitions ($4.0B) and net borrowing ($505M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$373M
Debt$3.6B
Net debt$3.2B
Due within a year$5.0M

APi Group funds itself: free cash flow was $673M over the last twelve months, and $373M of cash and investments stands against $3.6B of debt ($5.0M due within a year, 74.6× covered by cash).

APi Group: debt maturities by year (FY2025)APi Group: debt maturities by year (FY2025)$5.0MYear 1$2.8BYear 4
Principal due in each year as disclosed in the annual report, against $373M of cash and investments now.

Where the cash came from and went

APi Group: sources (+) and uses (−) of cash, Q3 2026APi Group: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$540MCash drawn (+) / kept (−)$478MOperating cash flow$225MBuybacks−$186MNet borrowing (+) / repaid (−)$48.0MCapital spending−$27.0MOther investing$4.0MExchange rates−$1.0MOther financing−$1.0M
APi Group: sources (+) and uses (−) of cash, TTM to Q3 2026APi Group: sources (+) and uses (−) of cash, 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 profit to cash

APi Group: net income to operating cash flow, Q3 2026APi Group: net income to operating cash flow, Q3 2026Net income$114MDepreciation & amortization$104MStock-based pay$13.0MReceivables−$143MInventory−$1.0MPayables$50.0MDeferred revenue$78.0MContract assets−$80.0MPrepaid and other assets−$38.0MIncome taxes payable$83.0MOther operating capital$4.0MOperating cash flow$225M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266593144
Q2 202666103144
Q1 202671103446
Q4 20256893443
Q3 202568103443
Q2 202566103243
Q1 202573113648
Q4 202469113446

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$225M−$27.0M−$540M−$186M$48.0M$478M$198M
Q2 2026$83.0M−$31.0M−$527M−$66.0M−$302M−$206M$52.0M
Q1 2026$85.0M−$18.0M−$289M—−$1.0M$268M$67.0M
Q4 2025$382M−$26.0M−$12.0M—−$2.0M−$357M$356M
Q3 2025$232M−$31.0M−$63.0M—−$1.0M−$123M$201M
Q2 2025$83.0M−$27.0M−$105M—−$2.0M$28.0M$56.0M
Q1 2025$62.0M−$12.0M−$6.0M−$75.0M−$2.0M$40.0M$50.0M
Q4 2024$283M−$18.0M−$131M—−$102M−$12.0M$265M

APi Group: income statement and cash flow

APi Group, Q3 2026: revenue $2.6B (+22% year over year), operating margin 7.9%. The chart follows the revenue to costs, profit and cash.

APi Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.