Filing Flows › APi Group (APG) › Q1 2025
APi Group (APG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
APi Group (APG) reported revenue of $1.7B for the first quarter 2025 (Q1 2025), +7% from a year earlier and -8% from the quarter before. Operating margin was 4.9%, net earnings $35.0M (2.0% of revenue).
APi Group, Q1 2025: revenue $1.7B (+7% year over year), operating margin 4.9%, net earnings $35.0M, operating cash flow $62.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | -8% | +7% |
| Gross profit | $542M | -6% | +10% |
| Operating profit | $84.0M | -28% | -16% |
| Net earnings | $35.0M | -48% | -22% |
| Operating cash flow | $62.0M | -78% | +786% |
| Free cash flow | $50.0M | -81% | — |
What changed
Revenue was $1.7B in Q1 2025, up 7% year over year and down 8% from the previous quarter. Life Safety was the largest line at 74% of revenue. Life Safety added $0.15B year over year (up 13%), 127% of the total change. Specialty Contracting declined 10%.
Gross margin was 31.5%, up 0.8 points from a year earlier. Operating profit was $0.08B, a 4.9% margin (down 1.4 points year over year). Operating profit fell $0.02B even though revenue rose $0.12B versus a year earlier, so costs grew faster than sales. Operating expenses grew 17% against revenue growth of 7%. Net earnings were $0.04B, down 22% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.06B (up 786% year over year), 177% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.06B. Capital expenditures of $0.01B left free cash flow of $0.05B.
Questions
What was APi Group's revenue in the first quarter 2025?
APi Group (APG) reported revenue of $1.7B for the first quarter 2025 (Q1 2025), +7% from a year earlier and -8% from the quarter before.
Was APi Group profitable in the first quarter 2025?
Operating profit was $84.0M (4.9% of revenue) and net earnings $35.0M.
Source: APi Group 10-Q on SEC EDGAR.