Filing Flows › APi Group (APG) › Q2 2026 › vs Q1 2026
APi Group (APG) Q2 2026 vs Q1 2026 (quarter over quarter)
APi Group's revenue rose $272M (+14%) from $2.0B in Q1 2026 to $2.3B in Q2 2026. The biggest changes: Specialty Contracting +$104M (+39%); Infrastructure and Utility +$81.0M (+37%); Life Safety +$67.0M (+5%). Gross margin 31.2% against 31.3% (-0.1 pts).
APi Group, Q2 2026: revenue $2.3B (+13% year over year), operating margin 7.8%, net earnings $99.0M, operating cash flow $83.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 31.2% | 31.3% | -0.1 pts |
| Operating margin | 7.8% | 5.2% | +2.6 pts |
| Net margin | 4.4% | 2.9% | +1.5 pts |
| Free cash flow margin | 2.3% | 3.4% | -1.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Life Safety | $1.5B | $1.4B | $67.0M | +5% |
| Specialty Contracting | $373M | $269M | $104M | +39% |
| Infrastructure and Utility | $299M | $218M | $81.0M | +37% |
| Fabrication and Distribution | $101M | $82.0M | $19.0M | +23% |
| Revenue | $2.3B | $2.0B | $272M | +14% |
| Gross profit | $703M | $620M | $83.0M | +13% |
| Cost of revenue | $1.6B | $1.4B | $189M | +14% |
| Operating profit | $175M | $103M | $72.0M | +70% |
| Operating expenses | $528M | $517M | $11.0M | +2% |
| Pre-tax earnings | $138M | $71.0M | $67.0M | +94% |
| Other expense, net | $37.0M | $32.0M | $5.0M | +16% |
| Net earnings | $99.0M | $57.0M | $42.0M | +74% |
| Income tax | $39.0M | $14.0M | $25.0M | +179% |
| Operating cash sources | $200M | $152M | $48.0M | +32% |
| Depreciation & amortization | $89.0M | $84.0M | $5.0M | +6% |
| Share-based compensation | $12.0M | $11.0M | $1.0M | +9% |
| Working capital & other | $117M | $67.0M | $50.0M | +75% |
| Operating cash flow | $83.0M | $85.0M | −$2.0M | -2% |
| Free cash flow (OCF − capex) | $52.0M | $67.0M | −$15.0M | -22% |
| Capital expenditures | $31.0M | $18.0M | $13.0M | +72% |
Questions
How much did APi Group's revenue grow quarter over quarter in Q2 2026?
APi Group's revenue rose $272M (+14%) from $2.0B in Q1 2026 to $2.3B in Q2 2026.
What drove APi Group's revenue change in Q2 2026?
Specialty Contracting +$104M (+39%); Infrastructure and Utility +$81.0M (+37%); Life Safety +$67.0M (+5%).