Filing Flows › APi Group (APG) › Q2 2026 › vs Q2 2025
APi Group (APG) Q2 2026 vs Q2 2025 (year over year)
APi Group's revenue rose $264M (+13%) from $2.0B in Q2 2025 to $2.3B in Q2 2026. The biggest changes: Life Safety +$120M (+9%); Specialty Contracting +$99.0M (+36%); Infrastructure and Utility +$43.0M (+17%). Gross margin 31.2% against 30.9% (+0.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 31.2% | 30.9% | +0.3 pts |
| Operating margin | 7.8% | 7.2% | +0.6 pts |
| Net margin | 4.4% | 3.9% | +0.5 pts |
| Free cash flow margin | 2.3% | 2.8% | -0.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Life Safety | $1.5B | $1.4B | $120M | +9% |
| Specialty Contracting | $373M | $274M | $99.0M | +36% |
| Infrastructure and Utility | $299M | $256M | $43.0M | +17% |
| Fabrication and Distribution | $101M | $99.0M | $2.0M | +2% |
| Revenue | $2.3B | $2.0B | $264M | +13% |
| Gross profit | $703M | $615M | $88.0M | +14% |
| Cost of revenue | $1.6B | $1.4B | $176M | +13% |
| Operating profit | $175M | $143M | $32.0M | +22% |
| Operating expenses | $528M | $472M | $56.0M | +12% |
| Pre-tax earnings | $138M | $108M | $30.0M | +28% |
| Other expense, net | $37.0M | $35.0M | $2.0M | +6% |
| Net earnings | $99.0M | $77.0M | $22.0M | +29% |
| Income tax | $39.0M | $31.0M | $8.0M | +26% |
| Operating cash sources | $200M | $169M | $31.0M | +18% |
| Depreciation & amortization | $89.0M | $81.0M | $8.0M | +10% |
| Share-based compensation | $12.0M | $11.0M | $1.0M | +9% |
| Working capital & other | $117M | $86.0M | $31.0M | +36% |
| Operating cash flow | $83.0M | $83.0M | $0 | 0% |
| Free cash flow (OCF − capex) | $52.0M | $56.0M | −$4.0M | -7% |
| Capital expenditures | $31.0M | $27.0M | $4.0M | +15% |
Questions
How much did APi Group's revenue grow year over year in Q2 2026?
APi Group's revenue rose $264M (+13%) from $2.0B in Q2 2025 to $2.3B in Q2 2026.
What drove APi Group's revenue change in Q2 2026?
Life Safety +$120M (+9%); Specialty Contracting +$99.0M (+36%); Infrastructure and Utility +$43.0M (+17%).