Filing Flows › APi Group (APG) › Q3 2026 › vs Q2 2026
APi Group (APG) Q3 2026 vs Q2 2026 (quarter over quarter)
APi Group's revenue rose $300M (+13%) from $2.3B in Q2 2026 to $2.6B in Q3 2026. The biggest changes: Life Safety +$180M (+12%); Infrastructure and Utility +$50.0M (+17%); Specialty Contracting +$48.0M (+13%). Gross margin 30.1% against 31.2% (-1.0 pts).
APi Group, Q3 2026: revenue $2.6B (+22% year over year), operating margin 7.9%, net earnings $114M, operating cash flow $225M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 30.1% | 31.2% | -1.0 pts |
| Operating margin | 7.9% | 7.8% | +0.1 pts |
| Net margin | 4.5% | 4.4% | +0.1 pts |
| Free cash flow margin | 7.8% | 2.3% | +5.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Life Safety | $1.7B | $1.5B | $180M | +12% |
| Specialty Contracting | $421M | $373M | $48.0M | +13% |
| Infrastructure and Utility | $349M | $299M | $50.0M | +17% |
| Fabrication and Distribution | $123M | $101M | $22.0M | +22% |
| Revenue | $2.6B | $2.3B | $300M | +13% |
| Gross profit | $770M | $703M | $67.0M | +10% |
| Cost of revenue | $1.8B | $1.6B | $233M | +15% |
| Operating profit | $202M | $175M | $27.0M | +15% |
| Operating expenses | $568M | $528M | $40.0M | +8% |
| Pre-tax earnings | $155M | $138M | $17.0M | +12% |
| Other expense, net | $47.0M | $37.0M | $10.0M | +27% |
| Net earnings | $114M | $99.0M | $15.0M | +15% |
| Income tax | $41.0M | $39.0M | $2.0M | +5% |
| Depreciation & amortization | $104M | $89.0M | $15.0M | +17% |
| Share-based compensation | $13.0M | $12.0M | $1.0M | +8% |
| Working capital & other | $6.0M | $117M | −$111M | -95% |
| Operating cash flow | $225M | $83.0M | $142M | +171% |
| Free cash flow (OCF − capex) | $198M | $52.0M | $146M | +281% |
| Capital expenditures | $27.0M | $31.0M | −$4.0M | -13% |
Questions
How much did APi Group's revenue grow quarter over quarter in Q3 2026?
APi Group's revenue rose $300M (+13%) from $2.3B in Q2 2026 to $2.6B in Q3 2026.
What drove APi Group's revenue change in Q3 2026?
Life Safety +$180M (+12%); Infrastructure and Utility +$50.0M (+17%); Specialty Contracting +$48.0M (+13%).