Filing Flows › APi Group (APG) › Q3 2026 › vs Q3 2025
APi Group (APG) Q3 2026 vs Q3 2025 (year over year)
APi Group's revenue rose $469M (+22%) from $2.1B in Q3 2025 to $2.6B in Q3 2026. The biggest changes: Life Safety +$259M (+18%); Specialty Contracting +$132M (+46%); Infrastructure and Utility +$58.0M (+20%). Gross margin 30.1% against 31.3% (-1.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 30.1% | 31.3% | -1.1 pts |
| Operating margin | 7.9% | 7.8% | +0.1 pts |
| Net margin | 4.5% | 4.5% | +0.0 pts |
| Free cash flow margin | 7.8% | 9.6% | -1.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Life Safety | $1.7B | $1.4B | $259M | +18% |
| Specialty Contracting | $421M | $289M | $132M | +46% |
| Infrastructure and Utility | $349M | $291M | $58.0M | +20% |
| Fabrication and Distribution | $123M | $103M | $20.0M | +19% |
| Revenue | $2.6B | $2.1B | $469M | +22% |
| Gross profit | $770M | $652M | $118M | +18% |
| Cost of revenue | $1.8B | $1.4B | $351M | +24% |
| Operating profit | $202M | $163M | $39.0M | +24% |
| Operating expenses | $568M | $489M | $79.0M | +16% |
| Pre-tax earnings | $155M | $130M | $25.0M | +19% |
| Other expense, net | $47.0M | $33.0M | $14.0M | +42% |
| Net earnings | $114M | $93.0M | $21.0M | +23% |
| Income tax | $41.0M | $37.0M | $4.0M | +11% |
| Depreciation & amortization | $104M | $81.0M | $23.0M | +28% |
| Share-based compensation | $13.0M | $10.0M | $3.0M | +30% |
| Working capital & other | $6.0M | −$48.0M | $54.0M | — |
| Operating cash flow | $225M | $232M | −$7.0M | -3% |
| Free cash flow (OCF − capex) | $198M | $201M | −$3.0M | -1% |
| Capital expenditures | $27.0M | $31.0M | −$4.0M | -13% |
Questions
How much did APi Group's revenue grow year over year in Q3 2026?
APi Group's revenue rose $469M (+22%) from $2.1B in Q3 2025 to $2.6B in Q3 2026.
What drove APi Group's revenue change in Q3 2026?
Life Safety +$259M (+18%); Specialty Contracting +$132M (+46%); Infrastructure and Utility +$58.0M (+20%).