Filing Flows › APi Group (APG) › Q4 2025
APi Group (APG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
APi Group (APG) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +2% from the quarter before. Operating margin was 7.7%, net earnings $97.0M (4.6% of revenue).
APi Group, Q4 2025: revenue $2.1B (+14% year over year), operating margin 7.7%, net earnings $97.0M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +2% | +14% |
| Gross profit | $678M | +4% | +18% |
| Operating profit | $164M | +0.6% | +41% |
| Net earnings | $97.0M | +4% | +45% |
| Operating cash flow | $382M | +65% | +35% |
| Free cash flow | $356M | +77% | +34% |
What changed
Revenue was $2.1B in Q4 2025, up 14% year over year and up 2% from the previous quarter.
Gross margin was 32.0%, up 1.1 points from a year earlier. Operating profit was $0.16B, a 7.7% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 6% margin then. Operating expenses grew 12% against revenue growth of 14%. Net earnings were $0.10B, up 45% year over year. The effective tax rate was 24.8%.
Operating cash flow was $0.38B (up 35% year over year), 394% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.19B. Capital expenditures of $0.03B left free cash flow of $0.36B.
Questions
What was APi Group's revenue in the fourth quarter 2025?
APi Group (APG) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +2% from the quarter before.
Was APi Group profitable in the fourth quarter 2025?
Operating profit was $164M (7.7% of revenue) and net earnings $97.0M.
Source: APi Group 10-K on SEC EDGAR.