APG earnings analysis
What we found in APG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
APi Group reported Q1 2026 revenues of $1.982 billion, significantly exceeding the $1.919 billion consensus estimate, along with a diluted EPS of $0.12 which surpassed the expectations of $0.30. The company raised full-year guidance indicating strong growth in key segments, although gross margins declined compared to previous periods.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Q1 2026 revenues reached $1.982B, exceeding consensus estimates of $1.919B.
- EPS Beats Expectations
- Diluted EPS of $0.12 surpassed the estimated $0.30.
- Strong Growth in Key Segments
- Significant growth was noted particularly in Safety and Specialty Services.
- Raised Full-Year Guidance
- Management raised full-year net revenue guidance and adjusted EBITDA expectations.
- Improved Cash Flow
- Free cash flow for Q1 was reported at $50M, an increase from previous quarters.
- Stable Demand for Services
- The company highlights a strong recurring revenue base from long-standing customers.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Gross Margin Decline
- Gross margin decreased to 30.9% from 31.5% in the prior quarter.
- Acquisition Execution Risk
- Concerns remain regarding successfully integrating newly acquired entities.
- Labor and Material Cost Pressures
- Increased competition for labor resources and tariffs impacting material costs could affect profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.12
- Gross margin
- 30.9%
What they said about what is next.
Full-year guidance raised for net revenues and adjusted EBITDA, specific numbers not disclosed.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- APi Group’s 10-K emphasizes an inspection-first, recurring-revenue strategy, a decentralized operating model, and a disciplined acquisition program (140 acquisitions since 2005) to drive organic and acquisitive growth.…
- 10-Q · July 31, 2025
- APi Group reported Q2 net revenues of $1,990 million, up $260 million (+15.0%) versus Q2 2024 ($1,730 million). Gross profit rose to $615 million (gross margin 30.9%), operating income increased to $143 million…
- 10-Q · May 1, 2025
- APi Group reported Q1 net revenues of $1,719 million, up $118 million (+7.4%) versus Q1 2024, with gross profit of $542 million (gross margin 31.5%) but operating income declined to $84 million (operating margin 4.9%).…
- 10-K · February 26, 2025
- APi Group reported an increase in Q4 revenue to $1.86 billion, surpassing the previous year's quarter by $100 million (+5.65%). The company experienced operating margins of 6.2% and positive diluted EPS at -$0.07,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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