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.…
Earnings analysis · 10-Q
APG earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.12
- Gross margin
- 30.9%
What stood out
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Revenue Exceeds Estimates
Q1 2026 revenues reached $1.982B, exceeding consensus estimates of $1.919B.
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EPS Beats Expectations
Diluted EPS of $0.12 surpassed the estimated $0.30.
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Strong Growth in Key Segments
Significant growth was noted particularly in Safety and Specialty Services.
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Raised Full-Year Guidance
Management raised full-year net revenue guidance and adjusted EBITDA expectations.
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Improved Cash Flow
Free cash flow for Q1 was reported at $50M, an increase from previous quarters.
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Stable Demand for Services
The company highlights a strong recurring revenue base from long-standing customers.
What to watch
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Gross Margin Decline
Gross margin decreased to 30.9% from 31.5% in the prior quarter.
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Acquisition Execution Risk
Concerns remain regarding successfully integrating newly acquired entities.
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Labor and Material Cost Pressures
Increased competition for labor resources and tariffs impacting material costs could affect profitability.
Management's outlook
Full-year guidance raised for net revenues and adjusted EBITDA, specific numbers not disclosed.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.