Friday 6 November 2026 Export APG’s income statement to Excel — free account

APi Group Corporation

APG Industrials Engineering & Construction

APi Group Corporation’s revenue for fiscal 2025 (year ended December 2025) was $7.9 billion, up 12.7% from fiscal 2024.

Revenue: +22.5%
EPS: +32.3%
Free cash flow: −0.98%
Total debt: +29.6%

Quarter to September 2026, against a year earlier

40.59 3.44 −7.81%

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Market cap: $17.3B
P/E: 0.0×
Fwd P/E: 48.5×
Dividend yield: —
F-score: 6/9
Altman Z: 3.04
Beneish M: −2.66
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

APi Group Corporation (APG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Safety Services	5,456	68.97%
Specialty Services	2,460	31.10%
Gross margin		31.44%
Operating margin		7.00%
Pre-tax margin		5.22%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2020	FY2019	FY2018
Industrial Services	—	—	—	—	—	167 16.95%	723 19.39%
Also reported: a second breakdown of the same revenue
Life Safety	5,456 68.97%	4,797 68.35%	4,425 63.87%	4,077 62.17%	1,317 36.72%	340 34.52%	1,322 35.46%
Specialty Contracting	1,094 13.83%	941 13.41%	1,040 15.01%	623 9.50%	412 11.49%	123 12.49%	484 12.98%
Infrastructure and Utility	1,024 12.94%	998 14.22%	1,216 17.55%	1,154 17.60%	1,370 38.19%	225 22.84%	733 19.66%
Fabrication and Distribution	342 4.32%	290 4.13%	262 3.78%	—	—	—	—
HVAC	—	—	—	498 7.59%	322 8.98%	95 9.64%	383 10.27%
Fabrication	—	—	—	253 3.86%	178 4.96%	38 3.86%	142 3.81%
Corporate and Eliminations	7,911	—	—	—	—	—	—
Safety Services	—	—	—	—	1,639	435	1,705
Specialty Services	—	—	—	—	1,960	386	1,359
Revenue	7,911	7,018	6,928	6,558	3,587	985	3,728

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Safety Services	5,456 68.97%	4,797 68.35%	4,425 63.87%	4,575 69.76%	2,080 52.79%	1,639 45.69%	435 44.16%	1,705 45.73%
Specialty Services	2,460 31.10%	2,229 31.76%	2,518 36.35%	2,030 30.95%	1,907 48.40%	1,960 54.64%	386 39.19%	1,359 36.45%
Corporate And Eliminations	—	—	—	—	—	(12) (0.33%)	(3) (0.30%)	(59) (1.58%)
Transmission	—	—	—	—	—	—	100 10.15%	455 12.20%
Inspection	—	—	—	—	—	—	46 4.67%	200 5.36%
Civil	—	—	—	—	—	—	21 2.13%	68 1.82%
Eliminations	—	—	—	(47) (0.72%)	(47) (1.19%)	—	—	—
Industrial Services	—	—	—	—	—	—	167	723
Revenue	7,911	7,018	6,928	6,558	3,940	3,587	985	3,728

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Safety Services	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Services	‡	‡	‡	‡	‡	‡	‡	‡
Corporate And Eliminations	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
United States	5,180 65.48%	4,383 62.45%	4,338 62.62%	4,062 61.94%	3,549 90.08%	3,349 93.36%	921 93.50%	3,459 92.78%
Other	2,040 25.79%	1,998 28.47%	1,983 28.62%	1,932 29.46%	391 9.92%	238 6.64%	64 6.50%	269 7.22%
France	691 8.73%	637 9.08%	607 8.76%	564 8.60%	0 0.00%	—	—	—
Revenue	7,911	7,018	6,928	6,558	3,940	3,587	985	3,728

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Organic net revenue growth	Q3 FY2026	15.7%	9.70%	—
Remaining performance obligations	Q3 FY2026	$4.9B	$3.6B	+35.31%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.