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APi Group
APi Group (APG) investor relations material
APi Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved record Q4 and full-year 2025 results, with net revenues up 13.8% in Q4 and 12.7% for the year, driven by strong growth in inspection, service, monitoring, project revenues, acquisitions, and pricing improvements.
Q4 adjusted EBITDA rose 21.9% to $295M, with margin up 90 bps to 13.9%; FY adjusted EBITDA up 16.6% to $1.04B, margin up 50 bps to 13.2%.
Adjusted diluted EPS for Q4 was $0.44 (up 29.4%), and for FY was $1.48 (up 20.3%).
Adjusted free cash flow for FY 2025 was $836M, with an 80% conversion rate and net leverage ratio of 1.6x.
Completed 14 acquisitions in 2025 and closed the CertaSite acquisition in early 2026, strengthening presence in fire and life safety services.
Financial highlights
Q4 2025 net revenues were $2.12B, up 13.8% year-over-year; full year net revenues were $7.9B, up 12.7%.
Q4 adjusted gross margin: 32.2% (up 110 bps); FY: 31.6% (up 50 bps).
Q4 adjusted net income was $185M (up 29.4%); FY adjusted net income was $627M (up 22%).
Operating cash flow for FY 2025 was $759M (up 22.4%).
Adjusted free cash flow conversion for Q4 2025 was 136%.
Outlook and guidance
2026 net revenues expected to be $8.4–$8.6B, with 5–9% organic growth at the midpoint.
2026 adjusted EBITDA guidance is $1.14–$1.2B, with margin expected to rise to 13.8% at the midpoint.
Free cash flow conversion for 2026 expected at or above 115% of adjusted net income, or about 75–115% of adjusted EBITDA.
Q1 2026 net revenues expected at $1.875–$1.98B, with organic growth of 4–15%.
Long-term targets for 2028: $10B+ net revenues, 16%+ adjusted EBITDA margin, 60%+ revenue from inspection, service, and monitoring, and $3B cumulative adjusted free cash flow.
Specialty Services FY25 margin decline drivers
Update on inspection-first strategy execution
Reason for 2026 FCF conversion guidance of 115%?
Data center project-to-service conversion outlook?
What M&A size and type are you targeting?
How will AI enable ISM growth and efficiency?
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Next APi Group earnings date
BofA Securities 2026 Information & Business Services Conference12 Mar, 2026
APi Group
Next APi Group earnings date
BofA Securities 2026 Information & Business Services Conference12 Mar, 2026
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Frequently asked questions
APi Group Corporation is a business services provider that delivers life safety, energy, specialty, and industrial services. The company offers inspection, maintenance, and repair services for fire protection systems, HVAC, and infrastructure facilities. It serves commercial, industrial, and government clients across the United States and internationally. APi Group Corporation is headquartered in New Brighton, Minnesota, and its shares are listed on the NYSE.
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