The strong 2025 results and optimistic 2026 guidance, combined with a healthy balance sheet and high free cash flow conversion, suggest APG is well-positioned for growth. Traders should monitor the execution of the 2026 guidance, particularly the significant increase in adjusted free cash flow conversion to 115%, as a key indicator of future performance.
Price Chart
Executive Summary
APi Group Corp (APG) reported record financial results for Q4 and full year 2025, with strong revenue and earnings growth driven by organic growth, acquisitions, and margin expansion. The company also provided initial 2026 guidance, projecting continued revenue and adjusted EBITDA growth, supported by a strong balance sheet with a 1.6x net leverage ratio.
Key Financial Metrics
Key Facts
- Q4 2025 revenue of $2.117B (+13.8% YoY, +11.1% organic); full year 2025 revenue of $7.911B (+12.7% YoY).
- Q4 2025 adjusted EPS of $0.44 (+29.4% YoY); full year 2025 adjusted EPS of $1.48 (+20.3% YoY).
- Q4 2025 adjusted EBITDA of $295M (+21.9% YoY) with margin expansion of 90 bps to 13.9%.
- Full year 2025 adjusted free cash flow of $836M with 80% conversion; net leverage ratio of 1.6x.
- 2026 guidance: Revenue of $8.4B-$8.6B, adjusted EBITDA of $1.14B-$1.2B, and adjusted free cash flow conversion of ~115%.
Financial Impact
Revenue growth of 12.7% and adjusted EBITDA growth of 16.6% in 2025, with 2026 guidance implying further growth to $8.4B-$8.6B in revenue and $1.14B-$1.2B in adjusted EBITDA.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Safety Services | $5.5K | +13.7% |
| Specialty Services | $2.5K | +10.4% |
Risk Factors
- Guidance is based on current foreign exchange rates and acquisitions closed to date, which could change.
- The Specialty Services segment showed declining full-year margins (down 70 bps) and segment earnings margin (down 70 bps), which could be a drag on overall performance.
- The company's performance is subject to risks from inflation, supply chain constraints, and international operations as noted in the forward-looking statements.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011397 |
| Document: apg-20260225.htm | 0001628280-26-011397 |
| Document: 0001628280-26-011397-index-headers.html | 0001628280-26-011397 |
| Document: 0001628280-26-011397-index.html | 0001628280-26-011397 |
| Document: 0001628280-26-011397.txt | 0001628280-26-011397 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | Insider Cluster | $41.25 $41.72 | ▲ +1.14% | ▲ +0.53% | $40.27 (−2.38%) |
Aug 3, 2026 12w ago | 144 | $41.54 $41.78 | ▼ −0.58% | ▼ −0.78% | $40.27 (+3.06%) |
Jul 30, 2026 12w ago | 8-K | $39.20 $39.68 | ▲ +1.22% | ▲ +0.52% | $40.27 (+2.73%) |
Jul 2, 2026 16w ago | 8-K | $41.98 $42.83 | ▲ +2.02% | ▲ +1.15% | $40.27 (−4.07%) |
Jun 11, 2026 19w ago | Institutional Cluster | $42.66 $42.34 | ▼ −0.75% | ▼ −1.29% | $40.27 (−5.60%) |
Jun 9, 2026 20w ago | 8-K | $43.68 $41.36 | ▼ −5.31% | ▼ −3.73% | $40.27 (−7.81%) |
May 4, 2026 25w ago | Insider Cluster | $44.67 $45.59 | ▲ +2.06% | ▲ +1.26% | $40.27 (−9.85%) |
Apr 30, 2026 25w ago | S-3ASR | $45.72 $45.94 | ▲ +0.48% | ▲ +0.26% | $40.27 (−11.92%) |
Apr 30, 2026 25w ago | 8-K | $45.72 $45.94 | ▲ +0.48% | ▲ +0.26% | $40.27 (−11.92%) |
Apr 3, 2026 29w ago | DEFA14A | $42.21 $41.94 | ▼ −0.64% | ▼ −0.70% | $40.27 (−4.60%) |
US Market Status
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