The guidance raise is purely M&A-driven with no organic acceleration, so the stock reaction is likely muted. Monitor Q2 results for organic growth trends and integration progress on Onyx-Fire. The reaffirmed Q2 guidance (ex-Onyx) suggests no material change in underlying momentum.
Price Chart
Executive Summary
APi Group closed its acquisition of Onyx-Fire Protection Services, a Canadian fire and life safety provider, and raised its full-year 2026 guidance to reflect the expected contribution. The company now expects net revenues of $8,575M-$8,775M (up from $8,475M-$8,675M) and adjusted EBITDA of $1,165M-$1,225M (up from $1,150M-$1,210M). The guidance increase is purely acquisition-driven, not organic, and Q2 guidance was reaffirmed excluding Onyx-Fire's partial-month contribution.
Key Facts
- Closed acquisition of Onyx-Fire Protection Services on June 8, 2026, previously announced April 23, 2026.
- Onyx-Fire expected to contribute approximately $190 million in annual revenue.
- Full-year 2026 net revenue guidance raised to $8,575M-$8,775M from $8,475M-$8,675M.
- Full-year 2026 adjusted EBITDA guidance raised to $1,165M-$1,225M from $1,150M-$1,210M.
- Q2 2026 guidance reaffirmed before accounting for partial-month Onyx-Fire contribution in June.
- Management stated underlying business trends remain strong across both segments.
Financial Impact
Guidance raised by $100M at the midpoint for revenue and $15M at the midpoint for adjusted EBITDA, entirely from the Onyx-Fire acquisition. No organic guidance change.
Risk Factors
- Integration risk for Onyx-Fire; failure to realize expected revenue or EBITDA accretion.
- No organic guidance raise — underlying business trends may not be accelerating.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-041818 |
| Document: apg-20260609xexx991.htm | 0001628280-26-041818 |
| Document: 0001628280-26-041818-index-headers.html | 0001628280-26-041818 |
| Document: 0001628280-26-041818-index.html | 0001628280-26-041818 |
| Document: 0001628280-26-041818.txt | 0001628280-26-041818 |
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|---|---|---|---|---|---|
Aug 5, 2026 11w ago | Insider Cluster | $41.25 $41.72 | ▲ +1.14% | ▲ +0.53% | $40.27 (−2.38%) |
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