APi Group Reports Record Q3 2026 Financial Results and Raises Full-Year Outlook

Executive Summary

On October 29, 2026, APi Group Corporation (NYSE: APG) filed a Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing record financial results for the third quarter ended September 30, 2026, and raising its full-year 2026 outlook.

Key Financial Highlights (Q3 2026 vs. Q3 2025)

• Net Revenues: Reached $2,554 million, up 22.5% year-over-year (15.7% organic revenue growth).
• GAAP Operating Performance:
  • Gross Profit: $770 million (+18.1% YoY); Gross Profit Margin contracted by 120 bps to 30.1% due to project mix and cost pressures (materials, fuel, other expenses).
  • Net Income: $114 million (+22.6% YoY).
  • Diluted EPS: $0.24 (+20.0% YoY from $0.20).
• Non-GAAP Measures:
  • Adjusted Gross Profit: $775 million (+18.1% YoY); Adjusted Gross Margin of 30.3% (-120 bps YoY).
  • Adjusted EBITDA: $350 million (+24.6% YoY); Adjusted EBITDA Margin increased 20 bps to 13.7%, supported by operating leverage in SG&A.
  • Adjusted Net Income: $219 million (+25.9% YoY).
  • Adjusted Diluted EPS: $0.50 (+22.0% YoY from $0.41).

Segment Performance

• Safety Services:
  • Net Revenues: $1,662 million (+18.5% YoY; +8.8% organic).
  • Segment Earnings: $281 million (+19.1% YoY); Margin rose 10 bps to 16.9%.
• Specialty Services:
  • Net Revenues: $893 million (+30.7% YoY; +29.9% organic).
  • Gross Profit: $173 million (+31.1% YoY); Margin remained stable at 19.4% (+10 bps).

Forward-Looking Guidance

Management raised its full-year 2026 guidance across net revenues and adjusted EBITDA, citing sustained demand for inspections, service, and monitoring, alongside strong momentum entering 2027 toward long-term targets.