Jun 2026 (Q2 FY26) — Jul 30, 2026
APi Group Q2 FY26 — Record Backlog and Strong Organic Growth
Read the full callAPi Group (APG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
APi Group earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,254 | +13.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.8 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 99.0 | +28.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 33 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Onex Fire acquisition close | in the second quarter | Mar 2026 | In June, we closed the acquisition of Onyx-Fire followed by WTech in early July. | Achieved |
| Adjusted EBITDA margin | 13.9% at the midpoint | Mar 2026 | adjusted EBITDA margin coming in at 13.8%, representing a 10 basis point increase compared to the prior year period. | Missed |
| Adjusted diluted weighted average share count | approximately 441 million | Dec 2025 | an adjusted diluted weighted average share count of 439 million, reflecting the repurchase of 1.6 million shares during the second quarter. | Revised Up |
10 of APi Group Corp's 74 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 71 more targets are in the full ledger.
Claimed
- Net revenues increased 13.3% to $2.25 billion, including 10.1% organic growth.
- Adjusted EBITDA increased 14.3% with margin expanding 10 basis points to 13.8%.
- Record backlog surpassed $5 billion for the first time in company history.
- Adjusted free cash flow year-to-date was $228 million, up $42 million versus prior year.
- Net leverage ratio ended the quarter at 2.2x, below the long-term target of 2.5x to 3x.
Qualified
- International Safety segment was flat for the quarter, though it saw a return to organic growth in the back half.
- Adjusted EBITDA margin expansion was partially offset by the near-term mix impact from a robust project environment, where gross margins are typically 10 percentage points lower than service work.
Price
$40.07 −0.20% · −$0.08
Performance +17.0% 1Y
1Y: $34.24 on 17 Oct 2025 → $40.07. High $49.4 (27 Apr 2026), low $33.64 (22 Oct 2025).
- Previous close
- $40.15
- 52-week range
- $33.64 – $49.4
- One year
- +15.08%
Overview
- Symbol
- APG
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 33 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Onex Fire acquisition close | in the second quarter | Mar 2026 | In June, we closed the acquisition of Onyx-Fire followed by WTech in early July. | Achieved |
| Adjusted EBITDA margin | 13.9% at the midpoint | Mar 2026 | adjusted EBITDA margin coming in at 13.8%, representing a 10 basis point increase compared to the prior year period. | Missed |
| Adjusted diluted weighted average share count | approximately 441 million | Dec 2025 | an adjusted diluted weighted average share count of 439 million, reflecting the repurchase of 1.6 million shares during the second quarter. | Revised Up |
Claimed
- Net revenues increased 13.3% to $2.25 billion, including 10.1% organic growth.
- Adjusted EBITDA increased 14.3% with margin expanding 10 basis points to 13.8%.
- Record backlog surpassed $5 billion for the first time in company history.
- Adjusted free cash flow year-to-date was $228 million, up $42 million versus prior year.
- Net leverage ratio ended the quarter at 2.2x, below the long-term target of 2.5x to 3x.
Qualified
- International Safety segment was flat for the quarter, though it saw a return to organic growth in the back half.
- Adjusted EBITDA margin expansion was partially offset by the near-term mix impact from a robust project environment, where gross margins are typically 10 percentage points lower than service work.
The full ledger
Open APi Group Corp’s full ledger
A free account opens 5 company ledgers a month. All 74 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
APi Group Q1 FY26 — Strong Organic Growth and Strategic M&A Drive Performance
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
APi Group Q4 FY25 — Strong Performance, New Long-Term Targets, and Robust M&A Pipeline
Read the full callEvery analysed call
APi Group earnings calls (APG)
Financials
What the filings say
Net profit, year on year: +29% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,826 | 1,861 | 1,719 | 1,990 | 2,085 | 2,117 | 1,982 | 2,254 |
| Operating profit | 142 | 116 | 84 | 143 | 163 | 164 | 103 | 175 |
| Operating margin | 7.8% | 6.2% | 4.9% | 7.2% | 7.8% | 7.8% | 5.2% | 7.8% |
| Interest | — | — | 38 | 37 | — | — | 30 | 36 |
| Profit before tax | 100 | 78 | 46 | 108 | 130 | 129 | 71 | 138 |
| Tax rate | 31.0% | 14.1% | 23.9% | 28.7% | 28.5% | 24.8% | 19.7% | 28.3% |
| Net profit | 69 | 67 | 35 | 77 | 93 | 97 | 57 | 99 |
| EPS ($ per share) | 0.15 | — | 0.07 | 0.17 | 0.20 | — | 0.12 | 0.21 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -131 | -284 | -237 | -164 | -11 | 215 | 517 |
| Total liabilities | — | 2,254 | 2,507 | 2,836 | 5,167 | 4,722 | 5,199 | 5,528 |
| Fixed assets | — | 402 | 355 | 326 | 407 | 385 | 379 | 397 |
| Total assets | — | 4,011 | 4,065 | 5,159 | 8,091 | 7,590 | 8,152 | 8,936 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 112 | 150 | 496 | 182 | 270 | 514 | 620 | 759 |
| Cash from investing | -300 | -1,728 | -340 | -121 | -2,901 | -115 | -829 | -254 |
| Cash from financing | 203 | 1,398 | 99 | 917 | 1,756 | -532 | 245 | -121 |
| Net cash flow | 13 | -181 | 259 | 976 | -884 | -127 | 21 | 412 |
| Capital expenditure | -74 | -11 | -38 | -55 | -79 | -86 | -84 | -96 |
| Free cash flow | 38 | 139 | 458 | 127 | 191 | 428 | 536 | 663 |
APG revenue by segment
Safety Services shrank from 73% to 66% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Safety Services | 73% | 75% | 74% | 68% | 67% | 67% | 71% | 66% | +8.8% |
| Specialty Services | 27% | 25% | 26% | 32% | 33% | 33% | 29% | 34% | +22.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
APG operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Employees | — | 29KI want to start by thanking our 29,000 teammates for their dedication to API.Source: earnings call transcript | 31KI want to begin by thanking our 31,000 leaders for their dedication to APi.Source: earnings call transcript | +6.9% |
| Backlog | $4B+Certain end markets are providing excellent project opportunities, which is evidenced by our backlog, which is north of $4 billion and continues to be very strong, robust and healthy.Source: earnings call transcript | — | $5B+We ended the second quarter with a record backlog, surpassing $5 billion for the first time in APi's history.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Americas 69%
- Other Countries 24% ↓ 3 pt
- FR 8% ↓ 1 pt
As APG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
116 filings between Nov 3, 2025 and Aug 4, 2026.
Open market
decisions to buy or sellPurchases
$275.7K
3 purchases by 1 insider
Sales
$361.02M
47 sales by 6 insiders
89% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 3
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 11 other filings, 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| FRANKLIN MARTIN E | — | $239.14M | Jun 11, 2026 |
| ASHKEN IAN G H | — | $73.60M | Aug 4, 2026 |
| LILLIE JAMES E | — | $46.20M | Aug 3, 2026 |
| Lambert Louis | — | $983.6K | Feb 26, 2026 |
| JACKOLA GLENN DAVID | — | $796.1K | Feb 27, 2026 |
| MALKIN ANTHONY E | $275.7K | $297.3K | Jun 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 5,001 | $203.8K |
| Aug 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 80,071 | $3.23M |
| Aug 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 2,204 | $88.4K |
| Aug 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 580 | $23.3K |
| Aug 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 74,420 | $2.96M |
| Aug 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 282,796 | $11.27M |
| Aug 3, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 214,928 | $8.58M |
| Jun 17, 2026 | MALKIN ANTHONY E Director | Sale | 7,000 | $297.3K |
| Jun 11, 2026 | FRANKLIN MARTIN E Director | Sale | 2,000,000 | $84.16M |
| May 16, 2026 | ASHKEN IAN G H Director | Option exercise | 4,740 | $0 |
| May 16, 2026 | Walker Cyrus D. Director | Option exercise | 4,740 | $0 |
| May 16, 2026 | WHEELER CARRIE Director | Option exercise | 7,844 | $0 |
| May 16, 2026 | Thomas V Milroy Director | Tax withheld | 2,538 | $109.8K |
| May 16, 2026 | Thomas V Milroy Director | Option exercise | 4,740 | $0 |
| May 16, 2026 | Loop Paula Director | Option exercise | 4,740 | $0 |
| May 16, 2026 | LILLIE JAMES E Director | Option exercise | 4,740 | $0 |
| May 16, 2026 | MALKIN ANTHONY E Director | Option exercise | 7,844 | $0 |
| May 5, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 50,634 | $2.30M |
| May 5, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 3,591 | $164.7K |
| May 5, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 12,057 | $547.3K |
| May 5, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 14,900 | $683.3K |
| May 5, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 45,816 | $2.08M |
| May 5, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 13,645 | $625.8K |
| May 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 850,000 | $38.00M |
| May 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 134,265 | $6.00M |
| May 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 180,217 | $8.05M |
| May 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 34,201 | $1.55M |
| May 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 47,425 | $2.12M |
| May 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 11,927 | $543.9K |
| May 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 45,322 | $2.07M |
| Mar 19, 2026 | FRANKLIN MARTIN E Director | Sale | 3,000,000 | $122.64M |
| Mar 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 37 | $1.6K |
| Mar 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 11 | $479 |
| Mar 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 21,998 | $944.6K |
| Mar 4, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 72,546 | $3.12M |
| Mar 4, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 83,592 | $3.59M |
| Mar 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 4,904 | $212.9K |
| Mar 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 95,579 | $4.12M |
| Mar 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 1,290 | $56.0K |
| Mar 3, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 25,152 | $1.08M |
| Mar 3, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 109,691 | $4.73M |
| Mar 3, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 4,718 | $204.9K |
| Mar 2, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 84,853 | $3.75M |
| Mar 2, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 32,640 | $1.45M |
| Mar 2, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 68,248 | $3.02M |
| Mar 2, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 8,589 | $382.3K |
| Mar 2, 2026 | LILLIE JAMES E Director | Sale 10b5-1 plan | 17,960 | $793.8K |
| Mar 2, 2026 | ASHKEN IAN G H Director | Sale 10b5-1 plan | 28,192 | $1.26M |
| Mar 1, 2026 | MORTON KRISTINA M SVP and Chief People Officer | Option exercise | 4,418 | $0 |
| Mar 1, 2026 | MORTON KRISTINA M SVP and Chief People Officer | Option exercise | 4,714 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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