APi Group Corporation (APG)

APi Group reported record third-quarter 2026 net revenues of $2,554 million on October 29, 2026, up 22.5 percent, or 15.7 percent organic (without acquisitions, sales of businesses or currency effects) 1.

Net income was $114 million, and adjusted EBITDA, a profit measure that leaves out interest, taxes, depreciation and some one-off items, was $350 million 1.

Specialty Services, the contracting arm, grew 30.7 percent and Safety Services grew 18.5 percent 1.

Gross profit margin fell 120 basis points to 30.1 percent, which the company ties to project and business mix and rising material, fuel and other expenses 1.

The company raised its full-year 2026 guidance for net revenues to $9,200 to $9,250 million, up from $8,875 to $9,025 million set on July 30, 2026 1.

Management also said backlog, the work signed but not yet done, exceeded $5 billion and was a record 4.

The company filed its quarterly report and the results current report on October 29, 2026 21.

APi Group describes itself as a business services provider of fire and life safety, security, elevator and escalator, and specialty services 3.

It has completed 140 acquisitions since 2005 and says it looks for companies that add services in places where its own capabilities are limited 3.

The biggest turning point was the Chubb Acquisition, completed on January 3, 2022, when the company took on Chubb's fire and security business and its pension plans 3.

A $2,147 million seven-year term loan was used to fund a portion of the purchase price, and a multi-year restructuring program followed to cut costs and find synergies 23.

That program ended as of June 30, 2025, after $4 million of costs in 2025 3.

In 2024 the company issued 18,975,000 shares in a public offering with proceeds of about $458 million, used for general corporate purposes including acquisitions 3.

On June 30, 2025, it split its stock three-for-two 3.

In 2025 net revenues rose 12.7 percent to $7,911 million from $7,018 million, mainly from growth in inspection, service and monitoring revenues, project revenues, acquisitions and pricing 3.

Gross margin, the share of revenue left after the cost of delivering the work, rose 40 basis points to 31.4 percent on disciplined customer and project selection and pricing 3.

Net income rose to $302 million from $250 million 3.

Safety Services revenue rose to $5,456 million from $4,797 million, and Specialty Services to $2,460 million from $2,229 million, though its earnings margin slipped to 10.7 percent from 11.4 percent 3.

Safety Services

Safety Services designs, installs, inspects, services and monitors fire protection systems, electronic security systems, and elevators and escalators in North America, Europe and Asia-Pacific 3.

Its work is largely required by building codes, which is why inspections bring repeat business, the idea behind what the company calls its inspection-first strategy 3.

In the third quarter of 2026 the segment had net revenues of $1,662 million, up 18.5 percent, with 8.8 percent organic growth 1.

In 2026 it closed three larger deals: CertaSite on February 2 for $271 million, Onyx-Fire in Canada on June 8 for $532 million, and WTech in Europe on July 1 for $394 million 2.

Specialty Services

Specialty Services covers specialty contracting, fabrication and distribution, and infrastructure and utility work across North America 3.

Its third-quarter 2026 net revenues were $893 million, up 30.7 percent, and its segment earnings margin rose to 12.5 percent 1.

Management said the project environment stays robust, with demand from data centers, semiconductors and advanced manufacturing 4.

Places, people and money

The company has approximately 29,000 team members 3.

At year end it owned approximately 50 facilities and leased approximately 500, in the U.S., France, the United Kingdom, Australia, the Netherlands and over 15 other countries 3.

Russell Becker, president and chief executive, became chief executive in 2004, and David Jackola is executive vice president and chief financial officer 31.

The company says its industries are fragmented, made up of international, national, regional and local competitors 3.

In 2026 it raised its revolving credit facility from $750 million to $1,000 million and sold $500 million of 5.750 percent senior notes due 2034 2.

Unsatisfied performance obligations, contracted work not yet done, were $4,863 million at September 30, 2026, with about 76 percent expected to become revenue within twelve months 2.

The umbrella, in words

The company reports two segments, Safety Services and Specialty Services, and its subsidiary list in the annual report holds mainly Chubb-named units in countries such as Australia, Canada, France and Germany 3.

It owns its headquarters in New Brighton, Minnesota 3.

Sir Martin Franklin, a co-chairman of the board, reported owning 11.5 percent of the common stock in a Schedule 13D amendment, a personal stake that is not the company's 53.

The company has 4,000,000 shares of Series A Preferred Stock, convertible into 6,000,000 common shares on the last day of 2026 3.

The company raised its 2026 guidance for net revenues to $9,200 to $9,250 million and for adjusted EBITDA to $1,235 to $1,255 million 1.

It also expects adjusted free cash flow conversion, cash generated compared with adjusted profit, of 110 percent of adjusted net income 1.

On the call, the finance chief said capital spending is projected at $105 million and interest expense at $155 million for 2026 4.

The long-term targets, called 10/16/60+, are $10 billion of net revenue, a 16 percent adjusted EBITDA margin and at least 60 percent adjusted free cash flow conversion 41.

The company is scaling its corporate development team to support annual bolt-on acquisition spending of $350 million, according to the call summary 4.

Management said it expects its international safety business to return to its historical mid-single-digit growth rate in 2027 4.

The Series A Preferred Stock converts into common shares on the last day of 2026 3.