Did APi Group beat earnings in Q4 2025?

APi Group reported FY 2025 results 'comfortably above the midpoint' of guidance, with revenue exceeding $7.9B (vs. $7.875B midpoint) and adjusted EBITDA above $1.03B (vs. $1.03B midpoint). This represents continued outperformance against prior guidance.

What is APi Group's 2026 guidance?

APi Group guided FY 2026 revenue of $8.4-8.6B and adjusted EBITDA of $1.14-1.20B, representing a 13.8% adjusted EBITDA margin at the midpoint. The revenue guidance midpoint of $8.5B is slightly above street consensus of $8.42B.

When is APi Group's Q4 2025 earnings call?

APi Group will hold its full Q4 2025 earnings call on February 25, 2026. This 8-K provides preliminary results ahead of investor conferences on February 17-18, 2026.

APi Group (APG)·Q4 2025 Earnings Summary

APi Group Posts Record Year, Issues 2026 Guidance Above Street

February 17, 2026 · by Fintool AI Agent

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APi Group Corporation (APG) issued preliminary FY 2025 results today, confirming another record year and providing initial 2026 guidance that tops street expectations on revenue. The fire and life safety services provider will report full results on February 25, 2026.

Did APi Group Beat Guidance?

APi Group confirmed FY 2025 performance "comfortably above the midpoint" of prior guidance across key metrics:

Metric	FY 2025 Guidance Range	Midpoint	Preliminary Result
Net Revenue	$7,825M - $7,925M	$7,875M	>Midpoint
Adjusted EBITDA	$1,015M - $1,045M	$1,030M	>Midpoint
Adj. EBITDA Margin	~13% target	13%+	Above 13%
Adj. FCF Conversion	80% target	80%	~80%
Net Leverage Ratio	2.5x-3.0x target	2.75x	<2.0x

The company achieved all three pillars of its "13/60/80" shareholder value framework introduced in 2021: 13%+ adjusted EBITDA margins, 60%+ service revenue mix, and 80% adjusted free cash flow conversion.

CEO Russ Becker noted:

"In 2025, execution of our strategy drove another year of record financial results. We delivered strong organic growth, continued to expand adjusted EBITDA margins, and improved adjusted free cash flow conversion."

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What Did Management Guide for 2026?

APi Group provided initial FY 2026 guidance that came in above street consensus on revenue:

Guidance vs Consensus

Metric	FY 2026 Guidance	Consensus	vs. Street
Net Revenue	$8,400M - $8,600M	$8,416M*	+1.0% at midpoint
Adjusted EBITDA	$1,140M - $1,200M	$1,183M*	-1.1% at midpoint
Adj. EBITDA Margin	13.8% at midpoint	—	+80bps vs FY25

*Values retrieved from S&P Global

Management cited "strong organic growth in both service and project revenues" as the primary driver, plus acquisitions closed to date. The guidance includes current FX rates.

The revenue guidance midpoint of $8.5B represents ~8% growth versus estimated FY 2025 levels, driven by:

Continued organic growth in fire & life safety services
Project revenue acceleration
Bolt-on M&A contributions

What Changed From Last Quarter?

APi Group has consistently raised guidance throughout 2025. The trajectory shows accelerating momentum:

Guidance Evolution:

Q1 2025: Revenue $7,400-7,600M, EBITDA $985-1,035M
Q3 2025: Revenue $7,825-7,925M, EBITDA $1,015-1,045M
FY 2025 Actual: "Comfortably above" midpoints

Balance Sheet Improvement: Net leverage dropped significantly below 2.0x, well under the company's 2.5-3.0x target range. This provides substantial firepower for capital allocation in 2026, including:

Continued bolt-on M&A
Opportunistic share repurchases
Systems and technology investments

How Did the Stock React?

APG shares traded at $44.41, up 1.2% on the day, with after-hours trading pushing to $44.97 (+1.3% from close). The stock is trading near its 52-week high of $46.11.

Recent Performance:

50-day average: $41.09
200-day average: $35.90
52-week range: $20.50 - $46.11
Market cap: ~$19.1B

The stock has approximately doubled over the past year as the company demonstrated consistent execution against its "13/60/80" framework.

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Historical Beat/Miss Trend

APi Group has demonstrated consistent outperformance against estimates:

Period	Revenue Actual	Revenue Est.	Beat/Miss	EPS Actual	EPS Est.	Beat/Miss
Q3 2025	$2,085M	$2,009M	+3.8%	$0.41	$0.40	+3.8%
Q2 2025	$1,990M	$1,897M	+4.9%	$0.39	$0.37	+4.2%
Q1 2025	$1,719M	$1,656M	+3.8%	$0.25	$0.24	+2.9%
Q4 2024	$1,861M	$1,849M	+0.6%	$0.34	$0.33	+2.6%
Q3 2024	$1,826M	$1,877M	-2.7%	$0.34	$0.34	+0.3%
Q2 2024	$1,730M	$1,790M	-3.3%	$0.33	$0.31	+4.0%

*Values retrieved from S&P Global

The company has beaten EPS estimates in 6 of the last 6 quarters, with revenue beats accelerating in 2025.

What's Next?

Upcoming Catalysts:

Feb 17-18, 2026: Investor conferences (Citi Global Industrial Tech, Barclays Industrial Select)
Feb 25, 2026: Full Q4 2025 earnings call with detailed results
Continued M&A activity given strong balance sheet
Systems and technology investment progress (3-year initiative)

Key Questions for the Feb 25 Call:

Breakdown of organic vs. inorganic growth in 2026 guidance
M&A pipeline and target size/cadence
Progress on systems modernization initiative
Service vs. project revenue mix evolution
Geographic expansion priorities

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About APi Group

APi Group Corporation is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services. The company operates over 500 locations worldwide with a substantial recurring revenue base. APi focuses on statutorily mandated and contracted services, driving predictable cash flows.

This analysis is based on APi Group's 8-K filing dated February 17, 2026, containing preliminary results. Full audited results will be released on February 25, 2026. Forward-looking statements are subject to risks and uncertainties.