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Jun 30, 2025
APi Group Q2 2025 Earnings Report
APi Group reported strong second quarter 2025 financial results, with record net revenues, net income, and adjusted EBITDA, leading to an increased full-year 2025 outlook.
Key Takeaways
APi Group delivered a robust second quarter in 2025, achieving record net revenues of $2.0 billion, a 15.0% year-over-year increase, and strong organic growth of 8.3%. The company also reported record net income of $77 million, up 11.6%, and record adjusted EBITDA of $272 million, an increase of 17.7%, with margin expansion to 13.7%. This strong performance led to a raised full-year guidance for both net revenues and adjusted EBITDA.
Record second quarter net revenues reached $1.99 billion, demonstrating a 15.0% year-over-year growth and 8.3% organic growth.
Net income for the second quarter was a record $77 million, marking an 11.6% increase compared to the prior year.
Adjusted EBITDA hit a record $272 million, growing 17.7% year-over-year, with adjusted EBITDA margin expanding by 30 basis points to 13.7%.
The company has raised its full-year 2025 guidance for both net revenues and adjusted EBITDA, reflecting continued positive momentum.
Revenue by Segment
Forward Guidance
APi Group has increased its full-year 2025 guidance for net revenues and adjusted EBITDA, and provided guidance for the third quarter of 2025.
Positive Outlook
- Full-year 2025 net revenues guidance raised to $7,650 million - $7,850 million (up from $7,400 million - $7,600 million).
- Full-year 2025 adjusted EBITDA guidance raised to $1,005 million - $1,045 million (up from $985 million - $1,035 million).
- Adjusted Free Cash Flow Conversion expected to be approximately 75% for the full year.
- Third quarter 2025 net revenues projected to be $1,985 million - $2,035 million.
- Third quarter 2025 adjusted EBITDA projected to be $270 million - $280 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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