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Dec 31, 2025
APi Group Q4 2025 Earnings Report
APi Group reported record fourth quarter 2025 results with double-digit organic growth, margin expansion, and strong adjusted free cash flow conversion.
Key Takeaways
In Q4 2025, APi Group generated net revenues of 2117000000 with 11.1% organic growth, GAAP net income of 97000000, and adjusted EBITDA of 295000000, expanding adjusted EBITDA margin to 13.9% and delivering adjusted free cash flow conversion of 136.3%.
Net revenues increased 13.8% year-over-year to 2117000000 with 11.1% organic growth.
GAAP net income rose 44.8% year-over-year to 97000000.
Adjusted EBITDA grew 21.9% to 295000000 with margin expansion to 13.9%.
Adjusted free cash flow was 402000000, representing 136.3% conversion.
Revenue by Segment
Forward Guidance
For full year 2026, APi expects net revenues of 8400000000 to 8600000000, adjusted EBITDA of 1140000000 to 1200000000, and adjusted free cash flow conversion of approximately 115%. For Q1 2026, the company expects net revenues of 1875000000 to 1975000000 and adjusted EBITDA of 225000000 to 235000000.
Positive Outlook
- Full year 2026 net revenue guidance of 8400000000 to 8600000000.
- Full year 2026 adjusted EBITDA guidance of 1140000000 to 1200000000.
- Adjusted free cash flow conversion target of approximately 115%.
- Continued organic growth momentum entering 2026.
- Strong recurring service revenue base supporting outlook.
Challenges Ahead
- Q1 2026 revenue guidance of 1875000000 to 1975000000 below Q4 2025 level.
- Q1 2026 adjusted EBITDA guidance of 225000000 to 235000000 below Q4 2025.
- Exposure to foreign currency translation impacts.
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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