APi Group posts record Q4 revenue $2.1B (+14% YoY), adj EBITDA $295M (+22%); 2026 guidance above expectations

APi Group Corp

2025-FY EPS reported -$0.69 revenue$7,911,000,000

Record Q4 net revenues of $2,117M (+14% YoY, +11% organic); Q4 adj EBITDA $295M (+22%), margin 13.9% (+90 bps).
Full year 2025 adj EBITDA $1,041M (+16.6%), margin 13.2% (above 13% target); adj free cash flow $836M (80% conversion).
Safety Services Q4 segment earnings margin 17.5% (record), +110 bps YoY; Specialty Services Q4 rev +20.7% but FY margin -70 bps.
Initial 2026 guidance: net rev $8.4-8.6B, adj EBITDA $1.14-1.2B, adj FCF conversion ~115% on adjusted net income.
Net leverage ratio 1.6x; company targets new '10/16/60+' financial goals for 2026 and beyond.

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