secwatch.observer — SEC 8-K summary
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Issuer:     APi Group Corp (APG)
CIK:        0001796209
Form:       8-K
Filed at:   2026-02-25T23:59:59+00:00
Accession:  0001628280-26-011397
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1796209/000162828026011397/0001628280-26-011397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1796209/000162828026011397/apg-20260225.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-011397

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer