APi Group (APG) Q3 FY2026 earnings: revenue $2.6 billion, up 22.5% on the year

APi Group Corp. (APG) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 29 October 2026. Revenue was $2.6 billion, up 22.5% on the same quarter a year earlier. Net income was $114 million, up 22.6% on the year, and diluted earnings per share $0.24. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$2.6 billionup 22.5%

Net income$114 millionup 22.6%

Diluted EPS$0.24$0.20 a year earlier

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 2 raised, 1 lowered.

Record quarter on revenue and EBITDA: Net revenues reached $2,554 million, up 22.5% reported and 15.7% organic. Adjusted EBITDA was $350 million, up 24.6%, with a 13.7% margin, 20 basis points higher.
Growth drivers management named: Management attributed revenue growth to inspection, service and monitoring revenues, project revenues, acquisitions and pricing improvements.
Results against July third-quarter guidance: The July 30 release guided third-quarter net revenues to $2,375 to $2,425 million and adjusted EBITDA to $325 to $335 million. Reported figures were $2,554 million and $350 million.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	2,554	2,254	2,085	+22.5%
Net income	114	99.0	93.0	+22.6%
Diluted EPS	$0.24	$0.20	$0.20	+20.0%

$ million except per share.

Q3 FY2026 is from the company's press release of 29 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,047	1,112	1,471	1,649	1,735	1,703	1,614	1,771	1,784	1,759	1,601	1,730	1,826	1,861	1,719	1,990	2,085	2,117	1,982	2,254
Cost of revenue	795	838	1,095	1,214	1,295	1,240	1,189	1,275	1,273	1,251	1,109	1,186	1,259	1,286	1,177	1,375	1,433	1,439	1,362	1,551
Gross profit	252	274	376	435	440	463	425	496	511	508	492	544	567	575	542	615	652	678	620	703
Gross margin	24%	25%	26%	26%	25%	27%	26%	28%	29%	29%	31%	31%	31%	31%	32%	31%	31%	32%	31%	31%
SG&A	211	224	383	376	379	414	352	389	407	433	392	418	425	459	458	472	489	514	517	528
Operating income	41.0	50.0	-7.0	59.0	61.0	49.0	73.0	107	104	75.0	100	126	142	116	84.0	143	163	164	103	175
Operating margin	4%	4%	-0%	4%	4%	3%	5%	6%	6%	4%	6%	7%	8%	6%	5%	7%	8%	8%	5%	8%
Interest expense	14.0	17.0	27.0	28.0	33.0	37.0	37.0	38.0	37.0	33.0	34.0	n/a	n/a	n/a	38.0	37.0	n/a	n/a	30.0	36.0
Pre-tax income	30.0	33.0	-23.0	44.0	46.0	26.0	38.0	75.0	74.0	45.0	63.0	89.0	100	78.0	46.0	108	130	129	71.0	138
Tax rate	37%	55%	n/a	32%	39%	15%	32%	36%	27%	44%	29%	22%	31%	14%	24%	29%	28%	25%	20%	28%
Net income	19.0	15.0	-7.0	30.0	28.0	22.0	26.0	48.0	54.0	25.0	45.0	69.0	69.0	67.0	35.0	77.0	93.0	97.0	57.0	99.0
Net margin	2%	1%	-0%	2%	2%	1%	2%	3%	3%	1%	3%	4%	4%	4%	2%	4%	4%	5%	3%	4%
Diluted EPS	$0.05	-$0.53	-$0.05	$0.04	$0.04	$0.03	$0.03	$0.08	$0.10	-$0.72	-$0.89	$0.15	$0.15	-$0.07	$0.07	$0.16	$0.20	-$1.19	$0.12	$0.20
Operating cash flow	49.0	114	-118	54.0	146	188	-1.0	74.0	144	297	7.0	110	220	283	62.0	83.0	232	382	85.0	83.0
Capital expenditure	9.0	12.0	12.0	22.0	26.0	19.0	21.0	25.0	18.0	22.0	22.0	22.0	22.0	18.0	12.0	27.0	31.0	26.0	18.0	31.0
Free cash flow	40.0	102	-130	32.0	120	169	-22.0	49.0	126	275	-15.0	88.0	198	265	50.0	56.0	201	356	67.0	52.0
Buybacks	n/a	n/a	11.0	11.0	11.0	11.0	12.0	11.0	18.0	0.0	0.0	0.0	0.0	0.0	75.0	0.0	0.0	0.0	0.0	66.0
Shares outstanding	337m	349m	350m	351m	351m	352m	353m	354m	353m	366m	411m	412m	412m	416m	415m	416m	416m	431m	433m	432m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 29 October 2026 with a Form 8-K: the release.