APi Group Corp (APG) financial statements: income statement, balance sheet and cash flow

APi Group Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), APi Group Corp reported revenue of $7.9B (+12.7% year on year) and net income of $302.0M (+20.8% year on year).

Income statement

APi Group Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net revenues	$7.9B	$7.0B	$6.9B	$6.6B
Cost of revenues	$5.4B	$4.8B	$5.0B	$4.8B
Gross profit	$2.5B	$2.2B	$1.9B	$1.7B
Selling, general, and administrative expenses	$1.9B	$1.7B	$1.6B	$1.6B
Operating income	$554.0M	$484.0M	$359.0M	$162.0M
Interest expense, net	$141.0M	$146.0M	$145.0M	$125.0M
Investment expense (income) and other, net	$0	$7.0M	—	—
Other expense, net	$141.0M	$154.0M	$127.0M	$69.0M
Income before income taxes	$413.0M	$330.0M	$232.0M	$93.0M
Income tax provision	$111.0M	$80.0M	$79.0M	$20.0M
Net income	$302.0M	$250.0M	$153.0M	$73.0M
Stock dividend attributable to Series Preferred Stock	($590.0M)	($102.0M)	($44.0M)	($44.0M)
Stock conversion of Series B Preferred Stock	$0	($372.0M)	—	—
Net loss attributable to common shareholders	($288.0M)	—	—	—
Net loss per common share (basic) (in dollars per share)	-$0.69	-$0.84	-$0.68	$0.10
Net loss per common share (diluted) (in dollars per share)	-$0.69	-$0.84	-$0.68	$0.10
Weighted-average shares outstanding (basic) (in shares)	415.7M	267.7M	235.1M	233.2M
Weighted-average shares outstanding (diluted) (in shares)	415.7M	267.7M	235.1M	266.1M

APi Group Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net revenues	$2.3B	$2.0B	$2.1B	$2.0B
Cost of revenues	$1.6B	$1.4B	$1.4B	$1.4B
Gross profit	$703.0M	$620.0M	$652.0M	$615.0M
Selling, general, and administrative expenses	$528.0M	$517.0M	$489.0M	$472.0M
Operating income	$175.0M	$103.0M	$163.0M	$143.0M
Interest expense, net	$36.0M	$30.0M	$34.0M	$37.0M
Investment expense (income) and other, net	$1.0M	$2.0M	($1.0M)	($2.0M)
Other expense, net	$37.0M	$32.0M	$33.0M	$35.0M
Income before income taxes	$138.0M	$71.0M	$130.0M	$108.0M
Income tax provision	$39.0M	$14.0M	$37.0M	$31.0M
Net income	$99.0M	$57.0M	$93.0M	$77.0M
Income allocable to Series A Preferred Stock	($10.0M)	($6.0M)	($9.0M)	($8.0M)
Net income attributable to common shareholders	$89.0M	$51.0M	$84.0M	$69.0M
Basic (in dollars per share)	$0.21	$0.12	$0.20	$0.17
Diluted (in dollars per share)	$0.20	$0.12	$0.20	$0.16
Basic (in shares)	432.7M	431.5M	415.8M	415.3M
Diluted (in shares)	436.9M	435.1M	429.5M	427.6M

Balance sheet

APi Group Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$912.0M	$499.0M	$479.0M	$605.0M
Accounts receivable, net of allowances of $14 and $9 at December 31, 2025 and 2024, respectively	$1.6B	$1.4B	$1.4B	$1.3B
Inventories	$145.0M	$143.0M	$150.0M	$163.0M
Contract assets	$484.0M	$453.0M	$436.0M	$459.0M
Prepaid expenses and other current assets	$125.0M	$119.0M	$122.0M	$110.0M
Total current assets	$3.2B	$2.7B	$2.6B	$2.7B
Property and equipment, net	$397.0M	$379.0M	$385.0M	$407.0M
Operating lease right-of-use assets	$301.0M	$268.0M	$233.0M	$222.0M
Goodwill	$3.2B	$2.9B	$2.5B	$2.4B
Intangible assets, net	$1.6B	$1.7B	$1.6B	$1.8B
Deferred tax assets	$40.0M	$57.0M	$113.0M	$108.0M
Pension and post-retirement assets	$129.0M	$120.0M	$111.0M	$392.0M
Other assets	$89.0M	$116.0M	$75.0M	$144.0M
Total assets	$8.9B	$8.2B	$7.6B	$8.1B
Short-term and current portion of long-term debt	$5.0M	$4.0M	$5.0M	$206.0M
Accounts payable	$526.0M	$497.0M	$472.0M	$490.0M
Contingent consideration and compensation liabilities	$60.0M	$20.0M	$22.0M	$27.0M
Accrued salaries and wages	$444.0M	$381.0M	$363.0M	$337.0M
Contract liabilities	$694.0M	$590.0M	$526.0M	$463.0M
Operating and finance leases	$98.0M	$90.0M	$75.0M	$73.0M
Other accrued liabilities	$323.0M	$303.0M	$344.0M	$325.0M
Total current liabilities	$2.1B	$1.9B	$1.8B	$1.9B
Long-term debt, less current portion	$2.8B	$2.7B	$2.3B	$2.6B
Pension and post-retirement obligations	$50.0M	$48.0M	$50.0M	$40.0M
Contingent consideration and compensation liabilities	$8.0M	$22.0M	$11.0M	$6.0M
Operating and finance leases	$215.0M	$192.0M	$172.0M	$166.0M
Deferred tax liabilities	$205.0M	$198.0M	$233.0M	$340.0M
Other noncurrent liabilities	$146.0M	$105.0M	$127.0M	$111.0M
Total liabilities	$5.5B	$5.2B	$4.7B	$5.2B
Commitments and contingencies (Note 18)	$0	$0	$0	—
Series A Preferred Stock, $0.0001 par value; 7,000,000 authorized shares; 4,000,000 shares issued and outstanding at December 31, 2025 and 2024	0	0	0	—
Common stock, $0.0001 par value; 1,000,000,000 and 500,000,000 authorized shares; and 415,915,273 shares and 412,167,491 shares issued at December 31, 2025 and 2024, respectively (excluding 15,212,810 and 11,916,156 shares declared for stock dividend at December 31, 2025 and 2024, respectively)	0	0	0	0
Additional paid-in capital	$3.3B	$3.3B	$2.6B	$2.6B
Retained earnings	$517.0M	$215.0M	($11.0M)	($164.0M)
Accumulated other comprehensive loss	($405.0M)	($567.0M)	($490.0M)	($267.0M)
Total shareholders’ equity	$3.4B	$3.0B	$2.1B	$2.1B
Total liabilities and shareholders’ equity	$8.9B	$8.2B	$7.6B	$8.1B

APi Group Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$851.0M	$645.0M	$555.0M	$432.0M
Accounts receivable, net of allowances of $9 and $14 at June 30, 2026 and December 31, 2025, respectively	$1.7B	$1.5B	$1.6B	$1.5B
Inventories	$172.0M	$156.0M	$148.0M	$154.0M
Contract assets	$630.0M	$538.0M	$577.0M	$542.0M
Prepaid expenses and other current assets	$171.0M	$140.0M	$164.0M	$160.0M
Total current assets	$3.5B	$3.0B	$3.0B	$2.8B
Property and equipment, net	$429.0M	$401.0M	$393.0M	$382.0M
Operating lease right-of-use assets	$303.0M	$294.0M	$281.0M	$290.0M
Goodwill	$3.6B	$3.3B	$3.1B	$3.1B
Intangible assets, net	$1.7B	$1.6B	$1.6B	$1.7B
Deferred tax assets	$20.0M	$20.0M	$52.0M	$75.0M
Pension and post-retirement assets	$129.0M	$123.0M	$115.0M	$122.0M
Other assets	$157.0M	$155.0M	$88.0M	$74.0M
Total assets	$9.9B	$9.0B	$8.7B	$8.5B
Short-term and current portion of long-term debt	$306.0M	$5.0M	$5.0M	$5.0M
Accounts payable	$554.0M	$506.0M	$537.0M	$524.0M
Contingent consideration and compensation liabilities	$51.0M	$86.0M	$29.0M	$25.0M
Accrued salaries and wages	$372.0M	$322.0M	$390.0M	$330.0M
Contract liabilities	$815.0M	$773.0M	$672.0M	$644.0M
Operating and finance leases	$100.0M	$97.0M	$94.0M	$95.0M
Other accrued liabilities	$343.0M	$318.0M	$304.0M	$310.0M
Total current liabilities	$2.5B	$2.1B	$2.0B	$1.9B
Long-term debt, less current portion	$3.2B	$2.8B	$2.8B	$2.8B
Pension and post-retirement obligations	$48.0M	$49.0M	$53.0M	$53.0M
Contingent consideration and compensation liabilities	$12.0M	$11.0M	$43.0M	$44.0M
Operating and finance leases	$219.0M	$213.0M	$200.0M	$208.0M
Deferred tax liabilities	$248.0M	$200.0M	$218.0M	$218.0M
Other noncurrent liabilities	$146.0M	$145.0M	$147.0M	$161.0M
Total liabilities	$6.4B	$5.5B	$5.4B	$5.4B
Series A Preferred Stock, $0.0001 par value; 7,000,000 authorized shares; 4,000,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common stock, $0.0001 par value; 1,000,000,000 authorized shares at June 30, 2026 and December 31, 2025; 431,694,335 shares and 415,915,273 shares issued at June 30, 2026 and December 31, 2025, respectively (excluding 15,212,810 shares declared for stock dividend at December 31, 2025)	0	0	0	0
Additional paid-in capital	$3.3B	$3.3B	$3.3B	$3.3B
Retained earnings	$673.0M	$574.0M	$420.0M	$327.0M
Accumulated other comprehensive loss	($412.0M)	($397.0M)	($428.0M)	($418.0M)
Total shareholders’ equity	$3.5B	$3.5B	$3.3B	$3.2B
Total liabilities and shareholders’ equity	$9.9B	$9.0B	$8.7B	$8.5B

Cash flow statement

APi Group Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$302.0M	$250.0M	$153.0M	$73.0M
Depreciation	$85.0M	$80.0M	$79.0M	$77.0M
Amortization	$242.0M	$222.0M	$224.0M	$227.0M
Restructuring charges, net of cash paid	($6.0M)	($16.0M)	$9.0M	$22.0M
Deferred taxes	$15.0M	($30.0M)	($32.0M)	($47.0M)
Share-based compensation expense	$44.0M	$32.0M	$29.0M	$18.0M
Profit-sharing expense	$36.0M	$27.0M	$19.0M	$15.0M
Non-cash lease expense	$110.0M	$97.0M	$88.0M	$67.0M
Net periodic pension cost (benefit)	$23.0M	$27.0M	($8.0M)	($35.0M)
Other, net	($9.0M)	($23.0M)	$0	$3.0M
Accounts receivable	($57.0M)	($2.0M)	($69.0M)	($148.0M)
Contract assets	($17.0M)	($9.0M)	$26.0M	($69.0M)
Inventories	$6.0M	$9.0M	$13.0M	($30.0M)
Prepaid expenses and other current assets	$1.0M	$6.0M	($14.0M)	($1.0M)
Accounts payable	$5.0M	$16.0M	($14.0M)	$71.0M
Accrued liabilities and income taxes payable	$45.0M	($3.0M)	$42.0M	$47.0M
Contract liabilities	$85.0M	$46.0M	$51.0M	$71.0M
Other assets and liabilities	($151.0M)	($104.0M)	($85.0M)	($52.0M)
Net cash provided by operating activities	$759.0M	$620.0M	$514.0M	$270.0M
Acquisitions, net of cash acquired	($186.0M)	($778.0M)	($83.0M)	($2.8B)
Purchases of property and equipment	($96.0M)	($84.0M)	($86.0M)	($79.0M)
Proceeds from sales of property, equipment, held for sale assets, and businesses	$28.0M	$33.0M	$54.0M	$17.0M
Net cash used in investing activities	($254.0M)	($829.0M)	($115.0M)	($2.9B)
Proceeds from long-term borrowings	$0	$850.0M	$0	$1.1B
Payments on long-term borrowings	($7.0M)	($437.0M)	($484.0M)	($34.0M)
Repurchases of common stock	($75.0M)	$0	($41.0M)	($44.0M)
Proceeds from the issuance of common shares	0	458.0M	—	—
Conversion of Series B Preferred Stock	$0	($600.0M)	—	—
Payments of acquisition-related consideration	($18.0M)	($8.0M)	($4.0M)	($5.0M)
Restricted shares tendered for taxes	-21.0M	-13.0M	-3.0M	-3.0M
Other financing activities	$0	($5.0M)	—	—
Net cash (used in) provided by financing activities	($121.0M)	$245.0M	($532.0M)	$1.8B
Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash	$28.0M	($15.0M)	$6.0M	($9.0M)
Net increase (decrease) in cash, cash equivalents, and restricted cash	$412.0M	$21.0M	($127.0M)	($884.0M)
Cash, cash equivalents, and restricted cash, beginning of period	$501.0M	$480.0M	$607.0M	$1.5B
Cash, cash equivalents, and restricted cash, end of period	$913.0M	$501.0M	$480.0M	$607.0M
Cash paid for interest, net of interest income	$136.0M	$152.0M	$150.0M	$120.0M
Cash paid for income taxes, net of refunds	$111.0M	$101.0M	$95.0M	$43.0M
Accrued consideration	$30.0M	$31.0M	$11.0M	$1.0M
Shares of common stock issued to profit sharing plan	24.0M	18.0M	—	13.0M
Shares of common stock issued for conversion of Series B Preferred Stock	0	569.0M	14.0M	—

APi Group Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$156.0M	$57.0M	$205.0M	$112.0M
Depreciation	$42.0M	$21.0M	$63.0M	$42.0M
Amortization	$131.0M	$63.0M	$179.0M	$119.0M
Restructuring charges, net of cash paid	($4.0M)	($2.0M)	($6.0M)	($2.0M)
Deferred taxes	($1.0M)	—	$2.0M	($1.0M)
Share-based compensation expense	$23.0M	$11.0M	$31.0M	$21.0M
Profit-sharing expense	$15.0M	$11.0M	$23.0M	$14.0M
Non-cash lease expense	$61.0M	$32.0M	$82.0M	$56.0M
Net periodic pension cost	$12.0M	$6.0M	$17.0M	$11.0M
Other, net	($2.0M)	$0	($1.0M)	$2.0M
Accounts receivable	($89.0M)	$31.0M	($58.0M)	($12.0M)
Contract assets	($133.0M)	($54.0M)	($112.0M)	($77.0M)
Inventories	($9.0M)	($5.0M)	$2.0M	($3.0M)
Prepaid expenses and other current assets	($38.0M)	($17.0M)	($41.0M)	($36.0M)
Accounts payable	$15.0M	($20.0M)	$18.0M	$7.0M
Accrued liabilities and income taxes payable	($26.0M)	($92.0M)	($1.0M)	($56.0M)
Contract liabilities	$124.0M	$81.0M	$67.0M	$37.0M
Other assets and liabilities	($109.0M)	($38.0M)	($93.0M)	($89.0M)
Net cash provided by operating activities	$168.0M	$85.0M	$377.0M	$145.0M
Acquisitions, net of cash acquired	($816.0M)	($289.0M)	($174.0M)	($111.0M)
Purchases of property and equipment	($49.0M)	($18.0M)	($70.0M)	($39.0M)
Proceeds from sales of property and equipment	$4.0M	$2.0M	$13.0M	$10.0M
Net cash used in investing activities	($861.0M)	($305.0M)	($231.0M)	($140.0M)
Net short-term debt	$280.0M	—	—	—
Proceeds from long-term borrowings	$795.0M	—	$0	$0
Payments on long-term borrowings	($303.0M)	($1.0M)	($5.0M)	($4.0M)
Payments of debt issuance costs	($16.0M)	—	—	—
Repurchases of common stock	($66.0M)	$0	($75.0M)	($75.0M)
Payments of acquisition-related consideration	($13.0M)	($4.0M)	($16.0M)	($2.0M)
Restricted shares tendered for taxes	-38.0M	-37.0M	-20.0M	-20.0M
Net cash provided by (used in) financing activities	$639.0M	($42.0M)	($116.0M)	($101.0M)
Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash	($8.0M)	($6.0M)	$25.0M	$28.0M
Net decrease in cash, cash equivalents, and restricted cash	($62.0M)	($268.0M)	$55.0M	($68.0M)
Cash, cash equivalents, and restricted cash, beginning of period	$913.0M	$913.0M	$501.0M	$501.0M
Cash, cash equivalents, and restricted cash, end of period	$851.0M	$645.0M	$556.0M	$433.0M
Cash paid for interest, net of interest income	$60.0M	$30.0M	$105.0M	$70.0M
Cash paid for income taxes, net of refunds	$55.0M	$13.0M	$92.0M	$63.0M
Accrued consideration issued in business combinations	$10.0M	$6.0M	$31.0M	$9.0M
Shares of common stock issued to profit sharing plan	30.0M	30.0M	24.0M	24.0M

APi Group Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.