APi Group reports 13.8% revenue surge with record EBITDA margins
APi Group Corporation has reported strong financial results for the latest fiscal year. The company saw a 13.8% rise in quarterly net revenue, reaching $2.12 billion, with organic growth of 11.1%. Both major business segments showed significant gains, while the firm's balance sheet remained robust.
The Specialty Services Segment led growth with a 20.7% revenue increase to $695 million for the quarter. Its segment earnings also jumped by 40.7%, alongside a 190 basis point improvement in margins. Meanwhile, the Safety Services Segment achieved around 7% organic revenue growth for the year, with steady margin expansion.
The company's backlog now exceeds $4 billion, signalling continued demand across both divisions. Adjusted EBITDA climbed 21.9% year over year, reaching a margin of 13.9%—a 90 basis point rise. Full-year adjusted EBITDA margin hit 13.2%, surpassing the long-term 13% target and up from 10.3% in 2021.
APi Group also strengthened its financial position, with net debt to adjusted EBITDA at 1.6x—well below its long-term goal. This flexibility supported 14 acquisitions in 2025, including the CertiCyte deal after the quarter's close. Over the past three years, the company has invested $580 million in 33 bolt-on transactions.
Data centres now account for about 8% of total revenue, with projections to reach 10% by 2026. The share of inspection, service, and monitoring work also grew, making up 54% of revenue in 2025 compared to 40% in 2021. Adjusted free cash flow rose to $836 million, an increase of $168 million from the previous year, reflecting an 80% conversion of adjusted EBITDA.
Adjusted diluted earnings per share reached $0.44 for the quarter, up $0.10 or 29.4%. The improvement came from higher revenue, better margins, and reduced interest costs. Adjusted gross margin also expanded by 110 basis points to 32.2%.
APi Group's latest results highlight broad-based growth, with revenue, margins, and cash flow all improving. The company's acquisition strategy and strong backlog position it for further expansion. Its balance sheet remains well-managed, offering room for future investments.
