APi Group Corporation (APG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and APi Group published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. APi Group reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• APi Group's per-share figures reflect the three-for-two stock split it executed on June 30, 2025.
• APi Group's diluted EPS for Q4 2025 was a loss of $1.19 even though net income was $97 million, because a $590 million accrued stock dividend on its Series A Preferred Stock was deducted before arriving at the result for common shareholders.

Source: APi Group Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How APi Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• APi Group's Safety Services revenue was $1.7 billion in Q3 2026, up 18% from $1.4 billion in Q3 2025, 65% of total revenue.
• APi Group's Specialty Services revenue was $893 million in Q3 2026, up 31% from $683 million in Q3 2025, 35% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, APi Group said:

“APi is raising its full-year 2026 guidance for net revenues and adjusted EBITDA.”

“Net revenues of $9,200 to $9,250 million, up from the guidance provided on July 30, 2026 of $8,875 to $9,025 million”

“Adjusted EBITDA of $1,235 to $1,255 million, up from the guidance provided on July 30, 2026 of $1,205 to $1,245 million”

“Adjusted free cash flow conversion of 110%, based on adjusted net income”

Source: APi Group Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the APG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and diluted EPS, each as first reported in that quarter's release. Every quarter shown was reported after the June 30, 2025 three-for-two stock split. The Q4 2025 loss per share comes from the accrued Series A Preferred Stock dividend, not from an operating loss.

We do not hold a confirmed date for APi Group's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

APi Group reported net revenues of $2,554 million for Q3 2026, up 22.5% from $2,085 million, and 15.7% on an organic basis. Safety Services, the fire and life safety, electronic security and elevator and escalator business, brought in $1,662 million. Specialty Services brought in $893 million, and Corporate and Eliminations took off $1 million. APi Group's 10-K describes these as statutorily mandated and other contracted services with a substantial recurring revenue base. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; APi Group Form 10-K, 2025, Feb 25, 2026)

APi Group credited the growth to inspection, service, and monitoring revenues, growth in project revenues, acquisitions, and pricing improvements. Acquisitions and divestitures added 6.9 points to consolidated growth and 9.8 points in Safety Services, where organic growth was 8.8%. Specialty Services grew 30.7%, of which 29.9% was organic, on project and service revenues. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

APi Group bought three larger businesses in 2026, all reported in Safety Services: CertaSite for $271 million in February, Onyx-Fire Protection Services in Canada for $532 million in June, and WTech Fire Group in Europe for about $394 million in July. It also closed ten individually immaterial acquisitions for $227 million in the nine months. (APi Group Form 10-Q, Q3 2026, Oct 29, 2026)

By geography, APi Group invoiced $1,758 million of Q3 2026 net revenues from the United States, $168 million from France and $628 million from other countries. All of Specialty Services is in the United States. Inside Specialty Services, Specialty Contracting was $421 million (up from $289 million), Infrastructure and Utility $349 million and Fabrication and Distribution $123 million. (APi Group Form 10-Q, Q3 2026, Oct 29, 2026)

APi Group had $4,863 million of transaction price allocated to unsatisfied performance obligations on in-process contracts at September 30, 2026, and expects to recognize about 76% of it over the next twelve months. (APi Group Form 10-Q, Q3 2026, Oct 29, 2026)

APi Group's GAAP diluted EPS was $0.24 in Q3 2026, against adjusted diluted EPS of $0.50. The adjustments to pre-tax income were led by $83 million of amortization of intangible assets, $30 million of systems and business enablement costs and $11 million of acquisition and divestiture related expenses. Adjusted net income was $219 million, against GAAP net income of $114 million. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

APi Group's adjusted figures use an adjusted effective tax rate of 23%, while the GAAP effective tax rate was 26.5% in the quarter, down from 28.2%, which the 10-Q attributes mainly to a larger windfall tax benefit on vested shares. $12 million of income was allocable to the Series A Preferred Stock before arriving at the $102 million attributable to common shareholders. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; APi Group Form 10-Q, Q3 2026, Oct 29, 2026)

APi Group's diluted weighted average shares were 432 million, against 429 million a year earlier, and 438 million on the adjusted basis that counts the deemed conversion of the Series A Preferred Stock. It repurchased 4,751,859 shares for $186 million in the quarter under a $1,000 million program authorized in 2025. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026; APi Group Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

APi Group gives a full-year outlook in its release and raised it with the Q3 2026 report: net revenues of $9,200 to $9,250 million (from $8,875 to $9,025 million in July) and adjusted EBITDA of $1,235 to $1,255 million (from $1,205 to $1,245 million), with adjusted free cash flow conversion of 110% of adjusted net income. It does not give a quarterly EPS outlook. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

APi Group says it cannot reconcile its forward-looking adjusted EBITDA, organic growth and free cash flow conversion to GAAP without unreasonable effort. Its long-term framework is called "10/16/60+", which replaced the "13/60/80" targets it had through 2025. (APi Group Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover APi Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones APi Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning APG is on is APG a buy or a sell?, what analysts expect next is on the APG forecast, and what the company does is on the APi Group Corporation (APG) stock page.

Every number on this page can be traced to a document APi Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.