Research · Sep 3, 2026
[APG] APi Group Thesis 2026: Ten-Sixteen-Sixty Margin Plan Drives Record EBITDA Year
APi Group Corporation FY25 revenue $7.91B (+13%, +8% organic); op income $554M (+14%). Safety Services FY +7% organic (inspection + service + monitoring driving). Specialty Services FY +10% organic (strong year-end momentum). Adj gross margin +50bp; adj EBITDA margin record level. Adj FCF $836M (80% conversion on adj EBITDA — best-in-class). 10-16-60+ three-year financial framework introduced ($10 billion revenue / 16% adj EBITDA margin / 60%+ FCF conversion). Russell Becker continued as CEO; Adam Fee transition to elevator finance; Adam Walters new IR head. Recognized as Military Friendly Employer. Accretive bolt-on M&A continued. FY26 guide: revenue $10 billion midpoint; adj EBITDA $1.14-$1.20B; Q1 net revenues $1.875-$1.975B; inspection/service/monitoring revenues +mid-to-high-single organic; project revenues +low-to-mid-single organic.