APi Group Corporation (APG) Income Statement
APG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAPG revenue and net income
Where APG's revenue goes
2025Each bar shows an amount and its share of revenue. APG kept 3.8% of revenue as net income.
APG profit margins
APG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.7% | +6.5% | +17.1% | +12.4% |
| Gross profit | +14.2% | +13.2% | +26.9% | +16.4% |
| Operating income | +14.5% | +50.7% | — | +17.3% |
| Net income | +20.8% | +60.5% | — | +11.0% |
| EPS (diluted) | −2.0% | +13.8% | +3.1% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APG quarterly EPS vs estimates
APi beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.48).
APG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.91B | $7.02B | $6.93B | $6.56B | $3.94B | $3.59B | $985.0M | $3.73B | $3.05B | $2.61B |
| Cost of revenue | $5.42B | $4.84B | $4.99B | $4.84B | $3.00B | $2.83B | $787.0M | $2.94B | $2.38B | $2.00B |
| Gross profit | $2.49B | $2.18B | $1.94B | $1.71B | $939.0M | $756.0M | $198.0M | $787.0M | $664.0M | $604.0M |
| Sales, general & admin | $1.93B | $1.69B | $1.58B | $1.55B | $803.0M | $725.0M | $359.0M | $625.0M | $511.0M | $498.0M |
| Total operating expenses | $1.93B | $1.69B | $1.58B | $1.55B | $803.0M | $922.0M | $359.0M | $625.0M | $511.0M | — |
| Operating income | $554.0M | $484.0M | $359.0M | $162.0M | $136.0M | −$166.0M | −$161.0M | $162.0M | $123.0M | $106.0M |
| Interest income | $141.0M | $153.0M | $132.0M | $116.0M | $60.0M | $52.0M | $35.0M | $22.0M | $8.0M | $5.0M |
| Interest expense | $141.0M | $146.0M | $145.0M | $125.0M | $60.0M | $52.0M | $15.0M | $22.0M | $8.0M | $0 |
| Income before taxes | $413.0M | $330.0M | $232.0M | $93.0M | $79.0M | −$184.0M | −$151.0M | $146.0M | $120.0M | $113.0M |
| Income taxes | $111.0M | $80.0M | $79.0M | $20.0M | $32.0M | −$31.0M | $2.0M | $10.0M | $8.0M | — |
| Net income | $302.0M | $250.0M | $153.0M | $73.0M | $47.0M | −$153.0M | −$153.0M | $136.0M | $112.0M | $104.0M |
| EBITDA | $982.0M | $778.0M | $680.0M | $522.0M | $341.0M | $131.0M | −$67.0M | $277.0M | $222.0M | — |
| EPS (diluted) | $1.49 | $1.52 | $1.05 | $1.01 | $0.81 | $1.28 | −$1.15 | — | — | — |
| Gross margin | 31.4% | 31.0% | 28.0% | 26.1% | 23.8% | 21.1% | 20.1% | 21.1% | 21.8% | 23.2% |
| Operating margin | 7.0% | 6.9% | 5.2% | 2.5% | 3.5% | −4.6% | −16.3% | 4.3% | 4.0% | 4.1% |
| Net margin | 3.8% | 3.6% | 2.2% | 1.1% | 1.2% | −4.3% | −15.5% | 3.6% | 3.7% | 4.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.25B | $1.98B | $2.12B | $2.08B | $1.99B | $1.72B | $1.86B | $1.83B | $1.73B | $1.60B | $1.76B | $1.78B |
| Cost of revenue | $1.55B | $1.43B | $1.50B | $1.49B | $1.38B | $1.23B | $1.29B | $1.26B | $1.19B | $1.11B | $1.25B | $1.27B |
| Gross profit | $703.0M | $557.0M | $618.0M | $592.0M | $615.0M | $485.0M | $575.0M | $567.0M | $544.0M | $492.0M | $508.0M | $511.0M |
| Sales, general & admin | $528.0M | $517.0M | $514.0M | $489.0M | $472.0M | $458.0M | $404.0M | $425.0M | $418.0M | $392.0M | $430.0M | $407.0M |
| Total operating expenses | $528.0M | $408.0M | $526.0M | $431.0M | $472.0M | $398.0M | $459.0M | $425.0M | $418.0M | $392.0M | $433.0M | $407.0M |
| Operating income | $175.0M | $149.0M | $92.0M | $161.0M | $143.0M | $87.0M | $116.0M | $142.0M | $126.0M | $100.0M | $75.0M | $104.0M |
| Interest income | — | — | $35.0M | $33.0M | $35.0M | $38.0M | $37.0M | $42.0M | — | — | — | — |
| Interest expense | $36.0M | $30.0M | $3.0M | $20.0M | $37.0M | $24.0M | $36.0M | $41.0M | $35.0M | $34.0M | $33.0M | $37.0M |
| Income before taxes | $138.0M | $71.0M | $129.0M | $130.0M | $108.0M | $46.0M | $78.0M | $100.0M | $89.0M | $63.0M | $45.0M | $74.0M |
| Income taxes | $39.0M | $14.0M | $32.0M | $37.0M | $31.0M | $11.0M | $11.0M | $31.0M | $20.0M | $18.0M | $20.0M | $20.0M |
| Net income | $99.0M | $57.0M | $97.0M | $93.0M | $77.0M | $35.0M | $67.0M | $69.0M | $69.0M | $45.0M | $25.0M | $54.0M |
| EBITDA | $265.0M | $185.0M | $217.0M | $231.0M | $226.0M | $150.0M | $195.0M | $218.0M | $199.0M | $166.0M | $155.0M | $188.0M |
| EPS (diluted) | $0.44 | $0.32 | $0.44 | $0.41 | $0.39 | $0.25 | $0.51 | $0.34 | $0.33 | $0.34 | $0.29 | $0.32 |
| Gross margin | 31.2% | 28.1% | 29.2% | 28.4% | 30.9% | 28.2% | 30.9% | 31.1% | 31.4% | 30.7% | 28.9% | 28.6% |
| Operating margin | 7.8% | 7.5% | 4.3% | 7.7% | 7.2% | 5.1% | 6.2% | 7.8% | 7.3% | 6.2% | 4.3% | 5.8% |
| Net margin | 4.4% | 2.9% | 4.6% | 4.5% | 3.9% | 2.0% | 3.6% | 3.8% | 4.0% | 2.8% | 1.4% | 3.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APG's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APG financial results
In fiscal year 2025 (ended December 31, 2025), APi reported revenue of $7.9 billion, up 12.7% from the year before. It had net income of $302.0 million (up 20.8%), a net profit margin of 3.8%. Diluted earnings per share came to $1.49. Over five years revenue grew at an average rate of 17.1% a year.
See the APG stock overview for the latest quote and news, or the APG chart for price history and technical indicators.
APG income statement FAQ
What is APi's annual revenue?
APi reported total revenue of $7.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.7% from $7.0 billion the previous year.
Is APi profitable?
Yes. APi reported net income of $302.0 million in fiscal 2025, a net profit margin of 3.8%; its operating margin was 7.0%.
What is APi's gross margin?
APi's gross margin was 31.4% in fiscal 2025: for every $100 of revenue, APi kept $31 after the direct cost of its products and services.
How fast is APi growing?
Revenue grew 17.1% a year on average over the last five fiscal years, from $3.6 billion to $7.9 billion.
What are APi's earnings per share?
APi earned $1.49 per diluted share in fiscal 2025, compared with $1.52 a year earlier.
When will APi report its next earnings?
APi is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does APi's fiscal year end?
APi's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.