AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
APi Group's Q2 FY2026 net revenues rose 13.3% YoY to $2,254M, led by 22.9% growth in Specialty Services, while operating income grew 22.4% to $175M on 30bps of gross margin expansion.
Biggest Revenue Drivers
Safety Services$1,482M+8.8% YoY
Solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and foreign exchange translation impacts
Specialty Services$773M+22.9% YoY
Robust growth in both project and service revenues
Biggest Revenue Drivers
Total revenue: $2,254M+13.3% YoY
Safety Services$1,482M+8.8% YoY
Solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and foreign exchange translation impacts
Specialty Services$773M+22.9% YoY
Robust growth in both project and service revenues
Within Specialty Services
Infrastructure and Utility$299M
Specialty Contracting$373M
Fabrication and Distribution$101M
Largest Expense Items
Cost of revenues$1,551M+12.8% YoY
Grew in line with revenue, with gross margin expanding on disciplined customer and project selection and pricing improvements, partially offset by project and business mix
Selling, general, and administrative expenses$528M+11.9% YoY
Driven by expenses from acquisitions completed during the prior 12 months, amortization of intangible assets, non-recurring systems and business enablement expenses, and investments to support growth
Interest expense, net$36M-2.7% YoY
Decrease in floating rates and benefits from certain derivative transactions, offset by an increased volume of outstanding debt
Margins: Gross margin rose 30bps YoY to 31.2%, driven by disciplined customer and project selection and pricing improvements in both project and service revenues, partially offset by project and business mix. SG&A as a % of revenue improved to 23.4% from 23.7% as revenue growth outpaced expense growth.
Watch Items from the Filing
Remaining performance obligations totaled $4,066M at quarter end, with ~81% expected to be recognized as revenue over the next twelve months.
Total debt obligations rose to $3,551M from $2,776M at year-end, including a new $500M 5.750% Senior Notes offering (vs. 4.125%/4.750% on existing notes) issued to fund acquisitions.
Two large acquisitions closed in the quarter — CertaSite ($271M) and Onyx-Fire ($522M) — driving $861M of cash used in investing activities for the six months.
Revenues from foreign operations represented approximately 31% of consolidated net revenues, and the company cites increased tariffs on imported goods as a potential cost and demand headwind.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
9 transactions in APG reported by 2 members of Congress under the STOCK Act, most recent trade Aug 4, 2026. Reported transactions, not recommendations.
About APi Group Corp (APG): stock profile, AI score and financials
APi Group Corp (APG) stock profile, AI quality score, and SEC EDGAR financial data, a Industrials sector company. 13F Pro's AI-powered ranking engine scores APG at 65.6/100 on a composite quality score built from its SEC filings, placing it at rank #467 of 2,925 stocks — the top 25% of the AI-ranked universe. APG scores in the top quartile across revenue scale (84.4), institutional flow (77.8), earnings quality (75.6). Based on the latest XBRL financial filings (Q2 2026), APi Group Corp reports quarterly revenue of $2.3B, net income of $99.0M, an operating margin of 7.8%. Top institutional holders of APG by reported 13-F value include BlackRock, Jupiter Topco, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. APG trades on the NYSE exchange and files with the SEC under CIK 1796209. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate APG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for APi Group Corp directly from SEC EDGAR.