APi Group Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data APi Group Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,728	985	3,587	3,940	6,558	6,928	7,018	7,911
Cost of revenue	2,941	787	2,831	3,001	4,844	4,988	4,840	5,424
Gross profit	787	198	756	939	1,714	1,940	2,178	2,487
Selling, general and administrative	625	359	725	803	1,552	1,581	1,694	1,933
Operating income	162	-161	-166	136	162	359	484	554
Interest expense	22	15	52	60	125	145
Other non-operating income	-16	10	-18	-57	-69	-127	-154	-141
Pre-tax income	146	-151	-184	79	93	232	330	413
Income tax	10	2	-31	32	20	79	80	111
Net income	136	-153	-153	47	73	153	250	302
EBITDA	222	-143	-85	211	239	438	564	639
EPS, basic		-0.78	-1.50	-0.45	0.07	-0.46	-0.56	-0.69
EPS, diluted		-0.78	-1.50	-0.45	0.07	-0.46	-0.56	-0.69
Shares, basic (weighted)		197	250	305	345	353	402	416
Shares, diluted (weighted)		197	250	305	393	353	402	416

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	54	256	515	1,188	605	479	499	912
Receivables	765	730	639	767	1,313	1,395	1,444	1,563
Inventory		58	64	69	163	150	143	145
Other current assets		33	77	83	112	122	119	125
Total current assets		1,342	1,437	2,626	2,652	2,582	2,658	3,229
Property, plant and equipment		402	355	326	407	385	379	397
Lease right-of-use assets		105	107	101	222	233	268	301
Goodwill	320	980	1,082	1,106	2,382	2,471	2,894	3,167
Intangible assets		1,121	965	882	1,784	1,620	1,660	1,584
Other non-current assets		61	30	45	144	75	116	89
Total assets		4,011	4,065	5,159	8,091	7,590	8,152	8,936
Accounts payable		156	150	236	490	472	497	526
Deferred revenue	203	193	219	243	463	526	590	694
Short-term debt		19	18	1	206	5	4	5
Total current liabilities		823	841	867	1,921	1,807	1,885	2,150
Long-term debt					2,583	2,322	2,749	2,754
Lease liabilities			78	77	154	164	187	211
Other non-current liabilities		49	106	71	111	127	105	146
Total liabilities		2,254	2,507	2,836	5,167	4,722	5,199	5,528
Total debt		1,171	1,397	1,766	2,789	2,327	2,753	2,759
Paid-in capital		1,885	1,856	2,560	2,558	2,572	3,305	3,296
Retained earnings		-131	-284	-237	-164	-11	215	517
Other comprehensive income		3	-14		-267	-490	-567	-405
Shareholders' equity		1,757	1,558	2,323	2,127	2,071	2,953	3,408
Total equity	633	1,757	1,558	2,323	2,127	2,071	2,953	3,408
Total liabilities and equity		4,011	4,065	5,159	8,091	7,590	8,152	8,936
Shares outstanding		251

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	136	-153	-153	47	73	153	250	302
Depreciation and amortization	60	18	81	75	77	79	80	85
Stock-based compensation	3	156	5	12	18	29	32	44
Deferred income tax	-1	-3	-74	6	-47	-32	-27	14
Change in receivables	-119	41	120	-99	-148	-69	-2	-57
Change in inventory	-9		11	-2	-30	13	9	6
Change in payables	1	-32	-24	78	71	-14	16	5
Cash from operations	112	150	496	182	270	514	620	759
Capital expenditures	-74	-11	-38	-55	-79	-86	-84	-96
Acquisitions	-234	-2,565	-319	-86	-2,839	-83	-778	-186
Sales and maturities of investments		816
Cash from investing	-300	-1,728	-340	-121	-2,901	-115	-829	-254
Debt issued		1,194	250	650	1,104	0	850	0
Debt repaid	-12		-21	-321	-34	-484	-437	-7
Stock issued					797	0	458	0
Share buybacks			-30	0	-44	-41	0	-75
Cash from financing	203	1,398	99	917	1,756	-532	245	-121
Exchange rate effect	-2	-1	4	-2
Net change in cash	13	-181	259	976	-884	-127	21	412
Free cash flow	38	139	458	127	191	428	536	663
Interest paid	24	14	47	41	120	150	152	136
Income taxes paid	9	3	29	66	43	95	101	111

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $38.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.4%	Gross profit / revenue.
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	8.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.5%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	8.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Effective tax rate	26.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	14.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	50.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	38.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	20.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	60.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	41.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	51.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.39x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.4%	Total debt / total assets.
Liabilities / assets	64.7%	Total liabilities / total assets.
Net debt	$2.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$989.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	54.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Fixed asset turnover	19.7x	Revenue / average property, plant and equipment.
Inventory turnover	33.6x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	4.95x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	50 days	Days inventory + days sales outstanding - days payables.
FCF conversion	195.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.31	Revenue / diluted weighted shares.
FCF per share	$1.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.79	Cash from operations / diluted weighted shares.
Book value per share	$8.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.26	Tangible book value / shares outstanding.
Cash per share	$1.95	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	9.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.62B	Share price x shares outstanding.
Enterprise value	$19.29B	Market cap + total debt - cash - short-term investments.
P/E	48.0x	Market cap / net income. Only when net income is positive.
P/S	1.97x	Market cap / revenue.
P/B	4.73x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	24.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.3x	Market cap / cash from operations, when positive.
EV/Sales	2.29x	Enterprise value / revenue.
EV/EBIT	31.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was APi Group Corp's revenue in fiscal 2025?

APi Group Corp reported revenue of $7.91B for fiscal 2025, 12.7% higher than the year before.

Was APi Group Corp profitable in fiscal 2025?

Yes. Net income was $302.0M, a net margin of 3.8%.

How much free cash flow did APi Group Corp generate in fiscal 2025?

Cash from operations of $759.0M minus capital expenditures of $96.0M left free cash flow of $663.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to APi Group Corp