APG APi Group Corp

Overview and Growth

Fiscal 2025 results for APi Group Corp combined $7.91B of revenue with net income of $302.00M and an operating cash inflow of $759.00M. At $7.91B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 12.7% from $7.02B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$0.69, translating the period’s attributable earnings into the amount reported for each diluted share. The revenue-to-assets relationship was 0.89x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $2.49B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 31.4%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $554.00M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 7.0%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $302.00M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 3.8% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $413.00M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 5.2%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $111.00M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 26.9%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

At period end, the $8.94B asset base was financed through $5.53B of liabilities and $3.41B of equity. The near-term balance sheet paired $3.23B of current assets with $2.15B of current liabilities at the reporting date. At 1.5x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $912.00M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 42.4% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $2.76B, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.81x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 30.9%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 61.9%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 10.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 9.6% from $8.15B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $759.00M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 2.51x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $96.00M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 12.6%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $663.00M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 8.4% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 7.4% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.