Analyst Consensus ?
ConsensusBuy9 ratings
Bullish9100.0%
Neutral00.0%
Bearish00.0%
APi Group Corporation · APG · FY2026 Q2 · Calendar Q3 2026
APi Group raises FY2026 outlook as backlog tops $5 billion
APi Group's current results support a constructive operating thesis: resilient demand, recurring inspection-led revenue, a record backlog, and acquisitions are reinforcing growth, while raised guidance and healthy cash generation strengthen the outlook. The main test is whether larger projects and continued M&A can scale without eroding margins or increasing execution risk.
Reported Before market openNYSEIndustrials
$19.16B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.44
Consensus $0.43
EPS surprise
+1.3%
Reported versus consensus
Reported revenue
$2.25B
Consensus $2.20B
Revenue surprise
+2.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.0%
Event window
SPY move
+1.7%
Same window
Abnormal move
+0.3%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+5.2%
Up to 20 sessions
APGSPY benchmark
Ask FN2 about APG FY2026 Q2
Transcript, numbers and history already loaded
Why did APG rise 2.0% after beating EPS estimates in FY2026 Q2?What changed in APG's guidance and outlook in FY2026 Q2?Give me the bull and bear case for APG after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter's analysis, APi Group delivered another quarter of double-digit growth, reported a record backlog above $5 billion, raised FY2026 revenue and adjusted EBITDA guidance again, and added recent Onyx-Fire, WTech, and three bolt-on acquisitions to the execution agenda. Management also highlighted larger average data-center projects and began a share-repurchase program.
Guidance delta
Management raised FY2026 revenue guidance to $8.875-$9.025 billion and adjusted EBITDA guidance to $1.205-$1.245 billion, from the prior quarter's $8.475-$8.675 billion revenue and $1.15-$1.21 billion adjusted EBITDA ranges.
Key takeaways
- Q2 revenue grew 13% year over year, including 10% organic growth.
- Specialty Services grew 22% organically and helped lift segment margins.
- Record backlog exceeded $5 billion, while management cited demand from data centers, semiconductors, and advanced manufacturing.
- Recent Onyx-Fire and WTech acquisitions were highlighted alongside three bolt-on deals and a $250-$350 million annual bolt-on target.
- Year-to-date free cash flow was $228 million and leverage was 2.2x, according to the supplied analysis.
Management priorities
- Execute and integrate Onyx-Fire, WTech, and other bolt-on acquisitions.
- Pursue $250-$350 million of annual bolt-on M&A.
- Expand fire-life-safety, elevator/escalator, and HVAC service offerings.
- Build international global-account capabilities and recurring-revenue models.
- Use AI in due diligence and acquisition integration while maintaining the share-repurchase program.
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Estimate
Beat
Miss
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Analyst 52W Price Targets
$44.34Current
$24Low
$49.17Average
$58High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 7, 2026 |
| UBS | Buy | Buy | Maintain | May 1, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Feb 26, 2026 |
| Baird | Outperform | Outperform | Maintain | May 22, 2025 |
| B of A Securities | Buy | Neutral | Upgrade | Jul 11, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $44.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Jasper Bibb | $58 | $45.02 | +30.8% | Oct 30, 2026 |
| Jefferies | Stephanie Moore | $56 | $45.02 | +26.3% | Oct 30, 2026 |
| Wells Fargo | Analyst unavailable | $53 | $39.84 | +19.5% | Aug 4, 2026 |
| Robert W. Baird | Analyst unavailable | $47 | $39.2 | +6.0% | Jul 31, 2026 |
| UBS | Analyst unavailable | $52 | $39.45 | +17.3% | Jul 20, 2026 |
| Barclays | Analyst unavailable | $54 | $46.32 | +21.8% | May 7, 2026 |
| Robert W. Baird | Andrew Wittmann | $52 | $45.35 | +17.3% | May 1, 2026 |
| Truist Financial | Jasper Bibb | $55 | $45.48 | +24.0% | May 1, 2026 |
| Truist Financial | Analyst unavailable | $50 | $42.03 | +12.8% | Jan 21, 2026 |
| UBS | Joshua Chan | $49 | $42.84 | +10.5% | Jan 15, 2026 |
| Barclays | Analyst unavailable | $44 | $36.82 | -0.8% | Nov 3, 2025 |
| RBC Capital | Ashish Sabadra | $52 | $45.72 | +17.3% | May 22, 2025 |
| Truist Financial | Jasper Bibb | $54 | $45.72 | +21.8% | May 22, 2025 |
| Bank of America Securities | Andrew Obin | $43 | $32.61 | -3.0% | Aug 5, 2024 |
| Jefferies | Stephanie Moore | $50 | $38.58 | +12.8% | Jun 18, 2024 |
| Robert W. Baird | Andrew Wittmann | $43 | $39.28 | -3.0% | Apr 16, 2024 |
| RBC Capital | Ashish Sabadra | $45 | $39.29 | +1.5% | Apr 8, 2024 |
| Jefferies | Stephanie Moore | $48 | $38.05 | +8.3% | Mar 15, 2024 |
| Citigroup | Analyst unavailable | $24 | $18.69 | -45.9% | Dec 9, 2022 |
Track every rating change on APG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAPi Group Corporation operates as a global enterprise offering vital safety, specialized infrastructure, and industrial services across North America, Europe, Australia, and the Asia-Pacific region. Its business activities are segmented into three primary divisions: Safety Services, Specialty Services, and Industrial Services. The Safety Services division delivers comprehensive safety solutions, with a particular focus on integrated occupancy systems. This encompasses the full lifecycle of services for fire protection, heating, ventilation, and air conditioning (HVAC), and entry systems, from their initial design and installation to ongoing inspection, monitoring, and maintenance. The Specialty Services segment is dedicated to the upkeep and enhancement of critical infrastructure, including subterranean electric, gas, water, sewer, and telecommunications networks, as well as specialized industrial facilities.…
Historical context
All APG earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GD General Dynamics Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | General Dynamics raises EPS outlook as backlog reaches $220 billion |
| MTZ MasTec, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +0.8% | MasTec posts record Q3 as power and data-center demand accelerates |
| RBC RBC Bearings Incorporated | FY2027 Q2 · Calendar Q4 2026 | — | -5.3% | RBC Bearings posts strong Q2 as capacity investments build |
| IR Ingersoll Rand Inc. | FY2026 Q3 · Calendar Q4 2026 | +18.5% | +0.2% | Ingersoll Rand raises FY2026 outlook as orders accelerate |
| VLTO Veralto Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.3% | +9.8% | Veralto raises 2026 EPS outlook as water demand accelerates |
| CNI Canadian National Railway Company | FY2026 Q3 · Calendar Q4 2026 | — | +0.4% | CN pairs strong Q3 growth with productivity and network expansion |
Latest beats and misses
Who reports nextBeat on EPS
- REGNFY2026 Q3 · October 30, 2026+21.6% EPS+13.3% move
- WYFY2026 Q3 · October 29, 2026+128.3% EPS+3.0% move
- LNTFY2026 Q3 · October 29, 2026+16.0% EPS+1.4% move
- MTZFY2026 Q3 · October 29, 2026+0.3% EPS+0.8% move
- ERIEFY2026 Q3 · October 29, 2026+2.1% EPS+5.3% move
- IRFY2026 Q3 · October 29, 2026+18.5% EPS+0.2% move
Get the APG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:15:53.559574+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T02:30:43.790523+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T02:30:43.787933+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.