APi Group Corporation · APG · FY2026 Q3 · Calendar Q4 2026
APi Group posts 23% growth, raises 2026 guidance
The supplied analysis supports a constructive operating trajectory: resilient demand, recurring inspection revenue, a record backlog and acquisitions are supporting growth and margin expansion. The main test is whether APi can sustain double-digit organic growth while managing project mix, input costs, integration timing and data-center policy risk.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, APi reported stronger 23% year-over-year revenue growth, a record backlog above $5 billion and a 16th consecutive quarter of adjusted EBITDA margin expansion. Management also raised full-year 2026 revenue and adjusted EBITDA guidance and expressed confidence in double-digit organic growth for 2027.
Guidance delta
Full-year 2026 revenue guidance was raised to $9.20-$9.25 billion and adjusted EBITDA guidance to $1.235-$1.255 billion.
Key takeaways
- Q3 revenue grew 23% year over year, with double-digit organic growth in Safety and Specialty Services.
- Record backlog exceeded $5 billion, supporting visibility into 2027 across several end markets.
- Adjusted EBITDA margin expanded for the 16th consecutive quarter to 13.7%.
- Management cited bolt-on acquisitions, recurring inspection revenue and project demand as key growth drivers.
Management priorities
- Convert project work into recurring inspection, service and monitoring revenue.
- Integrate recent acquisitions while continuing annual bolt-on M&A.
- Expand backlog and pursue double-digit organic growth in 2027.
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Try FN2 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.…
Industrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| TXT Textron Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +14.2% | Textron raises outlook as Aviation and Systems deliver double-digit growth |
| CP Canadian Pacific Kansas City Ltd. | FY2026 Q3 · Calendar Q4 2026 | -3.2% | -1.9% | CPKC posts record Q3 as land bridge and freight volumes expand |
| LII Lennox International Inc. | FY2026 Q3 · Calendar Q4 2026 | -7.1% | -10.6% | Lennox grows revenue but cuts outlook as margins face pressure |
| IEX IDEX Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.0% | +2.3% | IDEX raises 2026 outlook as advantage-market demand stays strong |
| CHRW C.H. Robinson Worldwide, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.9% | -11.1% | C.H. Robinson expands margins as Lean AI and RXO integration advance |
| VRT Vertiv Holdings Co | FY2026 Q3 · Calendar Q4 2026 | +21.4% | +16.5% | Vertiv raises 2026 guidance as AI infrastructure orders accelerate |
Latest beats and misses
Who reports nextBeat on EPS
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
- KLACFY2027 Q1 · October 28, 2026+2.5% EPS+7.3% move
- SANFY2026 Q3 · October 28, 20260.0% EPS-6.3% move
- FFY2026 Q3 · October 28, 2026+19.5% EPS+1.4% move
- EQIXFY2026 Q3 · October 28, 2026+20.0% EPS+5.4% move
- EBAYFY2026 Q3 · October 28, 2026+7.1% EPS+0.2% move
Missed on EPS
- AWKFY2026 Q3 · October 28, 2026-2.0% EPS+1.1% move
- CPFY2026 Q3 · October 28, 2026-3.2% EPS-1.9% move
- LIIFY2026 Q3 · October 28, 2026-7.1% EPS-10.6% move
- EXRFY2026 Q3 · October 27, 2026-1.7% EPS+0.1% move
- NOWFY2026 Q3 · October 28, 2026-2.0% EPS-3.0% move
- CMGFY2026 Q3 · October 28, 2026-7.1% EPS+2.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T17:09:50.426539+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T17:10:42.504452+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T17:10:42.501855+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.
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 2026-10-29. For educational purposes only; not investment advice.