APi
APG · NYSEServices-To Dwellings & Other Buildings · Fiscal year ends Dec 31
APi reported revenue of $7.9B in the fiscal year ended Dec 2025, up 12.7% from the year before. Operating income was $554M, an operating margin of 7.0%, and net income was $302M. Operating cash flow of $759M less capital expenditure of $96M left free cash flow of $663M. Net debt was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $6.6B | $6.9B | $7B | $7.9B |
| Cost of revenue | $3B | $4.8B | $5B | $4.8B | $5.4B |
| Gross profit | $939M | $1.7B | $1.9B | $2.2B | $2.5B |
| Selling, general & admin | $803M | $1.6B | $1.6B | $1.7B | $1.9B |
| Operating income | $136M | $162M | $359M | $484M | $554M |
| Interest expense | $60M | $125M | $145M | – | – |
| Pre-tax income | $79M | $93M | $232M | $330M | $413M |
| Income tax | $32M | $20M | $79M | $80M | $111M |
| Net income | $47M | $73M | $153M | $250M | $302M |
| Diluted EPS | −0.67 | 0.10 | −0.46 | −0.56 | −0.69 |
| Diluted shares | 206M | 266M | 353M | 402M | 416M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.2B | $605M | $479M | $499M | $912M |
| Receivables | $767M | $1.3B | $1.4B | $1.4B | $1.6B |
| Inventory | $69M | $163M | $150M | $143M | $145M |
| Current assets | $2.6B | $2.7B | $2.6B | $2.7B | $3.2B |
| Net PP&E | $326M | $407M | $385M | $379M | $397M |
| Goodwill | $1.1B | $2.4B | $2.5B | $2.9B | $3.2B |
| Total assets | $5.2B | $8.1B | $7.6B | $8.2B | $8.9B |
| Payables | $236M | $490M | $472M | $497M | $526M |
| Deferred revenue | $243M | $463M | $526M | $590M | $694M |
| Current liabilities | $867M | $1.9B | $1.8B | $1.9B | $2.2B |
| Short-term debt | $1M | $206M | $5M | $4M | $5M |
| Long-term debt | $1.8B | $2.6B | $2.3B | $2.7B | $2.8B |
| Total liabilities | $2.8B | $5.2B | $4.7B | $5.2B | $5.5B |
| Shareholders' equity | $2.3B | $2.1B | $2.1B | $3B | $3.4B |
| Backlog (remaining obligations) | $638M | $2.9B | $2.9B | $3B | $3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $182M | $270M | $514M | $620M | $759M |
| Capital expenditure | $55M | $79M | $86M | $84M | $96M |
| Free cash flow | $127M | $191M | $428M | $536M | $663M |
| Depreciation & amortisation | $75M | $77M | $79M | $80M | $85M |
| Stock-based compensation | $12M | $18M | $29M | $32M | $44M |
| Acquisitions | $86M | $2.8B | $83M | $778M | $186M |
| Share buybacks | $0 | $44M | $41M | $0 | $75M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.4% | 5.6% | 1.3% | 12.7% |
| Operating income growth (YoY) | – | 19.1% | 121.6% | 34.8% | 14.5% |
| EPS growth (YoY) | – | – | −560.0% | – | – |
| Gross margin | 23.8% | 26.1% | 28.0% | 31.0% | 31.4% |
| Operating margin | 3.5% | 2.5% | 5.2% | 6.9% | 7.0% |
| Net margin | 1.2% | 1.1% | 2.2% | 3.6% | 3.8% |
| Return on equityBlank when equity is negative | 2.0% | 3.4% | 7.4% | 8.5% | 8.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.2% | 2.6% | 6.2% | 7.7% | 8.2% |
| Free cash flow margin | 3.2% | 2.9% | 6.2% | 7.6% | 8.4% |
| Cash conversion (CFO ÷ net income) | 3.87x | 3.70x | 3.36x | 2.48x | 2.51x |
| Receivable days | 71 | 73 | 73 | 75 | 72 |
| Inventory days | 8 | 12 | 11 | 11 | 10 |
| Payable days | 29 | 37 | 35 | 37 | 35 |
| Interest cover | 2.27x | 1.30x | 2.48x | – | – |
| Debt ÷ equity | 0.76x | 1.31x | 1.12x | 0.93x | 0.81x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $579M | $2.2B | $1.8B | $2.3B | $1.8B |
| Current ratio | 3.03x | 1.38x | 1.43x | 1.41x | 1.50x |
Recent filings
More in Services-To Dwellings & Other Buildings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.