APi Group Corporation reported first‑quarter 2026 financial results on April 30, 2026, showing net revenues of $1.982 billion, a 15.3% year‑over‑year increase and 10.4% organic growth. Adjusted earnings per share rose to $0.32 from $0.25 in the same quarter last year, and adjusted EBITDA reached $235 million, up 21.8% from $193 million. The company raised its full‑year 2026 revenue guidance to $8.48 billion–$8.68 billion and adjusted EBITDA guidance to $1.14 billion–$1.20 billion, reflecting stronger demand in both Safety Services and Specialty Services segments.
Revenue growth was driven by a 11.7% increase in Safety Services, of which 5.4% was organic, and a 25.6% rise in Specialty Services, with 24.8% organic. Compared with the 3 months ended March 31, 2025, net revenues were $1.72 billion, so the current quarter represents a $260 million increase. The company also reported a 15.3% YoY rise in net revenues, underscoring robust demand across its inspection, service, monitoring, and project revenue streams.
Adjusted gross margin fell 40 basis points to 31.3% from 31.7% in the prior year, primarily due to a shift in business mix. In contrast, adjusted EBITDA margin expanded 70 basis points to 11.9%, driven by higher revenue growth, favorable SG&A leverage, and disciplined project selection. The company’s gross margin compression was partially offset by pricing improvements and a reduction in interest expense.
Russ Becker, APi’s President and Chief Executive Officer, said, "We are off to a strong start in 2026, delivering 10% organic net revenue growth and expanding adjusted EBITDA margins by 70 basis points year over year, with strength across both our Safety Services and Specialty Services segments. At the same time, we continued to advance our M&A strategy." David Jackola, Executive Vice President and Chief Financial Officer, added, "Reported net revenues for the 3 months ended March 31 were $1.98 billion, a 15.3% increase compared to $1.72 billion in the prior year period. Organic revenue growth of 10.4% was driven by a solid growth in inspection, service and monitoring revenues, growth in project revenues and pricing improvements."
Management raised full‑year guidance in response to stronger demand and margin expansion, while noting foreign‑currency headwinds that partially offset revenue growth. The company’s M&A pipeline, including the acquisition of CertaSite and agreements for Wtech Fire Group and Onyx‑Fire Protection Services, is expected to accelerate future growth and enhance the Safety Services platform. The guidance increase signals confidence in sustaining momentum through 2026.
Investors reacted cautiously, citing valuation concerns and margin compression, which tempered the market response despite the earnings beat and guidance raise.
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