APi Group reported record third‑quarter 2025 net revenues of $2.085 billion, a 14.2% year‑over‑year increase and 9.7% organic growth. Net income rose to $93 million, up 34.8% from the prior year. GAAP diluted earnings per share reached $0.20, a 33.3% increase over the previous year’s $0.15, while adjusted diluted EPS climbed to $0.41, beating consensus estimates of $0.40.
Adjusted EBITDA for the quarter climbed to $281 million, up 14.7% from $245 million in Q3 2024, and the adjusted EBITDA margin expanded to 13.5%. The company also posted a record adjusted net income of $174 million.
Management raised its full‑year 2025 guidance to net revenues between $7.825 billion and $7.925 billion, reflecting 7–8% organic growth, and to adjusted EBITDA between $1.015 billion and $1.045 billion, representing roughly 15% growth at the midpoint and a 13.4% margin at the midpoint.
Segment results showed Safety Services net revenues of $1.403 billion, up 15.4% YoY, with an adjusted EBITDA margin of 16.8%, while Specialty Services generated $683 million in net revenues, up 11.6% YoY, and an adjusted EBITDA margin of 11.9%. The HVAC realignment to Specialty Services is expected to strengthen the recurring revenue base and improve margin profiles in coming quarters.
Management highlighted continued momentum in its inspection, service and monitoring (ISM) business and a healthy backlog as key drivers of the outlook. CEO Russ Becker emphasized strong momentum across the global platform, accelerating organic growth while expanding adjusted EBITDA margins.
APi Group completed eleven acquisitions year‑to‑date for a total consideration of $214 million, adding $118 million of goodwill, reinforcing its strategy of value‑accretive M&A.
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