APi Group reported record third-quarter 2026 revenue, net income and adjusted EBITDA, with strong organic growth across its fire and life-safety businesses. The company also raised its full-year outlook for revenue and adjusted EBITDA.
Management cited demand in inspection, service and monitoring, robust project activity and disciplined execution. It said the company enters the fourth quarter with a growing backlog and improving margins.
Key details
- Revenue rose 22.5% year over year to $2.554 billion. Organic revenue growth was 15.7%.
- Net income increased 22.6% to $114 million. Diluted earnings per share were 24 cents, up from 20 cents a year earlier.
- Adjusted EBITDA climbed 24.6% to $350 million. Adjusted EBITDA margin expanded 20 basis points to 13.7%.
- Gross margin declined. Reported gross margin fell 120 basis points to 30.1%; adjusted gross margin also fell 120 basis points, to 30.3%.
- The full-year outlook was raised for net revenue and adjusted EBITDA. The announcement provided here does not include revised guidance figures.
- CEO Russ Becker said growth and project activity were strong across both of the company’s segments. He also pointed to a growing backlog and improving margins as APi heads into the fourth quarter.
What changes for investors
APi’s third-quarter revenue and adjusted EBITDA grew faster than its organic revenue, while adjusted EBITDA margin improved. That came alongside lower gross margins, showing that the margin improvement was not reflected at every level of the income statement. The higher full-year outlook signals management’s increased confidence in delivering revenue and adjusted EBITDA for 2026.