Api Group Corp income statement
In fiscal 2025, Api Group Corp reported revenue of $7.91bn, up 12.7% on the year before, operating income of $554m (a 7.0% margin) and net income of $302m, or −$0.69 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,728 | 985 | 3,587 | 3,940 | 6,558 | 6,928 | 7,018 | 7,911 | 8,907 |
| Cost of revenue | 2,941 | 787 | 2,831 | 3,001 | 4,844 | 4,988 | 4,840 | 5,424 | 6,136 |
| Gross profit | 787 | 198 | 756 | 939 | 1,714 | 1,940 | 2,178 | 2,487 | 2,771 |
| Selling, general and administrative | 625 | 359 | 725 | 803 | 1,552 | 1,581 | 1,694 | 1,933 | 2,127 |
| Operating income | 162 | −161 | −166 | 136 | 162 | 359 | 484 | 554 | 644 |
| Interest expense | 22 | 15 | 52 | 60 | 125 | 145 | — | — | — |
| Income before tax | 146 | −151 | −184 | 79 | 93 | 232 | 330 | 413 | 493 |
| Income tax | 10 | 2 | −31 | 32 | 20 | 79 | 80 | 111 | 126 |
| Net income | 136 | −153 | −153 | 47 | 73 | 153 | 250 | 302 | 367 |
| Diluted EPS | — | −$0.77 | −$1.47 | −$0.45 | $0.07 | −$0.46 | −$0.56 | −$0.69 | $0.87 |
| Diluted shares (average) | — | 200m | 254m | 309m | 399m | 353m | 402m | 416m | 423m |
| EBITDA | 222 | −143 | −85 | 211 | 239 | 438 | 564 | 639 | 729 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,861 | 1,719 | 1,990 | 2,085 | 2,117 | 1,982 | 2,254 | 2,554 |
| Cost of revenue | 1,286 | 1,177 | 1,375 | 1,433 | 1,439 | 1,362 | 1,551 | 1,784 |
| Gross profit | 575 | 542 | 615 | 652 | 678 | 620 | 703 | 770 |
| Selling, general and administrative | 459 | 458 | 472 | 489 | 514 | 517 | 528 | 568 |
| Operating income | 116 | 84 | 143 | 163 | 164 | 103 | 175 | 202 |
| Interest expense | — | 38 | 37 | 34 | — | 30 | 36 | 45 |
| Income before tax | 78 | 46 | 108 | 130 | 129 | 71 | 138 | 155 |
| Income tax | 11 | 11 | 31 | 37 | 32 | 14 | 39 | 41 |
| Net income | 67 | 35 | 77 | 93 | 97 | 57 | 99 | 114 |
| Diluted EPS | −$0.07 | $0.07 | $0.16 | $0.20 | −$1.12 | $0.12 | $0.20 | $0.24 |
| EBITDA | 136 | 104 | 165 | 184 | 186 | 124 | 196 | 223 |
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