APi Group Corporation (NYSE:APG) slipped 0.6% Tuesday morning, matching the S&P 500’s 0.6% decline, after issuing an update on its anticipated 2025 results and introducing initial 2026 guidance that largely tracked analyst forecasts.
For 2026, the company projected revenue in the range of $8.40 billion to $8.60 billion, close to Wall Street estimates of $8.47 billion. Adjusted EBITDA is expected to come in between $1.14 billion and $1.20 billion, compared with consensus expectations of $1.18 billion.
APi said it now expects full-year 2025 performance to land “comfortably above the midpoint” of its prior guidance. Previously, the company had forecast 2025 net revenues of $7.83 billion to $7.93 billion and adjusted EBITDA of $1.02 billion to $1.05 billion.
President and CEO Russ Becker indicated that adjusted EBITDA margins for 2025 should exceed the company’s 13% target, while adjusted free cash flow conversion is expected to align with its 80% objective. APi also anticipates ending 2025 with a net leverage ratio “significantly below 2.0x.”
Looking ahead to 2026, the company expects solid organic expansion across both service and project segments, with adjusted EBITDA margins projected to reach 13.8% at the midpoint of guidance.
Additional details on 2025 results and the 2026 outlook are set to be discussed during APi’s earnings call on February 25, 2026.