Api Group (APG) financial statements
Api Group reported revenue of $7.9B in fiscal 2025, up 11.3% a year over 7 years.
Net income was $302M and the operating margin 7.0%, against 4.3% in 2018.
Free cash flow was $663M, and the company returned $75M in net buybacks.
The diluted share count rose 108% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Api Group's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $985M | $3.6B | $3.9B | $6.6B | $6.9B | $7.0B | $7.9B |
| Cost of revenue | $2.9B | $787M | $2.8B | $3.0B | $4.8B | $5.0B | $4.8B | $5.4B |
| Gross profit | $787M | $198M | $756M | $939M | $1.7B | $1.9B | $2.2B | $2.5B |
| Selling, general and admin | $625M | $359M | $725M | $803M | $1.6B | $1.6B | $1.7B | $1.9B |
| Operating income | $162M | -$161M | -$166M | $136M | $162M | $359M | $484M | $554M |
| Interest expense | $22M | $15M | $52M | $60M | $125M | $145M | — | — |
| Pre-tax income | $146M | -$151M | -$184M | $79M | $93M | $232M | $330M | $413M |
| Income tax | $10M | $2M | -$31M | $32M | $20M | $79M | $80M | $111M |
| Net income | $136M | -$153M | -$153M | $47M | $73M | $153M | $250M | $302M |
| EPS (diluted) | — | -$0.77 | -$1.47 | -$0.45 | $0.07 | -$0.46 | -$0.56 | -$0.69 |
| Diluted shares | — | 200M | 254M | 309M | 399M | 353M | 402M | 416M |
| Gross margin | 21.1% | 20.1% | 21.1% | 23.8% | 26.1% | 28.0% | 31.0% | 31.4% |
| Operating margin | 4.3% | -16.3% | -4.6% | 3.5% | 2.5% | 5.2% | 6.9% | 7.0% |
| Net margin | 3.6% | -15.5% | -4.3% | 1.2% | 1.1% | 2.2% | 3.6% | 3.8% |
Balance sheet
Fiscal years, from Api Group's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $256M | $515M | $1.2B | $605M | $479M | $499M | $912M |
| Receivables | $765M | $730M | $639M | $767M | $1.3B | $1.4B | $1.4B | $1.6B |
| Inventory | — | $58M | $64M | $69M | $163M | $150M | $143M | $145M |
| Total current assets | — | $1.3B | $1.4B | $2.6B | $2.7B | $2.6B | $2.7B | $3.2B |
| Property, plant and equipment | — | $402M | $355M | $326M | $407M | $385M | $379M | $397M |
| Goodwill | $320M | $980M | $1.1B | $1.1B | $2.4B | $2.5B | $2.9B | $3.2B |
| Total assets | — | $4.0B | $4.1B | $5.2B | $8.1B | $7.6B | $8.2B | $8.9B |
| Total current liabilities | — | $823M | $841M | $867M | $1.9B | $1.8B | $1.9B | $2.1B |
| Long-term debt | — | — | — | — | $2.6B | $2.3B | $2.7B | $2.8B |
| Total liabilities | — | $2.3B | $2.5B | $2.8B | $5.2B | $4.7B | $5.2B | $5.5B |
| Shareholders' equity | $633M | $1.8B | $1.6B | $2.3B | $2.1B | $2.1B | $3.0B | $3.4B |
| Net debt | -$54M | -$237M | -$497M | -$1.2B | $2.2B | $1.8B | $2.3B | $1.8B |
Cash flow
Fiscal years, from Api Group's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $112M | $150M | $496M | $182M | $270M | $514M | $620M | $759M |
| Capital spending | $74M | $11M | $38M | $55M | $79M | $86M | $84M | $96M |
| Free cash flow | $38M | $139M | $458M | $127M | $191M | $428M | $536M | $663M |
| Stock-based compensation | $3M | $156M | $5M | $12M | $18M | $29M | $32M | $44M |
| Share buybacks (net) | — | — | -$30M | $0 | -$44M | -$41M | $0 | -$75M |
| Net borrowing | -$12M | $1.2B | $229M | $329M | $1.1B | -$484M | $413M | -$7M |
| Free cash flow margin | 1.0% | 14.1% | 12.8% | 3.2% | 2.9% | 6.2% | 7.6% | 8.4% |
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Open APG in InvestinglyQuestions
What was Api Group's revenue in 2025?
$7.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Api Group generate?
$663M in fiscal 2025 (operating cash flow minus capital spending).
From Api Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.